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Leased a very expensive car

Twitter / Engerbory00
Mar 14

Hello,
I just leased a car which costs almost 1000$ per month (after the down payment). Although I can do it, I still think that they are a lot of money wasted. Indeed after 3 years I have to bring back the car and I will have spent a total of 36k.
What do you think? Did you do it too? Would you?
Thanks for sharing your thoughts.

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  • Facebook Probe
    Financially stupid, but hey it's your life and there's far worse ways to burn your money.
    Mar 140
  • Amazon / EngVijay anna
    Does it spark joy?
    Mar 142
    • Twitter / Engerbory00
      OP
      Now yes and I hope it will.
      Mar 14
    • Move / Eng
      rbevdjwnd

      MoveEng

      BIO
      H
      rbevdjwndmore
      No but cleaning does spark joy
      7d
  • Okta doomsday
    Ask Marie Kondo
    Mar 143
    • Uber barserker
      Lay the car on your bed and ask yourself if it sparks joy
      Mar 14
    • Okta doomsday
      Don’t forget to talk to the car first!
      Mar 14
    • General Motors
      ganbadei

      General Motors

      PRE
      Zebra Technologies
      ganbadeimore
      Oh and fold it in thirds
      Mar 14
  • What are you exactly asking about ? You tried to be a douche by leasing a super expensive car and now you wonder if you can afford it?
    Mar 140
  • Uber didify
    What was the reason you got it in the first place? While I agree that's a lot of money, if it provides joy is less of a waste, no?
    Mar 143
    • Nvidia shm
      Joy lasts 1 week
      Mar 14
    • Qualcomm dynasty001
      Lasted 3 months for me. Didnt give 2 fucks after that
      Mar 14
    • Uber didify
      Well that's the stupid part then. I have a 7 years old sports car and I enjoy every single day I drive it.
      Mar 14
  • Facebook Tlpgr
    TC or gtfo

    Hard to judge without TC
    Mar 144
    • Twitter / Engerbory00
      OP
      420k
      Mar 14
    • Microsoft y83j
      Totally reasonable with your TC.. but if you feel it’s wasteful then try swapalease.com. What car is it?
      7d
    • Twitter / Engerbory00
      OP
      Oh wow how does it work this website? I see only auto for sale off lease. Can you actually swap a car during the lease?
      I don’t want to tell the model of my car to not expose to many info of myself on blind. Sorry.
      7d
    • Microsoft y83j
      I’ve only heard of it not used it but you should be able to get someone to takeover your lease if you don’t want it anymore
      6d
  • General Motors / EngBuyForeign
    Hell naw. Leases are burnt money unless you buy it at the end and plan on keeping it a while after that.

    If you return it you're just paying off the depreciation value for the next guy.
    Mar 144
    • Oscar 🐨koala
      From GM. Must be true!!
      Mar 14
    • Facebook roc836!&
      🤣
      Mar 14
    • General Motors / EngBuyForeign
      GM leases are even worse with their “ultra low mileage” leases. You can't even drive the car you're leasing. 😆
      7d
    • Oscar 🐨koala
      I always buy second hand! Never lease
      7d
  • Veritas gOio56
    What car is it?
    What is the money factor?
    What is the residual?
    What was the MSRP and the actual sale price?
    Without those details, you can’t really say if you wasted money or got a bad deal.
    The only thing I can say at this point that you did wrong was putting a down payment. NEVER put a down payment on a lease. Always zero down.

    I leased a fully loaded M5 a couple of years ago.
    Residual of 64%
    Money factor 0.0013
    Zero down
    MSRP was about $118000.
    Negotiated close to 10% of the MSRP
    Lease for 36/36000 was about $1200 a month including interest and taxes

    Completely worth it.

    Didn’t want to deal with expensive repairs out of warranty or try to sell a extremely fast depreciating sports sedan.
    Mar 144
    • 118k for a BMW. Who buys that ? What's the added value on a 50k Audi S4/S5?
      Mar 14
    • Twitter / Engerbory00
      OP
      Good deal!
      Mar 14
    • Veritas gOio56
      @timechange - who buys that? Well, someone who knows a thing or two about cars, has spent enough time in competitive karting and trackdays, wants a good combination of luxury and performance and actually bothers to research the difference between a S4/S5 and M5.
      Mar 14
    • Microsoft y83j
      I hate when people say “who buys that” sarcastically.. just because you don’t have the palette to appreciate the finer things doesn’t mean others don’t.
      7d
  • Western Digital xfcs35
    Typical developing country guy that comes to America and wants everybody at home to see how well he is doing. Pay the price Bud, don't complain, welcome to America!!
    Mar 143
    • Microsoft
      tech.ladki

      Microsoft

      PRE
      Google
      tech.ladkimore
      Actually most Indians I know are way more thriftier than the average American.
      Mar 14
    • Microsoft vffrds6;?&
      Yeah I see that many times. Indians go for Audi, Porsche.
      Mar 14
    • Cerner / Otherxyyxxy
      It's honda and toyota lol
      7d
  • SAIC ibaouw6
    You may have gotten a great deal - or not. Leasing books down to money factor, selling price and residual. I suggest anyone looking into leasing get the money factor and residual information from edmunds leasing forum. It's very active and informative.
    Mar 143
    • Nurx pRGR25
      This post is everything when it comes to leases. If you’re not getting these details and crunching the numbers right, you’re probably getting ripped off by the dealer.
      Mar 14
    • American Express D.BCooper
      1% rule on a good deal - 1% of MSRP per month. Mf is the interest rate. Take it and × 2400 to get the real interest rate Mf change monthly. Most dealerships mark it up the base MF for extra money. Negotiate buy price not monthly payments. Every $1000 down is lime 25-35$ off a month. You have to be savage.

      I leased a Maserati due to depreciation issues on the brand and got the 1% rule on it. They tried to screw me with 5k more needed the day after the deal while I was picking the car up. I got my money back and uber'd home. I emailed Fiat's CEO at the time, Sergio Marchionne, among other leadership. Masersri US took care of it They called and redid the deal. Play hardball. I mean email CEO hardball. Walk out if you have to.
      Mar 14
    • Facebook roc836!&
      Great handle AmEx
      Mar 14
  • Nurx pRGR25
    You forgot to say exactly which car.
    Mar 142
    • Mozilla JLkIW8
      Chevy Cavallier
      Mar 14
    • Cerner / Otherxyyxxy
      BMW M5
      Mar 14
  • Asurion FogMist
    I just ate very spicy food. Now my stomach feels funny, I think I might have a loose one. What do you think? Did you do it too? Would you?

    What kind f$$$$$$ dumb question is this?
    Mar 141
    • Twitter / Engerbory00
      OP
      I’m sorry you think is a dumb question. I didn’t have other way to express it.
      Mar 14
  • Microsoft Bikram
    I’m financing a Tesla for 700 a month to own. Do it!
    Mar 140
  • VMware stormb
    I spend over 2 hrs a day in my car.
    A BMW 5 series made total sense to me
    Mar 140
  • Bloomberg ySfK74
    If you can afford it why not 🤷🏻‍♂️
    Mar 140
  • MediaTek Go🔙
    I leased a fancy car about 6 months ago. I still feel like I won the jackpot every time I get in the car!
    Mar 141
  • Oscar 🐨koala
    Troll.
    Mar 141
  • You can always Uber on the side.
    Mar 140
  • Facebook 8mj8A
    With 429 TC oyu can watev tf you want
    Mar 140
  • Amazon cryptolord
    Life is too short. Yolo
    Mar 140
  • Airbnb / Engzealotry
    Seems better than purchasing. What’s the MSRP?
    Mar 144
    • Twitter / Engerbory00
      OP
      70k
      Mar 14
    • Amazon vdQy55
      70k you should be looking at $700-800 monthly lease. Paying $1k means you get ripped off or the car depreciate too much.
      7d
    • Twitter / Engerbory00
      OP
      I got 850. The rest is because I added maintenance and other stuff.
      6d
    • Twitter / Engerbory00
      OP
      Anyway, I put just a little down. I guess to get 700-800 you put down 5-6k
      6d
  • VMware satyaa
    Depends on which car and TC
    Mar 141
    • Twitter / Engerbory00
      OP
      420k, car is new, 2019
      7d
  • Facebook / EngWildGoose
    I lease an even more expensive car and I LOVE every drive. Such comfort and power at your slightest touch...
    totally recommend if you can afford it.
    6d0
  • Cisco / QACyberDemon
    total it if you can't cancel the lease.
    7d0
  • Marvell k8h5vh
    Depends on how much play money or surplus you have at the end of the month.
    Mar 140
  • Pandora .
    People get tired of their partner after a while, how do you expect the joy to last forever ? Like changing partner, you can change the car you leased.
    YOLO 🤷‍♂️ 🤷‍♀️
    Mar 140
  • Wish tc250
    you think 1k/month is expensive? Just go for it...
    Mar 140
  • Aetna pffttt
    Dumb
    Mar 140
  • Intel movaxbx
    You get more dates ? Worth it
    Mar 140
  • Cerner / Otherxyyxxy
    Which car did you lease?
    You can finance/buy it after the lease ends.
    Mar 140

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