Re: 2013 BMW 750i Lease vs. Financing Questions?
10-12-2012 08:24 AM
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.