Own my car outright, stupid to sell and take a lease on?

Own my car outright, stupid to sell and take a lease on?

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Discussion

inline6bmwfan

Original Poster:

93 posts

28 months

Saturday 29th April 2023
quotequote all
Doing a bit of man maths at the moment.

Car is a modified m140i, suspension, LSD, exhaust, alloys etc etc. Worth approx 18k then maybe get 2k back for mods.

I love it, i dont get to drive it hard a lot due to having a toddler and my work commute is short.

Seen a lease deal for 420a month for a bmw 330e, includes everything with no deposit, insurance etc. 3 year lease.

The cash i would gain now i would convert my garage in my house and sort my garden out, things i want to do but not necessarily in a crazy rush to do.

Only downfall of the lease is in 3 years i wont have any equity, plus the car wont be as fun to drive.

Anyone done anything similar?




Roger Irrelevant

3,105 posts

119 months

Saturday 29th April 2023
quotequote all
Obviously there's no right or wrong answer but I'd be looking to get a loan to cover the house/garden works when the time is right. You'll keep the car you love and won't be tempted to fritter away the sale cash on ste.

inline6bmwfan

Original Poster:

93 posts

28 months

Saturday 29th April 2023
quotequote all
Roger Irrelevant said:
Obviously there's no right or wrong answer but I'd be looking to get a loan to cover the house/garden works when the time is right. You'll keep the car you love and won't be tempted to fritter away the sale cash on ste.
Yeh i think thats my worry, i wont end up getting the house things done for ages etc.

RichFN2

3,656 posts

185 months

Saturday 29th April 2023
quotequote all
Assuming you won't be funding some of the lease cost through selling your car then I would personally keep your current car and save the money you would have spent on the lease.

It works out at roughly £5000 a year, a 140i is still a relatively new car and should provide you with years of motoring. Plus by the time you come to sell it you will probably have to replace it with an electric car.

Lincsls1

3,443 posts

146 months

Saturday 29th April 2023
quotequote all
Keep your current car.
Get a loan to cover the work you like to be done and use the 'monthly lease' money to pay off that loan.

Pica-Pica

14,394 posts

90 months

Saturday 29th April 2023
quotequote all
Lincsls1 said:
Keep your current car.
Get a loan to cover the work you like to be done and use the 'monthly lease' money to pay off that loan.
This x 100

bitchstewie

54,871 posts

216 months

Saturday 29th April 2023
quotequote all
Yes and regretted it.

Everyone is different but assuming the M140i is truly owned outright and not being paid for via some sort of other loan I wouldn't want to be taking on £400/month for something that doesn't seem to bring any obvious benefit.

ED209

5,848 posts

250 months

Saturday 29th April 2023
quotequote all
Where can that 330e deal be found?

ChocolateFrog

28,199 posts

179 months

Saturday 29th April 2023
quotequote all
After 3 years you're however much down, best part of 15 grand with no car.

Picture yourself in that situation and if you're fine with that then crack on.

My mental maths failed, it'd be over 15 grand.

inline6bmwfan

Original Poster:

93 posts

28 months

Saturday 29th April 2023
quotequote all
ED209 said:
Where can that 330e deal be found?
Through my employer mate, not that cheap normally i believe, usually 500 plus?

agent006

12,058 posts

270 months

Saturday 29th April 2023
quotequote all
15 grand in lease payments over three years and then you have to give it back.

Sensibleboy

1,149 posts

131 months

Saturday 29th April 2023
quotequote all
Once you start leasing new cars you'll never stop. It will be hard to get out of that cycle.

AsyouWere

45 posts

124 months

Saturday 29th April 2023
quotequote all
agent006 said:
15 grand in lease payments over three years and then you have to give it back.
But you've had a nice new car with all the new tech to enjoy... Doesn't matter what car you buy there will always be depreciation.

Swings and roundabouts.

sunnyb13

1,037 posts

44 months

Saturday 29th April 2023
quotequote all
Will the m140i depreciate £15k in 3 years and be worth only £3k in 2026?

edc

9,303 posts

257 months

Saturday 29th April 2023
quotequote all
Sensibleboy said:
Once you start leasing new cars you'll never stop. It will be hard to get out of that cycle.
I had 2 leases back to back and in late 2020 the last went back and with deals not as good as they were I bought a car instead. I"ve since sold that one and bought 2 more and not leased since.

inline6bmwfan

Original Poster:

93 posts

28 months

Saturday 29th April 2023
quotequote all
sunnyb13 said:
Will the m140i depreciate £15k in 3 years and be worth only £3k in 2026?
No BUT it will require a good chunk of maintence money over that time POTENTIALLY.

Service.
Tyres.
Repair.
Insurance.
Tax

Etc etc

Blue_star

60 posts

22 months

Saturday 29th April 2023
quotequote all
inline6bmwfan said:
ED209 said:
Where can that 330e deal be found?
Through my employer mate, not that cheap normally i believe, usually 500 plus?
Can you also buy off the car with discount or just the lease with low rate?

ZX10R NIN

28,298 posts

131 months

Sunday 30th April 2023
quotequote all
inline6bmwfan said:
No BUT it will require a good chunk of maintence money over that time POTENTIALLY.

Service.
Tyres.
Repair.
Insurance.
Tax

Etc etc
As others have said keep your car, your maintenance will not be huge (as you've already said you don't get to drive it hard) & it won't come to 15k over three years.

Get a loan out to get the work on the house done, you could even remortgage to do this & this will make the cost even lower.

fflump

1,752 posts

44 months

Sunday 30th April 2023
quotequote all
inline6bmwfan said:
No BUT it will require a good chunk of maintence money over that time POTENTIALLY.

Service.
Tyres.
Repair.
Insurance.
Tax

Etc etc
But tyres, insurance, tax are still extra costs if you lease, as is servicing unless your lease includes a service plan?

hiccy18

2,965 posts

73 months

Sunday 30th April 2023
quotequote all
fflump said:
inline6bmwfan said:
No BUT it will require a good chunk of maintence money over that time POTENTIALLY.

Service.
Tyres.
Repair.
Insurance.
Tax

Etc etc
But tyres, insurance, tax are still extra costs if you lease, as is servicing unless your lease includes a service plan?
No service for two years, then it's a minor. Probably no tyres for the period. Repairs covered by warranty.

vs

Annual servicing, probably one major and a brake fluid change. Likely a set of tyres. No warranty. Probably disks and pads.

I think the lease route is likely a lot more expensive, but more predictable. Touch wood, the reliability of that generation of 1 series appears to be really good though.