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

[flyny]

hoosierdaddy317 repped & PMed

 

[pianoman52]

leasing isnt for everybody. I've leased a couple cars, and bought like 4 cars. (im 33 yo) in my experience, leasing is a better option if you like new toys/cars. You're not "renting". That's a bad metaphor. You're actually paying for the depreciation of the vehicle.

 

[hoosierdaddy317]

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

this is what people think but  they are totally wrong.

Certain periods throughout the year, dealers run a "sign and drive" event, meaning you don't have to put down a down payment. Even though you don't put any $$ down towards the equity of the car, there's still fees and what not that you will still have to pay upfront.

Depends on the car maker I suppose. But I don't recommend putting money down on a lease because in the event if you total the car, most insurance companies wouldn't be able to retrieve your down payment from the dealer/bank.

Only put $$ down if you're financing!

 

[flyny]

this is what people think but  they are totally wrong.


Certain periods throughout the year, dealers run a "sign and drive" event, meaning you don't have to put down a down payment. Even though you don't put any $$ down towards the equity of the car, there's still fees and what not that you will still have to pay upfront.


Depends on the car maker I suppose. But I don't recommend putting money down on a lease because in the event if you total the car, most insurance companies wouldn't be able to retrieve your down payment from the dealer/bank.


Only put $$ down if you're financing!

So if there's a Benz lease offer of 400 a month w 3k down, I shouldn't go for it? I should try and have that 3k distributed to the monthly payments?

 

[luckyluchiano]

this is what people think but  they are totally wrong.


Certain periods throughout the year, dealers run a "sign and drive" event, meaning you don't have to put down a down payment. Even though you don't put any $$ down towards the equity of the car, there's still fees and what not that you will still have to pay upfront.


Depends on the car maker I suppose. But I don't recommend putting money down on a lease because in the event if you total the car, most insurance companies wouldn't be able to retrieve your down payment from the dealer/bank.


Only put $$ down if you're financing!

Kind of Off topic but I hear its not a good idea to trade in your car to dealers when you pay it off and decide to get a new car, is that true? I know it depends but I hear people say its best to sell your car privately then use that cash towards a new car because Dealers rarely give you close to KBB value.

 

[air spider 777]

Kind of Off topic but I hear its not a good idea to trade in your car to dealers when you pay it off and decide to get a new car, is that true? I know it depends but I hear people say its best to sell your car privately then use that cash towards a new car because Dealers rarely give you close to KBB value.

While that in most cases is true, its a hassle to sell privately. You have tire kickers, people who cant get financing/get the cash. While you may get a little less from the dealer, do a little negotiating and you two will come to a number that is comfy for both of ya.

 

[stillin729]

You can work dealers and get pretty close to anything you will get privately; selling privately is a royal pain and it can take forever

 

[yeezusdisciple]

A car is a depreciating asset tho

 

[stillin729]

A car is a depreciating asset tho

So is life...YOLO

 

[oidreez]

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

Im not one of these ppl you speak of... But a mortgage = leasing. Thats not outright ownership. You paying off a debt that if you go deliquent on, thats yo ***

But if you dont go deliquent on it, you're paying to own it and you dont have restrictions on how long in a year you can use it.

So yes renting an apartment would be like leasing a car

 

[oidreez]

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

People are just having a discussion. Why are you making it seem like people are arguing with each other?

You cant always fall back on the "worrying about the next man's money" line

 

[stillin729]

People are just having a discussion. Why are you making it seem like people are arguing with each other?

You cant always fall back on the "worrying about the next man's money" line

Some were clearly headed that way

 

[djyoung08]

One of the more informative threads i've read in a while.

Mostly cuz im looking to finance a new (to me) vehicle soon.

I'm not very into cars and have no idea how they work mechanically but I do like cars with good technology in them.

Leasing may just be a reasonable option.

 

[hoosierdaddy317]

this is what people think but  they are totally wrong.


Certain periods throughout the year, dealers run a "sign and drive" event, meaning you don't have to put down a down payment. Even though you don't put any $$ down towards the equity of the car, there's still fees and what not that you will still have to pay upfront.


Depends on the car maker I suppose. But I don't recommend putting money down on a lease because in the event if you total the car, most insurance companies wouldn't be able to retrieve your down payment from the dealer/bank.


Only put $$ down if you're financing!

Kind of Off topic but I hear its not a good idea to trade in your car to dealers when you pay it off and decide to get a new car, is that true? I know it depends but I hear people say its best to sell your car privately then use that cash towards a new car because Dealers rarely give you close to KBB value.

Trading in your car the dealer is going to offer you wholesale 97% of the time.

Selling privately can be a pain dealing with tire kickers as stated above but you do usually get more cash out of the deal.

 

[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?

 

[cj003]

Going to open up my own business soon. Was thinking of leasing my next car and calling it a "company" car b/c everyone says that's the thing to do. Did some initial research and I would use actual deductions, not mileage b/c I don't drive this much.

Its so confusing to me though. I know I'll be able to write off things like gas, car washes, maintenance, etc. Would I be able to write-off 100% of these maintenance costs or a percentage?

I know I can write-off the interest on the monthly payment. Does that mean if my monthly payment is 200.00 w/ 2% interest I could write-off $4.00/month?

 

[mike honcho]

$0 down. $230 a month for 27 mo. 10k/year. I've had it for 1.5 years now and I have 30k+ miles. Not eem worried. I got people

 

[rocman23]

why not just buy a used car flat out if you can that way there are no monthly payments at all. that really is the smartest thing to do.

 

[flyny]

why not just buy a used car flat out if you can that way there are no monthly payments at all. that really is the smartest thing to do.

If I have 30k cash in my checking account and I'm looking for a car, id rather spend 12 k over a 3 year span leasing a 2014 joint, rather than spending the total 30k and getting a 2010 joint, or spending 15k and getting a 2001 joint. That's just me though. Gotta stay liquid, pa

 

[Peep Game]

If you're spending 15K on a 2001 anything, you've already lost

 

[vagixxer]

Always find it funny when people tell others not to lease.

Usually it's always people with lower incomes making the suggestion.

I own my own business so I take advantage of the write off and I drive a nice car.

2013 BMW active hybrid.
20k a year mileage allowance (buying additional miles is fairly cheap)
Had to put nothing down at purchase out of pocket.

Payment $650 a month.

Everyone I know that has similar income to me leases. Most people I know who make more money than me lease also.

Since I got my car last year I've had it serviced a few times as well as two popped tires (shout out to run flats) and haven't had to pay a dime.


Bought my work truck cash and have already had multiple additional expenses out of pocket due to maintence.

Not sure who gave you guys the mindset of comparing leasing to renting a home.

As a real estate investor I can tell you it's completely wrong. You lease nice cars because you know it has no value. You buy it an may end up stuck with a car worth less than what you owe if you try an re sell etc.

Owning a home you can create equity and appreciation. That's why you should buy a home rather than rent.

At the end of my lease all I have to do is turn my car in and get something else.

Thinking leasing isn't smart if you have the credit and means is a flawed mentality.

Higher networth individuals do it for a reason.

Again, this is all if you want a nice car. I do know people who have a lot of money but could care less on what they drive and buy cars for cash 25k and under.

 

[stillin729]

If you're spending 15K on a 2001 anything, you've already lost

not necessarily I would drop that easy on a 94 Supra or 96 300ZX TT in good condition

 

[shotsrangout]

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

It's not even that serious.

 

[miniojw]

When you're at the end of your lease. Do you have to return it to the dealership you got it from?

 

[retro707]

Price is the price. Doesn't change regardless if you lease or purchase. True car certificates as an example. Leasing is another form of purchasing. Three options at end of lease.
1 buy it
2 trade it
3 walk away from it. Most cases People do 1 or 2. You pay less a month for those worried about payments and you are covered for 3 yrs 36k miles. Standard warranty for most makers. This whole ' you renting' ' throwing money away' lol please.