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8 Year Car Lease = Real Life

post #1 of 369
Thread Starter 
http://www.zerohedge.com/news/2015-11-15/wheels-are-about-come-bubble

roll.gif

US auto sales crushed expectations in October

Surprise! Leasing benzes and living at moms is a growing trend:
Quote:
Average loan term for new cars is now 67 months — a record.
Average loan term for used cars is now 62 months — a record.
Loans with terms from 74 to 84 months made up 30% of all new vehicle financing — a record.
Loans with terms from 74 to 84 months made up 16% of all used vehicle financing — a record.
The average amount financed for a new vehicle was $28,711 — a record.
The average payment for new vehicles was $488 — a record.
The percentage of all new vehicles financed accounted for by leases was 31.46% — a record.

...so who's gonna whip that new 3-series for the next decade? nerd.gif


Edit: car loans hit a trillion for the first time ever.
Edited by TeamJordan79 - 11/16/15 at 4:34am
post #2 of 369
Why do people care if you lease or buy? Does it make you a better man because you are financing than someone leasing? No. If people want to stunt in their leased vehicles, let them.
post #3 of 369
Thread Starter 
Quote:
Originally Posted by TheKid3456 View Post

Why do people care if you lease or buy?

it's not about making fun of people who lease, but more about a looming "subprime auto loan crisis"
Quote:
Does it make you a better man because you are financing than someone leasing?

depends on how much money you have and how financially literate you are.
post #4 of 369
Man, a 74 month lease on a used vehicle? So stupid. If you're gonna do all that you might as well buy new so at least you'll get something under warranty for awhile.
post #5 of 369
I am in the boat (or frame of mind) of doing what I can to have enough money to purchase a decent used car outright...

with that said, cars are expensive as hell. This grown up ish sucks.

I am fortunate to make more than the national median average, I do not buy shoes and unnecessary stuff anymore, and just think, I have no clue how folks who have families, make less money, make it happen in this current climate. its hard.

Getting a loan seems the only way to go in order to purchase for some...saving money is difficult

+random rambling/vent+
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post #6 of 369
All I can really say is its tough out here. I cant knock somebody for getting 72 month loan on a used vehicle. If they need to get around and that's the best option for them who cares?
post #7 of 369

:{ Lease a used car ? wait What ? 

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post #8 of 369
I think some of y'all are confusing leasing with buying. And thread title is misleading. The 8-year loan on the car is to buy it. Leasing is just a long term rental.
post #9 of 369
Car sales men juug people with the "tell me how much you can afford a month" question.
post #10 of 369
Quote:
Originally Posted by jon4rd View Post

I think some of y'all are confusing leasing with buying. And thread title is misleading. The 8-year loan on the car is to buy it. Leasing is just a long term rental.


..And then he's trying to laugh at someon...

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post #11 of 369
Damb
post #12 of 369
Quote:
Originally Posted by jon4rd View Post

I think some of y'all are confusing leasing with buying. And thread title is misleading. The 8-year loan on the car is to buy it. Leasing is just a long term rental.

This
post #13 of 369

only somebody with a team jordan screen name would make a thread about financing a car and not even understand the terms he's speaking on

Camden Drive
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Camden Drive
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post #14 of 369
Cars are disproportionately expensive man. Like really, who can afford a new car outright? a very limited set.
post #15 of 369
Quote:
Originally Posted by LuckyLuchiano View Post

Car sales men juug people with the "tell me how much you can afford a month" question.

The biggest jugg ever. Instead of the person negotiating the price of the vehicle.
post #16 of 369
Quote:
Originally Posted by jthagreat View Post

I am in the boat (or frame of mind) of doing what I can to have enough money to purchase a decent used car outright...

with that said, cars are expensive as hell. This grown up ish sucks.

I am fortunate to make more than the national median average, I do not buy shoes and unnecessary stuff anymore, and just think, I have no clue how folks who have families, make less money, make it happen in this current climate. its hard.

Getting a loan seems the only way to go in order to purchase for some...saving money is difficult

+random rambling/vent+

finally someone on NT with some sense towards the real world take my reps

no longer the weeknd of the crew cause beauty behind the madness sucks

giannis is a future nba star

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no longer the weeknd of the crew cause beauty behind the madness sucks

giannis is a future nba star

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post #17 of 369
Quote:
Originally Posted by jthagreat View Post

I am in the boat (or frame of mind) of doing what I can to have enough money to purchase a decent used car outright...

with that said, cars are expensive as hell. This grown up ish sucks.

I am fortunate to make more than the national median average, I do not buy shoes and unnecessary stuff anymore, and just think, I have no clue how folks who have families, make less money, make it happen in this current climate. its hard.

Getting a loan seems the only way to go in order to purchase for some...saving money is difficult

+random rambling/vent+


Agreed 100%.

 

Car prices are MFin' ridiculous now.  Granted, they pack more tech than ever in new cars.  But still, even a mediocre, run-of-the-mill car like an Accord can get pricey.  I have no clue how people afford multiple payments on new cars.  

 

Been saving up to buy a decent used car outright for mad long now.  Somehow, some way, something ALWAYS comes up that prevents me from saving the amount I wanted to. :{

post #18 of 369
Quote:
Originally Posted by LarryEastwood View Post

All I can really say is its tough out here. I cant knock somebody for getting 72 month loan on a used vehicle. If they need to get around and that's the best option for them who cares?

repped as well for not expecting everyone to walk for 5 years while they work and save for a dodge like most of nt 

no longer the weeknd of the crew cause beauty behind the madness sucks

giannis is a future nba star

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no longer the weeknd of the crew cause beauty behind the madness sucks

giannis is a future nba star

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post #19 of 369
Quote:
Originally Posted by GWAP View Post

only somebody with a team jordan screen name would make a thread about financing a car and not even understand the terms he's speaking on

Lol
Quote:
Originally Posted by jthagreat View Post

I am in the boat (or frame of mind) of doing what I can to have enough money to purchase a decent used car outright...

with that said, cars are expensive as hell. This grown up ish sucks.

I am fortunate to make more than the national median average, I do not buy shoes and unnecessary stuff anymore, and just think, I have no clue how folks who have families, make less money, make it happen in this current climate. its hard.

Getting a loan seems the only way to go in order to purchase for some...saving money is difficult

+random rambling/vent+

You're right.........I've already had piratical thinking and when I'm done with this situation I'm in getting used legit decent car. I'm already cut back on sneakers ish drops literally every single weekend now.

Repped
post #20 of 369
Ive done the used car thing, auctions and buying used. Im good on all that. Just get your credit right and lease.
post #21 of 369

The significance of this chart can't be understated.

 

Millenials wonder why they can't get ahead financially? It's because they're trying to stunt on things that go down in value while not saving for emergencies and the future. Until people get out of the mindset of thinking they can afford something because they can "afford" the monthly payment instead of calculating the full value of the item then we're just going to go deeper into this mess.

 

When you've saved up cash to buy something large like a car your purchasing decisions will be completely different because there's a pain factor that goes along with working hard for your purchase. The fact that terms are going longer and payments continue to increase means that we're still going backwards on that trend and Millenials are continuing to finance away their futures.

 

 

Quote:
Most cars lose about 20 percent of their purchase price value before two years have elapsed. Five years marks the Event Horizon for the majority – the point at which their retail value has slipped to about half what they were worth when new. 

 

This is why I like buying cars that are between 2-5 years old with a solid history. Someone already took the hit and I get a good value on a solid car.

post #22 of 369
Yeah, no thanks.
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post #23 of 369
Da 96 month lease. pimp.gif
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post #24 of 369
How can millenials afford to save for anything when most are graduating drowned in student loan debt getting jobs that pay 25-30k lol.

We are we not blaming the baby boomer gen for setting up everyone else to fail.
post #25 of 369
Been seeing a lot of Lexus on the road lately.......
post #26 of 369
Quote:
Originally Posted by PolosandDunks View Post

Quote:
Originally Posted by LuckyLuchiano View Post

Car sales men juug people with the "tell me how much you can afford a month" question.

The biggest jugg ever. Instead of the person negotiating the price of the vehicle.

I mean some people can really only afford to pay $250 every month for a extra year instead of $400 for a shorter term

Especially if you living close to paycheck to paycheck that $150 makes a huge difference in a month
post #27 of 369
Quote:
Originally Posted by heLiumcLinton View Post
 
Quote:
Originally Posted by PolosandDunks View Post
 
Quote:
Originally Posted by LuckyLuchiano View Post

Car sales men juug people with the "tell me how much you can afford a month" question.

The biggest jugg ever. Instead of the person negotiating the price of the vehicle.

I mean some people can really only afford to pay $250 every month for a extra year instead of $400 for a shorter term

Especially if you living close to paycheck to paycheck that $150 makes a huge difference in a month

 

If you're living that tight, you especially can't afford a car payment. Not only are you paying out $250/mo, your car will be worth half its value by the time your terms are up.

post #28 of 369

what a time...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TO BE ALIVE!!!!!

post #29 of 369
People living paycheck to paycheck also don't need to be in entry level luxury, financed out the ears for 5+ years, but I see it all the time.

Our priorities are just F'd as a society. Uber consumerism is terrible, but the bulk want to keep up with the Jones'
post #30 of 369
Quote:
Originally Posted by Chopper View Post

People living paycheck to paycheck also don't need to be in entry level luxury.

Our priorities a just F'd as a society. Uber consumerism is terrible, but the bulk want to keep up with the Jones'

Im middle class and wont dare touch a luxury whip with a 10 foot pole lol, at most I may cop a lexus for my next whip but i dont see that happening for at least another decade. I can afford a German Car note now but im not gonna do it to myself. Ill leave that to those in the upper echelon
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