Leasing a Car

Bme26

Bme26

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Three years ago I bought a brand new car. I've been very happy with the car, but unfortunately, the value of the car is only worth a few grand over what I owe on it and it is scheduled to be out of warranty in the next couple months. Its not necessarily a lower end vehicle (Mercedes), therefore once out of warranty and the overall depreciation of the car, I feel I could potentially be under water with it in the next year or so.

Being a guy who really loves cars, I am interested in trading it in to Mercedes and leasing a new car. I feel through the customer loyalty program and trading a Mercedes back into where I bought it, I could potentially call it a wash on any money I'd need to put down on a lease. My daily commute is roughly 20 miles to work and back, therefore I don't drive a ton on a day to day basis so I don't foresee any issues staying within a mile allowance.

I also have minimal debt outside of my student loans. I make a pretty good living, therefore I want to see if this is a ludicrous idea of even considering going this route? My goal is to have my student loans paid off in 3 years along with the ending lease of the car, therefore I could potentially be debt free in 3 years and either jump to another lease or buy cheaper car outright for cash. Mind you I haven't done a ton of research yet, which I fully intend on doing, but just want to put this out here on the berry as a starting point.
 
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Why not buy a reliable car that will last a while?

But yeah, get rid of that Mercedes ASAP. As they get older they're endless money pits.
 
My advice is that if the car is a lease, don't scratch the seats.
 
GearSolidMetal said:
Why not buy a reliable car that will last a while?

But yeah, get rid of that Mercedes ASAP. As they get older they're endless money pits.
Click to expand...

I’m not opposed to getting a reliable cheaper car at this point, but figured I’d do that after the lease. I honestly just want to wash my hands with what I owe on the car now, but still have a nice car. Superficial, shallow, whatever you wanna call it, I like nice cars.
 
I dunno man.

My plan is to buy something used and reliable and I don't plan to upgrade until I can pay for the new to me vehicle also in full which will also be used. I'd rather buy something iconic and refurbish it than chase the newest fad though.
 
Bme26 said:
I’m not opposed to getting a reliable cheaper car at this point, but figured I’d do that after the lease. I honestly just want to wash my hands with what I owe on the car now, but still have a nice car. Superficial, shallow, whatever you wanna call it, I like nice cars.
Click to expand...

Check out 'Scotty Kilmer' on YouTube. He's got 51 years experience as a mechanic, does no sponsored content, and I'm never detected any bullshit in any of his 100s of his videos I've watched.

Here's a video about Mercedes you may, or may not, appreciate depending how loyal you are to Mercedes.



He generally doesn't recommend buying new cars because it takes a few years to determine if they're still reliable after the annual 'improvements' - or changes to cut costs.

Here's a video about his most recommended used cars.

 
Leasing is best for people who really enjoy cars. If it gives you pleasure to pay a bit more for a new car every 3 years go for it.
 
I used to lease Mercedes because I loved the cars and wanted a new one every few years. I thought it was great and you really don't have to worry about the mileage. For the most part, they don't hit you with fees unless you decide to walk away. Also, the great deals on cars happen at the same time every year, so, if you get a good deal initially, more than likely you'll hit that deal Everytime you re-up.

Sure, you gotta drop 4-5k initially as a down payment, but you don't have to worry about maintenance, depreciation, or a huge monthly payment. Big thing is not to forget you can negotiate the "selling" and buyback price. Be a big enough pain in the ass and you can get your payment damn low.
 
Bme26 said:
I’m not opposed to getting a reliable cheaper car at this point, but figured I’d do that after the lease. I honestly just want to wash my hands with what I owe on the car now, but still have a nice car. Superficial, shallow, whatever you wanna call it, I like nice cars.
Click to expand...

Well, if you already have a Mercedes and you're looking to trade it in, in my experience, they honor customer loyalty more than other companies. I wouldn't be surprised if they give you more than blue book.

Estemachine said:
My advice is that if the car is a lease, don't scratch the seats.
Click to expand...

They will crush you with fees if you walk away from the lease and are not planning on buying a new car from the same manufacturer. However, if they know you intend to buy a new car from them or transition into a new lease, most of the time, they'll wave all fees. I've gone over my miles on every vehicle I've ever leased and never paid a mileage fee. I've also never paid for scratches and dents.
 
I've always been under the impression that with a lease, if say the engine or transmission shits the bed and is out of OEM warranty, you're on the hook for it. Is that usually true? if so it seems like a massive gamble.
 
Bme26 said:
Three years ago I bought a brand new car. I've been very happy with the car, but unfortunately, the value of the car is only worth a few grand over what I owe on it and it is scheduled to be out of warranty in the next couple months. Its not necessarily a lower end vehicle (Mercedes), therefore once out of warranty and the overall depreciation of the car, I feel I could potentially be under water with it in the next year or so.

Being a guy who really loves cars, I am interested in trading it in to Mercedes and leasing a new car. I feel through the customer loyalty program and trading a Mercedes back into where I bought it, I could potentially call it a wash on any money I'd need to put down on a lease. My daily commute is roughly 20 miles to work and back, therefore I don't drive a ton on a day to day basis so I don't foresee any issues staying within a mile allowance.

I also have minimal debt outside of my student loans. I make a pretty good living, therefore I want to see if this is a ludicrous idea of even considering going this route? My goal is to have my student loans paid off in 3 years along with the ending lease of the car, therefore I could potentially be debt free in 3 years and either jump to another lease or buy cheaper car outright for cash. Mind you I haven't done a ton of research yet, which I fully intend on doing, but just want to put this out here on the berry as a starting point.
Click to expand...


Brand new bmws are good for leasing... but don’t ever buy one. You could do that with a brand new Mercedes too, but I’d never buy one.

If you’re going to buy a nicer car, I always suggest Lexus.


I’m currently looking around to buy a 2000-2002 Rolls Royce Corniche. Saddam Hussein owned one —> this one exactly
Saddam-Rolls_779944c.jpg


I want one exactly like this. I would have loved to purchase his original one that was apparently up for sale on eBay in the past but don’t believe that is now possible obviously. I only specifically want the Corniche V in a navy blue.

Unknown.jpeg
 
Senator Sidious said:
They will crush you with fees if you walk away from the lease and are not planning on buying a new car from the same manufacturer. However, if they know you intend to buy a new car from them or transition into a new lease, most of the time, they'll wave all fees. I've gone over my miles on every vehicle I've ever leased and never paid a mileage fee. I've also never paid for scratches and dents.
Click to expand...

What type of fees will they be crushing you with?
 
Headkicktoleg said:
Leasing is best for people who really enjoy cars. If it gives you pleasure to pay a bit more for a new car every 3 years go for it.
Click to expand...
You can't really ENJOY your car if you lease it because they restrict the miles and prohibit modifications.

lol@driving a stock car.
 
Bme26 said:
I’m not opposed to getting a reliable cheaper car at this point, but figured I’d do that after the lease. I honestly just want to wash my hands with what I owe on the car now, but still have a nice car. Superficial, shallow, whatever you wanna call it, I like nice cars.
Click to expand...

You wouldn't want that class on how to be a BMW driver to go to waste.
 
Bme26 said:
Being a guy who really loves cars, I am interested in trading it in to Mercedes and leasing a new car. I feel through the customer loyalty program and trading a Mercedes back into where I bought it, I could potentially call it a wash on any money I'd need to put down on a lease. My daily commute is roughly 20 miles to work and back, therefore I don't drive a ton on a day to day basis so I don't foresee any issues staying within a mile allowance.

I a.
Click to expand...

whats the merc (model, year...) you have and which model would you be leasing?
 
2016 CLA 250 and I’d be looking to lease a 2019 C300 Sports Sedan or possibly the E350 on the higher end.

If I don’t go Mercedes, I’m looking at the Lexus RC300 or the Infiniti Q60
 
I would never buy something i cant rip apart and fix myself
 
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