So my procrastination has finally caught up to me, and I’m now at the 11th hour in terms of making a decsion.
Leased a 2021 BMW 540ix that I have really enjoyed driving over the last 3 years. It’s well optioned with everything I need/want for the time being. I am way under on miles (22,000) and the car is pretty much near perfect still. I’ve extended the lease for the maximum 2 months already.
Ideally I would keep driving it for a while longer, as I’ve spent several months looking for a new car and nothing has jumped out that I really like and the deals don’t seen very good either.
Purchase price is listed as $45,000, did some research on the value and it seems to be right at few thousand under that price, with Carvana offering me $41,000 if I were to sell to them as a benchmark.
So I can buy it for cash, drive it for another year or two while I keep looking for other cars and hopefully better deals. I can purchase it with cash (any loan rates I’ve seen do not look advantageous), however recognize that it is probably not the best use of a decent chunk of cash.
More importantly I’m concerned about any significant maintenance costs. I have not had to do much thus far and although I don’t put on a ton of miles, however assume in the next 24 month’s more things will come due.
So compounding the potential maintenance costs, continued depreaction, and a little bit of interest earnings on leaving the cash invested other places (i.e. HYSA) am I crazy to be considering purchasing my lease?