11-17-2020, 12:42 PM | #45 | |
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11-17-2020, 12:50 PM | #46 | ||
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You're trying to justify leasing a $125,000 car because maybe you're biweekly paycheck will allow you to make those lease payments, sans any extraneous investments that generate you a cash flow. But I can assure you that the majority of people aren't looking at these kind of cars. To me, a 1000 car payment, whether a lease or finance, is insane. But maybe because I'm not at that level yet, which is fine. As far as market return, I do just fine, I'm 28 and own investment property as well as numerous mutual funds, so I don't need to be schooled in the book of investing. Last edited by ThatKrazyPolak; 11-17-2020 at 01:12 PM.. |
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11-17-2020, 01:26 PM | #47 |
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People b-ching about lease & etc have zero understanding of how it works and most likely never leased a car of their own. In OPs particular case I actually see ZERO difference in buying vs leasing!
His best option is to find someone who will take if off of his hands and do a lease transfer...... may be offer an incentive here and there. His other option is to buy the car like stated above and put it up for sale. That would be no different than buying it when new but will most likely lose more $$$ compared to above option...... So in this case leasing is a way better! My car has been sitting infront of my house and we were 5K into 12K a year lease on the darn thing! So what we did was to take a 6K mile road trip to midwest and I am all caught up with miles. If this lockdown continues, our plan is to take another trip next spring as well. I am returning that car with 36K miles and many road trips later. I am still loving every min of this car Salespunk my hat is off to you, couldn't of said it better myself.
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11-17-2020, 03:48 PM | #48 | |
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For the deal I got with some of the best leasing offers out there, I'd be saving about $4k in the first three years but I wouldn't have the mileage restriction. That said, I'm tying up money in the car that I *could* invest. In that case, I might actually be losing money versus leasing. What we really should say is that if you want to save money, you should buy a certified used offloaded lease. It'll be low mileage, have knocked off the lions' share of the depreciation, but still have the factory warranty and sometimes eligible for promotional financing and other rebates. My F30 was that. I got a great 0% loan and it had super low mileage. I got a much better deal than a lease and the car didn't depreciate nearly as much as a new vehicle at the time. This time, I realize I'm over-paying. Is what it is.
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11-20-2020, 06:33 PM | #49 | |
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11-20-2020, 07:17 PM | #50 |
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Leasehackr will eat you for breakfast if your deal isn’t superb. I’m going to guess with a 15k/36mo lease, the deal isn’t going to be superb.
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11-20-2020, 07:51 PM | #51 | |
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11-21-2020, 05:17 AM | #52 | |
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You can negotiate down the price on a lease just like a purchase. 10% off with incentives is just as applicable in both scenarios. Right now the OP has the option to sell his car to anyone. The price would be the same if he financed or leased. The amount he paid out of pocket would be almost the same. The advantage with the lease is that his residual is economy proof in the best way. If the economy is shit and no one is buying, he still retains the same residual value on the lease and has paid the same depreciation... BUT, if the car's value happens to be more than predicted residual on the lease, he can sell the car and keep the difference between lease payoff and selling price.
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11-21-2020, 05:21 AM | #53 |
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You can't do both? Maybe you just don't make enough.
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11-21-2020, 05:33 AM | #54 | |||
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Most of us are adults well into their careers and make a decent living. We are more than capable of doing the math and weighing our options on the best way to have several cars in our stable. No one is saying financing is bad because most of us know that everyone's situation is different. However, the one making blanket statements here is you. So please follow your own advice and stop trying to school OTHERS in investing. I can guarantee you'll just be preaching to the choir.
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11-21-2020, 10:07 PM | #55 | |
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Well-said.
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11-21-2020, 11:36 PM | #56 | ||
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11-22-2020, 02:27 AM | #57 | ||||||
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11-22-2020, 07:26 PM | #58 |
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Isn't a part of being an adult making good financial decisions?
I think the majority of us here are relatively well off and enjoy driving these cars without it hurting our bottom line, but let's not get into the habit of saying "we are able to get into the same car with no money down". Uhh, newsflash, that means you can't afford the car. Do NOT lease a car for 72 months with a 1000 dollar payment, that's an asinine financial decision that doesn't make sense for anyone unless you own a yacht and can afford vacations in the Maldives. Do you know why something like the M3 is so elusive? Because not everyone can afford it. The problem is some morally bankrupt dealer will ask you "how much can you afford" and convince you to take the car while you have $400 monthly student loan payments and buy the crappiest version of Kraft cheese at the supermarket and cry yourself to sleep. Leases are complete scam propagated by the dealership elite to make you feel like your saving a quick buck. |
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11-22-2020, 07:46 PM | #59 | |
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There is no correct answer to the general question of whether purchasing or leasing is better, that can only be determined for specific situations.
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11-22-2020, 09:17 PM | #60 | |
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Would you mind contacting me on nafelabdal@gmail.com regarding your ideas on mutual funds? I am trying to get into the market. I would appreciate your advice, thanks. |
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11-22-2020, 09:41 PM | #61 | |
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You sound bitter that you don't understand leasing. You don't own your car if you're financing either. So until you pay that car off you're renting it from the Bank. |
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11-23-2020, 04:03 AM | #62 | |||
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MSRP of my current car is $107k. Discount was to $92k. RV was 59% for 12k miles/yr. Monthly is $1040/mo including tax for 36 months. $0 down, $0 first month, $0 drive off. $1040*35=$36,400 total cost over 3 years. Let's say I paid $92k cash instead. Right now I see a M3 CS near me for $59k used. $92k-59k= $33k. Here's the catch, it's only 2 years old. I can safely assume that the used car will depreciate more than $3k in a year. So at the end of 3 years I would have either broken even or saved a few thousand with the lease. Keep in mind that an accidents will diminish the resale value, which is not an issue with leasing. Also, if the used car market is garbage, I could lose more. If the used car market is a seller's market, then I can still sell and make some money. Additionally, if I financed I would be paying more than $92k due to interest. My $1040 lease payment already includes interest. Also, with leasing, I just turn it into the dealer. No need to deal with the hassle of finding a buyer. Quote:
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11-23-2020, 01:48 PM | #63 | ||
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11-23-2020, 03:17 PM | #64 |
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I don't know guys if you did the math.
Lease is better if you want to change a car every 3 years Loan is better if you want to own a car long term like 5-7 years Paying 100% in cash in developed countries makes sense if you are laundering money (and dealer don't ask where did you get that cash) I know you guys are spoiled in US that's why you mostly lease and get a new car every 3 years. I'd probably do the same in US. In EU not so many families can afford a new car every 3 years. However, regardless of the choice - if you can not afford a car you should not buy one. If you lost you job and can not pay lease/loan then you are screwed. Your credit score is screwed. I hope the topic starter is not desperate and just trying to get rid of thing that he is not using. Selling/gifting something that you don't use is way better than waiting until it will depreciate to zero. Good luck with lease transfer! |
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11-23-2020, 04:47 PM | #65 | |
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