The way I look at it, if you own, it's cool, but if you lease, you are a poser.
This is an interesting view.
I have always looked at the cost of transportation as nothing more than a liability on the books, not an asset.
It costs me x to have a car for a 12 month period, and it's up to me to decide what vehicle fits that budget and gives me the cheapest cost of entry, with the maintenance built in (insurance is a factor as well).
My first BMW was a leased used CPO 1995 525i, leased it over the phone sight unseen for 274/month 36 months, nothing down.
I never paid a dime in repairs or upkeep with that car. Then, I turned it in for a 1997 528i 5 speed, at the tune of 380/month- again CPO nothing down for 30 months through BMW financial.
The key to leases (back in the day of course) was low miles and high residual. Coupled in with a low rate factor, BMW used to push their CPO vehicles with such deals you could drive one cheaper than a new Grand Prix, that is how they ended up hooking me as a client for life. Great service, always get a free BMW loaner while they fixed mine for free, along with a nice cup of coffee and bagel.
My 540 was leased out of JMK in NJ, again sight unseen. Drove my 528 on a nice long road trip, turned it in and drove the exact same coler car (with the nice big engine home
🙂) home again. That lease was 474 /month 36 months, CPO again- loved that car.
Enter 2005 M3.
A local import dealer calls me up on Xmas week in 05. I had been shopping his showroom for about 3 months considering a Mercedes c class (passed due to the poor warranty and too cushy less aggressive drive experience) or another BMW.
Lease deals at this time were weak, and I had to turn in my 540 in March of the upcoming year, or extend it a couple of months. I get a call the week of X mas from Greg the salesman telling me to come in and look at this M3. It had 3800 miles on it.
Leased that through 5/3 for 580/ month w/ first and last due. He sold me that lease @ 46k, the sticker that year was 64k 8 months prior to my purchase. The guy who traded it needed cash fast.
At any rate, I ended up again driving this CPO M3 ever since. Then in 08' I bought it from 5/3 @ 29k 2.99% interest. This is only the 4th car in my life I have ever owned, and one I will probably keep forever.
So leasing actually can be very prudent if you have the time and energy to shop and price the right car. Remember, back in the day nobody really offered this sort of warrantys BMW was offering, and that was a very cost effective determination when the overall cost of ownership is calculated. Hell, oil changes were even covered- the only thing that was not were tires.
I drive about 7k mile a year. Today my M3 has 43k mile on it. Maybe I could drive something more prudent now that I am older, but...nah, nothing drives like a BMW. Every time I start the engine, I smile- to this day I have never grown tired of that car; not many can say the same IMO.