Huh? I was talking about millenial, always in someone's pocket. It's embarassing.
Damn some pretty uneducated responses in here. First off, what the **** is a 8 year lease? OP on some fufu **** papi. Most you can lease a car is for 4 years and if you do that, you a panzy idiot. Coming from a former car salesmen (worked for a local MB dealer), the 6 year term is becoming the norm.
Few years ago, the typical loan was around 60 months (5 years). They upped it to 72 so the banks can continue the finesse and so car manufacturers can continue to increase the prices of their cars. I just saw that Civics damn near start at $20k now?!?! Pending one's interest rate, the longer you pay on a loan the more the banks make on the back end.
Leasing is the way to go though. But not leasing just any car ya kno? Leasing luxury cars (Jags, Benz, Audi, Lexus, Bimmer). Reason? You can drive a new luxury vehicle for 3 years for around $7k out of your pocket. Could you buy a used car for that amount? Of course. But at least you don't have to worry about the maintenance of the vehicle (warranty, oil changes included). But leasing Honda's, Toyota's, and others is just dumb. Downside? The mileage limit. If you have to drive a lot (more than 10k miles a year) I wouldn't recommend a lease. You can always get more mileage for your lease (up to 15k miles) but you're going to pay more monthly. After your lease term, you can turn the car back in and lease another or you can finance the car you leased, or pay the car off and its yours. Leasing is the most flexible fa sho. When it comes to leasing Hondas, Toyotas, Kia's, and Hyundais, that's just dumber than a ***** putting "everyday" for the "sex" section of a job application. Since these cars are so affordable, after 3 years of lease payments you'd damn near would have at least 30-40% equity in the car. Don't fall for the "cheap" lease option for the affordable car manufacturers. If you want it, finance that **** b.
As far as cars holding their value, the cars that hold the most values are American trucks. After that, I would say that Lexus, Acura, Honda and Toyotas hold their value the most. Mercedes, BMW, Jag, Range Rover, all have the lowest resell value. Kia's and Hyundai's have solid but I don't trust them whatsoever. How you offer a 10 year,100,000 mile warranty on your car? You ain't got faith in your production?
Anywho, I've done this before. But if you have any car buying questions, I'll put you on game. Don't listen to a lot of these responses that have only been on the consumer side of the situation or just read a bunch of BS articles on the internet. I'm the real deal Holyfield
7k for 36 months you say? hmm. When i'm ready it goes down in the pm.