To buy or not to buy

Mar 2, 2010 | 09:35 AM

neodoc

Thread Starter

Senior Member

Joined: Apr 2006

Posts: 312

Likes: 30

From: Florida, USA

2017 Rolls Royce Wraith, 1999 CLK Cabriolet, 2023 Genesis G90

To buy or not to buy

I'm writing to you for advice about my 08 CL63. I leased this vehicle in Oct 07 for 39mos. I have put only 13,000 miles on it thus far and truly love this car. The lease will be ending in Jan of 2011, at which time I must either turn the car in or buy it outright. That is where I'm torn. The Gross Cap Cost was $146,534.00 and the residual value $72573.01. I've been paying $3224.84 monthly and now feel I should have bought the vehicle from the start, rather than leasing it, as with the money I've put in so far, I'd almost have it paid off. It seems I'm a lousy businessman, so I need your advice. Based on this information, do you think it is wise to consider buying this car at the end of the lease or simply walking away? I don't really feel I should spend this kind of money again on a new CL63, with certain cuts on the horizon at the Hospital, but I could afford to buy it. I just don't want to make a costly mistake, although I think I already have. Please give me your thoughts on the matter.

Mar 2, 2010 | 01:24 PM

SSIIICK

Junior Member

Joined: Jul 2009

Posts: 54

Likes: 20

From: Boca Raton, FL

G550 4x4², Phantom, 675LT Spider, Aventador SV Roadster, P1, 812 Superfast, Portofino

Quote:

Originally Posted by neodoc

That's pretty interesting. You're in quite a predicament. Your first mistake, as you already know, was leasing the car to begin with. I'm not too sure what to do in this situation. I really think it is up to you since basically, your choice depends on what you feel more comfortable with. As you have said, your car only has 13,000 miles on it and you could purchase it outright for, let's say, $72,000. Without taking into account the fact of your lease, at $72,000, you are technically purchasing a 2008 CL63 for a great price. If I was in that situation, I would probably end up buying the car outright (I think). Haha. Hope this helps a little.

Mar 2, 2010 | 05:51 PM

MBZFAN55

Super Member

Joined: Dec 2004

Posts: 972

Likes: 28

From: DFW

BMW M850i Gran Coupe

Quote:

Originally Posted by neodoc

Joe - As we discussed earlier, the real financial benefit in leasing comes when there is a legitimate business use allowing part of the payment to be "expensed" and accordingly results in a tax deduction. If even half of your use was business related, your $3224 becomes a $1612 and leasing becomes substantially more cost effective. The $72k sounds like a great price, but keep in mind that even with only 13k miles, the 39 month old CL will be out of warranty after 48 months. You should strongly consider buying an extended warranty if you keep it (Call Charles). Also, the latest info from Mercedes has the CL rebadged as the S-Coupe and the 6.2 (63) engine being replaced with a 5.5 twin turbo very soon. Good luck with your decision.
M

Mar 3, 2010 | 01:13 PM

alx

MBWorld Fanatic!

Joined: Dec 2004

Posts: 4,268

Likes: 253

your current situation - if you could write part of the lease off- you good. otherwise- lesson learned i hope.

going forward- your car is an $85k one right now.

would it be a $73k 9 months from now? most likely.

if you like the car - your residual will be right on the money. if you still like to keep your car at the end of the lease- good. if you want to walk away- all is good too.

recently mb has started to price residuals very accurately so leases follow depreciation closely.

Mar 4, 2010 | 06:24 PM

retardedmunk

Banned

Joined: Nov 2006

Posts: 590

Likes: 4

1987 Buick GNX,SL65 Black, 1987 Buick Turbo Limited, 2010 GT500

I would buy a CL65---leasing sucks...

a 2008 CL65 will be close to $80k or less by Jan 2011.....$3200 a month wow....I am paying $1000 for a brand new GTR with nothing down ....$3200 is my house and my newest car....to each is own....

Best advice ..always buy used..never lease...be patient and get the latest a little later...A nice 2005 CL65 would be $2500 less a month and in terms of looks and overall appeal....same **** really.... just a lot quicker and a lot rarer...and the guy who paid $200k...well that is the point...the bargains are in the used cars.....