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      11-20-2007, 08:58 AM   #1
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Purchasing options. Help! (Means you financial people *teslaastro)

I know there has already been a few threads on this, but I have a little kink thrown in and since this will be my first car I am buying, I need some assistance on options for buying it.

I can lease, finance through say BMW, or get a loan through a bank and pay them off. I am not sure about the pros / cons of all of this, but I will say some things that could help you help me.

1: I wont be driving too many miles. Being on a military post and training all day, I wont be able to go crazy , but believe me I will try

2: Not sure how long I will keep it. I know I will want to keep it for like 10 years, but more realisticaly it will be around 4 when I am out of the army and heading to college and need xtra money.

3: Deployed right now, getting the special deployed pricing thinger, I will be back for ~1 year , but then I will deploy again for another whole year. I am sure this favors buying, because that is a full year of paying the lease and not even driving it, unless my brothers are driving it.

Ultimately , I can put a hefty down payment on the car if I want, but I am not sure what to do! HELP MEEEEEEEEEEE
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      11-20-2007, 11:04 AM   #2
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It seems to me like the best course of action would be a 4 year lease for 10,000 miles a year. You avoid the heavy depreciation costs that are associated with a car like this, and you still end up paying monthly installments of about 400-500 dollars depending on your price list. At the end of the 4 years if you do decide to keep the car, the ending payoff wont be that large since you've already paid off most of that car by that time.
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      11-20-2007, 11:40 AM   #3
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From the sound of it, this does not seem like a good time to be buying. While you may not drive it for a year, you get the advantage of not putting miles on it but the car is still sitting there eating up depreciation for zero purpose. While a lease would help avoid those problems, I still think it would be silly to make payments on a car you don't use. My recommendation would be to wait at least a year on the car. At that point the deals will be much better (especially for leases) and you will be more definitive on your future.

In the garage: 2007 MINI Cooper S

WARNING: What you have read is an opinion. Yours will differ.

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      11-20-2007, 11:49 AM   #4

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BMW lets you out of leases if you deploy, at least that is what they told me, probably get that in writing though. That is why it is the route I am leaning towards, then I will buy when deployed and the price is cheaper.

Good luck, stay safe, and thank you.
"Don't run, you'll only die tired" ~ Gunship Pilot
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      11-23-2007, 04:10 AM   #5
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Buy it!! Pay it off before you get out and keep it all the way through college and for a couple years after!! Don't worry about that it might sit for a year during your next deployment. That just means it'll last longer for you. That's what my car did while I was stationed in Korea. Just have someone you trust start it and drive it around the block once a month while you're gone.

Leasing never makes true financial sense unless you have a business and can deduct the lease from your taxes. (And I almost never use absolute words like never.)

Pentagon Federal CU has some of the best financing. Their fixed rates usually beat USAA by a little. Either is great. Of course, insure it with USAA. No one beats USAA on insurance.

Keep your head down! Hooah!!!
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