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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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Alan F said:

You will have a bmw again in the future when you are in a more comfortable position but right now I really feel from your post that the smart move would be better then the emotional move.
Alan, I agree with you. That is why this was my main transportation for 6 years, although I did have an inexpensive convertible for summer. Bought it in 1991, it was an '85, for $6k. Drove it until 1998, when I bought the '97 MB E320, and sold it for $3k. Doesn't get much cheaper than that and, believe it or not, was a very good car within it's limits. Basically, for 12 years I drove inexpensive, used American iron while buying my previous and current houses, decorating, landscaping, etc., etc. And still, my 2 MBs and current BMW since this car, were all purchased used and for cash.

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