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

[DadNboujee]

Leasing a 2014 expedition

3 years 36k miles plan

I have the wear and tear option

And vehicle scheduled maintenance .


Just like renting a car. If you get better rates from your work renting a car monthly I suggest you do that instead if you don't care about the car you drive. Just IMO.

I recommend leasing. Only thing that really sucks is the Mileage restriction. I just had a kid so I doubt I'll be going out a lot now. And I needed a family friendly car.

Also I have another vehicle that I own and is paid off. But my exhaust is too loud for the baby to be in the car.

 

[suberzat1]

I will lease or buy a BMW for my next whip.

 

[luckyluchiano]

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

So say with the 2013 accord you have a 36 month lease, you're paying 340 a month and put 500 down that = 12740. What would be the but out amount at the end of lease?

 

[flyny]

People that believe in owning instead leasing but rent instead of mort... you know what nvm

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

 

[hammercharge]

So say with the 2013 accord you have a 36 month lease, you're paying 340 a month and put 500 down that = 12740. What would be the but out amount at the end of lease?

i would finance almost 16k which i can put more down to soften the monthly payments

 

[combo gd]

Monthly payments on a lease that you've budgeted for > Unexpected maintenance costs

I purchased a 2008 certified pre-owned Honda Accord 2 years ago for 13k. 

The only maintenance I have needed were 30 dollar oil changes every few months, and replacing the brake pads one time (which cost me around 100 dollars). Prior to that car, I had a 1995 Toyota Camry for like 7 years. For that car it was just oil changes and brakes as well.

Basically what I'm saying is if you buy the right car, you won't have too much unexpected maintenance. Those monthly payments can then be banked. I purchased my Accord outright due to saving money while driving my reliable Camry. I am planning on keeping my Honda now and banking the money I would be spending on payments to set myself up to be able to purchase a new car when I'm ready. 

 

[combo gd]

 

Meh I'm Not into cars, plan on whipping my 2012 Camry till the wheels fall off.

I don't believe any guy who says they not into cars.

Why is that so hard to believe?

My car is a tool used strictly for practical purposes, and not a status symbol or anything else. 

 

[luckyluchiano]

I purchased a 2008 certified pre-owned Honda Accord 2 years ago for 13k. 

The only maintenance I have needed were 30 dollar oil changes every few months, and replacing the brake pads one time (which cost me around 100 dollars). Prior to that car, I had a 1995 Toyota Camry for like 7 years. For that car it was just oil changes and brakes as well.

Basically what I'm saying is if you buy the right car, you won't have too much unexpected maintenance. Those monthly payments can then be banked. I purchased my Accord outright due to saving money while driving my reliable Camry. I am planning on keeping my Honda now and banking the money I would be spending on payments to set myself up to be able to purchase a new car when I'm ready. 

WORD, I had a 97 camry for 3 yrs only did oil changes would still have it now but the water pump and timing belt needed to be replaced and that was like half the price of what the car was worth. Got this 2012 Camry and can't wait till I pay it off so I can bank that note.

 

[stillin729]

I had a feeling this would turn into people crying who don't want/think a monthly payment is worth it

 

[Peep Game]

People that believe in owning instead leasing but rent instead of mort... you know what nvm

That's a little different. People can't qualify for a mortgage as easy as they can a lease/finance.

I've never rented and don't ever plan on renting. I also don't believe in leasing, unless it's an inexpensive car with a really low monthly payment that you use for work/errands.

I don't see how people can compare homes vs cars as far as buying/leasing/renting anyway, unless people are choosing whether to live in a home or in a car.

 

[heliumclinton]

I don't think too many people are saying they lease because of maintenance but more so they like the idea of getting a brand new car every 3 years. I can't see myself financing a 2014 whip knowing by the time I pay it off something new is out there. Same concept with me always buying the new iPhone. Maybe when I'm older I'll be more content with having a outdated 6/7 year old car that's not a classic.

 

[luckyluchiano]

I don't think too many people are saying they lease because of maintenance but more so they like the idea of getting a brand new car every 3 years. I can't see myself financing a 2014 whip knowing by the time I pay it off something new is out there. Same concept with me always buying the new iPhone. Maybe when I'm older I'll be more content with having a outdated 6/7 year old car that's not a classic.

lol iPhones drop once a yr, you'd be paying a note 12 months out the yr.

 

[stillin729]

Someone people like a new whip every 2-3 years; why do people car so much what the next man does with their money?

as long as you aren't broke trying to stunt than it's all good

 

[stillin729]

leasing a car is a lot different than renting a house; not even sure why this is ALWAYS the argument in these threads.

especially if you aren't ready to settle down in that house; renting is practical for many. I could buy a house anytime I wanted but I don't want the hassle of selling it with job changes or my girl's job relocating; would be a stupid move on my end.

 

[americangenius]

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.

 

[Peep Game]

The thing about a home is they're normally bought for permanence, which is why a homeowner selling it shouldnt be in the equation. There are a host of factors revolving around that, but I think you get what I'm saying. If you don't feel you will be settling in a certain place for awhile, that's where you rent/lease. If you do, go ahead and buy (or put down a huge payment, to cut down on whatever the monthly payment amounts to pay off reasonably fast).

 

[stillin729]

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.

no doubt about it; I prefer to rent until I get married

 

[americangenius]

no doubt about it; I prefer to rent until I get married

Same, I won't purchase to live until I have children. I've been thinking about getting a condo to rent out in downtown MIA but these HOA fees have me thinking twice. They can go up at anytime, especially if the building is mostly vacant. Not for the faint of heart

 

[miniojw]

This thread was going go until the rent vs mortgage started coming up. Stick to the topic people. This thread started off with some good info with personal experiences

 

[heliumclinton]

I don't think too many people are saying they lease because of maintenance but more so they like the idea of getting a brand new car every 3 years. I can't see myself financing a 2014 whip knowing by the time I pay it off something new is out there. Same concept with me always buying the new iPhone. Maybe when I'm older I'll be more content with having a outdated 6/7 year old car that's not a classic.

lol iPhones drop once a yr, you'd be paying a note 12 months out the yr.

What I said had nothing to do with money though lol

 

[hoosierdaddy317]

Here is my perspective as a sales/leasing consultant for a MB dealer in my area.

It really depends on the whip. All the big time execs, ball players, all lease their cars with us. It makes the most sense. Why buy a car outright cash or finance it and eat up all that depreciation?

I have a lease vs. cash outright analysis excel spreadsheet I should upload on here in a bit.

But if you're lease like a Mazda, Honda, Toyota, or anything low-to-mid tier it makes more sense to finance rather then leasing.

Leasing is definitely more flexible. At the end of your lease term, you usually have three options: 1. Turn the car back in and pay a disposition fee (wipe your hands clean. 2. Finance/buy out right the residual value of the car. 3. Trade it in for a new car with applied equity.

Downside of leasing is if you go over your mileage allowance, it's usually around 20 cents per mile which can definitely add up.

If any of my fellow NT'ers have any questions regarding leasing or financing a car, feel free to contact me at anytime. I've been in the car industry going on 3 years now

 

[dakid23]

Stupid question.

But the less i put down the more i pay a month?

this place wants 2500 down and 159 a month.

 

[hoosierdaddy317]

Stupid question.

But the less i put down the more i pay a month?

this place wants 2500 down and 159 a month.

Yup. In essence, the more money you put down the more affordable your monthly payments will be.

$2500 down and $159 a month is super affordable. Depends on your interest rate and monthly term though

 

[stillin729]

Same, I won't purchase to live until I have children. I've been thinking about getting a condo to rent out in downtown MIA but these HOA fees have me thinking twice. They can go up at anytime, especially if the building is mostly vacant. Not for the faint of heart

HOH are insane I was gonna do the same but they are like $325 a month out my way

 

[stillin729]

If you are smart and know how to work a dealer you don't put any money down