Sunbiz1
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As a consumer in today's market, is it more cost effective over the long run to lease and flip or buy smart and keep?.
Flipping Leased Cars?
- Thread starter Sunbiz1
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Buy used volvos. Best value out there.
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There is no best. Each solution exists because there are solutions in the market to target more consumers and their desire to sit in a specific car and for however long.
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Not true. Buy a 10 year old volvo and get a comfortable/practical vehicle that will last 10 more years at 10% of the original price. BEST EVAR.
theOHIOSTATE!
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Buy used and well maintained and never take out a payment until you have a lot of passive income and then opt for 0-2 percent rates which will effectively be offset by inflation.
Or, be like most Americans and overspend to impress random people and nosy neighbors and end up having to work to death and never owning anything outright till old age.
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Buy it in cash. Only way
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I'm putting a vote in for buying something super reliable, used, with cash and keep that ***** forever
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Worst suggestion ever. Obtaining wealth is about leveraging. Stay poor.
theOHIOSTATE!
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Depends entirely on which rates you can qualify for and what opportunity cost is incurred. For many young people it might make total sense to pay cash for a vehicle. Think about someone still in school and filling out FAFSA's.
You don't "obtain" wealth; you build it and then largely work on maintaining it by shielding it from the three headed monster of risk/volatility, taxation and inflation.
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Yea, I need to leverage cash flow on a vehicle. It brings in no income and is a personalized vehicle used for 5 plus year. But, you are correct pay the high interest rate. You seemed cracked up today again Ommy.
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You buy your Volvo's at Howard Orloff?
Monster
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Leased once and the turn in was a nightmare. If your credit is strong you can get new. If not get used affordable. Depends what you want. At this point I buy new but cover a lot on trade from the last one. Usually a 24 month loan and wait for rate deals.
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Most recent automatch. Super clean carfax, one owner.
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I have leased every vehicle for my wife and myself for the last 25 years. Get great deals, tremendous "turn in early" offers, have paid $0 repairs and always have a car that looks brand new. Dealers have forgiven over milage situations. Now with the change in lease tax laws it's even better
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personally I buy and keep sure for 4 years or so ya look the payment in the face but if you maintain the vehicle properly you can get about 10 years out of a good car or more
Unannounced Fart
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OT, but have you guys seen those Rent-a-Rim stores? Yes, there are people who actually RENT rims to put on their cars. When I first saw these stores about 10-15 years ago, I laughed and thought they'd be out of business so quick, but I see them all over the place now. I heard a story through the grapevine that former NBA great Latrell Spreewell, who I'm sure lost all/most of his money, is a customer at one of these stores.
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Rent a Rim? Da faq!!! Where you live, the ghetto?
Sunbiz1
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That's how I did my last vehicle, and it's been working out fine in the long run.
This vehicle was an emergency purchase for the parents, who against my advice already leased a *new Prius.
$300/mo 4/3 years with the standard buyout option.
They could of paid cash, but that would have required using a 401K or other currently high yielding investment.
So I can understand the leasing decision.
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Yea, I understand emergency situations are different. For me, ideally, a used car bought with cash is the best situation. I can do the vast majority of my own work. And with the reliable car I bought it *should* last me until the end of time
biscuit_in_the_basket
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Leasing is only worth it if you are company. Otherwise, what ever is most cost effective for you when it comes to buying new or used. Me personally, I try to save up 50-75% of a new vehicle cost. I do this because I almost always get a 0% loan for the rest, tend to get additional features for free or reduced, and I also keep cars for 8-12 years.