Good Morning.... I have been buying foreign cars since day one... I enjoy a nice vehicle.. so here's my story..
First car I bought was a 2004 Jaguar X-Type 3.0 with low miles for roughly $20,000 cash..... About a 2 months later, I got into an unfortunate accident in which the car incurred a total of $13,000 worth of damage. I paid my $500 deductible and waiting 1 month for the car to get repaired... About after 3-4 months of driving the car after repair, I knew the car wasn't driving as it use to. Ever since being in a wreck, the car just wasn't the same.... I then tried to sell it via newspapers... Got a few calls and drove the car to all the potential buyers... They all "tire-kicked" my car even though it looked brand new (they didn't pull a car fax considering they were doing there preliminary work)..basically I was acting as a used car salesman and they were being the typical bargainer trying to get a deal... After a few more months of people just low balling me and or showing NO interest... I decided to get rid of it at an auction.. Keep in mind, for the price I paid, I bought it right...So the auction brought a measly $13,000..... so I drove it for less than a year, lost $7000.00. Remember, the car is never the same after an accident...just doesn't align right.
Next vehicle.... 2001 BMW 330XI with 70,000 miles... Bought it for $17,500...Again, at the time it was a great price..... To make a long story short, this car gave me nothing but trouble... I paid over $10-12k dollars in maintenance... Not regular maintenance, but you name it, it went wrong...... I swore to myself, I'll never get stranded on the road again just to drive a "nice" car.. I'll never want to deal with auto mechanics and dreading the phone calls that ALWAYS ended up being $1000 or more..... So I finally came to the conclusion that after college I will NEVER buy another car again.....Oh by the way, 4 years later I sold the BMW for $1000.00.. I called "1-800-junk my car".... and they picked up the car in my driveway and mailed me a check later for yes, $1000.00.. I did not care whatsoever, I was fed up with making this huge mistake... (They sold the car in auction for $4000.00) still, I had NO remorse given how many problems and how much $ the car cost me...
Which now brings me to the basis of my decision... In 2010, I leased a brand new BMW 328i Coupe..I put down $4000 and paid $466 per month with roughly 15k miles annually. Within my lease price, BMW covered oil changes, brakes etc.....
Coincidently, I wrecked the car about 2 years later...got my car back after repair...drove it for another 6 months and turned it in.. I wasn't stuck with having to try to sell a car let alone a car that was involved with an accident. I didn't pay a PENNY out of pocket towards (transmission, belts, breaks, tires, oil changes, electronically issues).... simply nothing... I paid my $466 a month and that was it.
2 Years later, I have leased (2) Mercedes Benz E350 Coupe 4-Matics... and haven't put a dollar into repairs and or tires... nothing more than simply my lease payment.. Sure both cars payments were $599 & $665... Cars MSRP's were $57,000 & $64,000.... So all I knew was, what I could and was willing to afford I saw the numbers in front of me....There were NO unexpected dollars needed simply because the car was fully under warranty, my maintenance was include in my payments.
Buying a pre-owned vehicle leaves room for the never-ending surprise repairs and or maintenance.... Leasing cars for 2-3 years, gives a much higher probability of everything staying in tune the way it arrived brand new.. You never know how the previous owner drove the vehicle you are paying for... As far as depreciation.. in leasing your better of leasing a better car that has a higher residually because ultimately that means your payment will be lower....
There's no such thing as a car being an asset, its simply a liability....Owners pride?...who cares....I feel proud to say I lease because I get to drive a new car every few years... I know how much money it will cost me to drive what I want.....I don't have to get involved with hassling with auto mechanics....
More time for me to focus on my business & look good doing! Nothing wrong with a nice car..... And the choice is yours!!! Expected finances are always better than the unexpected....
Currently driving a 2014 Mercedes Benz E350 Coupe - Diamond White Metallic on black leather interior. Amg Wheels...
Getting in this car everyone morning makes me want to work HARDER to achieve more in life..It reminds me of why I like to work hard and get it done..!! To Each his own!!!
A car does not justify success or prestige..it's all personal preference... My father could care less about a nice car... He was leasing Prius after Prius.. I finanlly got him into a more "luxury" hybrid small car.. The Lexus CT200h.... He enjoys the car a lot more...Regardless if he says it or not :-)
