Nuthin but a G Thang baby...
Yikes, we almost bought a new car. Some guests in the hotel own the Infinity dealer here in Fairfield and I visited them last Friday. They immediately offered the 2007 G35 sedan to me after I told them what I was looking for and the kind of payment. Here's the thing, they offered a fully loaded car, all the bells and whistles, for a lease. I got scared right away. The thought of having this car for about 4 years, having to keep it under 15K miles a year and then just turning it in at the end with no car to show, put the fear in me that it was just not the way to go. There are some pluses though. You get a great car at a lot lower monthly rate than a purchase. At the end of the lease you can get a new car, start a new contract with no money down. I still have the option of buying the car at the end but why bother when you can get a new one. I won't be a victim of depreciation on the car since the value goes way down after a purchase. I can return it, get a new car at a lower rate as well and did I mention its new? I hear in Canada leasing is the way of choice. They say if you don't really try to keep cars and you like a new one every now and then it's also the way to go. Also, with a lease you can write off the payment as part of your small business. But again, I go back to the fact that after spending so much money for 4 years, if I don't renew the lease and I don't purchase the car, I'm ass out.
posted by DJ John @ 8:52 PM
3 Comments:
Gary had initially wanted to lease again too, after he gave up his leased BMW, but I also convinced him we'd have nothing to show for it after the 4 yrs...plus, if you keep up with the maintenance it should last for years :)
Leasing is probably good for folks who want a new car every 3 years or less. Leasing it any longer, you might as well buy it. I leased a BMW Z3 and a 330i. I knew ahead of time that I wouldn't want to keep the cars though.
What sucks is keeping the miles low. I want to drive all I want without worrying about being penalized about miles.
And since you guys live pretty far, keeping the mileage low could be difficult.
How about buying a 3-year old car, then selling it 3 years later, and using the proceeds to buy another 3 year old car. You don't get hit with the big step function of the depreciation of a new car, you have money to put down on another good used car, you end up with a car that's never that old, and you don't have to worry about the pothole traps with leasing (i.e. mileage restrictions)...just a thought....i know a couple of 'high society' folks that do just this so that they in their words 'save money'.
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