Buying vs Leasing a BMW

If you relate more to the following statements, then you should buy your next car:

• I always drive over 15,000 miles a year.
• I like to customize my car by tinting windows, adding pinstripes, sound system, etc.
• I usually get emotionally attached to my car.
• I love to see those payments dwindle to nothing.
• My current car is more than 4 years old.
• I like to do my own repair work.

You're more likely to buy:

• When you lease a car, you are typically capped at 15,000 miles a year. Additional mileage can cost you up to 35 cents per mile. That can really add up!
• If you like to personalize a car, this investment can be lost on a leased car.
• If you like the feeling of accomplishment that paying off a large purchase brings and should consider that when you lease a car, the payment ends only when you return the car.
• If the car you presently own is over 3 years old you are more likely a buyer. While not always true, you can usually drive for less if you're willing to buy and drive for at lease 3 years.
• If you don't mind doing your own car repairs, you probably don't mind driving a car after the warranty expires.

If you relate more to the following statements, then you should lease your next car:

• I've got to have (real) new car smell.
• I like the security of driving a car under warranty.
• I usually choose a car that I can't afford.
• I am willing to trade ownership for low, monthly payments.
• My company reimburses me for my expenses.
• I typically drive less than 12,000 miles a year.

You're more likely to lease:

• Lease arrangements usually involve a 15,000 miles-per-year cap and charge for extra miles. If you drive very little, you may be a candidate for a luxury lease.
• When you negotiate a 24 or 36-month lease, you can be sure you'll always be driving a new vehicle.
• Although you need to maintain and repair your leased vehicle just as you would an owned vehicle, because you typically lease for 2 to 3 years, the car is normally under warranty.
• Many people prefer to drive a vehicle that is priced above their means and leasing provides the solution.
• If you don't mind not owning the car, you are free to enjoy the benefits of leasing, like low monthly payments and a low down payment.
• If the company you work for gives you a car allowance, you may want to lease since you'll be able to drive a nicer car for a lower monthly payment.