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Started By
Message
re: Never leased a car before
Posted on 10/18/18 at 3:42 pm to Tiger Attorney
Posted on 10/18/18 at 3:42 pm to Tiger Attorney
quote:
Never leased a car before
Don't do it now
Unless this is a business lease it is not a smart move
1
Posted on 10/18/18 at 3:45 pm to Tiger Attorney
quote:
The 19k with nothing to show 3 years later was the tough part to wrap my head around.
how much value does a 3 yr old acura rdx lose in 3 years with 45k miles on it anyways?
Posted on 10/18/18 at 4:06 pm to 756
I'm not wholly against leasing a car but there is a wrong way to do it...and putting a lot of cash down at the front-end is a bad idea.
I realize its the MTB and everyone sees a car as a means of A to B and little more...but some people like nice cars the same way that others have hobbies (hunting, golf, etc.). A larger car note can still be a part of a balanced budget even if it's not the way you would generally spend your excess hobby money.
I realize its the MTB and everyone sees a car as a means of A to B and little more...but some people like nice cars the same way that others have hobbies (hunting, golf, etc.). A larger car note can still be a part of a balanced budget even if it's not the way you would generally spend your excess hobby money.
Posted on 10/18/18 at 8:18 pm to Chad504boy
quote:about what he will pay minus the finance charge.. and that's before the dealer tries to frick you on trade in. And you better hope you don't get in a fender bender because the dealer will be shoving that Carfax in your face.
how much value does a 3 yr old acura rdx lose in 3 years with 45k miles on it anyways?
Leasing is a good option if you trade out cars every few years.
Put as little money down as possible
Check out the lease hacker forum to get an idea of the deals available
Work with a lease broker to try and find the best deal possible, even if it is a few hundred miles away. After he finds the best deal blast emails to every dealer in the state telling them you are buying today and this is your current deal, who wants to sell a car today.
Some cars lease well some don't. Lease hacker will give you a good idea on if the model you want is a good lease.
This post was edited on 10/18/18 at 8:25 pm
Posted on 10/18/18 at 8:33 pm to diat150
quote:
Leasing is a good option if you trade out cars every few years.
I have heard this forever but I don’t quite understand why. Are your lease payments covering the same amount of depreciation as a car that you purchased? Plus whatever profit the manufacturer / dealer is making. Or maybe I am missing something.
Posted on 10/18/18 at 8:43 pm to weagle99
The bank sets the amount that they expect the car to be worth at the end of the lease. So basically you are paying the difference between that price and the purchase price of the vehicle. On top of that you have the finance charge. So basically you are financing the expected depreciation of the car. That's why some cars lease well and some dont.
Leasing isn't for everybody but it works for some people. If you trade cars out every few years, depending on what you lease, it can work for you.
Leasing isn't for everybody but it works for some people. If you trade cars out every few years, depending on what you lease, it can work for you.
Posted on 10/18/18 at 11:16 pm to Tiger Attorney
Under no circumstance do you put $7,500.00 down on a lease. Should you total the car after a month you have lost all $7,500.00
Posted on 10/19/18 at 12:25 am to Tiger Attorney
quote:
Attorney
Can you share which law firm you work out of so I can avoid that place like the plague?
quote:
Shopping new houses in old metairie
quote:
Wife wants a '19 Acura
This is just a disaster. You must be trolling
Posted on 10/19/18 at 6:50 am to Skippy_
Gosh, I thought the same thing...attorney with “businesses” who can’t calculate on his own whether leasing makes sense in his circumstances? Ugh.
Posted on 10/19/18 at 7:33 am to Tiger Attorney
If you want to lease a car, don't put ANY money down. I lease and they put the TTL into the note. The first time I leased, I paid the first month with nothing down and that was it. Now I don't put the first month down on a new lease.
If you are going to put $20,000 down, you might as well buy the car. If you put $15k or $20k down for a lease, you don't get that money back.
If you are going to put $20,000 down, you might as well buy the car. If you put $15k or $20k down for a lease, you don't get that money back.
Posted on 10/19/18 at 10:12 am to hungryone
quote:
Gosh, I thought the same thing...attorney with “businesses” who can’t calculate on his own whether leasing makes sense in his circumstances? Ugh.
Being a lawyer has nothing to do with finances, not sure why you’d assume it does? Most lawyers don’t enjoy math and that’s part of the reason they are lawyers. Plenty of people have become very good at business and not been great at finances. I agree it helps but is not always a necessity.
Given that, the biggest savings on leasing is in the states where you get a sales tax benefit. Not paying sales tax on a $40k+ vehicle that you plan on replacing in 2-4 years is usually the difference maker in making leasing a viable option.
Posted on 10/19/18 at 12:17 pm to weagle99
quote:
I have heard this forever but I don’t quite understand why
I hear this a lot too and my question is why would you trade out cars every few years anyway?
Posted on 10/19/18 at 12:58 pm to Howyouluhdat
quote:
I hear this a lot too and my question is why would you trade out cars every few years anyway?
Personal preference. Some people enjoy having the latest and greatest, newest tech, etc. Not everyone wants to drive a Camry for 300k miles til the wheels fall off.
Posted on 10/19/18 at 3:01 pm to baldona
Cmon,, attorneys deal with trusts, estates, community property settlements, child support and alimony calculations, real estate contracts and settlements, corporate tax filings and myriad other matters of the law that involve money and math. Additionally, a law graduate should be capable of reading and synthesizing fairly advanced material, including the zillion and one analyses on car leasing to be found on the internet.
If you think people choose law school bc they’re bad at math, you know some terrible attorneys.
If you think people choose law school bc they’re bad at math, you know some terrible attorneys.
Posted on 10/19/18 at 3:02 pm to 632627
quote:
Personal preference. Some people enjoy having the latest and greatest, newest tech, etc. Not everyone wants to drive a Camry for 300k miles til the wheels fall off.
Man you really missed the median here
Posted on 10/20/18 at 9:04 am to Tiger Attorney
Sink 20k into a car you’ll never own. Don’t lease
This post was edited on 10/20/18 at 9:06 am
Posted on 10/20/18 at 10:17 am to Tiger Attorney
People that lease typically don't look at it as a financial savings tool. The ones I know like keeping a new car, and it saves them the hassle of buying/selling. Typical profile is a person who is financially secure.
Posted on 10/20/18 at 1:04 pm to hungryone
quote:
If you think people choose law school bc they’re bad at math, you know some terrible attorneys.
Have a ex-girlfriends that is an attorney she could not have less knowledge or understanding of financial matters if she tried, I know that's just one case, but they do exist.
Posted on 10/20/18 at 1:50 pm to EA6B
quote:
Have a ex-girlfriends that is an attorney she could not have less knowledge or understanding of financial matters if she tried, I know that's just one case, but they do exist.
I have friends who are attorneys who can't figure out how to tip 20% after dinner. I also have friends who are attorneys who can do math on the fly that blows me away.
Unless the attorney practices in an area in which math is relevant, I imagine we, as a cross section, are fairly similar to any cross section done of the general population.
Posted on 10/20/18 at 7:27 pm to Hamma1122
quote:
Sink 20k into a car you’ll never own. Don’t lease
Do you understand how interest and depreciation works?
If you buy a new vehicle, you’ll sink 20k into it regardless. Leasing only puts you on a schedule to replace it and renew the terms.
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