Should You End Your Automobile Lease Early
Leasing a BMW 323i was the worst financial mistake that I have ever made. Terminating the lease was the best financial move I have ever made. I was fresh out of college working at my first job as a software consultant. It must be something about getting your first raise in life that makes you feel invincible. At least, that is how I attempt to rationalize the decision to lease a car that I couldn’t come close to affording. Well, that and girls, I suppose.
The car cost about $31,000, easily more than half of my salary at the time. I paid $3,750 down to make the lease payment $469 per month. It was a payment that I could afford. However, that is about as far as my thinking went for awhile.
I did enjoy driving the BMW while I had it. It was fast, it cornered well, and let’s face it, I was cool. I thought I was cool and maybe I was to certain people. I can’t remember exactly how it happened, but buyer’s remorse set in and I began to realize that for all the money I was spending, I owned nothing. I started cranking out spreadsheets to help me analyze the numbers. The numbers were not good.
Posted: December 11th, 2006 under Automobiles, Debt.
Comments: 4