Viewing a single comment thread. View all comments

SquareVehicle t1_iujvfla wrote

What's the car? What is your current car? How much is your current insurance+gas? What are the terms of the loan (interest rate and length and loan amount)? What is the total cost of the car? What's your down payment? How much is in your savings today?

Do you currently and consistently have an extra $1k ($300+$650) left over at the end of the month, what are you doing with that money today?

1

sunlifeee OP t1_iujx2a9 wrote

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.

1

SlyTrout t1_iujxrwn wrote

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.

3

sunlifeee OP t1_iujy7wy wrote

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.

1

sunlifeee OP t1_iujypp9 wrote

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

1

SlyTrout t1_iuk4uog wrote

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.

1