yessir you are correct im just saying roughly speaking the majority are between 70-80k so i used 75k for reference. your absolutely right though, finding the best deal possible is whats going to make the most sense.
absolutely i am assuming resale value and after looking at a depreciation calculator
it will prob be 5-7k less than i guessed. lemme update that and see what it looks like
Why do your financing models always assume a 9% APR? Is that really the best APR you qualify for?
7% off MSRP? You working with a broker? Best I got for x3 m40i was 5% off MSRP
well my loan 3 years ago on my current x3 was $16,000 down $31,000 borrow 4.45% $575 monthly payment
i got preapproved thru capital one for 60k and all the cars their site showed me were 9-9.9% interest.
i have 0 missed payments
credit karma says 786 credit score
experian 703
transunion 710
equifax 706
maybe i can get better i dont think ill really know until they run my credit
Iād say āif we can do buy rate then we have a deal!ā
Itās after all a 2023 so there should be some extra room especially 2024s are already on the lot.
honestly i started cold calling the dealerships that had cars i was interested in. basically said you got what im looking for and heres what im looking to do 36/15 0down and that i wanted 10% off msrp they countered with 7. but they also jacked with the money factor from .00175 to .00216. ive had other dealers offer a much smaller amount off msrp but also a much better 0.00179 money factor.
Guess Ill do that and probably have to change my taste because theres only 1 vehicle with the exact configuration I want
i got the best offer on a return phone call after i didnt reply to the salemans texts for 2 days. the manager called and we played ball.
wait wut
101010101010
This is insanity brother. With that payment you can almost lease an M3 comp AND a Tundra. In 3 years you will have spent 56k and nothing to show for it. How many cars can you think of that depreciate 56k in 3 years? Let alone ones that the common man canāt even visually differentiate from the base model? No one gives a shit if it doesnt say M
In a world where people are flexing 160k MSRP MB SLs and RS e-tron GTs for 2/3-3/4 of this payment, this is insanity. I hope you dont go through with this but if you do, pls post pics.
Congrats on the hard work and your success, but honestly this sounds more and more insane.
You were driving 58,000 miles to make $35k per year and you were paying $575/m on an X3, plus insurance, gas, maintenance and repairs?
Youāre not even two years into 6 figures (which means what, 125?) and now you want to blow $56k to lease an X5 for 3 years?
Why are you doing 15k miles a year?
Because itās the American way. Donāt worry your frugality and savings will be used to bail out all these bad decisions.
if you want the longer version.
i had 90k in savings. and i was making 60k with $0 living expenses. i spent 16k and took on the 575 payment. a year later i was making the same money but took on living expenses. 6 months later i was grossing 3800 a week. and 6 months later i left to go join a startup. (this is where the insane amount of miles and very little income comes into play) there were some financial issues about 6 months in and i stayed another 4 months but ultimately left and am back with a stable company making good money for oklahoma.
what started as a desire to upgrade vehicles to something a little newer/little nicer (used x3m turned into looking at leasing once i saw the 9% interest rate) and assuming a 800-1000 payment on a x3m purchase with my trade in plus 10k down ended up being higher 1100-1200, leasing started to look like a better option.
once your considering basically 20k down and 1200 a month payment, putting nothing down and paying $1550 a month on a lease didnt sound that crazy at all. im also a 1099 subcontractor and could use some more deductions and looked at it like id rather give it to bmw than to the irs.
you can go half way up the thread and see that once i did the math, financing a used vehicle even at the high 9% interest on my cap one preapproval would be quite a bit of money saved with what i would have in equity with that next vehicle if purchased.
i just dont know how i feel about 9% when my last loan was at 4.45% and i dont think my car + 10k plus 1200 a month is what i was classifying as a little better little newer. its just any that any base model feels like a downgrade and the prices are up with inflation anyways. so it feels like upgrading into inflation = financial suicide
There is definitely a lot of financial suicide going on here
Iām not going to tell you how to live your life and spend your money, but a few thoughts:
even in todayās environment you can probably do better than 9% interest. Capital One online approval isnāt known for having the best rates. There is another thread here on credit union rates, check that out.
I donāt think buying or leasing a $80k or $90k car on low $100ās salary makes sense even with otherwise low cost of living. At that level youāre spending a really big percentage of your after tax income on a car payment.
You mention financial suicideā¦do you own a home yet? Those tend to be much better wealth buildersā¦I get wanting a nice car but other financial boxes would be better to check off firstā¦
PS quick search shows auto loans can be had for around 5%. Penfed etc
Why do you need 15k miles a year then, do you really drive that much?
If you are driving more than 10k miles a year that also pushes towards financing making more sense
What does the tundra cost? An m3 comp lease is going to be 1400-1500ish, right?
i wont lie its mainly the 525hp twin turbo v8 that has my attention. my x3 m40i makes 450hp with like 1k in mods. i doubt youll see me posting pictures as the payment is way more than im willing to take on.