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Originally Posted by jmg
All car insurance works this way, gap or not. BTW Gap is automatically included in all BMW leases unless you opt out, in which case you are required to get it through your own provider. BMW's rates are in most cases cheaper. You are paying for peice of mind here.
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Worst case with no car insurance I could be responsible for paying out hundreds of thousands of dollars. Worst case without gap it's $5k? I don't buy extended warranties on consumer goods or cars for the same reason. Health, home and car insurance, all things that could end up with massive losses, rest I can pay for. Long term everyone is highly unlikely to come out ahead with any insurance they buy.
Quote:
Originally Posted by jmg
A good lease deal is zero down with a good discount and buy rate money factor. If you mistakenly put money down, you can ask for a cash payment in a lease transfer. People who know how a lease works know how the down payment works, so they don't mind if there is a cash payment to get the monthly lower. Personally, I think there is too much risk in a down payment and its not work the few dollars in interest saved.
Also, a month or 29 months, it doesn't matter. The lease payment is the same, depreciation is set. Some people want to take over a lease on the short term, others just want the car because the original leaser knows how to shop and negotiate a lease.
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So many talk about the mistake in money down on a lease but it like the rest of the money depends on the overall deal. You must realize that 2 months into your 36 month lease that everyone would prefer to get a new car over your 2 month old car with a 34 month term unless you paid some costs they will now avoid?
Quote:
Originally Posted by jmg
I actually enjoy when the lease is about to be up–I enjoy looking at the market and seeing what deals are out there on new cars. Who's offering conquest? Who's got huge discounts on a $100k car with 60% rv?! What car can I get into with little commitment? I want to experience as many cars as I can before I die.
BTW you can extend your lease by a few months if you aren't ready to hop into another one. I extended my i3 lease when my new car was still on the boat from Germany. No problem! You can't really do that when you sell a car, the buyer will walk away and find another one. Either way, if you have multiple cars, it shouldn't be that big of a deal, I just didn't want to take my weekend M3 to work.
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I have two cars, looking to buy a 3rd soon, prefer to have a decent daily (the consumable with low depreciation), with interesting weekend car that actually has appreciated. I look at my 7 year old ATS that I have had for 6 years that is close to new condition (61k miles) and can't see a reason to trade it and write a check for $35k for a car very similar. If I had leased I would be on my 3rd car from when I started.
I think they love it when someone extends the lease. If you had negotiated a longer term up front the monthly payment would have been less and at that point they are leasing you a 3 year old car for a similar payment to a new one.