sell bmw and lease a car to pay mortgage faster?

[twoblacknines]

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So does this idea make any sense?

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No.

You would lose the money that depreciated off your car. Then you would turn around and lease another car, with monthly payments that are more than your pmi, and lose money on depreciation on a second car!

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Thanks for all the replies. I still have a lot to think about. After filling in an amortization table, it looks like I would save around $200/month in interest plus an extra deduction by losing my PMI. I think I will have to crunch the numbers some more to get a better idea of what to do.

Also, to the poster wondering, I bought the car when I was still in college last January and had honestly planned on renting for some time. Then this summer I found a very good deal on my property that I couldn't refuse. Buying with the intent of paying it off fast, then flipping it in a few years seemed better than renting.

Edited to add the money I saved on the interest would be going directly to the principle so the savings would appear to add up even greater.

[maxtower]

If you want to always drive new cars, meaning that you'll always have some monthly payment, is leasing cheaper than buying a car?

[DesertCat]

Why not just get a loan for your BMW, and apply that towards your Condo? No need to get into another -EV transaction with a leased car, after you dropped a bunch on your BMW (remember each transaction has taxes, licensing fees, commissions that you pay). Keep driving the BMW for as long as possible and you'll be much better off.

Or sell the BMW and get a used car for $5k, and you'll be even better off.

Right now I'm driving a 1997 Landcruiser. It wasn't a great business decision when I bought it, but it's been a great decision to keep driving it for ten years.