Buy a used BMW or lease a new one?
I am going to move into a job this month and i am thinking of shopping for my first car. I have a budget of 30K may be a shade more. I see that the new 3 series/ C300 sport /A4 seem to be in the 30-35k range. In that range i can get a 2004/5 certirfied preowned A8L or similar. I am also thinking of leasing instead of buying a new 35K 3 series. So what do you guys advise? Are repair costs going to kill me if i buy a used & expensive car? I will drive about 15 miles /day (work) and may be 500 additional miles a month for trips.
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HAMBURG, April 24 (Reuters) - BMW (BMWG.DE: Quote, Profile, Research), the world's largest premium carmaker, will book a 236 million euro ($372 million) charge for the first quarter as the turbulence in credit markets forces it to mark down the value of used cars.
"The financial crisis has become more severe of late. This has resulted in a drop in pre-owned car selling prices, particularly in North America, and consequently in a reduction of revenues that can be generated on vehicles at the end of lease contracts," it said in a statement on Thursday.
"This downward trend accelerated during the month of March."
Good hunting!
Regards,
OW
You can also get an used car auto loan from your bank with set rates so you know what your payments will be based on how much the car is. The prevents you from running into the car dealership that turns into the "stealership".
www.caroftheday.org
Every1 has personal opinion
As for me I would buy anything new, but definitely not old.
Leasing can be tempting but the waters are filled with sharks. There are so many hidden costs and duplicitous phrasing in leases that you MUST study, study, study until you know a) what every term means in the lease and b) what your actual, real world monthly costs are. So if you put money up front in a lease, you divide your months into that amount and add that monthly amount to your lease e.g. $2,400 up front on a 24 month lease @ $389 a month is really $489 a month. Don't focus on the monthly costs---focus on the ACTUAL price you are paying for the car and the INTEREST rates, after they are translated from Venusian to English. :P
So anyway---I'd let someone else take the "driveway hit" on a new car---that $3K--$5K you lose on a BMW the minute you take it home.