[chunho01]

Hey guys, with the new M2 out and all, I'm wondering what people feel about buying new or used cars. Obviously to own an M2, it would have to be brand new now. Do you then take up some sort of leasing package? (I'm not sure how this works) But what about the interest and massive depreciation hit?

OR, do you wait for a few years and buy it outright used?

[den525]

They both have their advantages! New it's new... But I try to buy slightly used if it's possible... As 1st year you lose the most, so I like to buy 3000-7000km year old... Eg new $100000 you can pick one up a year later for under $85k

[chunho01]

Originally Posted by den525

They both have their advantages! New it's new... But I try to buy slightly used if it's possible... As 1st year you lose the most, so I like to buy 3000-7000km year old... Eg new $100000 you can pick one up a year later for under $85k

Yeh, I know right. That massive hit. Reason why I ask is...the M2

If it is slightly used, do you then pay it off outright? (I'm not cash loaded enough to be paying outright a 1-year old bimmer..) But the interest rate on anything other than brand new is high.

So does the M2 owners now all sign up a leasing package?

[Prodigy.]

My last 4 cars have all been purchased new, always a nice feeling knowing that you are the first owner of your pride & joy.
I tend to be wary buying 2nd hand as I'm unaware of the history of the car, any accidents etc.
Be prepared to lose more money though when selling a new car, especially if it's in the first few years.

[Smiley1175]

Originally Posted by chunho01

Yeh, I know right. That massive hit. Reason why I ask is...the M2

If it is slightly used, do you then pay it off outright? (I'm not cash loaded enough to be paying outright a 1-year old bimmer..) But the interest rate on anything other than brand new is high.

So does the M2 owners now all sign up a leasing package?

You can lease a used car if you want, it doesn't have to be new.
I'm no accountant, but I think it can be anything up to 7 yrs old? Others here will know a lot more than me.

Interest rate wise, also I don't think there would be much difference between new or a 1 yr old car. So you don't have to pay a 1 yr old M2 off outright.

I'm guessing I may be a little older than you, the real question is do you want to be getting yourself into that kind of debt, for an asset which only depreciates.

[chunho01]

Originally Posted by Smiley1175

the real question is do you want to be getting yourself into that kind of debt, for an asset which only depreciates.

No, I won't allow myself... I've never experienced that 'speccing your new car' experience. I'd stick to buying depreciated car outright.

I guess my question is just to satisfy my curiosity: how do people buy a brand new car with a $110k price tag? The financial hit is just so huge, whether pay outright, or leasing, or finance.

(Yes, I'm quite young..)

[2Banger]

Originally Posted by chunho01

No, I won't allow myself... I've never experienced that 'speccing your new car' experience. I'd stick to buying depreciated car outright.

I guess my question is just to satisfy my curiosity: how do people buy a brand new car with a $110k price tag? The financial hit is just so huge, whether pay outright, or leasing, or finance.

(Yes, I'm quite young..)

It's complicated depending on what the person does career wise also is a big factor...

Lots of people finance nowadays man... Some people that own businesses put it under business for tax purposes...

Some pay outright with money from their property and then the interest rate drops to home loan rates...

My advice if you're young... Im 22, Purchased my 2er with cash have decked it out all with parts, Save your money man learn about investing and invest in yourself not your car you already have a nice 1er! Some people our age are less fortunate

You learn to invest in yourself, In future you'll reap the rewards and those rewards far outweigh a Baby ///M thats only depreciating while you're in deep debt.

[2Banger]

^With what i've said, Think long-term

Sometimes i really want to get an even better car, i would love to go and buy a Used F12 M6 right now i have just enough in savings...

But whats the point going broke at our age just for a car, unless you have disposable income learn on improving yourself and how to make money.

[chunho01]

Originally Posted by 2Banger

Im 22, Purchased my 2er with cash have decked it out all with parts

22 with a decked out 2er and potential M6!? I was struggling with bloody aerodynamics in class when I was 22 4 years later now I'm doing a tad bit better..

Temptation, that's all that is. Not going out to get a newer car anytime soon. Evil, dark temptations

[2Banger]

Originally Posted by chunho01

22 with a decked out 2er and potential M6!? I was struggling with bloody aerodynamics in class when I was 22 4 years later now I'm doing a tad bit better..

Temptation, that's all that is. Not going out to get a newer car anytime soon. Evil, dark temptations

Hahaha the money will be spent elsewhere cant be going towards a car sadly.

Well mate you're older than me hahahahahahah. I've learn't not to go on carsales unless seriously needed... It always ends up seeing how much my cars depreciated and looking at cars i would like to buy ahaha never ends well.

[WAY]

I was too busy chasing skirts at 22. You guys have your priorities all wrong.