OT - Lease or Buy
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So I own a used 2016 SUV that is the base model, like it doesn't even have bluetooth. I got it right after a car accident and it was a friend of a friend and they said come in here and we'll take care of you, and honestly I felt like they fucked me over really bad. I was so doped up on pain meds and I just trusted this guy that I basically signed whatever they put in front of me.
Anyway, i've owned it for about 2 and a half years, I still owe over 18k on it, it's got about 80k miles. My friend suggested I look at leasing something. He said it could wipe out all the debt, and I'd probably have a lower car payment. Right now my payment is $460. I understand at the end of the lease I don't own the car, but it feels like I'm going to be paying this car off forever anyway, and by the time I own it, it's not going to be worth anything.
So for those of you that lease your cars, can you tell me if you think it makes sense for me to look into this. I don't drive that much, definitely less than 1k a month. I'd love to get a lower payment, and love to get a car with bluetooth. I'm not sure about other options, but like anything is better than what I have.
I just really don't want to get screwed over again and I'm not good at this stuff.
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Anyway, i've owned it for about 2 and a half years, I still owe over 18k on it, it's got about 80k miles. My friend suggested I look at leasing something. He said it could wipe out all the debt, and I'd probably have a lower car payment. Right now my payment is $460. I understand at the end of the lease I don't own the car, but it feels like I'm going to be paying this car off forever anyway, and by the time I own it, it's not going to be worth anything.
So for those of you that lease your cars, can you tell me if you think it makes sense for me to look into this. I don't drive that much, definitely less than 1k a month. I'd love to get a lower payment, and love to get a car with bluetooth. I'm not sure about other options, but like anything is better than what I have.
I just really don't want to get screwed over again and I'm not good at this stuff.
also check out https://linktr.ee/Frankiejay420 ;) Sorry, had to do it. but I'm serious about the question.
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74 comments
That's probably below avg for many people - AFAIK typical leases are about 12000-mi/yr
If you are the type of person that keeps a car for a long time, then you are better off buying it because eventually the payment goes away.
I don't buy New cars. I buy CPO ( certified pre owned). Go to the dealership and they will have barely used cars. Someone else got hit with that first year depreciation but it looks like you got a new car. I've done this 4 times now. The dealership will give you the same or maybe even better warranty than a new one. No one knows you dont' have a brand new car expect you. It will save you thousands.
Again I'm not an expert on the subject, but I "believe" a rule-of-thumb is how long one plans to keep a car if they bought it - i.e. if one buys, then the longer one keeps-it then the more financial sense it makes; but I'm not sure where the breakeven-point is in terms of how long one needs to own the car for it to make better financial sense - many people like driving a new car every few years and leasing may likely make more sense there.
When it comes to buying or leasing cars, there can be a lot of gotchas so one needs to do their research and I imagine there are resources on the web that can help you understand when leasing vs buying makes sense - AFAIK insurance is typically higher with leases, and there are also issues with wear-and-tear charge$ when one turns in a lease, etc - again you should research on the web and educate yourself but a lot of people lease these days.
Lastly, cars are getting very expensive and complicated these days, and owning a car out of warranty is also something to consider (when one plans to own a car for a fairly long time)
If you lease a vehicle, and only keep it 2 or 3 years, the same vehicle is going to cost $400/month, or more.
And, next time, buy your car online. Contact the internet department of 2 or 3 dealers and get a detailed quote for the same spec vehicle. Make them specify every line item including tax, title, and the infamous document fee.
There are a few models coming out in a few months that sound great. But, by the time they are available, I’ll bet there will be others on the horizon.
Your 4 year-old SUV with only 80K miles and only $18K remaining (approx 3-4 years to pay off @ $460/mo) is a relative bargain. If it's a Toyota, Honda, or other reputable brand, 200K total miles should be easy to achieve. Because you drive 12K miles/year, after 4 more years (at your loan's conclusion), you'll have a paid off car with approx 128K miles. That will allow easily 72K more miles and 6 more years of driving (12K/yr x 6yrs = 72K).
Regarding bluetooth, there are several after-market bluetooth plug-ins for <$20, especially for newer cars like yours - https://www.amazon.com/s?k=Bluetooth+FM+…
Sounds like you might already have an automotive winner sitting in your driveway... :-)
Anyway, as I was saying, there are after-market bluetooth plug-ins for <$20, especially for newer cars like yours... :-)
https://www.amazon.com/s?k=Bluetooth+FM+…
One more time - there are after-market bluetooth plug-in for less than $20, especially for newer cars like yours... :-)
https://www.amazon.com/s?k=Bluetooth+FM+…
Supervisor continues on to point out a couple people from our class who had big lifted pickup trucks with the big tires, and then onto a BMW and some other luxury cars. He goes in to say “these people driving these vehicles are broke and will have to work forever because their behavior says it is OK to be in debt and pissing money away to banks in interest payments.”
Fortunately you I was the one who’s vehicle was an old used paint faded junker, but it was paid for! Point is, if you’re a working class stiff, which I think you are, it’s always best to buy vehicles outright with cash, and as you save more money you can upgrade to a better vehicle. Automobile debt is the most negative debt, and anytime you start talking in terms of monthly payment, that’s when the car salespeople salivate with sales commissions in their heads. I can set up a monthly payment that can tie you into payments for 10 years. By the time you
Pay your car off it will be trashed and ready to suck you out of $$ from your wallet for repairs.
Pay cash for vehicles. If you can’t afford to do that then you shouldn’t own a car. Personal finance 101. These are the basics and if you can’t follow this simple rule you’ll never be able to build wealth. Sorry, but it’s the truth.
I don’t lease, but that is because I am unemotional about cars. They are transportation - that’s it.
Based on personal preferences, I optimize for comfort instead of economy. For that reason, I drive a Lexus LS.
As far as style and handling are concerned, I would rather have a BMW or Mercedes than a Lexus. But when you have a Lexus, you rarely have to bring it to a shop for anything other than routine maintenance.
You can not own a BMW or Mercedes without a warranty. The cars look and drive nice, but they are a $5,000+ repair bill waiting to happen,
Finally, if you are looking at a car the right way, then you will buy one that is 3 to 5 years old, then drive it until the wheels fall off.
If you picked the right model of car, you will save enough money that you will not have to worry about payments on your next car.
Unless the wheels are about to fall off your SUV, add a blue tooth device, or even replace the stereo.
Man - new cars have gotten so damn expensive - a nice car is starting to feel as if one was buying a small house
1) confuse the customer
2) get them to a monthly payment they can afford
3) close the deal
In most cases, that means stretching payments over many years to bring down the monthly payment. The customer thinks they bargained a great deal. However, the car loan is underwater almost immediately and regret sets in.
Got it, thanks for all the help. Is there a way to close a topic once it's been answered?
However, no one is buying them because it says Kia on the badge. The retail starts around $33,000 but you can find new Stingers advertised around $25,000. In every way, it’s comparable to a $45,000 BMW hatchback 4 series.
In Meat’s allegory, this is a car that the future millionaire would drive. The future poor person would never drive it because their ego can’t be seen in a Kia.
You remind me of my algebra students, when they were learning about word problems about percentages and interest rates.
“Where in real life am I going to use this stuff?”
I would tell them; “Almost everything involves taxes and loans this days”
Back to your question; I did lease a SUV for a loved one, but we went in with everything and more that is mentioned In YouTube videos about how to deal with car salesmen.
https://m.youtube.com/watch?v=eDuQ39m7Ss…
And yet we still fell the deal wasn’t all good, but it was good enough, because we could have paid for the car in cash if we wanted.
Nevertheless a lease is almost like renting a car from a rental company you pay insurance, mileage etc.
We all are aware that more than half of the car salesmen deals are a ripoff, so why do people still deals with them is beyond me.
Trading your existing debt for a newer potential bigger, worst debt doesn’t make any sense.
My advice is; sell you car yourself, not to a dealership, but to a private person that really needs and want your car, you can even transfer the loan you have to the other person.
Then buy a no more than four year old Toyota or Lexus for a private party that you can pay cash for.
You should take the potential car you are buying to a mechanic you can trust or an independent triple A mechanic that will let you know if the car is worth buying or not.
Alternatively you can buy a new Prius with all the bells and whistles you really need and use it for Uber and Lift as a female drivers for female customers only, because it is a good safe market.
“Live below your means, but within your needs”
If your Lexus or Toyota has been maintained regularly, and it doesn’t have a salvage title, getting something older than 5 years really isn’t a problem.
I am on my second Lexus. I had my first for 14 years. Mechanically, it was still fine when I got rid of it. The problems it had were things like the leather interior wearing out. Also it could have used a new paint job. But for a car that spent 20 years in the desert, neither of those things are shocking.
If you go Toyota or Lexus and maintain your vehicle normally, you will get sick of it long before the cost of keeping it on the road forces you to replace it.
And not only do you save money by not having to make car payments, but with no loan you can avoid comprehensive insurance and just go with lisbility. Tags are a lot cheaper too.
I lease vehicles for my business to use, but my personal vehicle is my own, never lease an auto for personal use, that's just a giant money suck.
I always buy new, usually wait for a downturn in the economy, at the point the dealers offer zero interest, or extremely low interest financing, that's when I purchase. My personal opinion is buying used cars is a bit of a crapshoot, the kind of vehicle you get at the lower end is usually a problem, and on the upper end, more expensive than buying a good new car and keeping it for double the amount of time it took to pay for.
And as far as buying cars from friends, most auto sales people are like strippers, very few are reliable or trustworthy.
But what you will realize after being on this board for a while. There actually are a lot of educated, intelligent guys on here. If everyone is telling you the same advice, then you might listen to it. If you want to get a new car every few years, then a lease is going to get you the lowest payment. But in the end, its not the best deal.
The leased car is for my oldest daughter. She just turned 18, and I got her a car for her last year and a half of high school. I don’t want the car long term - and she doesn’t put many miles on it - so I leased it for 3 years. When she’s home from college, she will have something to drive - so that’s it.
I got a loan for a car that I drive, and I plan to keep for about 10 years. I was going to pay it off after 4 months, but I haven’t yet. I plan to put lots of miles on it, and it is a good long term vehicle.
Remember, when you lease, lots of dealers focus on monthly payment. That’s not what you want. It’s the same as buying - as you negotiate the price of the car first. Then you use the agreed upon price when calculating the lease payment and residual (and mileage allowance). When a dealer gives you a low purchase price, be careful when they calculate your lease payment, as they will try to add some unneeded extras (all dealer installed) to help their margin.
Do what you like but you have recieved good advice from many here.
From my understanding, the reason lease payments are lower than purchase payments is because you are financing the amount of money the new car you are given will depreciate ocer the life of the lease.
Therefore initial value, residual value, and interest rate are all variables that can vary - and therefore should be negotiated.
Without Googling the subject, I know that Lincolns suffer the fastest depreciation, and that Toyota and Lexus are among the slowest depreciating cars.
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Not a BMW, but before I got my first Lexus, I was looking at a Mercedes S600 coupe. I was looking at a used one that had 60,000 miles - it was a beautiful car.
What turned me off against it was that the owner had $20,000 in repair receipts.
Nice, round numbers like that do a good job of conveying a message - it costs $1 every 3 miles to drive the car. And that was during the period of it's life that it is least likely to need to visit the mechanic.
BMW's are no different, and it is insane to own one that isn't under warranty.
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