Established Member
JKeeler1121
Posts: 36
Registered: ‎10-10-2012
2013 BMW 750i Lease vs. Financing Questions???

Hello, 

I am more towards leasing because of my business. Im 26 and I recently strated my business and was quoted for this vehicle. 

2013 BMW 750i xDrive Sedan $96,495.00

The salesperson told me leasing looks like a better opinion for me. He quoted me 36 months, 10,000 miles 6,800 total out of pocket $1,326.00 month 

The payment isnt too bad because I make about 130,000.00 and have no mortgae or rent nor no expenses other than credit cards. He pulled my credit and said it qualifies for tier 1 leasing

Your thoughts???, suggestions???, I am kind of excited

Established Contributor
Exonumist
Posts: 613
Registered: ‎07-03-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

It all depends on what works for you. If your not going to drive over 10k miles a year then it's probably ok. I don't know about the exact numbers on a 7, especially a new one. Just out of curiosity and because it would save you a lot of money in the long run have you looked at the previous design (E65) or are you set on the new one (F01)? Maybe even a used F01? They started making them in 2008 if I remember correctly. Whatever you end up doing congrats!


Established Member
JKeeler1121
Posts: 36
Registered: ‎10-10-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

Default4 wrote:

It all depends on what works for you. If your not going to drive over 10k miles a year then it's probably ok. I don't know about the exact numbers on a 7, especially a new one. Just out of curiosity and because it would save you a lot of money in the long run have you looked at the previous design (E65) or are you set on the new one (F01)? Maybe even a used F01? They started making them in 2008 if I remember correctly. Whatever you end up doing congrats!


thank you and yes i only want to buy new


Default4 wrote:

It all depends on what works for you. If your not going to drive over 10k miles a year then it's probably ok. I don't know about the exact numbers on a 7, especially a new one. Just out of curiosity and because it would save you a lot of money in the long run have you looked at the previous design (E65) or are you set on the new one (F01)? Maybe even a used F01? They started making them in 2008 if I remember correctly. Whatever you end up doing congrats!


 

Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
Re: 2013 BMW 750i Lease vs. Financing Questions???

I can't even begin to explain how foolish it is for someone in your position to buy a car like that. I say this from the point of view of someone that did something very much like that although I bought instead of leased. My first expensive car had a payment that was double my house payment at the time. You do own a house, right? Some of the CPAs that work with me have found that a lease makes sense for a tiny, tiny number of buyers in very specific situations but only if you structure the lease correctly and buy the car at the end.

 

I just made the final payment on a BMW that I purchased new and have bought 6 new ones over the years. Do you want to know how badly I wish that I had NOT bought that one? It might have been justifiable at half price.

Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

That seems like too much of a car payment for someone who just started their business.

If you are dead set on it. Bring your down payment down some, and possibly look into MSD's.(Multiple Security Deposits) to get your money factor down. The nice thing is that the MSD's are refunded to you at lease end. Would the mileage cap be any problem for you? Whatever you choose to do, hope it works out!


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Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

GregB wrote:

I can't even begin to explain how foolish it is for someone in your position to buy a car like that. I say this from the point of view of someone that did something very much like that although I bought instead of leased. My first expensive car had a payment that was double my house payment at the time. You do own a house, right? Some of the CPAs that work with me have found that a lease makes sense for a tiny, tiny number of buyers in very specific situations but only if you structure the lease correctly and buy the car at the end.

 

I just made the final payment on a BMW that I purchased new and have bought 6 new ones over the years. Do you want to know how badly I wish that I had NOT bought that one? It might have been justifiable at half price.


+1 You may have the income now, but you are committing yourself to a 1.2k payment every month for years to come, and then have nothing to show for it unless you buy out the loan, which at that point will still be considerable. How bout short term PURCHASE a 3 series or 5 series(personally I think BMW kicks the crap out of Audi in the mid range cars), and save. Once you can buy the A8 in cash then do so. You may have a huge bank roll but turn on the news man, one misfortune in life and you are up s@#$ creek without a paddle.

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Frequent Contributor
fuzzybean
Posts: 309
Registered: ‎04-04-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

Between this, the economy and the upscale clothing the OP talks about, I sure hope we don't see them on the BK boards in a year or two!  My husband makes 138k and we own our home outright.  Even if we could get the financing for it, I would never even consider it!

Established Member
monaarts_hotmail
Posts: 21
Registered: ‎06-09-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???
[ Edited ]

JKeeler1121 wrote:

Hello, 

I am more towards leasing because of my business. Im 26 and I recently strated my business and was quoted for this vehicle. 

2013 BMW 750i xDrive Sedan $96,495.00

The salesperson told me leasing looks like a better opinion for me. He quoted me 36 months, 10,000 miles 6,800 total out of pocket $1,326.00 month 

The payment isnt too bad because I make about 130,000.00 and have no mortgae or rent nor no expenses other than credit cards. He pulled my credit and said it qualifies for tier 1 leasing

Your thoughts???, suggestions???, I am kind of excited


I am being serious with this...  Why don't you "settle" for a BMW 5 series for almost half the price and save 6months - 1 year income before you go crazy.  I have a friend (27 years old) who has owned a business for about 4 years making cloe to $250k/year.  2 years ago he sold half the business to a partner and opened another business that is kind of a sister company, almost instantly started making about $200k/year from it... So total income 2 years ago was close to $325k!!!   Last February some of his biggest clients had to stop using them because they needed to tighten their expenses, after that a bunch of his smaller clients had to do similar things.  With all that said, last year he made LESS THAN $50k!  He had 2 cars, a brand Masarati and (ironically) a brand new BMW 7-series.  Needless to say, he no longer owns either car and is driving a mid-1990's Honda Civic that he had to finance.  :-(

 

BE SMART ABOUT STUFF!!!

Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011
Re: 2013 BMW 750i Lease vs. Financing Questions???
Oh snap!!!!
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Established Contributor
Exonumist
Posts: 613
Registered: ‎07-03-2012
Re: 2013 BMW 750i Lease vs. Financing Questions???

Or as I was saying if you go with a 7 that is 07 or older you can find some killer deals and they are still very nice cars. Especially if you get one private party.