Own my car outright, stupid to sell and take a lease on?
Discussion
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?
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 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 s
te.
Yeh i think thats my worry, i wont end up getting the house things done for ages etc.te. 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.
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.
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 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.Service.
Tyres.
Repair.
Insurance.
Tax
Etc etc
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 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?Service.
Tyres.
Repair.
Insurance.
Tax
Etc etc
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.
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