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re: Advice about leasing a car?
Posted on 4/14/14 at 8:06 pm to diddydirtyAubie
Posted on 4/14/14 at 8:06 pm to diddydirtyAubie
quote:
because you're throwing money away.
Explain how you're throwing money away?
I am not looking for a brand new 2014 model, I'm looking for a 2013 lightly used (nothing more than 8,000 miles) which has already seen it's depreciation value kick in.
If I financed the car and bought it paying for the next say 72 months, by the time I'm done paying it's value would have depreciated from 80,000 or so thousand to around 15-20,000 (no dealer will give you more for it). I would have to pay for the upkeep after the warranty as well.
In that span of 72 months, I could have three 24 month leases at around 20,000 per 24 month period, driving an updated model every two years, having zero upkeep costs.
Again, if I were buying a Honda or Ford, I'd agree that leasing makes no sense. However, in this instance it is not the case.
1
Posted on 4/14/14 at 8:08 pm to YStar
quote:
Explain how you're throwing money away?
I am not looking for a brand new 2014 model, I'm looking for a 2013 lightly used (nothing more than 8,000 miles) which has already seen it's depreciation value kick in.
If I financed the car and bought it paying for the next say 72 months, by the time I'm done paying it's value would have depreciated from 80,000 or so thousand to around 15-20,000 (no dealer will give you more for it). I would have to pay for the upkeep after the warranty as well.
In that span of 72 months, I could have three 24 month leases at around 20,000 per 24 month period, driving an updated model every two years, having zero upkeep costs.
Again, if I were buying a Honda or Ford, I'd agree that leasing makes no sense. However, in this instance it is not the case.
Do you have 6 months to a years worth of income saved?
Do you have zero balances on your credit cards?
Do you have student loans/loans paid off?
Do you have a nice chunk in 401k or investments?
Is your house paid for?
Do you have college funds set up for children?
How secure is your job?
This post was edited on 4/14/14 at 8:08 pm
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