Leasing vs. Buying

[Andrew2382]

Also, care you keep your cars for 10 years each....som epeople don't want a car for 10 years

I sure as hell don't..
I like to get a new car every 3 years or so.

 

[Care4all]

Also, care you keep your cars for 10 years each....som epeople don't want a car for 10 years

I sure as hell don't..
I like to get a new car every 3 years or so.

When we were young, we kept them 6 years each, 3 years we had a car payment and 3 years without a car payment....

Only now, do we keep them for 10 years.....my car is the old one, but i do NOT WORK, have nowhere to go but the grocer....It would be the biggest waste of money that ever existed for me to keep a car younger than 3 years old, continually in my driveway. My husband's car, is 4 years old, heading towards 5 years old.... (I get to pick the next newer car, when we go to trade!!!!! yea!) But truth be known, I will let my hubby drive it to work, and his car will end up in the driveway, home with me....

And Andrew, I felt the same way as you when i was young and working, only 5 years was my cutoff not 3 years....

And as i said, it was much easier to get AHEAD, by owning our cars longer...

AND, by the time i was 40 years old, the two of us, could become a one income family, where only Matthew has to work, and he only works part time.

it's what we wanted....I thoroughly understand that everyone's situation is different!!!

care

 

[Care4all]

RELAX.

Your insurance premiums don't skyrocket

You are required to carry Bodily Injury limits of 100/300...however, regardless if you lease or buy. YOU SHOULD ALL HAVE THOSE LIMITS. The difference between 25/50 and 100/300 might be 40-50 bucks a month as long as your record and credit is good.

However, for the responsible majority it isn't a problem because regardless of buy or lease they all carry those limits

When i leased this car, i was very young, i lived in Miami (car theft capital of the South) and did not have a penny to my name, and did not own a house....i carried car insurance accordingly....after all, you can't get blood out of a turnip....

My car insurance for the lease, nearly DOUBLED my insurance costs at the time.

 

[Andrew2382]

liek I said in a previous post

insurance premium derive on a few factors

Credit
Driving Record
Territory
Vehicle

 

[DavidS]

Why should anyone listen to you DavidS?

You have stated several times on this forum that you Do Not even own a car!!!

Because I was the top salesperson for 3 different Ford dealerships from 2001- 2003. I know the car business in and out. I lived it and breathed it.

 

[Andrew2382]

3 years is hardly living it...

my father has been in the business for 35 years
and brother has been in it for 11

I did it for 2 years and didn't want to take that road even tho one can make A lucrative living

 

[Care4all]

liek I said in a previous post

insurance premium derive on a few factors

Credit
Driving Record
Territory
Vehicle

"Age"....also.....and i was very young at the time....

(I did go from driving a bright orange, used, VW Carmengia to leasing a brand new souped up Ford Thunderbird!!! I'm sure you are right, that the "vehicle" i was insuring probably had some to do with the high cost of insurance!)

 

[Missourian]

RELAX.

Your insurance premiums don't skyrocket

You are required to carry Bodily Injury limits of 100/300...however, regardless if you lease or buy. YOU SHOULD ALL HAVE THOSE LIMITS. The difference between 25/50 and 100/300 might be 40-50 bucks a month as long as your record and credit is good.

However, for the responsible majority it isn't a problem because regardless of buy or lease they all carry those limits

I think you also must carry GAP insurance.

 

[Andrew2382]

I think you also must carry GAP insurance.

You buy Gap insurance through the finance guy at th edealer...even though some insurance companies are beggining to offer it, it is still a little bit different from the gap you buy from the dealer.

Dealer Gap is a lot more expensive thoug but they work it into your finance payment

What gap insurance does is the following

you buy your car for 20 grand, a year later you ower 15 grand on it still

you wreck it

Insurance company only pays you acutal cash value they give you 11 grand for the car

Gap insurance fills the gap needed between the 11 and 15 so you don't lose money out of pocket.

 

[Missourian]

When we were young, we kept them 6 years each, 3 years we had a car payment and 3 years without a car payment....

Only now, do we keep them for 10 years.....my car is the old one, but i do NOT WORK, have nowhere to go but the grocer....It would be the biggest waste of money that ever existed for me to keep a car younger than 3 years old, continually in my driveway. My husband's car, is 4 years old, heading towards 5 years old.... (I get to pick the next newer car, when we go to trade!!!!! yea!) But truth be known, I will let my hubby drive it to work, and his car will end up in the driveway, home with me....

And Andrew, I felt the same way as you when i was young and working, only 5 years was my cutoff not 3 years....

And as i said, it was much easier to get AHEAD, by owning our cars longer...

AND, by the time i was 40 years old, the two of us, could become a one income family, where only Matthew has to work, and he only works part time.

it's what we wanted....I thoroughly understand that everyone's situation is different!!!

care

My daily driver turned 20 this year. 1989 Ford F-150 with a 5.0 V8. I have 212,000 miles on it. When I'm done with it even the junk yard won't take it...I'll have to cut it up and throw it in the trash.

 

[Sunni Man]

I knew nothing about gap insurance untill about 3 months ago.

My oldest son had bought a used car for $10,500

He had a wreck and totaled the car and the insurance only paid $9,000

The gap insurance he had purchased when he borrowed the money from the bank for the car paid the difference.

 

[DavidS]

Also, David is pretty much spot on as much as I hate to admit it.

When it comes to negogiating also there is a limit, because at some point the manager will tell your salesmen to relay the message to you in a subtle way to piss the fuck off. Whatever you do never go in with the attitude of I want to pay 320 bucks a month...because you will get raped. Always look at the final price and then work with Finance

No, there's no limit to negotiating and no manager will tell you to piss the fuck off unless your credit rating is below 500... and even then I've gotten deals done.

Don't come in and expect to pay $100 a month on a $30,000 car with no money down. Be a little smart. Look at your budget and know what you can spend. If you can do $400 a month, come in and tell them you can only do $300 a month. No matter what monthly payment you come in and tell them you can do, they will try to raise you. Well, at least I would. I never, EVER agreed to anyone else's demands for a payment. I'm not a waitor, I don't take orders.

Go in, be professional. Tell them you want a car that can do x, y and z. Tell them what THE most important thing in a car for you is and tell them what you can afford monthly. And don't go in there and tell the salesperson "I'm just looking." I fucking hate that. A car dealership isn't a fucking museum and I'm not a fucking curator here to describe to you in great detail all about this car without making money. Car salespeople make $250 a week in salary IF THAT and only make a percentage of the markup between invoice and the final selling price. Very rarely do they get hold back. If you buy a car at invoice, the salesperson will usually make $50 on that sale. He'll spend 3 or 4 hours and make $50. That's $12.50 an hour. Would YOU work for that little? It's bullshit. The dealerships don't pay the salespeople on hold back (the price the manufacturer pays the dealer to sell the car) and the salesperson barely makes any money and everyone of these fucking customers says "No, I'm just looking." Or "What's the invoice on this car?" I've never gone to a supermarket and said "Can you tell me what you paid for this can of beans? Cause I don't want to pay a dime more." Who the fuck has the balls to say "I don't want your company to make a dime of profit off of me."

The only difference in leasing vs. buying in insurance rates is that you need full coverage in auto insurance for a lease. Honestly, you should have full coverage any way. There are no premiums, no this, no that.

Oh and if you buy a car, get gap insurance. If you drive out the lot and say within the first 90 days your car gets totaled, you still owe $25,000 on a vehicle that is worth $15,000 with no damage. If you total your vehicle, the insurance company will only give you an amount of money for what the car is worth. You'd still owe $10,000. Gap insurance covers the cost between what you owe on a car and what the car is worth in the event your car is totaled.

 

[Care4all]

My daily driver turned 20 this year. 1989 Ford F-150 with a 5.0 V8. I have 212,000 miles on it. When I'm done with it even the junk yard won't take it...I'll have to cut it up and throw it in the trash.

you'd be surprised what the dealer will give you for it....they can get a five hundred to a thousand in scraps for it or more if your tires are good....Matt and i BARELY drove in a car that was 13 years old, (dad owned it for 3 years then sold it to us, and we kept it for 10) to a dealer and they gave us $500 for it, and we worked the deal on the newer car, before we asked them to take the trade on our older car, so we were pretty pleased!

I am looking for a pick up as our next car....we desperately need it up here...just to save on delivery costs on things we are buying for the house we bought...like firewood, mulch, landscaping plants and trees, wood and supplies for a shed we want to build...gravel to regravel the drive, new benches for the outside, new washing machine and those kind of things that we pay out the ying yang for delivery.

looking for one, 1 to 3 years old....but pick ups are built to last much longer than cars....I hear?

care

 

[random3434]

liek I said in a previous post

insurance premium derive on a few factors

Credit
Driving Record
Territory
Vehicle

Why can your rates go up/down because of your credit?

 

[Missourian]

you'd be surprised what the dealer will give you for it....they can get a five hundred to a thousand in scraps for it or more if your tires are good....Matt and i BARELY drove in a car that was 13 years old, (dad owned it for 3 years then sold it to us, and we kept it for 10) to a dealer and they gave us $500 for it, and we worked the deal on the newer car, before we asked them to take the trade on our older car, so we were pretty pleased!

I am looking for a pick up as our next car....we desperately need it up here...just to save on delivery costs on things we are buying for the house we bought...like firewood, mulch, landscaping plants and trees, wood and supplies for a shed we want to build...gravel to regravel the drive, new benches for the outside, new washing machine and those kind of things that we pay out the ying yang for delivery.

looking for one, 1 to 3 years old....but pick ups are built to last much longer than cars....I hear?

care

The car dealer and I have an insurmountable difference of opinion.

He is under the impression he should make a huge profit while I believe he should pay me for advertising his vehicle by driving it.



Seriously, I won't buy anything I can't work on. Even this '89 is too computer reliant for me. I'll be going back to the '70's for my next ride.

If it doesn't rely on carburetion and points/condenser ignition, I won't be driving it.

 

[Missourian]

I am looking for a pick up as our next car....we desperately need it up here...just to save on delivery costs on things we are buying for the house we bought...like firewood, mulch, landscaping plants and trees, wood and supplies for a shed we want to build...gravel to regravel the drive, new benches for the outside, new washing machine and those kind of things that we pay out the ying yang for delivery.

looking for one, 1 to 3 years old....but pick ups are built to last much longer than cars....I hear?

care

My opinion on P/U's...buy an old beater with 4wd. You can insure it like an RV as a seasonal vehicle and put farm tags on it which will save you a bunch of money.

I can tell you old Fords last forever out here. It is very common to see F-100 from the 70's plying the back roads. Parts are easy to come by and easy to install.

Newer Pickups don't have the stamina of the older varieties. Plus you aren't concerned about scratching up an old one like you would be a newer model. That frees you to tackle jobs you might not otherwise attempt.


This is where I go when I have questions : http://www.ford-trucks.com/forums/index.php

JMO, YMMV.

 

[DavidS]

Why can your rates go up/down because of your credit?

Higher risk = higher interest rate. That's the way banks work. In 2002, I got someone a pony edition Mustang for $19,500 with $3K down who had just declared bankruptcy a few months ago and made $450 a month and his credit score was 520. Man, that was one of the best deals I ever did. Still made gross. Gross is an indoor sport. Lost my tie on that one. Invoice was $17,600 I believe. For some reason, those pony editions had a low invoice price. I bet he's still driving the car today.

 

[DavidS]

you'd be surprised what the dealer will give you for it....they can get a five hundred to a thousand in scraps for it or more if your tires are good....Matt and i BARELY drove in a car that was 13 years old, (dad owned it for 3 years then sold it to us, and we kept it for 10) to a dealer and they gave us $500 for it, and we worked the deal on the newer car, before we asked them to take the trade on our older car, so we were pretty pleased!

I am looking for a pick up as our next car....we desperately need it up here...just to save on delivery costs on things we are buying for the house we bought...like firewood, mulch, landscaping plants and trees, wood and supplies for a shed we want to build...gravel to regravel the drive, new benches for the outside, new washing machine and those kind of things that we pay out the ying yang for delivery.

looking for one, 1 to 3 years old....but pick ups are built to last much longer than cars....I hear?

care

If you're getting a pickup, your decision should already be made about getting an F-150. A used F-150 with Tirton 4.6L v8 (don't get the bigger 5.4 unless you're towing) with about 36,000 miles should go for $20K or so on lots. Maybe $22K. There is no better pickup than the F-150. Ask them to throw you in an aftermarket bed protector if they can.

 

[Care4all]

Why can your rates go up/down because of your credit?

They can even charge you higher insurance rates now, if your credit score is low....i saw this on a program on tv...not just insurance for your car, but insurance for your house and insurance for your private health insurance...nothing is private of yours, your employer, insurance companies, different banks etc, can get access to all such info on you....and use it to determine what to charge you, or even whether to hire you....

NONE OF THAT was LEGAL for them to do, when i was young....!

 

[DiamondDave]

Personally.. I keep cars to the wheels fall off... I like not having a car payment.. basic maintenance is not hard to keep up on.. and I really don't care if I have the newest, best looking vehicle... it's a tool to get me and the kids from point A to point B

So I never lease... I just buy a new vehicle about once every 10 years..

But.. if you like not having the hassle of upkeep, and don't mind always having a payment, I guess having a lease can make sense for some