8 Year Car Lease = Real Life

Mark Antony said:
Thought about that coupe too, are you leasing one now? got a deal?
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The coupe is crazy and has had no problems as of yet but I gave it to my lil brother and its leased so theres nothing to really worry about...Got a deal also

Whatever you do make sure you lease those Germans/Italians bro. I dont even think I would do CPO unless its under warranty/extended warranty. Repairs could get REAL ugly REAL fast especially with the 6 series.
 
Glad I finally paid off the Bimmer...learned my damn lesson :lol:

I'm driving this jawn till the damn wheels fall off :lol:
 
Frank Mucus said:
Leasing is the better option though.

When I bought my Tesla they didn't offer leasing. I paid the car off full, in cash. That's six figures down the drain b. Plus if they offered leasing when I bought it, I could have upgraded to a new vehicle already.

My Tesla is already considered a "classic" model. It didn't come with the autopilot hardware. If I want those I'd have to spend 5 figures to have it retrofitted or lease/buy a new Tesla.
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I respect the humble brag.

I drive too much for a lease so not ever an option for me. I hate restrictions on mileage.
 
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Mark Antony said:
The problem is ya'll think too black & white. I used to live in a low wage area, with terrible transit, made even worse by an early start to my first job, late end to my second with a class sprinkled in there. Even with the two jobs I still couldn't keep up with bills and emergencies to save for a car. I had to get a note. This "on paper" life you guys preach sounds good, but it's not real life.
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There it is.

This thread has been filled with extreme generalizations from both sides. You think it's so easy to save cash for a decent car? Try doing so making the average living wage. You think your entitled to a brand new '15 Corolla cause you graduated with a B.A. in American History? Good luck.

I know this is going to be a shock to most, but credit is a "necessary evil" for the vast majority of people living in this country. Between the cost of housing, food, living expenses, there is less money to do much of anything. Have a child or two? Even less money to work with.

Credit, like anything, is a tool to be used. If you don't do your homework, or have a plan go in, you can set yourself back for years. I've bought cars straight cash, as well as financed them for different reasons. There is no right or wrong situation. Both were right depending on what I was dealing with at the time.

In before "get a better job to earn more money". Too late.

In before "stop buying luxury items; live within your means". Too late.
 
Al Audi said:
I drive too much for a lease so not ever an option for me. I hate restrictions on mileage.
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I thought I drove too much for a lease too. That was in college but not anymore...Its not like your going to get a lease of 6k miles a year :lol:...Seriously consider it.

If you think you drive too much just get a beater car for cheap cheap and have that leased one.
 
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Give me a Honda and I'm good with car needs for at least 13-15 years.

Repairs are cheap as hell to fix, and almost everything is available aftermarket for a fraction of the cost.

The older you get, you just don't give a **** anymore
 
heLiumcLinton said:
 
crcballer55 said:
 
heLiumcLinton said:
 
crcballer55 said:
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.
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and if you live paycheck to paycheck you can't afford to save up to buy a car either, so what's the answer?


Financing is a common thing for a reason
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Yes you can. You save $250/mo. After a year, you have $3000 to buy a car. Drive the car for a year, keep saving that $250 you would have used for your car payment and put it with the $3000 your car is still worth and buy a $6000 car. Drive that for a year or two and you'll have $9-12000. In a 4 year period, you've just bought a decent used car that will hold its value for a while. Then you can slow down and only save $150-200/mo. and give yourself some more breathing room.

Financing is a common way to buy a car because most people don't realize the financial hit they're taking and only care about the monthly payment.
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Waiting 4 years to get a decent car involving buying and selling multiple cars and waiting 1 year to even have a car in the first place (which isn't even a option for most who need to drive) vs paying $250 for 60 months and having a decent car from the start
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Given the averages, that a car typically loses half its value after 5 years, you're buying a $13,000 car at 5% for 60 months and paying an extra $2000 in interest while the car is worth $6500 at the end of the finance terms. That means the car has actually cost you $8500 or $141/mo. that's just disappeared. On the other hand, given my hypothetical situation, working your way up in car over a 4 year period your car will be worth $15000.

There are PLENTY of cars on Craigslist for $2000. Most are only that low because the model isn't popular. Don't just think that because a car costs so little means it's in bad condition. I sold my first car for $2500 and it had 180k miles on it and still ran great. I just needed something bigger. Get a mechanic to give it a once over and you'll be safe.
 
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crcballer55 said:
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.

Millenials are continuing to finance away their futures.
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Stunting hard in my 09 Honda Odyssey over here :rolleyes
 
crcballer55 said:
The significance of this chart can't be understated.

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.
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:lol: Exactly.

That car sales man won't tell you the total amount you'll be paying at the end of the term, nor will he tell you the interest rate, or amount financed... the only number he will give you is that MONTHLY AMOUNT number.

Never finance with the dealer unless you qualify for those incentives. Always and I mean always have your financing completed prior to even walking into a dealership!
 
crcballer55 said:
 
ses half its value after 5 years, you're buying a $13,000 car at 5% for 60 months and paying an extra $2000 in interest while the car is worth $6500 at the end of the finance terms. That means the car has actually cost you $8500 or $141/mo. that's just disappeared. On the other hand, given my hypothetical situation, working your way up in car over a 4 year period your car will be worth $15000.

There are PLENTY of cars on Craigslist for $2000. Most are only that low because the model isn't popular. Don't just think that because a car costs so little means it's in bad condition. I sold my first car for $2500 and it had 180k miles on it and still ran great. I just needed something bigger. Get a mechanic to give it a once over and you'll be safe.
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Bro what don't you understand, a person that is just getting by cares about the present. I don't care about how much it cost me in the long run or how I can make financially make a sound decision that will benefit me in the next 5 years when I'm worrying about how I'm paying my rent this month and getting to work the next few months.

Can I afford to pay $250 every month on a car note? Yes

Can I afford to save $250 and figure out a way to work, with a longer commute, in all types of weather and become a car salesman every year just to save $2000? Sure I can, is it worth it? IMO nope
 
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heLiumcLinton said:
 
crcballer55 said:
 
ses half its value after 5 years, you're buying a $13,000 car at 5% for 60 months and paying an extra $2000 in interest while the car is worth $6500 at the end of the finance terms. That means the car has actually cost you $8500 or $141/mo. that's just disappeared. On the other hand, given my hypothetical situation, working your way up in car over a 4 year period your car will be worth $15000.

There are PLENTY of cars on Craigslist for $2000. Most are only that low because the model isn't popular. Don't just think that because a car costs so little means it's in bad condition. I sold my first car for $2500 and it had 180k miles on it and still ran great. I just needed something bigger. Get a mechanic to give it a once over and you'll be safe.
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Bro what don't you understand, a person that is just getting by cares about the present. I don't care about how much it cost me in the long run or how I can make financially make a sound decision that will benefit me in the next 5 years when I'm worrying about how I'm paying my rent this month and getting to work the next few months.

Can I afford to pay $250 every month on a car note? Yes

Can I afford to save $250 and figure out a way to work, with a longer commute, in all types of weather and become a car salesman every year just to save $2000? Sure I can, is it worth it? IMO nope
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It's not that I "don't understand". It's that with that mindset, a person will always be worrying about "paying my rent this month". Without a plan for the future, that is the only way to go through life and from all the numbers less people are planning for the future despite the warnings from the Baby Boomers of the consequences when that happens.
 
I'm speaking from experience

I couldn't afford to save for a year and repeat the cycle for 4 years just to get a decent car, and I'm doing pretty fine right now :lol:
 
crcballer55 said:
It's not that I "don't understand". It's that with that mindset, a person will always be worrying about "paying my rent this month". Without a plan for the future, that is the only way to go through life and from all the numbers less people are planning for the future despite the warnings from the Baby Boomers of the consequences when that happens.
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How old are you?

You're well versed in saving and things do you still collect sneakers?
 
millenial said:
 
I work for BMW of North America and I can say that around 80% of new bmws are leased and with the 3 series or models around that level you can lease them for only around $400 a month which many of the people can afford that are in the $40-50k a year income range
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Lol making $20-$25/hr and leasing luxury. That's the problem right there.
 
Could never imagine touching luxury unless my finances were straight and everything else was fully paid off in my life
 
most ppl live above their means that's common we gotta let people live . most people wanna ride clean most people can't save good enough money to put down u gotta get what u want I guess
 
Nothings wrong with making $25/hr and leasing a luxury.

My homie makes about that and just leased a Q50 for $350/month. Single guy, no outstanding expenses. Everyyones different, if he had a family and whatnot then it woudnt exactly be wise.
 
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millenial said:
I work for BMW of North America and I can say that around 80% of new bmws are leased and with the 3 series or models around that level you can lease them for only around $400 a month which many of the people can afford that are in the $40-50k a year income range
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Is that income gross or net? And what part of the country are you, if you don't mind me asking?





...
 
Frank Mucus said:
Leasing is the better option though.

When I bought my Tesla they didn't offer leasing. I paid the car off full, in cash. That's six figures down the drain b. Plus if they offered leasing when I bought it, I could have upgraded to a new vehicle already.

My Tesla is already considered a "classic" model. It didn't come with the autopilot hardware. If I want those I'd have to spend 5 figures to have it retrofitted or lease/buy a new Tesla.
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View media item 1776611
 
BeezyGotSole said:
millenial said:
 
I work for BMW of North America and I can say that around 80% of new bmws are leased and with the 3 series or models around that level you can lease them for only around $400 a month which many of the people can afford that are in the $40-50k a year income range
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Lol making $20-$25/hr and leasing luxury. That's the problem right there.
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25/hr is $50k bruh... You can afford to lease a decent car with that :lol:



Seriously though I plan on leasing the new Lexus GS someone convince why this is the right or wrong thing to do.

Single.
No kids.
Rent paid for every month easy.
 
This is NT, everyone drives an M3 or DA Hemmi
 
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