Life Lesson- BMW SELECT Never Again !!

[Creditaddict]

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@youngman1234 wrote:
A few years back I thought the bmw select would be a good option, smaller monthly and one balloon paymebt but don't have to worry about Miles.

I learned last year the worst mistake in my financial life. Will never happen again !!! Normally we never did leases as we drove a lot of miles. But now I have figured out the best options. We bought 2 toyotas use these for highway and long work drives. And leased 2 cars: Range Rover and Maserati.

But will never again do select financing. I was having a 12k on my BMW X5...got the dealer to take some off the new car and give me a lil more for the bmw. So total loss was 10k.... I will never do this again. From
Now on just buy toyotas and lease the nice cars...

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Does this make it a poor person problem or a rich person problem!

I haver a Maserati at home but today I'm in the Corolla to save miles?! sorry just cracked me up!

If you add the lease of the Range and the purchase of a Toyota = wouldn't you come out about even and just pay mileage overages?

This makes no sense that you complain about a $10k loss but now you are buying 2 cars (Toyota has to be more than $10k!?)

[youngman1234]

We don't have corollas first off we have toyota SUVs. That statement was to show how reliable toyotas are and low maintance they cost, not value. I am not a show off person that drives around with arrogance. I work so much that I barely drive the luxury cars, as I do a lot of mileage. I Bought a brand new toyota in 2008 and by 2012 I had 280k miles. So to answer your question I wouldn't come out even.

I am not complaining and I acknowledging a financial mistakes made on my part. Luxury cars will always depreciate faster and values will drop. A toyota on the other hand will not drop in value as much and will be reliable.

[Anonymous]

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@youngman1234 wrote:
We don't have corollas first off we have toyota SUVs. That statement was to show how reliable toyotas are and low maintance they cost, not value. I am not a show off person that drives around with arrogance. I work so much that I barely drive the luxury cars, as I do a lot of mileage. I Bought a brand new toyota in 2008 and by 2012 I had 280k miles. So to answer your question I wouldn't come out even.

I am not complaining and I acknowledging a financial mistakes made on my part. Luxury cars will always depreciate faster and values will drop. A toyota on the other hand will not drop in value as much and will be reliable.

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Wow I'm not sure I'm even awake enough to drive 70k miles a year. Til I moved out to the country 4k miles a year on my car and maybe the same or a little less on the bike. I bought my car in 2012 with 110k and I just hit 125 in September

[youngman1234]

We do a lot of highway miles...

[Anonymous]

BMW Select is an open ended lease and isn't going to be a great deal by virtue of the open ended residual value and that big payment at the end.  The only way to make it work at all is to negotiate a great sales price but often times folks that use these finance tools are more focused on the monthly payment and less on the purchase price and APR so they get hammered.  

[MauiMan85297]

With most high end cars you want to lease than purchase because of the hit these cars take.  BMW in general has great residuals in leasing (higher the residual the lower your payment) and the money factor dictates essentially what the interest rate is.  You first haggle on a confirmed price (Capitolized Cost) then ask to lease from that CAP cost, if you know you drive a lot you always want to buy the miles upfront rather than the .20 in the backend.  Lease something that depreciates and buy something that appreciates.