Lease or buy used?

[f82fanatic]

Originally Posted by gatorfast

What Draper said about having the car stolen/totaled is the main reason not to put money down as you can kiss the down payment goodbye. The beauty of leasing is the ability to mitigate downside risk, which you would unnecessarily add by putting money down.

Depending on your state, you also save on taxes and are insulated from price changes in the used resale market. This is particularly important now that used M3/M4 prices have tanked and M3 model is switching in +/- 3 yrs.

In my opinion, the increased risk of ownership is greatly exaggerated, but I do agree with you than from a financial perspective you don't get a real benefit aside from opening up your credit availability for other purchases.

[f82fanatic]

Originally Posted by Bch53211

I appreciate the input and not trying to be harsh but why wouldn't I ask, am I just supposed to take your word for it? I guess that makes sense but I'm not too worried about my car getting stolen. I suppose being totaled is always a possibility. I would imagine how much you are compensated depends on ones insurance coverage /company. I recently applied for a home loan and despite a credit rating above 800 the lender was a little concerned about my high car payment. As I said, it can negatively affect your credit and I see that as at least as significant of a factor as worrying about theft or totaling my car and possibly losing down payment.

Your question came out strong, that's why he probably phrased the response that way.

The down payment / no down payment question has been discussed ad nauseam and in general people that look at the forum are already aware of it.

[GrussGott]

Originally Posted by Bch53211

I appreciate the input and not trying to be harsh but why wouldn't I ask, am I just supposed to take your word for it?

this is one of those things where if you're asking that question you're in over your head - it sounds like both financially and intellectually. The good news is, both of those are easily fixable, but it's going to take some time.

Obviously your debt-to-credit and/or income isn't sufficient to keep digging your debt hole ... and when you're in a hole the best advice is to stop digging.

That having been said, people hate the smart answer, so you're probably signing those papers right now.

[Fast4d]

if you plan to own it 3 years or less definitely lease it new or assume a lease.

[Bch53211]

Originally Posted by GrussGott

this is one of those things where if you're asking that question you're in over your head - it sounds like both financially and intellectually. The good news is, both of those are easily fixable, but it's going to take some time.

Obviously your debt-to-credit and/or income isn't sufficient to keep digging your debt hole ... and when you're in a hole the best advice is to stop digging.

That having been said, people hate the smart answer, so you're probably signing those papers right now.

Ha guilty on all charges