I am currently debating between buying out my lease or getting a new one. I have a BMW 430i that I leased with $2K down, 36 months and 15k miles per year. The lease is up in November. It has 36K miles on it.
The payoff is $27,125.00 and after calling my credit union the lowest payment is 7 years at $420 per month.
On the other hand, I am thinking of moving to an suv such as an X3. Some of the dealers told me to take this deal and run:
If you plan to buyout the 430i, it might be a good idea to purchase an extended warranty. IMO, I would not recommend financing this soon-to-be 3 year old car for 7 years. Go with a shorter term loan.
I actually really wanted to buy it and was going to do it after posting this. I live in CA so with the taxes the buy out is around $30K. If I were to finance the car and hold on to it anywhere from 1-4 years, I may actually wind up being in the negative if trying to use it for a car payment. Although I know that carmax, carvana and all those sites cannot buy out a lease, I did look as to how much they are paying for my car with 36K miles and they actually are paying at most $28K so I may wind up being at a loss if I do end up buying.
[quote=“gabbs1123, post:9, topic:432092, full:true”]
I actually really wanted to buy it and was going to do it after posting this. I live in CA so with the taxes the buy out is around $30K. If I were to finance the car and hold on to it anywhere from 1-4 years, I may actually wind up being in the negative if trying to use it for a car payment. Although I know that carmax, carvana and all those sites cannot buy out a lease, I did look as to how much they are paying for my car with 36K miles and they actually are paying at most $28K so I may wind up being at a loss if I do end up buying.
I just don’t want to have negative equity that I need to roll into another car. If I keep the car for 5years that’s an 8 year old bmw and 7 years then a 10 year old bmw. While I do love the car, I know around that time things get expensive
