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Re: Leasing a Vehicle [Re: JDR4Bama] #2372249
01/15/18 04:45 AM
01/15/18 04:45 AM
Joined: Nov 2015
Posts: 21,443
HSV AL
jmudler Offline
Freak of Nature
jmudler  Offline
Freak of Nature
Joined: Nov 2015
Posts: 21,443
HSV AL
If you cant afford to buy a new car outright in cash, then you should keep what you have or buy what you can afford.


Isaiah 5:20 Woe to those who call evil good and good evil, who put darkness for light and light for darkness, who put bitter for sweet and sweet for bitter.
Re: Leasing a Vehicle [Re: Rebelman] #2372252
01/15/18 04:49 AM
01/15/18 04:49 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: Rebelman
Why would a dealer choose to lease a vehicle that he could sell and collect cash up front? Yep, you guessed it. Only if the NPV of a lease is greater than an NPV of a sale.


Nah. Those car and truck dealers probably have jets because we're smarter than them laugh

Re: Leasing a Vehicle [Re: JDR4Bama] #2372271
01/15/18 05:02 AM
01/15/18 05:02 AM
Joined: Dec 2009
Posts: 9,515
Trussville
T
toothdoc Offline
14 point
toothdoc  Offline
14 point
T
Joined: Dec 2009
Posts: 9,515
Trussville
I'm confused by this post. So your mind is made up to lease, was this just to say, "Hey guys, just wanted you to know I'm going to lease a Traverse."?

Re: Leasing a Vehicle [Re: JDR4Bama] #2372390
01/15/18 06:48 AM
01/15/18 06:48 AM
Joined: Nov 2004
Posts: 14,202
Pikes Peak
J
JDR4Bama Offline OP
Chit Show Connoisseur
JDR4Bama  Offline OP
Chit Show Connoisseur
J
Joined: Nov 2004
Posts: 14,202
Pikes Peak
Wanted to hear the ‘why you shouldn’t’ side. Nothing is set in stone.

Re: Leasing a Vehicle [Re: JDR4Bama] #2372393
01/15/18 06:50 AM
01/15/18 06:50 AM
Joined: May 2011
Posts: 20,017
PDL, Fl
T
timbercruiser Offline
Freak of Nature
timbercruiser  Offline
Freak of Nature
T
Joined: May 2011
Posts: 20,017
PDL, Fl
I've never heard someone that did one, say that a lease was a good idea.

Re: Leasing a Vehicle [Re: JDR4Bama] #2372394
01/15/18 06:53 AM
01/15/18 06:53 AM
Joined: Nov 2003
Posts: 7,913
north Alabama
biglmbass Offline
14 point
biglmbass  Offline
14 point
Joined: Nov 2003
Posts: 7,913
north Alabama
Quote:
My wife will be the driver and has less than a 10 mile round trip to take both kids to school and herself to work, daily.


Plenty of good & reliable used cars, probably at/under $5,000 would fill that role. That would be a much wiser use of your dollars.


Originally Posted by hillmp
The left lane is for the the purpose of moving the flow of traffic forward regardless of the speed limit. If your impeding the flow of traffic get your ass in the right lane. It's really that simple...

Re: Leasing a Vehicle [Re: JDR4Bama] #2372406
01/15/18 06:59 AM
01/15/18 06:59 AM
Joined: Mar 2003
Posts: 26,377
Helena
3
3toe Offline
Talking Turkey
3toe  Offline
Talking Turkey
3
Joined: Mar 2003
Posts: 26,377
Helena
I think it's all about the situation. Only time I've thought it "might" be a good idea is if you have a small budget and are looking for something for say a college student and only need a couple years before they buy their own. You get a new car, low payment, and it's covered under warranty for anything that goes wrong on it. Yeah you don't have anything to show at the end but it's a lowest ultimate cost analysis in my mind on buy vs. lease in this case.

All that being said, it's the fine print stuff you have to be leery of. How much down, how many miles do they drive and what's the penalty for going over, damage repair, etc. If I'm just needing a car then I'm like the rest, a lease is probably not the way to go for a personal car.

Re: Leasing a Vehicle [Re: timbercruiser] #2372421
01/15/18 07:11 AM
01/15/18 07:11 AM
Joined: Dec 2009
Posts: 9,375
Jasper, AL
J
joshm28 Offline
14 point
joshm28  Offline
14 point
J
Joined: Dec 2009
Posts: 9,375
Jasper, AL
Originally Posted By: timbercruiser
I've never heard someone that did one, say that a lease was a good idea.


We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either.

Re: Leasing a Vehicle [Re: joshm28] #2372438
01/15/18 07:17 AM
01/15/18 07:17 AM
Joined: Nov 2001
Posts: 2,725
Phenix City, Al.
DeerTracker Offline
10 point
DeerTracker  Offline
10 point
Joined: Nov 2001
Posts: 2,725
Phenix City, Al.
I worked with a guy who never bought anything and always leased . Got a new car every 3 years and swore this was the cheapest option for him. He said he would always have a car payment anyway and leasing(renting) did not bother him.


As for me and my house, we will serve the Lord.
Re: Leasing a Vehicle [Re: joshm28] #2372447
01/15/18 07:25 AM
01/15/18 07:25 AM
Joined: May 2012
Posts: 12,481
Pike County, AL
Fuzzy_Bunny Offline
Booner
Fuzzy_Bunny  Offline
Booner
Joined: May 2012
Posts: 12,481
Pike County, AL
Originally Posted By: joshm28
Originally Posted By: timbercruiser
I've never heard someone that did one, say that a lease was a good idea.


We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either.


How do you have equity? Are you saying if you turned the car in, they would cut you check for $6k?

Re: Leasing a Vehicle [Re: DeerTracker] #2372454
01/15/18 07:31 AM
01/15/18 07:31 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: DeerTracker
He said he would always have a car payment anyway...


If you've got this mindset, you've already been defeated...

Re: Leasing a Vehicle [Re: Remington270] #2372460
01/15/18 07:37 AM
01/15/18 07:37 AM
Joined: Dec 2009
Posts: 9,375
Jasper, AL
J
joshm28 Offline
14 point
joshm28  Offline
14 point
J
Joined: Dec 2009
Posts: 9,375
Jasper, AL
Originally Posted By: Remington270
Originally Posted By: DeerTracker
He said he would always have a car payment anyway...


If you've got this mindset, you've already been defeated...


Absolutely not true. I own a small business and will always have car payments. I know several people that have a TON of money in the bank and they always have car payments.

Re: Leasing a Vehicle [Re: JDR4Bama] #2372490
01/15/18 08:06 AM
01/15/18 08:06 AM
Joined: Oct 2009
Posts: 5,641
Henry county
coldtrail Offline
12 point
coldtrail  Offline
12 point
Joined: Oct 2009
Posts: 5,641
Henry county
I never thought leasing was a good idea. But with some dealers you can come out cheaper leasing than purchasing than you do buying out right.


"And the days that I keep my gratitude
Higher than my expectations
Well, I have really good days" Ray Wylie Hubbard
Re: Leasing a Vehicle [Re: Fuzzy_Bunny] #2372492
01/15/18 08:08 AM
01/15/18 08:08 AM
Joined: Dec 2001
Posts: 13,845
AL
H
hunterbuck Offline
Booner
hunterbuck  Offline
Booner
H
Joined: Dec 2001
Posts: 13,845
AL
Originally Posted By: Fuzzy_Bunny
Originally Posted By: joshm28
Originally Posted By: timbercruiser
I've never heard someone that did one, say that a lease was a good idea.


We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either.


How do you have equity? Are you saying if you turned the car in, they would cut you check for $6k?


I'd like to hear more on this concept as well. I can't think of a way you'd have equity in something you do not own, but maybe there's a way. I can see how the car company would, but not the lessee.


"You think I care? Roll Damn Tide"

Have you tried Google?
Re: Leasing a Vehicle [Re: joshm28] #2372527
01/15/18 08:45 AM
01/15/18 08:45 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: joshm28
Originally Posted By: Remington270
Originally Posted By: DeerTracker
He said he would always have a car payment anyway...


If you've got this mindset, you've already been defeated...


Absolutely not true. I own a small business and will always have car payments. I know several people that have a TON of money in the bank and they always have car payments.


But why? Driving a ton of miles?

I certainly think that most people can drive a car longer than 5 years, especially if it's starting out new.

Re: Leasing a Vehicle [Re: JDR4Bama] #2372594
01/15/18 09:51 AM
01/15/18 09:51 AM
Joined: Aug 2013
Posts: 9,419
B
BPI Offline
14 point
BPI  Offline
14 point
B
Joined: Aug 2013
Posts: 9,419
I leased a 2017 Civic hatchback for my kid in college. List price was 22,500 ( the hatchbacks are a little higher).

I paid 4k down on the lease with the option to buy in 3 years.

My kid works part time while going to school and his car payment is 125 bucks a month. So he will pay a total of 4500 dollars at the end of the lease.

At the end of the 3 year lease we will buy the car for 14,000.

22500 minus the 4k I paid down is 18,500.

18,500 minus the 4500 in payment he paid brings the total to 14,000

We basically got zero interest and everything paid in is straight equity.

It can work out if you do a little research.

Re: Leasing a Vehicle [Re: JDR4Bama] #2372607
01/15/18 10:04 AM
01/15/18 10:04 AM
Joined: Oct 2000
Posts: 7,164
Lee County
R
RCHRR Offline
14 point
RCHRR  Offline
14 point
R
Joined: Oct 2000
Posts: 7,164
Lee County
A lease is not a house and you can’t have “equity” in a vehicle. As soon as you drive it off of the lot it depreciates. Let us know how the real numbers worked out when your finished. Not how it looks on paper besides I bet you could straight out buy that vehicle cheaper at a car sale. You said list price. I’ve never paid list for a automobile.

Last edited by RCHRR; 01/15/18 10:09 AM.
Re: Leasing a Vehicle [Re: hunterbuck] #2372625
01/15/18 10:19 AM
01/15/18 10:19 AM
Joined: Dec 2009
Posts: 9,375
Jasper, AL
J
joshm28 Offline
14 point
joshm28  Offline
14 point
J
Joined: Dec 2009
Posts: 9,375
Jasper, AL
Originally Posted By: hunterbuck
Originally Posted By: Fuzzy_Bunny
Originally Posted By: joshm28
Originally Posted By: timbercruiser
I've never heard someone that did one, say that a lease was a good idea.


We are on our fifth leased vehicle. It works great for us and we have equity ($6k) in the one she is currently in. I've NEVER paid any money down either.


How do you have equity? Are you saying if you turned the car in, they would cut you check for $6k?


I'd like to hear more on this concept as well. I can't think of a way you'd have equity in something you do not own, but maybe there's a way. I can see how the car company would, but not the lessee.



So a lease is where you pay the difference between residual value at the end of the term and the negotiated sales price. So let's say I lease a car that cost $50k and at the end of the 3 year term the car will be worth $35k. With that I would pay the $15k over 3 years or 36 months. The residual value (35k) is the "payoff" at the end of the term. You could actually buy the car for that price. In most cases that value is based upon mileage on the vehicle (say 36k miles). So at the end of the 3 years that vehicle with 36k miles is worth $35k.

In our case my wife only puts 6-8k miles/year so at the end of the term let's say we have 20k miles instead of 36k and the actual trade value on the car is $37k. In that instance you have $2k in equity as it's worth more than what is owed.

So I take that vehicle to another dealership, instead of turning it in at the original dealership. We negotiate the new vehicle sales price and the trade in price on the old lease and they ask me do I want a check for the difference in trade value or do I want to apply to the new lease. I apply it to the new lease and do it all over again 3 years later. I've done this 5 times now and the equity keeps building. I started with ZERO down and back last December when we leased the last one I had right at $6k showed as a down payment.

They were not hiding anything because I negotiated the sales price of the new one and the trade in value on the old one. It works for my application but may not for everyone.

Re: Leasing a Vehicle [Re: jmudler] #2373314
01/15/18 04:56 PM
01/15/18 04:56 PM
Joined: Jul 2017
Posts: 195
Northport, Alabama
Z
ZS81 Offline
3 point
ZS81  Offline
3 point
Z
Joined: Jul 2017
Posts: 195
Northport, Alabama
Originally Posted By: jmudler
If you cant afford to buy a new car outright in cash, then you should keep what you have or buy what you can afford.


Spot on Mudler. I used to think a vehicle payment was just part of life, but finally wised up. It's an anchor. We haven't had a vehicle payment in years. Our vehicles are older, but safe and reliable. Sure I have to work on them from time to time, but it beats making that payment every month.

Re: Leasing a Vehicle [Re: jmudler] #2373516
01/15/18 10:32 PM
01/15/18 10:32 PM
Joined: Jun 2017
Posts: 6,247
Alabama
Jakethesnake Offline
The Flippin’ Idiot That Could Care Less
Jakethesnake  Offline
The Flippin’ Idiot That Could Care Less
Joined: Jun 2017
Posts: 6,247
Alabama
Originally Posted By: jmudler
If you cant afford to buy a new car outright in cash, then you should keep what you have or buy what you can afford.


Like said before. If this was a mathematical problem then you would buy used. Why work just to pay for a car thats gonna be worthless by the time its paid off and interest and insurance. Hell naw. And the family....buy them a cell phone incase they break down. My wife drives an older car and keeps her pay check. We want to pay our SMALL house off and enjoy life with money in our pocket and own what we have. Thats the way i was raised though. If you really want a new car or lease car then i hope you find a good one. I wish u the best but i think its a really bad idea.

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