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Buy or Lease?

phas32010-08-18 03:34:29 +0000 #1
Hey guys, I'm new here, a little intro about myself. I live in So Cal, I'm a former Marine and love bmws. Anyway my question for you guys today is, I have bad credit, my name was used by my father to get a credit card while I was in Iraq without me knowing and now my credit is all messed up. I'm really interested in getting a bmw 328 or 335.

Anyway I've read and heard that bmws are costly on maintenance, what are your takes on that?

Would you guys recommend leasing a bmw instead of a buy? Why, why not?

I could put a pretty hefty down payment on a used bmw, prob looking into the 2007-2008 years. Any suggestions are welcomed.
MediaArtist2010-08-18 03:46:44 +0000 #2
phas3, let me first say, I respect soldiers, you guys are asked to do a lot of things that many of us wouldn't. Thank you.

That being said, I talk with a lot of former military guys, I live close to a major Marine base (Pendleton). The military is a great place for young men looking for a way to go to college from poverty, and since nearly everything is provided, what you get paid is usually disposable income. Some of the kids I talked to are 20, get out of the military, and have $20,000 cash to spend from all the money they saved up.

I am suggesting that perhaps you don't blow all of it on a car. Depending on your situation, you could spend it on getting a degree, invest it into a Northwestern Mutual Investment account, or even starting or investing into a business.
Chriztofor2010-08-18 03:46:41 +0000 #3
JDLM2010-08-18 04:19:29 +0000 #4
Quote:

Originally Posted by MediaArtist

phas3, let me first say, I respect soldiers, you guys are asked to do a lot of things that many of us wouldn't. Thank you.

That being said, I talk with a lot of former military guys, I live close to a major Marine base (Pendleton). The military is a great place for young men looking for a way to go to college from poverty, and since nearly everything is provided, what you get paid is usually disposable income. Some of the kids I talked to are 20, get out of the military, and have $20,000 cash to spend from all the money they saved up.

I am suggesting that perhaps you don't blow all of it on a car. Depending on your situation, you could spend it on getting a degree, invest it into a Northwestern Mutual Investment account, or even starting or investing into a business.

don't call a Marine a soldier
phas32010-08-18 05:27:25 +0000 #5
Quote:

Originally Posted by MediaArtist

phas3, let me first say, I respect soldiers, you guys are asked to do a lot of things that many of us wouldn't. Thank you.

That being said, I talk with a lot of former military guys, I live close to a major Marine base (Pendleton). The military is a great place for young men looking for a way to go to college from poverty, and since nearly everything is provided, what you get paid is usually disposable income. Some of the kids I talked to are 20, get out of the military, and have $20,000 cash to spend from all the money they saved up.

I am suggesting that perhaps you don't blow all of it on a car. Depending on your situation, you could spend it on getting a degree, invest it into a Northwestern Mutual Investment account, or even starting or investing into a business.

thanks for the post, I am going to school right now at Santa Monica College, working on a Computer Science Degree, although it will be a couple more years until I get a degree. I've invested some of my money on stocks, both long term and short term. See I my only form of transportation right now is my motorcycle, and I want to get rid of it. I figured that with the funds I'm getting for school, my disabilities and other forms of income that it's time for me to get a car I want and to keep for a really long time.

I'll be cashing out my short term stocks here in a month or two, and that'll give me more than enough for a down payment if need be.

I feel that one of my best options is to either put a down payment that is half of what the car will be...or just buy the car full price.
kgb16372010-08-18 05:03:26 +0000 #6
Well it really depends on what you want to do. Like they said before probably not advisable to take a lot of your savings and throw it into a car as a car is not an investment, it loses money like no other but that depends on your specific financial situation. I personally lease mine, I put $0 down, wait three years and hand my car in, it works for me and others but is not right for many other people. If you won't be able to stay within the mileage constraints or want to mod heavy then purchasing a car is what you want. First step would be to head to a dealer, look around and have them put down on paper what you would spend on a new lease, used purchase on different vehicles and see what you can do. Best of luck and stay safe.
MediaArtist2010-08-18 05:37:52 +0000 #7
Quote:

Originally Posted by phas3

thanks for the post, I am going to school right now at Santa Monica College, working on a Computer Science Degree, although it will be a couple more years until I get a degree. I've invested some of my money on stocks, both long term and short term. See I my only form of transportation right now is my motorcycle, and I want to get rid of it. I figured that with the funds I'm getting for school, my disabilities and other forms of income that it's time for me to get a car I want and to keep for a really long time.

I'll be cashing out my short term stocks here in a month or two, and that'll give me more than enough for a down payment if need be.

I feel that one of my best options is to either put a down payment that is half of what the car will be...or just buy the car full price.

You could get into a slightly used Civic, and save the rest of your money for a down payment on a home. Home prices are soft right now, and will likely be for a while. If you can save $30,000 for a down payment, you could get a conventional loan on a decent Condo in SoCal.

You're young, there will be plenty of time for you to enjoy nice cars if you plan things right.
khaye12010-08-18 05:12:12 +0000 #8
you guys gotta realize that our marine here is prolly getting 2k/month for post 9/11 GI bill not including tuition and book allowance w/c is 7k/year and depending on disabilities, he could be getting another $800/month or more. So, if he has a job...this will all be disposable income. With that said, I say jump on a CPOd 328 and save the rest of that disposable income for a house.
roundel3352010-08-18 05:35:29 +0000 #9
Quote:

Originally Posted by khaye1

you guys gotta realize that our marine here is prolly getting 2k/month for post 9/11 GI bill not including tuition and book allowance w/c is 7k/year and depending on disabilities, he could be getting another $800/month or more. So, if he has a job...this will all be disposable income. With that said, I say jump on a CPOd 328 and save the rest of that disposable income for a house.

+1
BTM2010-08-18 04:38:48 +0000 #10
Quote:

Originally Posted by phas3

it's time for me to get a car I want and to keep for a really long time.

If you plan on keeping the car for a while definitely buy, lease residuals are usually pretty high compared to the vehicle's actual value
phas32010-08-18 08:16:57 +0000 #11
Quote:

Originally Posted by khaye1

you guys gotta realize that our marine here is prolly getting 2k/month for post 9/11 GI bill not including tuition and book allowance w/c is 7k/year and depending on disabilities, he could be getting another $800/month or more. So, if he has a job...this will all be disposable income. With that said, I say jump on a CPOd 328 and save the rest of that disposable income for a house.

you are correct I with my current situation for the 2-3 years or so, my tuition is all paid for plus 2200 every month for going to school, + about 900 for my disabilities and I decided to take advantage of my unemployment which is roughly an extra 1600 a month(depending on where our economy is I don't know how long I will be on unemployment) but I chose to use it so that I could focus on my education more. Thats about 4700 per month, not much but after bills I have 2500-3000 disposable income. In which I use for my investments in stocks.

When you guys say CPO'd what does that mean? Also I do believe that with a sedan insurance will cost less than it would be for a coupe correct?
joonsup2010-08-18 05:33:08 +0000 #12
Quote:

Originally Posted by phas3

you are correct I with my current situation for the 2-3 years or so, my tuition is all paid for plus 2200 every month for going to school, + about 900 for my disabilities and I decided to take advantage of my unemployment which is roughly an extra 1600 a month(depending on where our economy is I don't know how long I will be on unemployment) but I chose to use it so that I could focus on my education more. Thats about 4700 per month, not much but after bills I have 2500-3000 disposable income. In which I use for my investments in stocks.

When you guys say CPO'd what does that mean? Also I do believe that with a sedan insurance will cost less than it would be for a coupe correct?

certified pre owned

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