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If you want to own a car for three years, would it better to finance the car for 5 years, and then trade in the car after three years is better option than leasing even though there is something called negative equity?
ОтветитьIt's funny how people see financing as a bad thing because of mecanics, even if there's repair on the car, it's still cheaper than paying for unlimited time. The other funny part with leasing, if I put a downpayment, at the end of the term your downpayment is bye bye, if you payed 10k as downpayment, bye bye your downpayment, at least with a financing, the owner still have a value and ownership, but with leasing anyone can loose big amounts of money easily. The car warranties don't cover everything in a car, if you want them to cover everything, add 2k to 3k more to keep yourself safe from repairing and this is "if something happen", and some people think repairing enter in the changing oil, changing filters and changing tires lol... These are the standard maintenance of any car, and anyone have to know how to mentain his car properly, changing the oil every 6 months or once a year, changing the filter of oil, filter of engin and cabinet filter every 6 month or once a year, and these basic maintenance are not repaire and are not expensive at all, the oil cost 20 to 30 dollars, filters cost 5 to 20 dollars and they can be installed in seconds, so leasing a car is really really westing money, cause paying for a car for infinite time, and for every lease, people put a down payment of 2000 and the loop goes on... Renting a house is better or buying a house?! Lol
ОтветитьWhich is better,Leasing or Financing. Neither. New cars are all junk and not worth the money they want you to be foolish enough to give them for it. I haven't bought a new car in 17 years and don't miss them or the RETARDED payments they want! I have 8 cars and not one newer than the 1990s. My daily is an 1991 Chevy extended cab 4x4 with a 350 and 5 speed manual. I only paid $1,000.00 dollars for it.
ОтветитьGreat job buddy!
ОтветитьBuy used! Pay CASH!
Know a cam shaftvfrom a crank shaft.
Look up the specs on a P-38 Lightning designed 30 years before the Moon landing without computers to fight WWII.
If engineers could do that why have auto companies been redesigning cars. It is not about making good technology for transportation. It has been about making MONEY off techno-moron consumers.
Then the economics profession says nothing about 70 years of consumer depreciation.
Search for:
Bernard London planned obsolescence
Both have its benefits and disadvantages but its really dependent on the consumer too. I work as a mechanic so I don't think leasing is a great option for me but it still might be better than financing in the short run. Its really specific and you really have to weight what works best and what you're willing to give up
ОтветитьTHE MAIN DRAWBACK OF LEASING A CAR IS 1) YOU NEVER BECOME THE OWNER OF THE CAR AT THE END OF THE LEASE UNLESS YOU 2)BUY IT TO BECOME ONE. 3) AT THE END OF THE LEASE YOU DONT KNOW IF U CAN PAY THE FULL REMAINING AMOUNT. 4) IF YOU CANT BUY IT YOU HAVE TO LEASE THE CAR AGAIN. 5) SO EVEN AFTER PAYING AMOUNT U ARE NOT THE OWNER OF THE CAR BECAUSE YOU LEASED THE CAR.
ОтветитьInterest now is at 7.99%. 😂
ОтветитьWhat if you are waiting for the new redesign model to come out to buy. Is a lease recommended for a coupe of years?
ОтветитьDo you know the buy out amount at the beginning of the lease?
ОтветитьThis guy looks weird lmaoooo
ОтветитьLease has so much chargers! Such as rent fee, service contract fee, tax, etc... dealer that never mention prior on leasing.
ОтветитьWhether "long term or short term", it also depends how much you make at the moment. If you have two cars, one can be long term and other short, so one of your favorites and other for just going around, mpg is better, etc.
ОтветитьDave Ramsey calls it Fleasing, and I agree.
ОтветитьPretty straightforward...for Canada.
In the US leases use money factor...rarely disclosed.
You picked a vehicle with low depreciation. The numbers would have been different on a Jeep Compass.
I see a lot of info out there that usually says NOT to ever lease, but now I am ready to lease, heres why.
I have a 2018 ford escape with 22,000 miles that has engine problems that started at 18000 miles. It runs rough and is using coolant with no external leaks. Ford refuses to fix this problem dispite calling their home office. I know the old game...keep pushing it off until the warranty expires then they will say we found the problem and it will cost thousands. I could sue but the cost of a lawyer will also cost me thousands, either way Iam screwed, and have a vehicle that will sell for much less than I should get for it.
So that is why I will now lease...
I used to always be against leasing and would want to just finance vehicles instead since at the end of the term I wouldnt have a car payment anymore. The issue with that is that I found that I still had a car payment regardless in the long run, either because around that time the vehicle has aged and starts showing issues that need expensive repairs or that the repair is so expensive that I would just trade it in for another vehicle instead, and end up being stuck with a car payment again for another 5-7 years. So when you think about it, you're technically always stuck with some sort of payment towards a vehicle, and at some point you're just going to have to get rid of it anyway because of issues or whatever. So I'm honestly thinking of leasing my next vehicle. It'll be new, the payments will be cheaper, plus I'll probably eventually get bored of it and want something different anyway so I'll never have to worry about any major repair costs later down the line. If anything does happen, itll be covered by the manufacturer warranty.
ОтветитьNot if you pay it off in cash. Don’t people know about saving money to get the pay off balance.
ОтветитьMake more sense thank u
Ответитьi'm a long time person, i've been leasing and pay it off within a year and get my title, i've never had to buy out my 3 vehicles after the loan is done, i don't understand all this
ОтветитьWhat a great video !! Thank you !!
Ответить0.99 % ?? It's 8.8% now
ОтветитьInterest Rate is now 7%
ОтветитьI eat bugs
ОтветитьI typically buy with the intent of keeping the car but I’ve had awful luck, my cars end up getting h it or something happens to where it can’t be repaired making me switch vehicles every few yesrs
ОтветитьCan we pay the buy out amount right away and buy without doing monthly payment for a high interest rate
Ответитьvery well said pretty straight forward
ОтветитьLooking at the current scenarios it doesn’t make sense to finance a new car.I am from canada,current difference between leasing and finance interest rate is almost 1.5% here.Also,You can always add lease protection plan while leasing and you don’t have worry about any wear or tears whatsoever ,it may hike your monthly payments a bit but at least you will have a peace of mind at the end of your lease
ОтветитьSo Leasing covers accidents crashes or like stolen?
ОтветитьA bit late in the comments BUT cheapest way to buy the car in your example is to lease. $622 to finance. $344 to lease. Save the difference, $278 a month after 48 months you have $13,344. Pay off lease $12,045 and you have $1,299 surplus.
I am now retired so funding new cars every 3/4 years needs careful financial planning. I have capital, but how many years does this have to last me? Whereas my pension income continues until my death, meaning I can’t outlive my pension. Leasing looks attractive on the surface but my last two cars purchased from new I have traded in my existing 3 yr old car and financed the balance. My capital is intact, after 3 years I own the vehicle out right, rinse and repeat. And it is has worked out cheaper than leasing.
Tip for those who buy new every 3 years or so. Keep details of manufacturers residual value on the car you buy to use in negotiating the trade in value of your car in your future purchase. Particularly useful when buying from same manufacturer again.
My tip: If you MUST buy a Land Rover, Fiat, Alpha Romeo, Jaguar, Audi, BMW, Mercedes, or Chevrolet...LEASE IT!!!
ОтветитьThank you
ОтветитьThe cheapest way, if you can, is buy it with cash without financing.
Ответитьlets say you lease a 60k scat pack for 40k after those 4 years you lose 40k
but if you finanace a 60k scat pack for 4 years you can still sell it for 40k ish after the 4 years and boom your able to drive a scat for 20k for only 4 years basically driving a scat for 5k a year and you can modd it, put as many miles etc
so i dont get leasing you lose so much money!???
Well explained. Thanks!
ОтветитьYou forgot the tax benefits of leasing vs financing. Some folks almost get a full write off.
ОтветитьWhat about lease vs outright? The potential tax benefits?
ОтветитьThank you for the detailed break down!! Saw a couple of videos but nun were this detailed. Thank you. Definitely financing as I plan on keeping the car I want!
ОтветитьWhat about if you buy out your car at the end of the lease with cash and don’t need to finance? Would you still be better off if you keep the car long term?
ОтветитьThanks, glad to know these.
ОтветитьThanh you 😃
ОтветитьGreat video
ОтветитьHey, love your videos. I am currently leasing a vehicle and I am planning on buying it. The lease agreement is up this summer. When I go to the dealership to purchase the car what fees should I be paying and what fees should I not be paying for besides the buyout value of the car. Thank you.
ОтветитьI am an international student. Planning to purchase a car. I plan to return after 4 years after completion of my program. Which option would you prefer me ?
ОтветитьFound a lease deal on the new fiesta st line £5800 in total for two years including deposit? Is that a steal of a deal cus I can’t find anything and I’m certainly not paying 5-6k for these 10-11 plate Audis too. Car market is pathetic
ОтветитьCurrently stuck with no transportation and lost job because of it. Should I buy a car so I can work or figure out how to get to work or even find a job without a car? I’m 20 and if I did get a car I’d get a co-sign or under someone else’s name. Ofc I’m not gonna fck em over and ruin there credit lol
ОтветитьSo if I buy the car
Do I still have to pay money monthly?