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leasing a new vs. owning a used

1747 Views 8 Replies 6 Participants Last post by  johnlew
I bought a 330Ci last year (MY 2001). I put quite a lot down and termed a 60 month loan.. now, I'm a software engineer, and needless to say things haven't been good at work - there's no hope of a raise anytime soon, and it's entirely possible that a pay cut is not too far away.

Now, I did the math and figured out that I can sell off my car and pay back the loan, and have a bit of cash left over to lease a 2002 330. Of course, after 36 months I won't own it like I'd have owned my 2001, but I'd drop down the monthly payments by almost $250.

I've never leased a car before - this actually was the first new car I ever got. From a $$$ saving standpoint, is this a good idea to look into? Are there any caveats? I'm not going to mod a car, own *or* lease, so that isn't an issue. This may be a dumb question, but can you order a car (options/paint/etc) that you're going to lease?

Also, it'd be nice to get into a new(er) 330 anyway. 330s from early last year lacked some of the later 2001 330's options. (HK, for one). :dunno:

I'm at a loss.
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Spoke to a guy at the dealership today and he said the earliest he could get me in a new one would be September. :thumbdwn: I'll have to drive around this weekend and talk to the other dealerships around here.

Hey, a 2003 is sounding allright to me. :D
Alan F said:

This will only lead you into more debt and in a lease you are not going to be able to bail out if things go wrong without spending a lot of $$$.
That's a really good point that I plain forgot about! I'm not really concerned right at the moment about the money situation - I was looking for a way to trim down the monthy payment a bit. The money's there, but I was looking for more cash in pocket.

But, for what it's worth, why put myself in a position where, if I decide in a couple years to quit my job and travel and that I don't want a car anymore (hey, I'm young and still have wings), I'd rather be paying to own than be locked into a lease agreement.. having the ability to dump the car at a moment's notice is worth it.

It all comes back to money.. is it worth the extra $150-200 a month to know that should something really bad happen, I have a car that is worth cash? Hmmm..
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