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Car leases?


southsider2k5
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The downside of leasing is obvious. At the end of your lease period after you have paid all kinds of money, you return the car WITH NOTHING TO SHOW FOR IT! For essentaill the same payments (maybe a little more down), you at least have something to show for all your payments, and you can sell it to get out of payments, trade it in etc., but you get the benefit of the equity you have in the car.

 

I think leases make sense for professionals who use their cars to make statements. They can turn in the old model for the new one every year and don't care that they are renting rather than buying their vehicle. For anyone else, I think it's a bad deal for the consumer.

 

Just my opinion. I'm also interested in hearing others on this.

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My dad always leases his cars. He does it because he absolutely hates paying sales tax on the entire car, when he only keeps his car for a few years (He puts on about 40,000 miles a year) so after 2 and a half years, usually he switches.

 

Its a business expense too, which helps. The big thing though is just the sales price. The negative is, your tied down for the entire lease period and don't really have the option of getting out.

 

When you return the lease, I haven't ever heard of paying at the end, the only thing you can get dinged on is mileage and damage, otherwise you just hand it over and you have an option to buy at the end for whatever the buy back is.

 

Depending on the buy back (sometimes a dealer will end up having to eat a lot cause they had too high of a buy back) and then you just turn it in, but if the buy back is lower, you can sell it yourself and pocket the difference.

 

Leases can work really good, depending on the circumstance. RIght now though with all the 0% APR incentives, I think it makes it a little easier to buy compared to lease.

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I think at some point you have to see the reality of if you keep your car, will the maintainence of the vehicle exceed the monthly payment? I know my parents leased one of their cars and owned the other. It was easier to lease a new car and not worry about major repairs, etc.

 

nothing to show? but your car is always covered for major repairs because of it's status. If you maintain a positivie status with mileage and cleanliness of the car, then you get bonuses for the next time you lease.

 

it's like anything, positives and negatives

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I've done both. One thing that caught my eye was a study of the life styles of American multi-millionaires. Most drove their cars over 7 years. Depending on how you drive, miles, conditions, etc. a quality automobile should last 100,000 to 150,000 miles without too much major problems. You can put away some nice dollars after the car is paid off.

 

It took me 20 years until I realized every finiancial decision could be made based on a lifetime time line. I think about the 2 year old cars I traded in because I got tired of them. I probably wasted $40,000 to $50,000 in my 20s by doing that. My friends probably were not impressed, and who cares about the neighbors. I doubt my clients worked with me because I drove a nicer vehicle then my competitors.

 

Now that money could have grown and how would I like to have another $100,000 in the bank right now? A lot. That would move me 2 or 3 years closer to retirement.

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Mike.. we own and lease. Depending on what the leased car will be used for was out decision. Bought the Galant because we new we'd put a ton of miles on it. Leased the Jeep cause we knew we'd just use it to move and for the winter.

 

We bought that stupid 350Z, too.. I guess to make the inside of the garage look pretty.. :huh:

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Mike.. we own and lease. Depending on what the leased car will be used for was out decision. Bought the Galant because we new we'd put a ton of miles on it. Leased the Jeep cause we knew we'd just use it to move and for the winter.

 

We bought that stupid 350Z, too.. I guess to make the inside of the garage look pretty..  :huh:

I think we have decided against the lease. Too many unknows such as mileage, wear and tear etc... We are going to try to nail them down on a good price for a 5 year loan it sounds like. If all does right this weekend, we should have a brand spanking new 2k4 Impala.

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I think we have decided against the lease.  Too many unknows such as mileage, wear and tear etc...  We are going to try to nail them down on a good price for a 5 year loan it sounds like.  If all does right this weekend, we should have a brand spanking new 2k4 Impala.

Let me know how you do on that Impala. I'm looking to buy one for my Grandma this spring. Her car's floor board is rotting away and is just a piece of crap.

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Let me know how you do on that Impala. I'm looking to buy one for my Grandma this spring. Her car's floor board is rotting away and is just a piece of crap.

Personally I love the car already. I had one for about a month a couple of years ago after a car accident. I will let you know what kind of price I can get on it though.

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I'm looking at:

 

nissan xterra

ford escape

mazda protoge 5

volkswagen golf

subaru impreza/outback/legacy

 

I need something with cargo space (cos I seem to move between texas and PA every two years)

something with heighth and balls but gas efficiency

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Personally I love the car already.  I had one for about a month a couple of years ago after a car accident.  I will let you know what kind of price I can get on it though.

Cool. I might look at a 2003 though.

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Cool. I might look at a 2003 though.

They came back to us with a $4k rebate a 7% i% and about $2100 off of the sticker price, plus they are going to let us drive it with no money down. We are going to go one more place to look at something that is priced a little less (less options that we don't care about) and we will see if they beat it or not. If not I think we will be driving a new Impala!

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BTW piece of advice for all who don't know it. Take an interest rate calculator with you when you do this. Either that or be able to do the calc's in your head. Because no one negotiates in car price, they negotiate in monthly payment. Because it sounds better when you are talking about $25 a month difference vs $2000.

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BTW piece of advice for all who don't know it.  Take an interest rate calculator with you when you do this.  Either that or be able to do the calc's in your head.  Because no one negotiates in car price, they negotiate in monthly payment.  Because it sounds better when you are talking about $25 a month difference vs $2000.

I always tell them to shove their prices and I just call up and ask them if they can do it or not at the price I want. Well, the one time I bought a car :lol:.

 

They bulls*** around and call you back saying we can't go this far or this far and then I told them well then I'll go somewhere else where I can. Your wasting my time with these calls..you can or you can't. Worked good for me the only time I bought a car.

 

Got a hell of a price. I checked around what places were dealing and then go a little below that, basically.

 

The biggest ploy they always say is how much do you want to pay a month. I don't give a damn about that, I'll figure that out on my own time. I want to know how much I'm paying and what kind of a rate you guys are offering, and know what kind of rate your local credit unions are offering.

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They came back to us with a $4k rebate a 7% i% and about $2100 off of the sticker price, plus they are going to let us drive it with no money down.  We are going to go one more place to look at something that is priced a little less (less options that we don't care about) and we will see if they beat it or not.  If not I think we will be driving a new Impala!

We ended up getting the car! :headbang

 

2004 Chevy f***ing Impala!!! :headbang :headbang :headbang :cheers :cheers :cheers :cheers

 

Our first brand new car ever :)

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