Quote:
Originally Posted by yeezy
So I currently have a 2018 X1 and I'm in no rush to move on from it but I started browse the build your own BMW website and got the itch to explore new options.
Of course there are people out there who simply say, I want it because its new and I'm going to get it no matter what and while I respect that, I personally need it to make SOME financial sense.
So this car is currently being financed. Just curious what are some of the check points and calculations you guys do when looking to see if it's worth selling and moving on to something new? For example not sure if this is even a valuable benchmark worth using but say I bought the car for $50K 20 months ago and I'm reselling it for $40k now, I essentially depreciated it by $500/per month. And for example if a lease on that car would have been $550/month could I then consider myself in the green since I'm ahead of what the lease payments would have been and also getting out 16 months early of a standard lease?
Not sure if that calculation even makes any sense but essentially that is what I'm trying to get at. Any insight would be not only helpful but also interesting to see how people run these numbers and their thought process.
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I have car ADD and this is why I lease. Getting out of a financed car is almost always going to put you significantly in the red. That being said, only you can say if it's a good idea to take a hit to get into a new car because only you can say what you can and can't afford and how much that privilege is worth to you.
BUT, if you had leased that X1 for a good price with zero down, it is almost a no brainer. The cost of getting out of the lease and having it transferred is fairly easy for a desirable car. The only cost you would eat is the doc fee and registration unless you ask the new owner to help pay for it.