Scotty and all!
I am 58 years old and have spent most of my life leasing fully-loaded luxury vehicles from the likes of Acura, Cadillac and presently Lincoln.
In the meantime, I have saved enough money (around $80k) to buy my first luxury vehicle.
The problem is, the expectations of owning that vehicle for 200,000 miles is very low. I can only afford to do this once and I want to do it right.
BMW was my original choice. However, your channel and the comments from many others have warned about the reliability of these vehicles. I think it would be a huge mistake to buy a BMW and expect it to last. And, if it does, I'll be throwing money into it forever.
The most reliable vehicle out there is the Lexus. However, sadly, when looking into the interior of a Lexus all I see is outdated tech. This is one manufacturer that is high on reliability but hasn't re-invented itself in a long time.
I would rather not buy used as if I am going to hold on to the car, I want the latest and greatest tech.
I would rather not lease anymore as getting into a fully-loaded luxury vehicle lease means putting down about $10k upfront and still having car payments in the $800-$900 range.
So what can I do?
Presently, I am leaning towards the Genesis brand. You are aware of this Korean manufacturer and the high-reliability ratings it has already received. The GV70 is due for release very soon and that could be my choice once my Lincoln lease is up.
So, the impossible question is: How does someone buy a new dream luxury vehicle that they can only afford once and hope that it lasts them 200,000 miles?
My dude your going about this all wrong. Why buy an ultra expensive money pit car when you can lease it like you've been doing? You've already been on the right path don't steer away now just because you have some bucks saved up. Lease something nice and then you don't have to worry about any of the usual things that go wrong with cars like that!
Look into Lexus LS ultra luxury package.
Leasing is absolutely the way to go! You get a new car every three years.
However, I have already discussed the problem with leasing...
To get into a loaded luxury vehicle that costs (let's say) $80k, you need to put down $10k just to get the payments in the $800-$900 range. Now, I took those figures off of BMW's website after putting together a loaded MX5, which I am not even interested in.
Buying a vehicle gets me out of car payments. Leasing a loaded vehicle means putting down a ton of money to get a low monthly rate. And it seems to me I could probably do that for 9 years (3 consecutive 3-year leases) before I pay what I would for that car outright and I still would not own it.
Of course, I hear about these no-money-down leases but I never see them. I don't even think I can get a no-money-down on a loaded vehicle. Audi, I believe has a $700 per month subscription that includes car insurance. That's not quite the worst deal I have seen.
I always get taken on leases. They are harder to understand. I have thought about paying a car broker to help me with a lease which may be a good investment.
Maybe you guys can help me figure out how to survive a lease on a $65-$80k vehicle. It doesn't seem like the value is there compared to buying a new vehicle outright. However, of course, if I buy the car I am married to it.
Your missing the main benefit of leasing: You don't pay for anything that goes wrong with the car and those expensive luxury cars break all the time that's how those dealerships pay their employees its a scumbag filled process owning one of those kid of cars. This is why Scotty recommends you lease because your save money in the long run not having to pay for expensive repairs if and when they happen.
But Okay... Lets say you have a mechanic that's a close friend and he'll help you work on it for free or something THEN it might sense to buy something like that. Otherwise why would own something when you can rent it and have all the expenses paid for by the dealer.
At the end of day it your money. You can spend it however you want but Scotty recommends leasing so you don't get trapped with a super expensive to repair car that has lost most of its value after 75k miles. You could get lucky and get a car like that that doesn't have to have some expensive repair but why risk it?
and there are plenty of guides online on how to lock in the lowest possible for a lease. It is easy to do? No because then everyone would do it who wanted a luxury car. This is why Porsche and Audi and others came out with that subscription model where your basically renting the car. I'm not trying to say do this or do that, just do me a favor and look up what it costs to swap an engine or transmission in whatever car your looking to buy... Because then you know what the worst case scenario is if your okay with buying something and having having to pay out the ass for a major repair if it happens then you good to go.
GL looking for the vehicle for you.
Jacksonishere,
You are preaching to the choir on leasing.
The problem is, as you point out, it's not easy to get a low-cost deal on a lease. Most people are idiots like me who go into dealerships and think that the best way to lease is put down the most money you can to get the lowest monthly payments.
So, for those of us not in the know, leasing can be a more expensive option. But you are right -- so can costly repairs.
I can try and get a broker to help me lease. They only cost $100 (last I heard) and it might be a great investment if I can get a low-cost "loaded" luxury lease.
Appreciate the continued advice. I am listening and completely understand your point-of-view.