Leasing Question
Oct 24, 2011, 05:51 AM
#32
If leasing was a good idea, only the dealerships would do it. When you lease the dealership still makes money same as a buy.. but in a lease the leasing company makes money plus the back end company that will collect the car and sell it.
Leasing is a bad idea for a personal car. there are a few exceptions. Companies that lease vans, trucks, and the like so they can write off 100% of the lease payment. If you read the Wall Street Journal, Money, Forbes, or any moneywise publication, they all tell you leasing is just not smart. Most idiots that lease are trying to get a lower payment for a car they cant afford.
As a previous posted said.. This is what got America into trouble. " Entitlement" Live within your means.
Leasing is a bad idea for a personal car. there are a few exceptions. Companies that lease vans, trucks, and the like so they can write off 100% of the lease payment. If you read the Wall Street Journal, Money, Forbes, or any moneywise publication, they all tell you leasing is just not smart. Most idiots that lease are trying to get a lower payment for a car they cant afford.
As a previous posted said.. This is what got America into trouble. " Entitlement" Live within your means.
You seem to be calling people idiots rather easy, which makes me wonder what deal did you get on your evo? Do you think your deal was that much better? Unless you payed cash, or got 0% interest for a long period of time, than i am certain your deal wasn't that much better. Before you call people idiots, think first, maybe you are one. who knows....
Oct 24, 2011, 06:13 AM
#33
So even if the end dollar amount is close, it extends the financing much longer than I would like.
I took a different approach...I bought mine used. It seemed that last spring everyone was dumping their X so I picked up a well maintained one for cheap compared to today.
I was a little skeptical buying used but have had 0 problems and bought a nice DD too.
I took a different approach...I bought mine used. It seemed that last spring everyone was dumping their X so I picked up a well maintained one for cheap compared to today.
I was a little skeptical buying used but have had 0 problems and bought a nice DD too.
yes your math is close by. with tax for that residual 17800 it will be actually a little biyt over 42000.
if i was buying it for 37200, i would have payed about 39432 with just tax. now, if you will add licence plates and title, plus some interest as, i doubt they would give 0% on anything over 3 years, than, do the math. you will see that my 42000 total for my car is not that much higher than buying that same car.
if i was buying it for 37200, i would have payed about 39432 with just tax. now, if you will add licence plates and title, plus some interest as, i doubt they would give 0% on anything over 3 years, than, do the math. you will see that my 42000 total for my car is not that much higher than buying that same car.
Oct 24, 2011, 07:25 AM
#34
So even if the end dollar amount is close, it extends the financing much longer than I would like.
I took a different approach...I bought mine used. It seemed that last spring everyone was dumping their X so I picked up a well maintained one for cheap compared to today.
I was a little skeptical buying used but have had 0 problems and bought a nice DD too.
I took a different approach...I bought mine used. It seemed that last spring everyone was dumping their X so I picked up a well maintained one for cheap compared to today.
I was a little skeptical buying used but have had 0 problems and bought a nice DD too.
I do agree on one thing. If lease payment is about all one can afford, than one should look to a cheaper car.
Oct 24, 2011, 08:12 AM
#35
Everyone keeps complaining about the insurance. I'm with State Farm and I pay $94/mo for full coverage + upgraded my coverages (I have a house and would hate to get sued for the house). I'm 31 with a perfect record and a fabulous credit score, but I wouldn't just assume everyone is going to get raped on insurance.
But I completely agree with everyone saying "If you can barely afford to lease look for a different car". They are correct in the raping costs of fuel, wear items (tires/clutch/brakes), and how much you'll end up spending in 4years to not own the vehicle.
If the 450/mo is a hard push, target yourself lower. Take the "extra" that you are pocketing up to the cost of the Evo, and bank it for 4yrs that you are leasing something else. Then in 4years use that as a down payment and you'll have payments even less than leasing for ownership.
Have you thought about leasing a Ralliart? or maybe a GTS loaded with all the luxury items? It seems like it would be easy-peasy and you can still get everything but the power. If it's the AWD you absolutely want, maybe Impreza RS?
But I completely agree with everyone saying "If you can barely afford to lease look for a different car". They are correct in the raping costs of fuel, wear items (tires/clutch/brakes), and how much you'll end up spending in 4years to not own the vehicle.
If the 450/mo is a hard push, target yourself lower. Take the "extra" that you are pocketing up to the cost of the Evo, and bank it for 4yrs that you are leasing something else. Then in 4years use that as a down payment and you'll have payments even less than leasing for ownership.
Have you thought about leasing a Ralliart? or maybe a GTS loaded with all the luxury items? It seems like it would be easy-peasy and you can still get everything but the power. If it's the AWD you absolutely want, maybe Impreza RS?
Oct 24, 2011, 04:13 PM
#36
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Buying overpriced houses got America in trouble. "Entitlement" is correct up to a point. Even now, in some areas house prices are still to high, and people still buy them.
You seem to be calling people idiots rather easy, which makes me wonder what deal did you get on your evo? Do you think your deal was that much better? Unless you payed cash, or got 0% interest for a long period of time, than i am certain your deal wasn't that much better. Before you call people idiots, think first, maybe you are one. who knows....
You seem to be calling people idiots rather easy, which makes me wonder what deal did you get on your evo? Do you think your deal was that much better? Unless you payed cash, or got 0% interest for a long period of time, than i am certain your deal wasn't that much better. Before you call people idiots, think first, maybe you are one. who knows....
Oct 24, 2011, 09:51 PM
#37
I bought my car thank you very much. I got 2.9% I am not over extended and am able to properly maintain my car, pay for gas, insurance etc. Houses alone did not get Americas in trouble. Its also was credit cards and car loans. Also I didn't call this guy an idiot I said people in general, when they overextend themselves.
Oct 24, 2011, 10:24 PM
#38
Ok my leasing and a friend of mine is also leasing we both this route cause it is was payment monthly as for mods hell yea I gonna mod cause I'm going to buy way before my 4 year lease is up, to be honest do want u want see what payments is better for you and decide than. Out of 100% about 75 to 80 percent would buy the other percent would that my opinion
Oct 26, 2011, 07:06 AM
#39
Leasing is a, "rent with an option to buy" program, wherein there is a fee for that purchase privilege and, with very competitive interest rates can be a great option, especially if you are not convinced you are going to keep the car.
I think any discussion on the national economic crises, its origins, and the role of the American public in the undermining of the credit system might be better analyzed in a different thread.
I think any discussion on the national economic crises, its origins, and the role of the American public in the undermining of the credit system might be better analyzed in a different thread.
Oct 27, 2011, 10:19 PM
#40
Leasing is a, "rent with an option to buy" program, wherein there is a fee for that purchase privilege and, with very competitive interest rates can be a great option, especially if you are not convinced you are going to keep the car.
I think any discussion on the national economic crises, its origins, and the role of the American public in the undermining of the credit system might be better analyzed in a different thread.
I think any discussion on the national economic crises, its origins, and the role of the American public in the undermining of the credit system might be better analyzed in a different thread.
Oct 28, 2011, 01:37 AM
#42
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really though, id go with financing it, i just looked at a 2003 EVO Viii, with 3600 down it would only cost me 300 a month with 209 a month insurance on both my 03 lancer es and a 03 EVO VIII, and thats with me being under 25, single, and financing both cars... its worth looking into. Also i pay 300 a month on my ES because the place i bought it from only finances for 22 months.
Oct 28, 2011, 03:38 AM
#43
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1. Leasing isn't always a bad thing. Usually people who have default, negative opinions about leasing A. Have never done so B. Got screwed on a lease deal because they didn't understand the minutiae of lease contracts.
2. Leasing a car you plan to mod esp. if you don't have the wrenching skills is not a good idea.
3. Leasing or buying a car knowing you can barely afford the monthly payments is not a good idea.
4. "Buying" a car isn't the same as having the ability to "Afford" the car. Plenty of Evo owners can afford the monthly payment but much fewer have the ability to pay for the Evo in cash, if needed. This is a fundamental principle in American debt.
5. Leasing to own (ie buying a car after leasing) is ALWAYS the most expensive route. It also makes least sense because you limited your mileage during ownership (and carried the mental stress) when you could have done as you please by financing or purchasing outright.
6. Lastly, the Evo is such a delectable car that plenty of GUYS will sacrifice parts of their lives just to own one, even for a hot second. You know that Evo owner who spent thousands on his car? Yeah, he doesn't spend that much on his family or kids, I promise you. "No house, no steady income, no education? I'm good cuz I got my NTO3's man!!!"
2. Leasing a car you plan to mod esp. if you don't have the wrenching skills is not a good idea.
3. Leasing or buying a car knowing you can barely afford the monthly payments is not a good idea.
4. "Buying" a car isn't the same as having the ability to "Afford" the car. Plenty of Evo owners can afford the monthly payment but much fewer have the ability to pay for the Evo in cash, if needed. This is a fundamental principle in American debt.
5. Leasing to own (ie buying a car after leasing) is ALWAYS the most expensive route. It also makes least sense because you limited your mileage during ownership (and carried the mental stress) when you could have done as you please by financing or purchasing outright.
6. Lastly, the Evo is such a delectable car that plenty of GUYS will sacrifice parts of their lives just to own one, even for a hot second. You know that Evo owner who spent thousands on his car? Yeah, he doesn't spend that much on his family or kids, I promise you. "No house, no steady income, no education? I'm good cuz I got my NTO3's man!!!"
Oct 28, 2011, 06:18 AM
#45
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Leasing can be beneficial to those who could actually afford to finance to buy but would rather use the extra disposable income from a lower monthly payment to A) pay off other debts or B) use the extra cash to make money (stocks etc). That extra cash adds up over the lease life and if you know what your doing you can lower your debt levels or add cash value in the market eventually freeing up more cash for the lease buyout. So theoretically you can lease to serve other options rather than tying all your money into a payment where the end result is the same.
If you do lease because you can't afford the finance to buy option then your definitely going to screw yourself and pay more in the longrun as to be able to afford the car buyout at the end after a 4 year lease your paying interest etc. on a 7-8 year finance term (financing the 17,500 residual for another 3 years @ a even higher monthly than the original finance to own) instead of 5 or 6 year. If you can only handle a 400 p/mo payment from the start you more than likely wont be able to afford a 800 p/mo payment to pay off the residual in 2 years to be at the 72 mo finance to own timeframe at say 600 p/mo initially. SO you'll end up bailing on the car after the 4 year lease and be left with nothing to put down on the next car. To keep the EVO after lease and still only pay 400 p/mo you'd end up financing the thing for almost 9 years of interest which is a big no-no.
Honestly the EVO is a good enough car that you won't be disappointed with it for 4 years without mods (some care, some don't but it isn't absolutely necessary) and if your driving habits don't overextend your mileage limits then leasing isn't as bad as some say it is. The EVO's residual is horrible compared to BMW, AUDI etc but the cost to buy it out at the end is do-able and makes sense as most 2008 are selling for more than the 17,500 residual on the 2011 EVO's. If you manage your money correctly you can end up in the same place you would buying or leasing but you've been able to have more disposable income over the course of time. Yes putting more down or buying the car outright is always better but leasing isn't a horrible idea if it works for you.
I'm mearly saying (not arguing my point) there are benifits both ways and there are absolutely better ways of financing a car but leasing isn't absolutely stupid if you plan and work your numbers.
I took this route and I'm sure other have as well. I don't regret it at all as I negotiated a great deal with my dealer, mileage and no mods fit my lifestyle and I am financially stable at this point in my life. It all depends on each persons specific financial/lifestyle situation at this point in time in their life. I could of financed to own initially and been able to afford the payment but I just started a family and wanted the extra disposable income for the next 4 years, knowing that 4 years from now I can afford a higher payment as I will be cutting debts down and making money on my extra money.
There are some people out there that don't give a **** and will pay the extra interest costs to have the car they want...it doesn't mean they are stupid its just their choice and thats none of my business...I'm just saying I personally planned it out so I wouldn't incur the extra costs (in the end) and still benefit from extra cash each month.
If you do lease because you can't afford the finance to buy option then your definitely going to screw yourself and pay more in the longrun as to be able to afford the car buyout at the end after a 4 year lease your paying interest etc. on a 7-8 year finance term (financing the 17,500 residual for another 3 years @ a even higher monthly than the original finance to own) instead of 5 or 6 year. If you can only handle a 400 p/mo payment from the start you more than likely wont be able to afford a 800 p/mo payment to pay off the residual in 2 years to be at the 72 mo finance to own timeframe at say 600 p/mo initially. SO you'll end up bailing on the car after the 4 year lease and be left with nothing to put down on the next car. To keep the EVO after lease and still only pay 400 p/mo you'd end up financing the thing for almost 9 years of interest which is a big no-no.
Honestly the EVO is a good enough car that you won't be disappointed with it for 4 years without mods (some care, some don't but it isn't absolutely necessary) and if your driving habits don't overextend your mileage limits then leasing isn't as bad as some say it is. The EVO's residual is horrible compared to BMW, AUDI etc but the cost to buy it out at the end is do-able and makes sense as most 2008 are selling for more than the 17,500 residual on the 2011 EVO's. If you manage your money correctly you can end up in the same place you would buying or leasing but you've been able to have more disposable income over the course of time. Yes putting more down or buying the car outright is always better but leasing isn't a horrible idea if it works for you.
I'm mearly saying (not arguing my point) there are benifits both ways and there are absolutely better ways of financing a car but leasing isn't absolutely stupid if you plan and work your numbers.
I took this route and I'm sure other have as well. I don't regret it at all as I negotiated a great deal with my dealer, mileage and no mods fit my lifestyle and I am financially stable at this point in my life. It all depends on each persons specific financial/lifestyle situation at this point in time in their life. I could of financed to own initially and been able to afford the payment but I just started a family and wanted the extra disposable income for the next 4 years, knowing that 4 years from now I can afford a higher payment as I will be cutting debts down and making money on my extra money.
There are some people out there that don't give a **** and will pay the extra interest costs to have the car they want...it doesn't mean they are stupid its just their choice and thats none of my business...I'm just saying I personally planned it out so I wouldn't incur the extra costs (in the end) and still benefit from extra cash each month.