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Buying S560 4matic for dad

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New S-Class (W222) 2014-Present
View Poll Results: Best financial choice?
Finance new
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23.08%
Purchase CPO
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61.54%
Lease new
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7.69%
Other
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7.69%
Voters: 13. You may not vote on this poll

Buying S560 4matic for dad

 
Old 07-11-2019, 03:57 PM
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Buying S560 4matic for dad

Hi,

I'm new to this forum and I just wanted your opinions on this.
So I'm considering purchasing a S560 4matic for my dad (in his 60's).
What would be the best financial option for doing this?

1) Finance new
  • Probably the most expensive option
  • But allows flexible configuration on the mbusa website
2) Purchase CPO
  • I've heard CPO does not have any legal meaning
  • It seems that people have mixed experience with CPO cars
3) Lease new
  • There are "special offers" listed in the mbusa website, and the prices seem to go down little by little each month. Are these the best lease deals? The prices look decent.
  • Would leasehackr have better deals?
4) Any other options?

Thanks for your insights everyone!
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Old 07-11-2019, 06:20 PM
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If you have to finance a 100K+ car as a gift you probably cannot afford to be gifting a new S560 4Matic. I would recommend paying cash for whatever you can easily afford.
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Old 07-11-2019, 11:29 PM
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I would say a leased gift is not really a gift. It’s like here ya go, enjoy this for 3 years lol. Idk man an s-class gift is a serious decision.
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Old 07-12-2019, 12:15 AM
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Originally Posted by mobster600 View Post
I would say a leased gift is not really a gift. It’s like here ya go, enjoy this for 3 years lol. Idk man an s-class gift is a serious decision.
This is true lol

I would go the CPO route they have a extended warranty and the depreciation is much less of a issue after a couple years.
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Old 07-12-2019, 12:53 PM
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Originally Posted by mobster600 View Post
I would say a leased gift is not really a gift. It’s like here ya go, enjoy this for 3 years lol. Idk man an s-class gift is a serious decision.
I disagree!

It is not a gift of the S Class but it is a gift of monthly payments. People also say they buy cars but when they lease a car they are actually renting cars. So the gift here is a stream of payments for a period of time for the use of an automobile. It is clearly a gift just not of the automobile asset.
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Old 07-12-2019, 01:02 PM
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Originally Posted by superpop View Post
If you have to finance a 100K+ car as a gift you probably cannot afford to be gifting a new S560 4Matic. I would recommend paying cash for whatever you can easily afford.

Superpop,

Interesting judgment. I don’t think the OP was asking your opinion on his/her financial abilities. As one that deals with people and businesses in my career as a CPA with a law degree in the financial planning and investment area for over 30 years I would never make these types of judgements with the facts the OP stated. I have very wealthy clients that may ask these exact same questions for different reasons and clearly could afford to gift a car like the S Class if they wanted to do so.
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Old 07-12-2019, 01:18 PM
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I think if Superpop was wrong the question would have been which one to get and what options.

I agree you never know anyones wealth but we also live in an era where people just refuse to buy within their reach. Doing what you do how many people making $100k a year are buying $175k cars?

If you can afford the car than just go negotiate the best price you can get and hand him the keys. Handing your father keys to a car that you have to finance or lease will only make them feel guilty driving it. Knowing you have to pay monthly for the car is not what a father wants to hear. There is nothing wrong with spending some time with him and find out what he really would like in life and never bought for himself. You might find out it is a lavish car or some stupid $200 item.

If you are buying him an S he should see you living quite well to not feel guilty. If my kids lived in multimillion dollar homes and had several cars I would accept the gift reluctantly otherwise my life is about making them more comfortable, that what a father does.
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Old 07-12-2019, 02:26 PM
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This has turned into a touching thread with many wise words (not joking).
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Old 07-12-2019, 05:09 PM
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Originally Posted by MTrauman View Post
Superpop,

Interesting judgment. I don’t think the OP was asking your opinion on his/her financial abilities. As one that deals with people and businesses in my career as a CPA with a law degree in the financial planning and investment area for over 30 years I would never make these types of judgements with the facts the OP stated. I have very wealthy clients that may ask these exact same questions for different reasons and clearly could afford to gift a car like the S Class if they wanted to do so.
Well, I stayed at a Holiday Inn last night. Wasn't meant to be a judgement but rather an observation. The OP was asking what the best option would be. My observation was that if you have to finance a gift, it is probably too expensive of a gift. And it is a bit concerning that I have to debate the merits of buying a used car vs a brand new one with a financial advisor. There is no financial argument for buying a brand new, massively depreciating asset. I get that it is fun to buy the brand new car, but that is an emotional decision, not a logical one, unless it is a business expense that can be written off.
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Old 07-12-2019, 08:56 PM
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Thank you all for your thoughts! They are very helpful.
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Old 07-12-2019, 09:07 PM
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Originally Posted by superpop View Post
Well, I stayed at a Holiday Inn last night. Wasn't meant to be a judgement but rather an observation. The OP was asking what the best option would be. My observation was that if you have to finance a gift, it is probably too expensive of a gift. And it is a bit concerning that I have to debate the merits of buying a used car vs a brand new one with a financial advisor. There is no financial argument for buying a brand new, massively depreciating asset. I get that it is fun to buy the brand new car, but that is an emotional decision, not a logical one, unless it is a business expense that can be written off.

Certainly do not want to debate with you Superpop but people with legal backgrounds can debate words.

You may have the definition of judgement and observation mixed up.

And that was my issue.

You made a judgement (an opinion—your opinion) that the OP could not afford the car. You also provided your opinion that “it is probably too expensive of a gift”—an opinion which is your judgement not your observation. You have some strong opinions about someone buying used vs new from your prior posts in other threads—which is fine since we all have opinions. Good thing for you that someone is willing to buy new otherwise you could not buy a used car—that is a fact and an observation but not an opinion and a judgement. You are winning at the car buying process over people buying new. However, my judgement is that none of us win in this space unless you are buying rare classic cars. We just buy based on emotion!
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Old 07-12-2019, 09:08 PM
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In 1984, I bought my dad a new Cadillac Seville. He always bought used cars and went out of his way to find the least popular model in the least popular color, so he could get a better deal. My poor mom! He liked to look at cars and loved the look of the Seville. He wouldn’t have an MB, as he served in WWII and he still carried a grudge. Anyway, he loved the car. It was a royal P.O.S., but he loved it. It was one of the best things I have ever done in my life. He and my mom were so proud. Buy the S560 and pay cash. Hand him the keys and feel the amazing GLOW! You will be so glad you did!

P.S. CPO cars can be an excellent deal. However, they are USED cars! Your dad deserves a BRAND NEW CAR!

Last edited by Streamliner; 07-12-2019 at 09:40 PM.
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Old 07-12-2019, 10:30 PM
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Show of hands. If the OP could have paid cash, wouldn't he either listed that as an option or even bother to query the forum if he could have paid cash? I think not. He obviously intends to finance and wants feedback.

My suggestion: put as much a down payment you can afford comfortably, and finance for length of years you'd feel comfortable with.
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Old 07-12-2019, 11:15 PM
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Originally Posted by superpop View Post
There is no financial argument for buying a brand new, massively depreciating asset. I get that it is fun to buy the brand new car, but that is an emotional decision, not a logical one, unless it is a business expense that can be written off.
Speak for yourself. I buy new. I buy new cars and new clothes and new food. I am not buying someone else’s used car, nor do I shop in thrift stores and buy used underwear. Nor do I eat food that somebody already chewed. Everything we consume massively depreciates. The steak and lobster I ate tonight had more markup in it than the new cars I buy. And if I give my dad a gift, who cares how I choose to finance my gift. If I earn 10.4% compounded returns on my money why shouldn't I finance a new car purchase at 3.5% simple interest. That is actually smart.
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Old 07-12-2019, 11:53 PM
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Originally Posted by Rockland View Post
Speak for yourself. I buy new. I buy new cars and new clothes and new food. I am not buying someone else’s used car, nor do I shop in thrift stores and buy used underwear. Nor do I eat food that somebody already chewed. Everything we consume massively depreciates. The steak and lobster I ate tonight had more markup in it than the new cars I buy. And if I give my dad a gift, who cares how I choose to finance my gift. If I earn 10.4% compounded returns on my money why shouldn't I finance a new car purchase at 3.5% simple interest. That is actually smart.

WOW! Not sure if thrift stores sell used underwear but if they do it would be WEIRD to buy someone’s used underwear. And already chewed food! EECK!
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Old 07-13-2019, 12:20 AM
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Originally Posted by MTrauman View Post
WOW! Not sure if thrift stores sell used underwear but if they do it would be WEIRD to buy someone’s used underwear. And already chewed food! EECK!
You don’t buy CPO boxers Mark? There is no financial argument for buying massively depreciating underwear. I know its fun to buy new drawers, but that is an emotional decision not a logical one. Why pay $24 for a 3 pack when you can get a good set of nicely used CPO briefs for 25 cents each.

Anyway, back on topic. To the OP: Give your dad a new car not used. Finance it how you wish, or lease it and just tell your dad you will provide him a new car every 3 years. Either way your dad will love the gift and appreciate your gesture however you elect to fund it for him!
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Old 07-13-2019, 12:34 AM
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Originally Posted by Rockland View Post
Speak for yourself. I buy new. I buy new cars and new clothes and new food. I am not buying someone else’s used car, nor do I shop in thrift stores and buy used underwear. Nor do I eat food that somebody already chewed. Everything we consume massively depreciates. The steak and lobster I ate tonight had more markup in it than the new cars I buy. And if I give my dad a gift, who cares how I choose to finance my gift. If I earn 10.4% compounded returns on my money why shouldn't I finance a new car purchase at 3.5% simple interest. That is actually smart.
Best reply EVER on this forum. Thanks for making me laugh so hard and I totally agree with you. I've only bought 1 new car, a Volkswagen Jetta 32 years ago and loved the fact that no one else's butt was on it ever, no one's fluids were on it or the back seat, no one ate food in it, ruined it a bit, and I loved the new car smell.

I bought this 2018 S63 not because I'm a stupid imbecile, it's because I wanted the newest steering wheel (I didn't like the one that looked like a smile in the years before it) and I wanted all the 2018 updates...and didn't want to wait 3-4 years till it depreciated enough to the point I could more easily buy it. I just coughed up the dough in cash and my trade and I own it outright. Others may think I'm dumb since the car depreciates so much in the first 3 years but it's what I wanted to do and I could afford it since I'm single with no bills, no mortgage, no car payments, no wife, no girlfriend for the last 2 years, no kids. Saved a bunch and did it. Whatever you do for your dad is awesome. He'll LOVE THE CAR and be so appreciative. I sure would be, if my well-off son did this for me ;o).


Last edited by stever500; 07-13-2019 at 12:36 AM.
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Old 07-13-2019, 07:52 AM
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Originally Posted by Rockland View Post
You don’t buy CPO boxers Mark? There is no financial argument for buying massively depreciating underwear. I know its fun to buy new drawers, but that is an emotional decision not a logical one. Why pay $24 for a 3 pack when you can get a good set of nicely used CPO briefs for 25 cents each.

Anyway, back on topic. To the OP: Give your dad a new car not used. Finance it how you wish, or lease it and just tell your dad you will provide him a new car every 3 years. Either way your dad will love the gift and appreciate your gesture however you elect to fund it for him!
You mean when you get rid of that BMW M760 and switch to an S63 the next buyer won’t find your CPO boxers in the trunk? You are funny! Just glad you like the BMW though. But man you need to check out the S63. Promise if I let you drive it when you are in Pittsburgh you will not go back to the Bimmer.��

I know you got an awesome deal on the BMW so I will give you a break on getting the Bimmer but just wanted to bust your chops!

Last edited by MTrauman; 07-13-2019 at 08:06 AM.
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