bought my baby
08-13-2003, 06:42 AM
#1
Cruisin'
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bought my baby
I originally leased my 2002 TL-S. Last week I was at the bank doing some business & saw "used" auto rates at 4%! Maybe that's high, maybe it's low, but I jumped all over it!
Went to the car, called the finance company & got the payoff/purchase amount. Went back inside, did a little paperwork & walked out with a check that I overnighted to the leasing company.
Now that she's mine, I have that "new car feeling" all over again! I WILL NEVER LEASE ANOTHER VEHICLE
Went to the car, called the finance company & got the payoff/purchase amount. Went back inside, did a little paperwork & walked out with a check that I overnighted to the leasing company.
Now that she's mine, I have that "new car feeling" all over again! I WILL NEVER LEASE ANOTHER VEHICLE
08-13-2003, 07:59 AM
#2
The axeman Cometh
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4%used is great. Generally, that rate is reserved for new car purchases with used rates staying around 5.5-6.5% depending on age, condition, etc..
Leasing a car is not smart. Why do you think all of the car dealers are pushing that option. It is a hige cash cow for them and they put themselves in a win-win situation. Bottom line, if you cant afford to make "normal" payments, you cant afford the car. I am a financial planner and help people with these types of decisions all of the time. Car's in general are a necessary evil. The best thing to do is find one that you can afford and treat it properly (dont skimp on service intervals etc..) and drive it until it cannot run anymore or a repair will greatly exceed the residual value of the car.
Save your money for things that appreciate in value...not something that loses 10-15% the moment you take ownership.
OK, I am off the soap box now. Enjoy your "new" car!!!
Axe out.
Leasing a car is not smart. Why do you think all of the car dealers are pushing that option. It is a hige cash cow for them and they put themselves in a win-win situation. Bottom line, if you cant afford to make "normal" payments, you cant afford the car. I am a financial planner and help people with these types of decisions all of the time. Car's in general are a necessary evil. The best thing to do is find one that you can afford and treat it properly (dont skimp on service intervals etc..) and drive it until it cannot run anymore or a repair will greatly exceed the residual value of the car.
Save your money for things that appreciate in value...not something that loses 10-15% the moment you take ownership.
OK, I am off the soap box now. Enjoy your "new" car!!!
Axe out.
08-13-2003, 08:34 AM
#3
Originally posted by axeman
if you cant afford to make "normal" payments, you cant afford the car.
Axe out.
if you cant afford to make "normal" payments, you cant afford the car.
Axe out.
And actually that's about right rite now for auto loans. I purchased a used TL a few months ago and got a 4% rate as well...
08-13-2003, 08:37 AM
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leasing may not be the best way to go. But it's great for people who can not decide on what kind of car they want or like to have that new car feeling every 3 years. I've been leasing cars for a few years now and i must say I will never purchase another used vehicle again.
08-13-2003, 10:59 AM
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The axeman Cometh
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I dont mean to continue to badger those that feel that leasing is better however:
1) You must distinguish between that "want" and "need" of a car.
2) I suppose that you have resigned yourself to the fact that you will always be in a car payment of some type. I assure you though, that once you own your car outright and no longer have to make payments to a bank for the priviledge of driving, you will be aware of exactly how much the payments add up over time.
After I paid off my last car, I continued to make payments to myself for the year after that equalled the payments I was making to the bank. After 1 year, I had nearly 6k saved up that was mine
After a while doing this, you will start to regard car payments as hideous and will do all that you can to minimize the outflow on a monthly basis.
I am not just stating these truths about cars. Examine all of your monthly obligations and amortize them out to a 1 year period. 50/month doesn't seem bad for cable tv however 600/year seems to bite a little harder. Do you see what I am getting at??
I am sure that I am a little older then most on this board and I have gone through the iterations many times. I am not saying to pinch pennies, however if you treat your expenses as such and do all that you can to minimize the outflow, you may just be driving that new Porsche 911 that you paid with cash in a few short years!!
OK, I climbed back on and am off again
CYA,
Axe
1) You must distinguish between that "want" and "need" of a car.
2) I suppose that you have resigned yourself to the fact that you will always be in a car payment of some type. I assure you though, that once you own your car outright and no longer have to make payments to a bank for the priviledge of driving, you will be aware of exactly how much the payments add up over time.
After I paid off my last car, I continued to make payments to myself for the year after that equalled the payments I was making to the bank. After 1 year, I had nearly 6k saved up that was mine
After a while doing this, you will start to regard car payments as hideous and will do all that you can to minimize the outflow on a monthly basis.
I am not just stating these truths about cars. Examine all of your monthly obligations and amortize them out to a 1 year period. 50/month doesn't seem bad for cable tv however 600/year seems to bite a little harder. Do you see what I am getting at??
I am sure that I am a little older then most on this board and I have gone through the iterations many times. I am not saying to pinch pennies, however if you treat your expenses as such and do all that you can to minimize the outflow, you may just be driving that new Porsche 911 that you paid with cash in a few short years!!
OK, I climbed back on and am off again
CYA,
Axe
08-13-2003, 04:27 PM
#6
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Originally posted by axeman
I dont mean to continue to badger those that feel that leasing is better however:
1) You must distinguish between that "want" and "need" of a car.
2) I suppose that you have resigned yourself to the fact that you will always be in a car payment of some type. I assure you though, that once you own your car outright and no longer have to make payments to a bank for the priviledge of driving, you will be aware of exactly how much the payments add up over time.
After I paid off my last car, I continued to make payments to myself for the year after that equalled the payments I was making to the bank. After 1 year, I had nearly 6k saved up that was mine
After a while doing this, you will start to regard car payments as hideous and will do all that you can to minimize the outflow on a monthly basis.
I am not just stating these truths about cars. Examine all of your monthly obligations and amortize them out to a 1 year period. 50/month doesn't seem bad for cable tv however 600/year seems to bite a little harder. Do you see what I am getting at??
I am sure that I am a little older then most on this board and I have gone through the iterations many times. I am not saying to pinch pennies, however if you treat your expenses as such and do all that you can to minimize the outflow, you may just be driving that new Porsche 911 that you paid with cash in a few short years!!
OK, I climbed back on and am off again
CYA,
Axe
I dont mean to continue to badger those that feel that leasing is better however:
1) You must distinguish between that "want" and "need" of a car.
2) I suppose that you have resigned yourself to the fact that you will always be in a car payment of some type. I assure you though, that once you own your car outright and no longer have to make payments to a bank for the priviledge of driving, you will be aware of exactly how much the payments add up over time.
After I paid off my last car, I continued to make payments to myself for the year after that equalled the payments I was making to the bank. After 1 year, I had nearly 6k saved up that was mine
After a while doing this, you will start to regard car payments as hideous and will do all that you can to minimize the outflow on a monthly basis.
I am not just stating these truths about cars. Examine all of your monthly obligations and amortize them out to a 1 year period. 50/month doesn't seem bad for cable tv however 600/year seems to bite a little harder. Do you see what I am getting at??
I am sure that I am a little older then most on this board and I have gone through the iterations many times. I am not saying to pinch pennies, however if you treat your expenses as such and do all that you can to minimize the outflow, you may just be driving that new Porsche 911 that you paid with cash in a few short years!!
OK, I climbed back on and am off again
CYA,
Axe
08-13-2003, 10:22 PM
#7
Burning Brakes
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what about the fact that when you lease a car you pay all the interest "upfront". lets say a 3yr = 15k+2%=18k, when you sign the papers your "pay off" is now 18k+residual
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