I was browsing around on Craigslist and came upon this ad:
BEAUTIFUL M3
White exterior / Black leather interior
Dual clutch system
Technology Pkg.
Fully Loaded
Carbon Fiber Roof
Premium Sound System
Navigation
You can either buy it outright for $56,000 or
assume my lease of $1309.10 per month for
the remaining 20 months of the lease term.
Residual is approx. $36,000.00
Seriously? A monthly LEASE payment of $1309? Or you can buy it outright for $56K which is $4000 over invoice on a brand new one. I wonder if this guy is good with his money. I’ve never heard of a lease payment on a vehicle being that high.
This is my friends he posted it up.
Wow, that’s crazy. Whether you can afford it or not. That’s more than most people’s mortgage payment. Yeah, I wonder what his finances are like too.
a $1300 a MONTH lease on a car is absolutely insane. That’s more than my mortgage. And my house isn’t depreciating as quickly!! I’m sooo glad I’m not into cars!!
Being a CPA, I see read hundreds of car leases. Many luxury cars (high-end Jaguar, BMW 7 series) have monthly leases in the $900-1200 range. The $1300 does seem a couple hundred too high; perhaps it was a 24 month lease with very little down? And a $1300/mo mortgage? You have to be kidding me … maybe in Texas. Nearly all of my clients have mortgages that are 3x that amount, and many more have mortgages in the $10k/mo range. This is not very uncommon in the higher cost-of-living cities.