NTers who lease their whips? Vol: new whip every 3 years

hulk7280 said:
depends on how much money you owe on the car.. if you owe more then its worth, then they roll that into your new car loan.. if its less.. they pay the car loan off and take whatever extra and put it down on the car. 
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I figured that. Makes sense. Just making sure
 
Degenerate423 said:
Assets put money into your pocket.

Liabilities take money out of your pocket.

So, if you keep leasing cars then you're always paying for a liability.
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if you're concerned about equity in a depreciating asset, you been loss.

And some people want to enjoy things with THEIR money they earned.

Can't take it with you bro
 
Me paying a leasing agreement just feels like another bill to me. Not worried about financing since that car will get traded in 3-4 years down the line.


Just depends on the whip and what will work in favor. Maybe in the next chapter of my life ill look to own a car.
 
Fontaine said:
if you're concerned about equity in a depreciating asset, you been loss.

And some people want to enjoy things with THEIR money they earned.

Can't take it with you bro
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A car isn't an asset to begin with unless it's necessary for your business (ie: Hertz or Avis).  That's the only thing I'm addressing.  Whatever you want to do with your money is your decision, but don't try to say some FA, who graduated from Harvard, is advocating leasing over buying for the average consumer because a car is an asset.  Uninformed NT'ers may run with that and I'm just trying to look out for them.
 
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No one wants to point this out


UrBetterthenME said:
I'd call them andifferent. Thats what they are andifferent. Most people cant afford to buy thereir cars out front, but the goal most the time is to pay off the car. Have a good savings, buy a car you can afford with or without your current jobs based on your savings AND GET SOEMTHING YOU CAN OWN. VS leasing something.
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No wonder you have no idea what you are talking about
 
Leasing is the most expensive way to operate a car.

Buying (financing) a new car every 3-5 is stupid as well if we are talking financially.

If you finance a car and keep it for long period of time you will come out way ahead in the long run and be able to save a lot of money. Buying slightly used car is even better because you avoid a lot the initial deprecitation.

So many people in this country think that they can afford a new car because of the monthly payment but most people in this country cant truly afford brand new cars every 3-5 years whether its leasing or financing. WAY TOO MANY PEOPLE LIVING PAYCHECK TO PAYCHECK, while building no wealth.

Then they wonder why they have to work for their whole lives and have trouble making ends meet when they get older or in retirement.

Hey if people want to lease a new car every 3 years go for it but dont try to say that its a cheaper way to operate a vehicle and dont complain when life throws you a curveball and you have no saving and your new car is being repossessed..
 
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If the maybe two hundred monthly payment different in lease vs financing is preventing me from saving for retirement than I have already failed at life before this ''stunting'' in a new whip came about.
 
man some of you talking like people that lease cant afford other things since we want cheaper payments. Not exactly.

like someone simply put it, it all depends on your situation. everyone is different and everyones position will evolve as they move on.

I lease and buy.

has anyone even factored in that A LOT of the equity/negative equity relies on HOW MUCH you pay for your car? If you are a dumb buyer no matter what you do you are losing money. Not everyone negotiates and not everyone analyzes every single digit/number on the contract and or deal. I own a home, 2 cars , 28 and I chose to lease recently.. why?

why not?

I wanted something for 18-28 months before the new redefined model came out, so a lease was perfect for me. I know the GM at the place I leased it from who structured the deal exactly how I wanted it PER MY CREDIT ALLOWING IT TO BE APPROVED. not everyone has good credit. some pay for their mistakes and you move on. simple.

depending on your income, your situation, your credit. ONE or the OTHER can make sense. What someone said is true also...when you finance the car, it aint yours, it's the banks until you pay it off.

secondly, when you lease the car it aint yours, it's the leasing company. If you trade it in it doesn't matter if its a lease or financed vehicle, it's all about value. Value at the time of the transaction determines what you will get for your car. You are not locked away for your lease term...that's all up to you, but of course you need to build some equity before it makes sense for you to get rid of it.

I know a lot of you have homes, cars, and all sorts of things but we all think differently on what our goals are and what we plan on doing in a couple of years. I personally like having a new car every 2-3 years.

I am in the business and I do leases/finance deals on a daily. all different people.. all different scores, all different reasons.

I am one of 4 that do finance for a high volume store that sells 300+ vehicles.

its a 50/50 with NT.
 
Suberzat1 said:
If the maybe two hundred monthly payment different in lease vs financing is preventing me from saving for retirement than I have already failed at life before this ''stunting'' in a new whip came about.
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Over the course of a working career if invested correctly do you know how much money you could have saved at retirement.

You obviously arent familiar with compouding interest. The 8th wonder of the world.

Its also not just about the 200 you save while you are financing the car its the fact that after you pay it off you now have a car that is paid for and then you can invest that payment, but hey some people like having a new car vs building significant wealth.
 
UTVOL23 said:
 
Suberzat1 said:
If the maybe two hundred monthly payment different in lease vs financing is preventing me from saving for retirement than I have already failed at life before this ''stunting'' in a new whip came about.
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Over the course of a working career if invested correctly do you know how much money you could have saved at retirement.

You obviously arent familiar with compouding interest. The 8th wonder of the world.

Its also not just about the 200 you save while you are financing the car its the fact that after you pay it off you now have a car that is paid for and then you can invest that payment, but hey some people like having a new car vs building significant wealth.
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I understand that but at this point in my life I am not looking at the investment like that .
 
Suberzat1 said:
I understand that but at this point in my life I am not looking at the investment like that .
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I hear ya. You are probably pretty young and retirement seems like a long way away but just a little bit invested here and there can result in a large amount of money by the time you retire. The younger you start the more time that money has to grow with the added benefit of interest.
 
hulk7280 said:
 
crcballer55 said:
 
I would ask him what his bank account looks like personally if he's giving out that kind of advice. By that logic, does he only pay cash for assets that increase in value, or are those ones you should leverage too?

Just to be clear, EVERYTHING you own is going down in value to some extent unless you have a limited edition collection, or own real estate.

In this debate, there's clearly 2 camps. Those who think you should buy and hold a vehicle until it's actually not usable, and those who want to lease/finance a car because they think something older than 3-5 years isn't good quality anymore. One is justifying their argument with math and the other by emotion/safety. Either way, it's hard to bridge the gap between two parties with diametrically opposed views.
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he is a finacial advisor and manages hedge funds.. graduated from harvard so, id say he is pretty smart dude.  

he is referring to things you would consider an asset, like a car.. a couch, or a tv isnt really an asset., its something you buy and plan to use without changing out every 3-5 years.. plus they dont have near the cost of a car or depreciate as much as a car.. i know my car has depreciated at least 15k in the last 3 years. 
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OK, but what does his balance sheet look like? Those are his credentials, but the real life numbers matter. I've known LOTS of smart people with good pedigrees who are living beyond their means. And hedge funds are notorious for underperforming the market while charging exorbitant fees. Not saying he's not doing well, but I would make sure he's not underperforming his income before taking that advice. I'm curious as to his strategy regarding appreciating assets.

Hate to break the asset thing to you, but furniture & electronics depreciate even faster than vehicles do. Try hawking a 4 year old computer or TV and getting even 50% of the value you paid. Furniture? Try getting 2/3 of the value just removing it from the furniture store.
laugh.gif
 
 
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heLiumcLinton said:
Suberzat1 said:
heLiumcLinton said:
Suberzat1 said:
Me paying a leasing agreement just feels like another bill to me.
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Financing doesn't?
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But people acting like the only thing you can do is own the car with financing.

Don't be a smart guy
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What?

All I'm saying is whether you lease or finance that's still a bill :lol:
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Son don't be a smart guy. People looking to finance for the most part look to own their car as leasing look for other options maybe lease another car.

I have said more than a few times in this thread that I don't plan to own a car for a while and notes are just bills to me.(this goes for anyway you try and slice what I have said dude).
 
If your leasing it, you dont owe it. Why spend on something you'll never own? Sounds like a finacial mistake. Thats why smart ppl buy a house vs continue renting. You stop renting when you ready to be smart
 
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UrBetterthenME said:
If your leasing it, you dont owe it. Why spend on something you'll never own? Sounds like a finacial mistake
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Could you say the same for renting and owning a house?

I know many people and families that decide to rent instead of own a house.

Why? Because they pretty much all say they want to move, whether it's location, size, price... ect.
 
HAWAII 5O said:
Could you say the same for renting and owning a house?

I know many people and families that decide to rent instead of own a house.

Why? Because they pretty much all say they want to move, whether it's location, size, price... ect.
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The factors of living vs driving a cool car is not even comparable.  Its not even the same. Cars are far more replaceable vs a living space.
 
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