farewell, Sold the IS350
07-19-11, 01:30 PM
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farewell, Sold the IS350
btw, anyone looking to get out of a lease thats due up this year should consider selling it...used car prices are over inflated and you can get rid of it for more than you think...
My lease was due in november, July buyout was $22900, and i was going to go over miles by 3000 at least, and have some body damage and curb rash on the wheels...probably $2500 in charges. went to Carmax, they appraised the car at 23500... so i sold it to them. they paid Lexus 22900 and cut me a check that day for the remaining amount. ended up saving a few thousand dollars actually.
then i got a rental, then leased a caddy CTS coupe, then returned the CTS because of terrible terrible seats, rented again, and now just signed a lease on a 2011 335xi coupe 6M loaded, corporate loaner so it qualifies for new car leases... $600/mo out the door with first payment only, taxes title fees all rolled into payment. Couldnt pass up that deal...
anyways, hope Lexus ups the IS350 for 3rd Gen significantly, i'll be looking again in a few years.
My lease was due in november, July buyout was $22900, and i was going to go over miles by 3000 at least, and have some body damage and curb rash on the wheels...probably $2500 in charges. went to Carmax, they appraised the car at 23500... so i sold it to them. they paid Lexus 22900 and cut me a check that day for the remaining amount. ended up saving a few thousand dollars actually.
then i got a rental, then leased a caddy CTS coupe, then returned the CTS because of terrible terrible seats, rented again, and now just signed a lease on a 2011 335xi coupe 6M loaded, corporate loaner so it qualifies for new car leases... $600/mo out the door with first payment only, taxes title fees all rolled into payment. Couldnt pass up that deal...
anyways, hope Lexus ups the IS350 for 3rd Gen significantly, i'll be looking again in a few years.
07-19-11, 02:31 PM
#6
True, now is a good time to sell your IS if you want to get the best value, but you won't get a good discount on a new one anymore either. But i guess you avoided that by gettign a BMW lol
I would never make a $600 payment for a leased car. But hey if you got a good deal and your cool with the monthly payment aint nothing wrong with that! Hopefully you don't have any of the BMW reliability issues people have been having lately...
I would never make a $600 payment for a leased car. But hey if you got a good deal and your cool with the monthly payment aint nothing wrong with that! Hopefully you don't have any of the BMW reliability issues people have been having lately...
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07-19-11, 05:35 PM
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let's not hammer people about their lease deal... he is happy with the car, and that should be the end of it. Hope the car will take care of him for years to come. I think BMW makes good products, and their philosophy is different from Lexus's.
07-19-11, 10:33 PM
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I never had issues with reliability from any of my bimmers. The IS is a more comfortable car IMO though, that's why I made the switch. Hope you enjoy the 335, it's definitely a nice car.
07-19-11, 11:13 PM
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btw, anyone looking to get out of a lease thats due up this year should consider selling it...used car prices are over inflated and you can get rid of it for more than you think...
My lease was due in november, July buyout was $22900, and i was going to go over miles by 3000 at least, and have some body damage and curb rash on the wheels...probably $2500 in charges. went to Carmax, they appraised the car at 23500... so i sold it to them. they paid Lexus 22900 and cut me a check that day for the remaining amount. ended up saving a few thousand dollars actually.
then i got a rental, then leased a caddy CTS coupe, then returned the CTS because of terrible terrible seats, rented again, and now just signed a lease on a 2011 335xi coupe 6M loaded, corporate loaner so it qualifies for new car leases... $600/mo out the door with first payment only, taxes title fees all rolled into payment. Couldnt pass up that deal...
anyways, hope Lexus ups the IS350 for 3rd Gen significantly, i'll be looking again in a few years.
My lease was due in november, July buyout was $22900, and i was going to go over miles by 3000 at least, and have some body damage and curb rash on the wheels...probably $2500 in charges. went to Carmax, they appraised the car at 23500... so i sold it to them. they paid Lexus 22900 and cut me a check that day for the remaining amount. ended up saving a few thousand dollars actually.
then i got a rental, then leased a caddy CTS coupe, then returned the CTS because of terrible terrible seats, rented again, and now just signed a lease on a 2011 335xi coupe 6M loaded, corporate loaner so it qualifies for new car leases... $600/mo out the door with first payment only, taxes title fees all rolled into payment. Couldnt pass up that deal...
anyways, hope Lexus ups the IS350 for 3rd Gen significantly, i'll be looking again in a few years.
07-20-11, 04:54 AM
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I agree. Too many variables to accurately pass judgement. Thanks for the 100% positive comments.
07-20-11, 06:30 AM
#14
This seems as good a thread as any to pose a question I've wondered about for years, and hopefully someone can help me out.
It seems there are 3 main ways people acquire cars: 1) buy new, 2) buy used, 3) lease new. I've always bought my cars used. It was my dad's philosophy, and it always made sense to me so I just continued it. I will never buy new - the depreciation hit on a new car is just far too great. I'd much rather buy a car that's even just a year and a few thousand miles old - that way I get the benefit of some warranty but also don't take the off-the-lot depreciation hit myself.
What I don't know much about is leasing new cars, and have never really looked into it too much because at least in my cursory research, the numbers just never made sense to me. I can't of course speak to all cases, but in the cases I've looked at, the payments were as high or higher than if I were to purchase the car, and at the end of a lease you have nothing to show for it, vs. purchasing the car when you can then sell the car for its residual value. It seems to me to be analogous to purchasing a home rather than renting. When I last moved, I found that my payment if I bought a home was quite a bit less than if I rented an apartment with similar features and square footage. Clearly it made financial sense to buy rather than rent, even if the housing market weakened further. If the apartment rent was $1000 a month and I lived there 2 years, I could afford to take a loss of $24,000 on my house and still come out ahead vs. renting, since if I'd rented all that $24,000 would have been down the drain. Obviously a lot of this is contingent upon what interest rate you qualify for, etc.
Can someone tell me why, then, anyone would ever consider leasing a car for the same monthly payment (or a higher monthly payment) than if one were to purchase that same car? It seems to me that if I'm looking at a 335i (just using this as an example), and I have the option to buy or lease, and my payments will be exactly the same, I would always choose buying. The monthly lease payment would have to be much lower than the payment if I purchased it for me to consider leasing.
So for those who lease or know about leasing vs. buying, what am I missing? What are the major considerations? Is leasing attractive because you don't take the depreciation hit when selling a car you bought new? I'm just trying to understand the thought process, would love to get your insights.
It seems there are 3 main ways people acquire cars: 1) buy new, 2) buy used, 3) lease new. I've always bought my cars used. It was my dad's philosophy, and it always made sense to me so I just continued it. I will never buy new - the depreciation hit on a new car is just far too great. I'd much rather buy a car that's even just a year and a few thousand miles old - that way I get the benefit of some warranty but also don't take the off-the-lot depreciation hit myself.
What I don't know much about is leasing new cars, and have never really looked into it too much because at least in my cursory research, the numbers just never made sense to me. I can't of course speak to all cases, but in the cases I've looked at, the payments were as high or higher than if I were to purchase the car, and at the end of a lease you have nothing to show for it, vs. purchasing the car when you can then sell the car for its residual value. It seems to me to be analogous to purchasing a home rather than renting. When I last moved, I found that my payment if I bought a home was quite a bit less than if I rented an apartment with similar features and square footage. Clearly it made financial sense to buy rather than rent, even if the housing market weakened further. If the apartment rent was $1000 a month and I lived there 2 years, I could afford to take a loss of $24,000 on my house and still come out ahead vs. renting, since if I'd rented all that $24,000 would have been down the drain. Obviously a lot of this is contingent upon what interest rate you qualify for, etc.
Can someone tell me why, then, anyone would ever consider leasing a car for the same monthly payment (or a higher monthly payment) than if one were to purchase that same car? It seems to me that if I'm looking at a 335i (just using this as an example), and I have the option to buy or lease, and my payments will be exactly the same, I would always choose buying. The monthly lease payment would have to be much lower than the payment if I purchased it for me to consider leasing.
So for those who lease or know about leasing vs. buying, what am I missing? What are the major considerations? Is leasing attractive because you don't take the depreciation hit when selling a car you bought new? I'm just trying to understand the thought process, would love to get your insights.
