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  • How much????????

    Have been looking at an expensive Z3m and am still undecided so today I called a BMW dealership re a z4m coupe, they had a red one in at £28.4k, 7k miles, 2006.

    I asked for some quotes on a lease deal over 2 years and the total cost (non-maintained) was over £17k!!!!!!!!!!!!!!!!!!!!!!!

    They basically wanted my car down (2001 330Ci Sport, 62k miles, black, probably circa £8k trade value), plus £2k deposit down, plus £299 a month. What a joke! GFV at end of 2 year term was £17.5k. Joke.

    I will stick with the hunt for a S50 m coupe....................

  • #2
    Originally posted by guytaylor View Post
    Have been looking at an expensive Z3m and am still undecided so today I called a BMW dealership re a z4m coupe, they had a red one in at £28.4k, 7k miles, 2006.

    I asked for some quotes on a lease deal over 2 years and the total cost (non-maintained) was over £17k!!!!!!!!!!!!!!!!!!!!!!!

    They basically wanted my car down (2001 330Ci Sport, 62k miles, black, probably circa £8k trade value), plus £2k deposit down, plus £299 a month. What a joke! GFV at end of 2 year term was £17.5k. Joke.

    I will stick with the hunt for a S50 m coupe....................
    The cheapest way to buy anything is..............cash. It's no big secret. Why not keep your present car for another 2 years and save the £299 per month and all the other costs associated with the lease deal you've described, then you will have the £17k and you can then act as your own bank for future purchases?
    /// Exdos ///
    "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

    Comment


    • #3
      One problem with that John... people (including myself) want things now, not next year not next week, but NOW! I personally couldn't wait to get the coupe so put half of it on finance.

      I did however get a personal loan which got me a far better deal than the one guy mentions!

      Current - BMW M6
      Previous - Estoril S50 '98

      KW V3's, ACS Splitters, H&R ARB's, Rogue Engineering rear top mounts,
      Carbon Induction kit, Supersprint Exhaust, BBS 19" CH alloys, Strong Strut

      Comment


      • #4
        Originally posted by Chris View Post
        One problem with that John... people (including myself) want things now, not next year not next week, but NOW! I personally couldn't wait to get the coupe so put half of it on finance.

        I did however get a personal loan which got me a far better deal than the one guy mentions!

        I understand that people want things NOW and if you don't have the cash then you pay through the nose for the privilege. APRs of around 17% are being charged at present when the very best interest rates on savings are at around 6.7%. Likewise, if you have cash, then you are in a better position to pick up bargains, whereas if you always need finance you're invariably buying at full price plus interest. I've managed to get through life without ever borrowing a penny (except a house mortgage) and I've had just about everything I've ever really wanted, including racehorses. True, I've had to save and wait to have these things, but it's always been worth the wait and made the "having" more special because it's like a dream come true when the longed-for thing happens.

        You should do some simple calculations of the cost of interest over, say, a ten year period and you'll soon see that your money will buy you about three times as much, if not more, if you pick up bargains with cash. Do the same calculations over, say, a forty year period (your adult life) and you'll frighten yourself with the amount of money you're wasting on paying interest for anything. Einstein once said: "The most powerful force in the universe is compound interest." so why not let it work to your advantage rather than your mega-disadvantage?
        Last edited by exdos; 03-01-2008, 11:42 AM.
        /// Exdos ///
        "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

        Comment


        • #5
          It's a nice way of looking at things, but in reality it just isn't the way my brain works. I see something tasty, i want it, i realise i can have it now if im willing to pay a little interest.. i buy it :) As long as you can comfortably afford repayments, and you are aware of the premium you are paying, i don't really see the problem.

          Just out of interest (no pun intended) do you, or did you have a mortgage??? ;)

          Current - BMW M6
          Previous - Estoril S50 '98

          KW V3's, ACS Splitters, H&R ARB's, Rogue Engineering rear top mounts,
          Carbon Induction kit, Supersprint Exhaust, BBS 19" CH alloys, Strong Strut

          Comment


          • #6
            Interest

            Don't mind paying a bit of interest, to date have never had a car on a loan or finance but to move up to a good z3m I will probably get a small loan rather than use my savings.

            I think that at least if I get a loan I am in some way adding cash into an asset (as long as it isn't depreciating faster than capital repayments) rather than pxssing it up against a wall at the weekend......

            Cheers

            Comment


            • #7
              Originally posted by Chris View Post
              It's a nice way of looking at things, but in reality it just isn't the way my brain works. I see something tasty, i want it, i realise i can have it now if im willing to pay a little interest.. i buy it :) As long as you can comfortably afford repayments, and you are aware of the premium you are paying, i don't really see the problem.
              You are fooling yourself BIG TIME when you say; "a little interest".

              I've just knocked up a simple spreadsheet calculation for you. If you are paying, say, £1000 per year in interest payments then if instead you saved that same £1000 each year you can see what Einstein was saying. The value of that saved money increases exponentially as the years roll by. More makes more. What you save now, whilst you are young might provide a few luxuries in your old age rather than you having to work until you drop like most of your generation will have to do.



              Originally posted by Chris View Post
              Just out of interest (no pun intended) do you, or did you have a mortgage??? ;)
              I did, and it was a superb investment.
              /// Exdos ///
              "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

              Comment


              • #8
                Originally posted by guytaylor View Post
                Don't mind paying a bit of interest, to date have never had a car on a loan or finance but to move up to a good z3m I will probably get a small loan rather than use my savings.
                That's illogical. It's cheaper to use your savings than to pay interest to borrow money equal to the value of money you already have.
                /// Exdos ///
                "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

                Comment


                • #9
                  John, im getting your point, but i think you are slightly missing mine...

                  I would never get so 'financed up' that i was spending all my spare money on repayments. I am always in the posistion where i save money as well as finance a car. I said comfotably afford the repayments, meaning i am willing to sacrifice a small amount of money i could save in order to have the car i desire at the time. I beleive owning something like a coupe is worth it, but each to their own.

                  Current - BMW M6
                  Previous - Estoril S50 '98

                  KW V3's, ACS Splitters, H&R ARB's, Rogue Engineering rear top mounts,
                  Carbon Induction kit, Supersprint Exhaust, BBS 19" CH alloys, Strong Strut

                  Comment


                  • #10
                    Just to add my 2 cents.

                    Chris echos my thoughts completly and the fact that it was an car as special as an MC was the only reason I took a loan to finance the car. (5.4% over 2.5 years)

                    I just wanted an awesome car while I'm still young and before the financial drag of marrage (one day) and kids (god forbid!) take effect and I will be confined to a diesel fiesta.
                    Imola S50 1999

                    Comment


                    • #11
                      Chris,

                      I do understand your point absolutely. You want things NOW!

                      All I'm attempting to do is to suggest an alternative way that you can live like that once you've built up a "bank" of your own and then you'll also be able to have more because you're not wasting money on interest.

                      Each to his own.
                      /// Exdos ///
                      "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

                      Comment


                      • #12
                        more ot.
                        but who give the 6.7 percent of investement?
                        www.fastdrive.org
                        S50 black/black-red In Rome
                        Front BBK Stoptech Red+Eibach Sway Bars+Kw Clubsport Whit Camber plates+Weichers Strutbar+Agk Urethane front Silent Block & differential Bushing+Tuner Motorposrt Alluminium Rear Mount+Hamann Exaust

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                        • #13
                          Originally posted by fastdrive View Post
                          more ot.
                          but who give the 6.7 percent of investement?
                          The Bank of Scotland/Halifax are presently offering 6.87% Gross on a Halifax Websaver Fixed Rate Fixed Term Account with a minimum investment of £500 with 3 Months notice.

                          Those of you who like to invest in Equities for your ISAs: are you aware of the "pound cost averaging" method of investing which ensures that you minimise the negative effects of market fluctuations?
                          Last edited by exdos; 03-01-2008, 02:46 PM.
                          /// Exdos ///
                          "Men who try the impossible and fail spectacularly are infinitely superior to those who reach for nothing and succeed" --Napoleon Bonapart

                          Comment


                          • #14
                            My isas performed so badly I gave up on em but I am all ears if they can make decent returns for those that know how.

                            Comment


                            • #15
                              Dont ISA's have a 3k limit, making that chart Exdos posted a bit ambitious?

                              Either way, everyone has their own ideas of what's important to them. If you can afford it, do it in my opinion :)

                              Current - BMW M6
                              Previous - Estoril S50 '98

                              KW V3's, ACS Splitters, H&R ARB's, Rogue Engineering rear top mounts,
                              Carbon Induction kit, Supersprint Exhaust, BBS 19" CH alloys, Strong Strut

                              Comment

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