NTers who lease their whips? Vol: new whip every 3 years

[luckyluchiano]

But from 2006-2010 a person that lease has more money, so how did you conclude you have more money ?

It would probably take me two leases to = the cost of buying a new whip

I could lease a whip and cop a daily driver with all the money I was saving to buy a car

You're talking about buying a high end whip right? Because 300+ bucks to lease a car isn't saving money in my book when you can finance a car for the same. If we are talking 300 lease vs 600 finance for a BMW then ok

 

[Chopper]

You're talking about buying a high end whip right? Because 300+ bucks to lease a car isn't saving money in my book when you can finance a car for the same. If we are talking 300 lease vs 600 finance for a BMW then ok

Exactly. I guess the point is, I'm a dude who's willing to drive my car for a long time... Well after it's paid off. And if/when I finance a car the monthly note won't be much more than the lease payment would be, so for me buying allows me to save money. 

 

[sonunox34]

Guys, I'm in a little bit of a jam.

Bought a 2011 Camry with 45k miles in February with a $15k loan. Almost instantly put 5-6 VERY BAD scratches on it while trying to get snow/ice off. Worst two span across the back of the trunk.

Getting more and more involved in a band, so I would like to honestly downgrade to an older car that can hold my drums in a hatchback. I'm thinking Subaru Outback/Forest, Volvo wagon, xB, Honda Element. Plus I just don't need a damn 2011, I'm 25 and I can get something just fine from 2007-2009.

Any advice? Basically trying to downgrade from a $15k car with bad scratches to something in the $9-11k range. Should I just stick with what I have, or can this be done without losing much money?

Carmax is your friend. They buy cars left and right and sometimes you make money on the deal. Look into them.

In fact, I recommend anyone to go to carmax if they are over mileage, have cosmetic damage, or are looking to get out of their lease. I've done this for 3-4 cars and I always break even or come out ahead $1,000-$2000.

That's huge! Thanks man.

 

[jimmybeanz]

CLIFFNOTES: If you want to drive German, lease. Cost of ownership (cost to purchase + maintenance after warranty is up) will put you in the po' house.

Have you ever been driving on a highway, noticed how many BMW, Mercedes-Benz and Audi vehicles there are, and wondered how so many people have the money to buy all those fancy cars? (I have.) Well, in many cases the drivers may not have the money because they don't own the cars!

Industry-wide, leases comprise about a fifth of all new vehicle registrations, but within the luxury market, lease penetration is more than twice as high at 45%. Three premium makes: BMW, Infiniti and Mercedes-Benz, actually have national lease rates at or above 50%.

Furthermore, several popular compact premium cars have lease rates above 60%, with the Mercedes-Benz C-Class approaching 70%. Leasing is not limited to smaller vehicles, as all five of the leading large premium sedans have lease rates above 50%. Two of every three 7-Series are leased.

http://blog.polk.com/blog/blog-posts-by-tom-libby/dont-believe-everything-you-see


You're welcome

 

[retro707]

Some of the replies in here. Clue less!

 

[stayblessed]

Not about that leasing life. I've always purchased reliable cars that hold their value well. Normally drive the car until 3 years after being paid off, stack up in the time, and then sell/trade for a nice chunk of change and get me a fairly new whip.

 

[jimmybeanz]

I thought this was common knowledge.

I thought so as well, but apparently not from readiing a lot of replies in the thread.

 

[jimmybeanz]

I was referring to the fact that most people in brand new benz's, bmw's, etc. are leasing

I would definitely recommend someone buy a certified pre-owned 1-3 yr old luxury vehicle with really low miles if you have the money for it, rather than hopping into a lease.

Just buy something within your means, save up and stunt later.

yeah - i knew what you meant. but again, a lot of ppl don't know this - i assumed that nt'ers (who are collectively savy ) would know, but again, not the case.

 

[Rootin4EverybodyBlack]

Wouldn't mind leasing. Only drive 8k a year, and unexpected repair bills are a pain in the ***.

If I get this promotion I will be leasing a charger

 

[fac3 tak30v312]

I'm really starting to think that the better option is to get a daily driver and after it's paid off lease a second car ... or better yet buy a used daily driver and lease a second car.

 

[heliumclinton]

But from 2006-2010 a person that lease has more money, so how did you conclude you have more money ?

It would probably take me two leases to = the cost of buying a new whip

I could lease a whip and cop a daily driver with all the money I was saving to buy a car

You're talking about buying a high end whip right? Because 300+ bucks to lease a car isn't saving money in my book when you can finance a car for the same. If we are talking 300 lease vs 600 finance for a BMW then ok

I'm talking about leasing a brand new car and financing a brand new car

By the time the person who financed their car pays it off, I would have been in two cars .. it's worth it to me but again that's because I like new things

My girl and I saved 25K to buy a car cash, instead leased a 550 and copped a 06 Camry as a beater. Used some of the money on a vacation and left the rest in a account for automatic payments so I don't even see the car note.

 

[zapatohead408]

Slightly off topic, but came in to say renting beats owning a house in many cases unless you are buying to rent out for income. Closing costs, property taxes, maintenance,and interest do not add to the value of the home and can put you at a huge deficit if you have to sell at the wrong time.

Only time rent beats out buying is if you stay there less than 5 years. You can deduct mortgage interest on a home and rent goes up every couple of years while your mortgage won't increase much besides for property tax and homeowners insurance.

gotta disagree here. grass is always greener.

there are a lot of unexpected costs involved in owning. maintenance can be a pain in the butt. when i was renting, if anything happened i just called the landlord and they would come in and take care of it easy peasy. now if something breaks its on me. my place isnt even that old (built in 2002) and i am constantly finding stuff that i have to deal with. as far as the tax benefit goes, everyone situation is different. sure the mortgage interest is a deduction, but in some cases it might not offset the extra costs. My property tax is almost $10K a year. I'm not saving $10K a year in mortgage interest deductions.

You can get rich off of houses if you play your cards right.

 

[Chopper]

I'm really starting to think that the better option is to get a daily driver and after it's paid off lease a second car ... or better yet buy a used daily driver and lease a second car.

Why not just cop the daily driver and save all that extra cheese??? Why need two cars? 

 

[dontbelikethat]

Been reading a little bit of the thread and just thinking about it, starting to make a lot of sense to me to lease. In search of a new car, so I'm pretty interested. Gotta do a bit more research.

 

[shorty doo wop]

This might be a dumb question but if u lease a car and it needs any repairs is that on the dealership?

 

[dontbelikethat]

This might be a dumb question but if u lease a car and it needs any repairs is that on the dealership?

From my quick research, it depends on the contract, but usually, yes, it's on them. Often it's like they'll cover the first 3 years of a 4 year lease or something like that.

 

[Betonblck]

You can get rich off of houses if you play your cards right.

Yea, even if you don't get rich, the chances are that you will make money off the house over the course of 20-30 years. That's why I just gotta agree to disagree with the guy if he thinks he'll be in a better position after 30 years of rent payments over having a place paid for after 30 years.

 

[diego]

This might be a dumb question but if u lease a car and it needs any repairs is that on the dealership?

From my quick research, it depends on the contract, but usually, yes, it's on them. Often it's like they'll cover the first 3 years of a 4 year lease or something like that.

Nobody really leases more than 3 years.

As for the repairs it really does depend on what needs to get repaired and how it happened.

 

[shorty doo wop]

This might be a dumb question but if u lease a car and it needs any repairs is that on the dealership?

From my quick research, it depends on the contract, but usually, yes, it's on them. Often it's like they'll cover the first 3 years of a 4 year lease or something like that.

Nobody really leases more than 3 years.

As for the repairs it really does depend on what needs to get repaired and how it happened.

Wow that's a game changer did not kno that

 

[Rootin4EverybodyBlack]

This might be a dumb question but if u lease a car and it needs any repairs is that on the dealership?

Leases are usually 3 years, most warranties are usually 3 (or 4) years. So basically your car will be under warranty the whole time you lease it, most likely you'll only pay for oil changes and new tires...and you shouldn't really need new tires in 30k mile lease

 

[big panda]

I was referring to the fact that most people in brand new benz's, bmw's, etc. are leasing

I would definitely recommend someone buy a certified pre-owned 1-3 yr old luxury vehicle with really low miles if you have the money for it, rather than hopping into a lease.

Just buy something within your means, save up and stunt later.

i would never recommend that ever to anyone.

luxury cars lose value so fast within the first 3-5 years it's dumb to buy them new or certified used.

along with that luxury cars usually carry lots of maintaniace with them.

i would never recommend going that route as you'll probably hate it and regret it down the road

 

[al audi]

Dodge doing one year leases now, might be a dope extended test drive if the hellcat is a part of that.

yep i saw that too

 

[stillin729]

probably only like the Dodge Darts; those things have been such a failure

dude at my work got an orange one for basically free

 

[al audi]

probably only like the Dodge Darts; those things have been such a failure

dude at my work got an orange one for basically free

http://www.autoblog.com/2014/03/06/dodge-dart-slow-sales-layoffs-belvidere/

damn

 

[illmatickal]

its all in what you sign up for
my experience
leased a 2010 honda accord
$207 down ( they started at 2000 down, kept telling them i had no money lol)
15k miles a year
$340 a month
got the car with 6miles on it
returned car with $800 worth of damages ( dents and scratches ) and i was allowed 1500 in damages so no money paid out of pocket on return
returned car with under 35k miles on it

now i have a 2013 accord
$365 a month
$500 down 12k miles a year
the payments you put into the car at the end of the 36 months you can finance the rest at the end of lease

Sounds like you overpaid/overpaying. Never put money down on a lease. You should look up leasing companies instead of going to the dealer. I'm 2 years into my lease for a 2012 TSX (10k miles/yr) and i drove off for $367/month - $0 down and all fees(bank fee, tax, etc) rolled into the lease. You could be driving a Q50 for the amount you're paying for the accord too.

Leasing a car may allow you to mortgage a house

Let's say you have 30k cash in your pocket your willing to spend on a whip

Lease a 2014 and spend 12k in 3 yrs
Or buy a 2012 and spend 30 k?

Easily lease and use the 18k remainder on a house, pa

This^. Opportunity cost