8 Year Car Lease = Real Life

teamjordan79

teamjordan79

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http://www.zerohedge.com/news/2015-11-15/wheels-are-about-come-bubble

:rofl:

US auto sales crushed expectations in October

Surprise! Leasing benzes and living at moms is a growing trend:

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.
Click to expand...

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


Edit: car loans hit a trillion for the first time ever.
 
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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.
 
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+
 
mean.gif
 Lease a used car ? wait What ? 
 
jon4rd said:
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.
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..And then he's trying to laugh at someon...

:smh:
 
jthagreat said:
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+
Click to expand...
finally someone on NT with some sense towards the real world take my reps
 
jthagreat said:
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+
Click to expand...
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. 
mean.gif
 
LarryEastwood said:
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?
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repped as well for not expecting everyone to walk for 5 years while they work and save for a dodge like most of nt 
 
GWAP said:
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
Click to expand...

Lol

jthagreat said:
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+
Click to expand...

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
 
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Ive done the used car thing, auctions and buying used. Im good on all that. Just get your credit right and lease.
 
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.
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. 
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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.
 
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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.
 
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