sunlifeee OP t1_iujx2a9 wrote on October 31, 2022 at 10:01 PM

Reply to comment by SquareVehicle in Rip me apart. Car lease… by sunlifeee

The car is 2023 bmw m340i $57k msrp, $0 down. I drive a Honda Civic $250 lease + $100 insurance $200 gas = $550 total. The BMW would come out to about $1150 total. I have $5k in savings right now, sitting in the bank.

SlyTrout t1_iujxrwn wrote on October 31, 2022 at 10:06 PM

What I gather is you want to lease a car that costs almost as much as your annual income. That is just nuts. You should be looking at buying a quality used car somewhere in the $20k range. That would be much better financially. Leases are typically more expensive in the long run than buying.

sunlifeee OP t1_iujy7wy wrote on October 31, 2022 at 10:09 PM

Yeah well not buy but lease for 3 years and then give it back. Now that you put it that way it does sound bad. My current car is worth about $20k so I should probably keep it.

sunlifeee OP t1_iujypp9 wrote on October 31, 2022 at 10:13 PM

Also one more thing, I’m in the middle of interviewing for another job. Which would put me around $5k net income. Could I reconsider then? Or still no

Mashtatoes t1_iuk11ky wrote on October 31, 2022 at 10:32 PM

$5k per month? Yes.

SlyTrout t1_iuk4uog wrote on October 31, 2022 at 11:02 PM

Doing a new lease every few years means you are always paying for the steepest part of the depreciation curve. You would be much better off to buy a used car that is a few years old and past the worst part of depreciation or a new car and keep it for a long time. Even at $5,000 per month net, the car you are thinking about does not make sense.