Yikes, No Car - Now What do I do?

Jeff,

If you're going to lease, get what you like.  If your going to buy and keep it for awhile, check out the consumer reports on repairs for the models you like.  I bought a BMW 740i  a few years back and loved the car, but once it was out of warranty, I hated the frequent trips to the dealer and the repair costs.  I now have a Lincoln Towncar and have had absolutely no maintenance issues, great ride, although it is not as sporty and does'nt handle like the Bimmer.

Personally, the Benz E-320 CDI. This one is Diesel. Quiet, fast, smooth, excellent pick up, tons of room and more. If you're one that is always on the road, it's perfect. Takes about $50 to fill er up and you can go about 670 miles before filling up again. Price isn't bad. Mine is an 07' and it was around $56K. It's a lease. I turn it in this year. Lease isn't for everyone. Depends on how much you're going to drive it. Good luck.

I've never done the math on buy/lease best option but I have always just bought. If you can buy something not brand new like a 2007 w/ low miles on the lot you can get a much better deal. Best of luck and show us the pics of your new wheels when you get them.

p.s. I love your vanity plates. Do you get lots of comments on them?

Well Jeff, I have leased cars ever since I have been in real estate...the last 3 have been BMWs and I LOVED them all.  In each of the 3 years I basically have not service problems and even the oil changes are free. Plus, the tax write-offs are good and the residual values on BMWs are great.   That said, I have made a commitment to myself that when my lease is up on my current BMW station wagon next spring I am going to seriously consider a hybrid.  It won't scream I'm a successful person but it will make me feel like I am doing my part for the environment.  I've added using cloth bags for groceries and even recycling water already...baby steps.  Let us know what you decide!

Jeff,

I never own cars for a long time...back in 2004 I actually paid cash and own my Benz. We do have a Lexus SUV that I lease as well. For taxes I would say leasing is probably better for me for business reasons and I like new toys every few years:) The problem with buying is the car is never worth anywhere close when you want to trade it in. But it is nice not to have 2 payments.

I have had vechicles that I "loved".  I drove a Chevy Blazer for 275,000 miles and when it developed recurring problems, I gifted it to my auto mechanic.  He drove it for another 50,000 miles.  Good maintenance will get a lot of miles out of a vehicle. 

I now drive a Toyota Sequoia after swearing I'd only buy American, but the Toyota was the only dealer that had anything on the lot the day I went car shopping.  I wanted something in the range for the tax deduction for large vehicles.  The Toyota was fully depreciated that year and saved me $9,000 taxes.

I love this vehicle because it can take a direct hit on a deer and not swerve, not collapse and not even feel a thing inside the car.  There's a steel bumper behind the pretty plastic one that works like a bull dozer on a sapling. 

No interest in leasing because the mileage can be pretty expensive when the lease terms ends.  I'll take the mileage deduction and when I'm finished with the vehicle, pass it on to a family member who will drive it for a few more years. 

Good luck.  We real estate folks have a special relationship with our vehicles.  Before I sold real estate, I had no interest in what I drove. That all changed when my vehicle provided me a good living.

I am one to alwyas buy the car.  I tend to keep a car for a little over 7 years on average.  I think the numbers work out best to buy in this case.  Our latest cars are a 2006 MB ML350  and a 2000 MB E-320.  We hope we can double the years we own these cars becuase they cost twice as much as we ever spent on a car!     

When we lived in Michigan, we leased. Here in Illinois, we purchased, partly because the State charges sales tax on the whole cost of the vehicle as if you purchased it, even when you lease. As for whether to lease or buy, I'd definitely talk to your accountant first. Mine suggested I purchase. My husband has a new BMW 328xi and loves it. I have a 3 year old Lexus RX330 SUV and love it, even though I'm not really much of a car person. Enjoy car shopping!

I found the Honda leases extremely hard to beat. You can still lease Pilots for under $300/month.  Also clients don't think you are over charging them, when I drive up in a Honda.

Jeff, I don't know what the buyout is on your car, but a three year old car with just 36,078 miles on it is pretty hard to come by.  I would probably buyout the lease, unless it is more than the blue book on the car.

When I drove sports cars and changed them every couple years, I leased the last one and said I wouldn't do that again. Since then, I've had 2 Cherokees. My current one (a '98) has 120K miles - still looks good & still runs good. Everytime I think about getting a new little car, we have another snow storm! The WEENR-mobile is good for throwing muddy, snowy yard signs in the back ... and getting me thru unplowed residential streets. When you're single and one car has to do double duty, it's harder to decide.

Be sure to let us know what you decide to do ... and take a photo.