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How I Hired a $ 60,000 car for only $ 111 per month, and why I think Dealer Leasing is Dumb

The rationale behind leasing a car is easy; you rent the car in principle for a period of time, turn it off when the lease expires without any obligation (generally when the car is clean) or further charges.

What you are doing is paying for the depreciation of the vehicle during the lease. So if a car is new and worth $ 50,000 today and in three years it expects worth $ 30,000 then you as the tenant actually pay the amortization of the car over the three years to the landlord and get a new car every 3 years.

Seems simple and smart, right? Wrong, I’m gonna show you a better way to cars if you can raise a lump sum of money. For me it was clear, I am in the business of raising lump sums of money to settle the debt.

So a BMW M3 Cabriolet (convertible) is a beautiful car, in the machine of a driver and is truly sublime. A few years ago, and after several years of very frugal life and drive cheap cars my accountant talked me into spending money. And it was hard for him to do; after all he is the man who told me cars are a huge waste of money.

It was 2006 and I was looking for a 2003-4 M3. These cars were sold for $ 80,000 + brand. I always buy used and private; 3 reasons:

1) Let someone else pay for the depreciation in the first few years

2) Dealers usually lie and just tick me off

3) You can usually negotiate a better price with private sellers

In 2006 M3 used Cabs sold for $ 50,000 -. $ 60,000. A 2003 Imola red M3 Cab for $ 46,000, with low miles really caught my eye. It was cheaper than the rest and was a rare red color on these cars; It looked gorgeous.

So I checked it out, drove and was really impressed. It was my first real experience in a premium German car and I was sold hook, line and sinker.

There was a catch. It was an American car. No big deal right? Wrong, the car had not sold for a reason. It scared buyers. The owner had imported as a “salvage title” meaning that it was written in the United States. But he had the paperwork (they look dodgy, but I verified) to show that the state of New Jersey, when his car was stolen and written off, and the vehicle is later found it was a “salvage title” because the owner already paid out by the insurance company.

in other countries means a salvage car title was written off in an accident. Salvage titles can no longer be sold in the United States. So it was not an accident as most people would believe normal and everything including the VIN checked on the Carfax report. In fact, the car was in pristine shape and found by the authorities in a crate ready to go across the Atlantic. It was sold at auction by the insurance company to my seller.

So the next step was to negotiate a final price. I knew the car was offered for sale for almost 6 weeks because I was following the used car ads. That told me that the seller was a difficult time unloading the car because of its history. So I told him, “whatever the asking price would be to charge this car very difficult for me when I get out urgently,” and he knew it was true. I offered him $ 38,000 and after some bargaining we settled on $ 40,000.

I have a car everyone was sold for $ 60,000 or more with lower miles (only 35,000 miles when I) for considerably less.

I enjoyed the car for about 36 months, another 30,000 miles and sold it for $ 36,000 (I fully disclosed the history of the buyer), my cost was to carry the car for 3 years only about $ 111 / m of depreciation premium German automobile club

drive.

The similar second-hand cars were leasing for around $ 900 / m with $ 5,000 down when I bought mine. That’s how I like to buy cars. It’s easy and do not be afraid of private sellers and car ads, check them out; sometimes there is a good reason behind it and nothing really to worry about if you do a little homework and dig deeper.

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