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Message
3
Posted on 10/26/09 at 9:58 am to CAD703X
It's funny that all the people saying that leasing is a bad deal will complain when they get screwed on a trade in.
In order for leasing to be a good deal, it has to fit your lifestyle and make sense. The details have already been explained, so it just depends on what your plans are for the next few years. Do you want to get a new vehicle every few years? If so, do you want the hassle of trading it or selling it?
There are several lease vs buy calculators on the web.
In order for leasing to be a good deal, it has to fit your lifestyle and make sense. The details have already been explained, so it just depends on what your plans are for the next few years. Do you want to get a new vehicle every few years? If so, do you want the hassle of trading it or selling it?
There are several lease vs buy calculators on the web.
Posted on 10/26/09 at 12:04 pm to cecelia
leasing is def not for everybody, but its the way to go for others. if youre afraid of getting screwed, read your contract ahead of time and know what acceptable wear and tear is from the leasing company ahead of time, and adhere to it.
J Paul Getty said, "If it appreciated buy it, if it depreciates lease it!"
J Paul Getty said, "If it appreciated buy it, if it depreciates lease it!"
Posted on 10/26/09 at 1:14 pm to CAD703X
quote:
Buy a $5k - $10k used car and pay it off.
Drive for 10 years.
Repeat.
DO NOT BUY NEW.
This
Posted on 10/26/09 at 1:15 pm to yudaman
quote:quote:
Buy a $5k - $10k used car and pay it off.
Drive for 10 years.
Repeat.
DO NOT BUY NEW.
This
This will get you no 'tang.
Posted on 10/26/09 at 2:01 pm to TulaneUVA
quote:
This will get you no 'tang.
But couldn't one save enough to at least rent 'tang for an hour?
Posted on 10/26/09 at 2:09 pm to Will Cover
Option 1: Lease bangin' car = Tigerland tang for every Friday/Saturday night...anyone one could do this with a BMW 337 assuming you're not SFP-like.
Option 2: 10 year old car. To get equal amount (not even considering quality) of tang, you would need enough money to cover 'rentage' for 52 weekends a year. And that's with the additional fear of getting a transgendered, undercover cop like in Southpark.
Option 2: 10 year old car. To get equal amount (not even considering quality) of tang, you would need enough money to cover 'rentage' for 52 weekends a year. And that's with the additional fear of getting a transgendered, undercover cop like in Southpark.
Posted on 10/26/09 at 9:26 pm to TulaneUVA
quote:
This will get you no 'tang.
Never found any that was worth the long term cost of a new car, and I have been around a long time.
Posted on 10/26/09 at 11:15 pm to JWS3
quote:
Never found any that was worth the long term cost of a new car, and I have been around a long time.
I was being somewhat facetious, and I'm sure you picked up on that as well...but the basis of the statement is that some people do in fact care about what they drive. Not just in appearance, what the public perception of the vehicle is, and the possibly false reality of increased social status...but more so with having a fun drive (~300 hp will do that) and high quality/luxury. Who doesn't like nice toys?
Everyone indulges in their purchases in one form or another. Some choose electronics or clothing are their medium. Others choose cars.
Posted on 10/27/09 at 12:54 pm to TulaneUVA
The first thing my undergraduate accounting teacher told us my freshman year was do not lease a car. Talked to whole first day about that. It has stuck with me ever since.
Posted on 10/27/09 at 1:15 pm to Lachendorf
quote:
The first thing my undergraduate accounting teacher told us my freshman year was do not lease a car. Talked to whole first day about that. It has stuck with me ever since.
In that case your undergraduate accounting teacher wasn't a very good business person (thus the reason they teach accounting instead of running a business). Making a blanket "it's always bad to do this or that" statement regardless of looking at the numbers is silly.
Example, if someone offers to lease you a $50,000 car for $10 a month for 36 months would it still be a bad deal? Of course not. As with any business deal, always look at the numbers.
Posted on 10/27/09 at 1:24 pm to MikeBRLA
They were probably trying to make it simple. We're talking about 17-18 y/o audience here.
Posted on 10/27/09 at 1:47 pm to MikeBRLA
quote:
In that case your undergraduate accounting teacher wasn't a very good business person (thus the reason they teach accounting instead of running a business). Making a blanket "it's always bad to do this or that" statement regardless of looking at the numbers is silly.
Example, if someone offers to lease you a $50,000 car for $10 a month for 36 months would it still be a bad deal? Of course not. As with any business deal, always look at the numbers.
I think what the teacher meant was "in the real world, you should never do it", and a smartass comment like that would have got you kicked out of class. With that said, you are right about giving blanket statements.
The reason accountants would say to never lease a car is because it counters the accounting mindset of conservativism. How many accountants do you know that failed to plan appropriately for retirement?
Leasing is "appropriate" for those who would live an overly lavish lifestyle (for their actual income) any way. TulaneUVA really gets it, he just says "frick it, I deserve this for all of my hard work" which is just fine, as long as he has a long term plan.
Posted on 10/27/09 at 2:02 pm to TheHiddenFlask
ETA: This is a stupid tangent, so I'll just shut up.
This post was edited on 10/27/09 at 2:06 pm
Posted on 10/27/09 at 2:06 pm to USMCTiger03
quote:
I heard one point explained that made a lot of sense that a car is an asset, a pretty expensive one, that depreciates greatly, and quickly, in most cases. Therefore, it's wiser to lease, and that way you are not stuck with a depreciated asset down the line.
This is very very flawed logic. If you own a car, it is a depreciating asset, but an asset nonetheless. If you lease a car, it is a LIABILITY, as you always have a notes payable.
Posted on 10/27/09 at 2:08 pm to jjbodean1970
quote:
J Paul Getty said, "If it appreciated buy it, if it depreciates lease it!"
Am I the only person who sees what is so absurdly wrong about this logic?
Posted on 10/28/09 at 9:02 am to CAD703X
quote:
Buy a $5k - $10k used car and pay it off.
Drive for 10 years.
Repeat.
DO NOT BUY NEW.
Not everyone wants to drive a 5000 car for 10 fricking years. If you really want to save some depreciation why dont you buy used clothes? NEVER BUY NEW CLOTHES! You can go to a thrift store and pick up some used pants for about a dollar. Buy them and wear them for 10 years.
Posted on 10/28/09 at 9:33 am to bomber77
Someone has to buy a new car for these cheapskates to be able to get their $5,000 car, so I don't mind doing it.
I hope they have fun fixing all the shite that broke during the 100k that I had it.
Back to the point of this thread, I personally purchase my vehicles, but I always will have a car note. Once one is paid for its time for a new one, so I cant throw stones at people who lease, they're in the same boat with me.
I hope they have fun fixing all the shite that broke during the 100k that I had it.
Back to the point of this thread, I personally purchase my vehicles, but I always will have a car note. Once one is paid for its time for a new one, so I cant throw stones at people who lease, they're in the same boat with me.
Posted on 10/29/09 at 12:12 pm to cecelia
Ive leased my wife's last 2 vehicles.
Makes much more sense for me.
Reasons:
After decades of experience in the auto business, it's a terrible investment of money. Anyone who insists it's absolutely better to own, has never looked at the numbers that there new vehicle drops in value by double digit percentage the moment you drive if off the lot. Nwo that's insane.
I keep my wife in a new vehicle, with warranty, every three years. Her normal driving is less than 10K so we never come close to the mileage limits.
Im paying for the amount of the car I use, and never have repair expenses out of pocket.
The only alternative to leasing wold be to keep the car until it died, maybe 10 or 15 years down the road. That would be a better use of money than leasing.
As I mentioned, I keep my wife in a leased vehicle and would never keep her driving a car that was likely to break down.
To each his own, Im a fan of leasing and it has worked out very well for us. We take good care of the cars we lease so we dont have fees imposed on us when we turn it in. Reasonable wear and tear are exempt.
Makes much more sense for me.
Reasons:
After decades of experience in the auto business, it's a terrible investment of money. Anyone who insists it's absolutely better to own, has never looked at the numbers that there new vehicle drops in value by double digit percentage the moment you drive if off the lot. Nwo that's insane.
I keep my wife in a new vehicle, with warranty, every three years. Her normal driving is less than 10K so we never come close to the mileage limits.
Im paying for the amount of the car I use, and never have repair expenses out of pocket.
The only alternative to leasing wold be to keep the car until it died, maybe 10 or 15 years down the road. That would be a better use of money than leasing.
As I mentioned, I keep my wife in a leased vehicle and would never keep her driving a car that was likely to break down.
To each his own, Im a fan of leasing and it has worked out very well for us. We take good care of the cars we lease so we dont have fees imposed on us when we turn it in. Reasonable wear and tear are exempt.
Posted on 10/29/09 at 12:22 pm to Purple Forever
We leased once and will never do it again. I like buying a 2 or 3 year old car and keeping it for until it is around 8 or 9 years and has 100K or so miles on it.
I can pay a $350 per month lease payment and get nothing when I am done, or I can pay a $350 a month car note and get to drive it for 5 or 6 years after paying it off.
I can pay a $350 per month lease payment and get nothing when I am done, or I can pay a $350 a month car note and get to drive it for 5 or 6 years after paying it off.
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