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Before you buy your next car...

Discussion in 'Pics and Videos Buffet' started by agh1889, Oct 18, 2019.

  1. agh1889

    agh1889 Member Established Member

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    Sat down with a good friend of mine who works in the new car sales business, he walked me through how not to get burn when signing a lease.

     
  2. johnkn

    johnkn Well-Known Member Established Member

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    "How to not get burned when leasing a car" = "Don't lease a car"

    The End.....
     
  3. Double"O"

    Double"O" N2S come get some Established Member

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    Sure as **** dont lease...when i bought my last f150 they begged me to lease it
     
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  4. Junior00

    Junior00 You're Wrong Established Member

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    Are we 100% sure the OP hasn’t been cracked in the noggin by the neighbor’s errant basketball shot?
     
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  5. jeffh81

    jeffh81 Never Leaving Established Member

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    What about when I go to buy new stucco?
     
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  6. einehund

    einehund Well-Known Member Established Member

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    Seriously, what is the purpose of leasing? Is it the cheaper way to look like you have more money than you do? Because that sounds dumb.
     
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  7. DAVESVT2000

    DAVESVT2000 Well-Known Member Established Member

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    My girl had three Ford Focus’ in a row, all 5 sp sticks.

    she wanted to move up to a Ford Escape, but wasn’t sure if she would like it, first suv, automatic transmission, etc.

    So we decided to lease it, two years, zero down, $330/month.

    if she didn’t like it, no big deal, get her back into a car when the lease was up.

    well, she fell in love with it. Then she saw the Lincoln version the MKC, so when the lease ended earlier this summer, we turned it in, and bought a 2019 MKC, and she couldn’t be happier.

    so for us a lease was more of an experiment if you will, no obligation, no maintenance, not owning a depreciating asset.
     
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  8. CobraBob

    CobraBob Authorized Vendor Premium Member Established Member

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    There was a time when leasing a car was a good option. I remember one of the first leases I had, my buy-out was two grand lower than the resale value of the vehicle. So I bought it, sold it, and made just under $2K profit. My down payment was near zero on those early leases. Leases have changed over the years and IMO they're no longer financially a good deal. There are probably exceptions, but it's too easy to get screwed by the dealership. I learned that the hard way. Many leases now require a hefty down payment, in excess of $5K. In large part to try to make the monthly payment look more appealing. JMO.

    One thing I hate about a 3-4 year lease is that you're locked in (obligated) for that term, less any months a dealer will buy at the end of the term towards a new vehicle. If you find you don't like the vehicle after, say, a year, you're stuck until the end of the term. A dealer usually won't buy back more than 2-3 months of the lease if you want to exit early.
     
  9. johnkn

    johnkn Well-Known Member Established Member

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    'No obligation and you are not owning a depreciating asset'??????

    Are you suggesting you could simply walk away from the lease at any time w/o penalty?

    You were financially obligated under the terms of the lease, and while you did't own a depreciating asset you were paying for the depreciating asset.
     
  10. johnkn

    johnkn Well-Known Member Established Member

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    There was. Back when certain tax advantages may have come into play. Those days have gone the way of the DoDo bird...
     
  11. DAVESVT2000

    DAVESVT2000 Well-Known Member Established Member

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    I should have said no obligation to purchase at the end of the lease.
     
  12. CompOrange04GT

    CompOrange04GT I like Wood, and not Oak in my butt Established Member

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    This video was worse than dating a cop
     
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  13. 13COBRA

    13COBRA Resident Ford Dealer Premium Member Established Member

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    Psh, cops are freaks haha
     
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  14. coposrv

    coposrv Well-Known Member Established Member

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    Our accountant tells us to lease vs buy most everything for the time being. We don’t have to depreciate and we can write it all of as if it things were a rental in a way. You can set up options to lease just about anything on any terms.


    Sent from my iPhone using the svtperformance.com mobile app
     

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