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07-29-2010, 06:08 AM | #23 | ||
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My 1er sold for 26,000~ stock. 1. BMW's retain value pretty darn well where I'm from (Cali). 2. Leasing is for people that don't know anything about cars. I'm not saying I'm an expert but I love learning how to mod and fix up new toys. 3. Your missing out on great lessons, one of which is learning how to take care of your stuff. 4. How does it feel to know you are already turning corporate?
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07-29-2010, 06:50 AM | #24 |
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07-29-2010, 07:15 AM | #25 | |
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Well that was really condescending. No need to talk down to me I'm a people too.
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07-29-2010, 07:17 AM | #26 | |
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You can try to rationalize the "benefits" of leasing but at the end of the day you are just spending money on something that isn't yours. No serious financial advisor ever recommends leasing a new car. Buying new isn't smart either, of course - considering the steep depreciation, but at least you actually own something at the end of the day. I understand why young people think nothing of spending $400 a month forever so long as they are always driving something new - it's just a shame many don't realize the nest egg they could have accumulated with ten years worth of lease payments had it been invested properly. |
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07-29-2010, 07:48 AM | #27 |
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Holy sh*t you fu*kers are making me feel old. I got my first 335i at 21 and then got the 135i at 23. After graduating with a Bachelors in Computer Science I've Been doing computers for over ten years now and work as an IT Manager at a software company along with freelance work on the side (websites, network infrastructure, SEO, etc...). I will say though that my credit started at around 17 and gained 800 score by 21. Honestly if you have the right mindset you can accomplish anything. Although get ready for the stare downs and obnoxious comments from others. It's the joy of having a young face driving a BMW and the comments get old real fast.
Just to give you an insight on what I do here is my personal company on the side that not only brings in revenue but is also beneficial for many people out there in this day and age . www.buildmypage.com Let me know if I can be of service to anyone here.
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07-29-2010, 09:14 AM | #29 |
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25...not quite sure what the OP original intent was with this thread... Is he doing a study? Only asking because what matters how young you are or how old you are...
In hindsight I wish I hadn't but I did and while I love the 1 it just wasn't worth it now looking back... |
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07-29-2010, 09:28 AM | #30 |
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You bought a $35K+ car outright at 17? Please share your job at 17.
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07-29-2010, 09:58 AM | #31 |
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I made 15k over 3 years for a downpayment as a botanist/welder. Starting when I was 14. But yes what did you do?
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07-29-2010, 11:10 AM | #32 |
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I don't even think you can begin a credit history in Canada when you're <18, because you're not allowed to take on any credit lol
And I can't help but think that a lot of these high paying jobs 14 year olds are getting are through some sort of privileged affiliation (working at the family business, for example). I worked a slew of jobs before I started university but I pissed away most of that money on computers, mountain bikes, and partying with my friends. Certainly wasn't making down payments and paying insurance on $40000 cars! The insurance alone for me as the single driver on "my" car would have been about 4000 a year which is probably about half what I was making at the time. |
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07-29-2010, 12:38 PM | #33 |
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easy to build up credit at a young age. at 18 i cosigned a 325 with my mom and thats how i start building my credit. i didnt/wasnt allowed to drive that car though at age 21 i was able to finance my own 135i through bmw. simple
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07-29-2010, 12:41 PM | #34 | |
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Scroll up and read.
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Last edited by BSM 335I; 07-29-2010 at 12:47 PM.. |
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07-29-2010, 12:47 PM | #36 |
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or this...
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07-29-2010, 12:52 PM | #37 | ||
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"Spending money on something that isn't yours" is a worthless argument. Making payments or paying cash to buy/finance a car is essentially the same thing. Sure, the car is "yours" while you own it, but once you sell it, what's the difference? It doesn't matter who "owns" the car, someone who gets a good deal leasing will almost always end up losing less money over 3 years than someone who bought the car new... and all that's with a car that had an average residual/money factor. Cars with better residuals/MFs like the 1 series will save you money money when leasing. For example, my previous lease (2007 SLK280.) I paid 600/mo for it at no down at 48,990msrp reduced to 46,000. 600x36 = 21,600 in lease payments. If I were to buy the car cash, for example, I would have paid 46,000 cash. After 3 years, the car's KBB Value is roughly 24,000. I remember passing by my local MB Dealer and seeing an identical '07 SLK280 with 25,000 miles selling for 23,899. My car had 35,500 miles at lease return so I would have to sell it for less money. In this example, I wouldn't have spent any more money leasing than paying cash and selling after 3 years. If I were to finance that same car, factor in interest rates and I would have lost more money than leasing. Now you really want to talk about being financially smart, don't buy a new car. Quote:
2. You can "mod and fix up" a leased car. My SLK had suspension work, wheels, tires, mods4cars roof module, etc. Just remove it and sell it at the end of the lease just like you would on a car that you own. My brother's previous leased car had headers, exhaust, intake, suspension, wheels, race seats, carbon lip, etc, etc. No problems with lease return after selling his parts. With his Z4 M Coupe, he returned the car with H&R Coil overs on it, they re-installed the stock suspension at the dealership and they didn't even charge him for it. 3. Taking care of the car yourself has nothing to do with whether you lease or buy. You can do that either way. Most people who buy or finance would still let the dealership work on the car. Just because someone leases, doesn't mean they don't take care or work on their own car. 4. It feels good to know what I'm doing.
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07-29-2010, 01:05 PM | #38 |
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Those of you right out of college either have pretty well paying jobs or don't pay rent. :P
Then there's insurance. Must be high for for someone under 25 to drive a 300hp rwd car. When I was out of college, I was only making around 36-40k per year and with rent, I couldn't afford a car that was more than around 25-30k without really stretching it. But I never liked living in a dump so rent on 1 bedrooms were anywhere from 1300-1600 where I lived. My first car out of college was a 2000 Celica GT-S (bought new). I really wanted the S2000, but there was no way I could afford it. And leasing was not an option for me as I had a long commute (and loved to drive). I'm not hating though. I know 15-16 year olds these days getting great jobs in the programming/design fields and doing extremely well at a young age. Wish I was able to have such an early start.
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07-29-2010, 01:15 PM | #39 |
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Insurance isn't bad, unless you have tickets. I know a guy who's 23 and paying almost 2,000 a year in insurance because of speeding tickets.
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07-29-2010, 02:02 PM | #40 | |
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Single life is good.
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07-29-2010, 02:05 PM | #41 |
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400 a month wouldn't even get me a studio in Hawaii. Not even a walk in closet.
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07-29-2010, 02:38 PM | #42 |
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07-29-2010, 02:41 PM | #43 |
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lmao! I was thinking the same thing when I read that post. That or lil romeo.
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07-29-2010, 02:43 PM | #44 |
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or Justin Beiber?
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