Name: G
Location: California
What He’s Got: Silver 2001 BMW 325i
What It Cost: Too embarrassing to tell. But if you must know, it was $2500 down, $550 a month.
My Take: This was my first lease ever and I didn’t know what I was doing. I got totally fleeced on that deal considering the car’s MSRP was around $32k. Of course, I didn’t really learn from my mistake on my next ride either…
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3 Responses
Funny, I got hosed on my first lease as well. Once I found out how much I was taken advantage of (long after the fact), I was determined to become an informed consumer and learn as much as I could about car leasing and buying so that I would never be taken advantage of again. Your site has been, and is, and a godsend in that respect. Thanks.
I think most people’s first attempt at lease end up with a similar result if they don’t do try to understand how leasing works. For me, the excitement of having my first BMW wore out about 18 later when the $550 payment and having to take my car in 8 times really became a drag, so I sold it…at a loss..HAHA.
Yeah. My first lease was a 2003 XC70. I traded in my loaded ’96 850 Turbo for a blue book trade-in value of $8,500 and… put ALL of it down. I wanted low monthly payments, so I paid $228/month for 36 month 🙂