Quote:
Originally Posted by yeezy
T I was trying to figure out a tipping point of when getting a new car particularly getting out of my x1 would be a justifiable financial decision
|
Ask this question of 100 people and you'll probably get close to 100 different answers. IMO, the only time it's really a bad idea to get into something else is if you owe more on your current car than it's worth. Rolling old debt into new debt is a bad thing 99.9% of the time. To me, that's where every automotive decision starts. If all is clear there, it would depend on my situation, any potential future situations, and the specific car in question. I could sell my M3 tomorrow because it's paid for. But to get what I'd probably want next, I'd need to throw in some additional money. Well, my wife and I have a fairly recent note on the Jeep and we're looking to get into a nicer house. So, probably not ideal to get rid of the BMW. But if the BMW was a reliability disaster, I'd probably try my best to get into something else, even if it isn't my first choice.
I'm not a lease person myself, but that's because I've tried it and didn't like it. Tradition financing works best for me. If you're a flipper and/or drive very little, leasing could be a very good option. I know a guy who drives 7k miles a year and likes the latest/greatest---leasing is a spectacular option for that person.