Quote:
Originally Posted by -c-
Yea America is pretty cheap, it still shocks me what my friends in Canada spend on cars.
I hear America is also the cheapest place to buy a Porsche lol.
Most people around here tend to lease as they always have a new car and the payments are low, also if they buy the car by the time the cars paid off their ready fir a new car at that time so people here tend to lease.
I on the other hand like you prefer to buy and keep.
So I take care of em and treat them good and they last  . |
Well, not sure a lease works the same way here and in the US.
Our cars are a lot more expensive, typically 3 times that of the US, except EV's as they are tax free and pretty much cost the same as the rest of the world.
All other cars have a 25% VAT tax on the price.
Then there is tax on weight, Co2 and NoX emissions, and horsepower.
Which make a new C8 Corvette Z51 cost $270.000
A new M5 about the same.
A new Chevrolet Silverado 3.0 Diesel RST pick-up is $114.000
But back to leasing.
Here you will usually make an initial downpayment, say $5000-10.000, that money is gone. The size of it will just make your monthly amount become lower.
Then you pay maybe $300-600 a month for 3 years. Hand the car back in and have nothing, and possibly an extra bill because of paint scratches, parking dents and other minor cosmetic damage.
To start a new lease, you need to have saved up another $5000-10.000 during those 3 years.
Over here most people will rather put their $5000-10.000 into an initial loan down payment.
Pay the same $300-600 a month, then trade in or sell the car, and they will typically get their $5000-10.000 back and can put that into a new car.
BMW is currently offering a 3 year lease for the i3 with a medium sized equipment package.
Initial downpayment is $7.700
Then $325 a month for 3 years, with a max mileage of 18.600mi/30.000km for those 3 years
Total lease cost is $19.500.
I paid $42.000 for my fully loaded i3s that I took delivery of in November 2020.
I had an initial loan downpayment of $7.600 and pay $360 a month on my loan.
My guess, is that I can sell my i3s in a year for at least $35.000, there is many similar 2019 i3s on the market now from $37.500-40.000, some with as much as 18.000mi on the clock.
I'm quite confident I will get my initial downpayment back if I sell after 2 year or so, and all it will have cost me is the monthly loan payments of $8640.
After 3 years I would probably get the downpayment back and the monthly payments amount to $12.960.
Still $7000 less than leasing, and I don't have to worry about exceeding the max mileage, or pay for any damage when returning a leased car.