Tips for a vehicle leasing virgin??

[feelosofer]

OP You have the right idea. You don't drive a lot miles and the overall cost of ownership will be lower in your case than if you finance, and that's really the key in financing vs leasing. Looking at the cost of ownership. Don't go so much into the mentality of owning the car, quite frankly even if you finance it, the bank owns your car until you pay it off in full and unless you put 25% down at minimum you will almost always be upside down (the car worth less than you paid) and trying to unload it will be a nightmare.

 

[Malta]

and trying to unload it will be a nightmare.

That's what people are missing, selling a car fukking sucks so much, cause you always think it's worth more than it actually is.

 

[The Refiner]

Yes, I think you could could get a lease or buy for $300 a month for sure. I honestly don't know much about American or Asian cars anymore. I'd guess they're around 30-45k? Dealers are looking to make money and make deals. I knocked 3k off the sticker price of my car in 2014. The cars I buy I can usually flip relatively easily. Depending on what cars are on the market I'll probably buyout my S4(I really enjoy it) and lease another new car.

With my A4 I financed I paid 400mo. can't remember the interest but it was negligible
With my S4 I lease I pay 570mo. 15000 miles a year 42 or 36 months (can't remember)

I deduct my gas, maint, mileage, and or payments on my taxes too so it's like whatever to me. I think buying vs financing is all about the personal situation of the person.

So you own a business?

 

[88m3]

So you own a business?

Yeah

 

[Rawtid]

Rich people lease their cars because they understand how stupid it is to buy a car. Anyone telling you to buy has never tried to sell their own car in this current market, muthafukkas want car fax, service records dating back to 12,000 B.C. and then will still try to low ball you, all the while you still have $ left on the loan and the car is worth $8,000 less than you paid for it.

Also @Rev, a Honda Odyssey....... you giving up on life already?

That's why you pay for cars in cash. Dude said he had his car for 5 years, could have saved up for 3 of those years and get something nice that is paid for. He said he doesn't even drive that much why pay a monthly payment for that? Just for new car smell?

And the reason people are broke because they stay trying to do rich people shyt.

 

[Malta]

That's why you pay for cars in cash. Dude said he had his car for 5 years, could have saved up for 3 of those years and get something nice that is paid for. He said he doesn't even drive that much why pay a monthly payment for that? Just for new car smell?

And the reason people are broke because they stay trying to do rich people shyt.

The base Honda Odyssey is $30,000 to start out, not many people can just go out and buy a new car in straight cash. He's deciding on whether or not to finance one, or lease one, and in that situation I'd always say to lease. He could have saved up the last 3 years, but he may not have done that so if your option is to incur debt on a new car or to lease it, always go with the lease.

 

[CrimsonTider]

That's why you pay for cars in cash. Dude said he had his car for 5 years, could have saved up for 3 of those years and get something nice that is paid for. He said he doesn't even drive that much why pay a monthly payment for that? Just for new car smell?

And the reason people are broke because they stay trying to do rich people shyt.

Oh my this is dumb

People are broke because the cost of living outpaces wages and the #1 cause of bankruptcy is medical bills.

Theres nothing wrong with financing a car its just another bill you budget for and there should always be some type of room in your budget for transportation

 

[The Refiner]

The best option is to buy a QUALITY car that's a little older with CASH.

 

[CrimsonTider]

The base Honda Odyssey is $30,000 to start out, not many people can just go out and buy a new car in straight cash. He's deciding on whether or not to finance one, or lease one, and in that situation I'd always say to lease. He could have saved up the last 3 years, but he may not have done that so if your option is to incur debt on a new car or to lease it, always go with the lease.

Not mention with credit you can qualify for 1% interest rates.

And the money you save up can be invest in something that is well beyond a 1% return

 

[Two Stacks]

my plan is this:

First, I own my car, an 08 Altima with 39,000 miles on it. almost 7 years old. once it's 10 years old, I will CONSIDER getting a new car.

the next car i get will either be:

a leased car, or a slightly used car 3 years old or less, with 30k miles or less. i dont drive much at this point in my life.

I would ideally like to buy my next car cash, but i will never in my life have a car note over $500 whether leased or financed.

i got about $4000 saved up....continuously saving. I want an Infiniti Q50

 

[sayyestothis]

Leasing is great. Never need to put any money in the car for maintenance...always have a new car...

AlsO just cause you lease doesn't mean you don't have equity...you can always sell it before the leaae is up and as long as your getting more then what your "lease payoff" is you pocket the cash...

I just sold off my 2013 lexus rx a couple months before my lease was up and walked away with cash I used to lower my payments on my next one

 

[Ayo]

I've bought 2 new cars before. Luckily I made out in the end on both of them when it was time to get rid of them. BUT after leasing this last car. I'll never new buy again

Why I'll never buy new again ( after buying 2 cars brand new )

1) I didn't put a penny down towards the cap cost or fees on my lease and still saved $200 a month over buying. And that was the payment if i was buying with $3,500 down.
2) My lease closing cost was the tax. The dealer ate everything else.
3) At Tier 1+ Credit my rate was rock bottom, even better than what I would have gotten if I bought the car
4) I took advantage of a couple of lease incentives. Conquer cash for trading in a benz and another one.
5) I bought down the money factor and reduced my payment, I get all of that money back at the end of my lease
6) I keep this car for 27 months and give it back.
7) When I give the car back I can find a new one. I don't have to worry about a trade in and the MASSIVE depreciation a new car takes in it's first 3 years. The manufacturer takes the hit for me.

Do I feel like I'm throwing money down a hole? Not anymore than someone who buys a car and finds out that they're upside down after making payments for 3 years. In most cases you're not going to see equity that early and any equity you do see is probably that money you put down.

Buying is for people who want to drive the same car until the wheels fall off or for people who want to buy in the sub 20k range. And there's nothing wrong with that.

Buying used is a completely different story and I encourage that too if your research is proper.

 

[Ayo]

unless you put 25% down at minimum you will almost always be upside down (the car worth less than you paid) and trying to unload it will be a nightmare.

Exactly. Most people in 60/72 month finance deals are upside down on their car even after 3 to 4 years. Just as the warranty disappears and the repair bills start coming in.

And the people who do have equity in their car...that's not equity....it's the money they put down.

 

[Jesus]

I have excellent credit and would only do a 48-36 month lease....maybe I'll look into leasing next time I plan on getting a car.

 

[HookersandIceCream]

I have excellent credit and would only do a 48-36 month lease....maybe I'll look into leasing next time I plan on getting a car.

36-48 months is the typical lease