Quote:
Originally Posted by BGM
+1 on all accounts--well said.. And It's way more to lease a car over 10 years. Maybe back in the day when lease prices were like half of a finance payment.
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I based my calculations on the following:
12yrs back interest rates were higher and they have been going down over the years but at the same time BMW has been jacking up car prices faster than inflation. Granted the features and performance has also improved.
To buy an X5 today assuming a price of 58K with 0down and .9% financing would work out to about $1000/month whereas lease for the same car would cost $650/month. Over a 10yr period, assuming lease payments remain the same, the cost would be 78000, the difference in cost is $18K. Now if you include the maintenance cost of 10K over the 10yr life of car which is conservative for BMWs IMHO (0 maintenance cost with lease). You do have residual value of the car which I am guessing will not be more than 10K at trade in for a 10yr old X5 which cancels out the maintenance, so essentially it works out to 18K over a 10yr period or 1800/yr to drive a new X5 every 3yrs. (The 6K diff. I quoted earlier was based on 3 series nos.), no maintenance hassles and unexpected expenses plus no headache of trying to sell the car (I went through an unpleasant experience where I got 3K less than what I expected for the car and had to deal with all kinds of low ballers).
Now these are very conservative numbers but still looking at this I feel leasing is a very compelling option.
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