LEASING VS BUYING A CAR
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- เผยแพร่เมื่อ 12 พ.ค. 2024
- Christian Charvet has an inspiring life story. He grew up in some of the toughest neighborhoods in New York City and turned to the streets as an adolescent. In his early 20s, he turned his life around. He got his GED, worked his way up in the car industry, and is now one of the top Mercedes Benz sales managers in the country. He has over 20 years of experience in the car business, his client list reads like a who’s who in New York’s power circle.
In episode 32 we went in-depth on everything you need to know about cars. We broke down the advantages of leasing and buying, we explained the different tax breaks associated with each, we looked at buying new vs used, and we explained all the technical car buying terms.
Christian also gave insight into different career paths within the automotive industry, a sector that you can earn six figures in without a college degree. We also went in-depth about the art of selling. We explained different psychological traits to look for from customers and how to master the art of closing. We explained how mastering and understanding selling is vital to everyone, not just salespeople. #Leasingvsbuying #carbusiness
Guest IG: @cch116
Book Tip: Closers Survival Guide
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Wow. “People don’t quit jobs they quit management” powerful line. Moral of the story, hire genuine and honest people with integrity.
But you as a managment have to be honest and genuine as well.
I agree but It’s hard to know who are like that nowadays ,resumes don’t mean shit .. my opinion
@@Rico1Law So true. I place very little influence on someone resume. I look to work with people who have passion & a desire to grow. We can train everything else.
The truth is, do whatever feels good for you and your situation/mindset.
Great content, just 1 suggestion let the interviewee talk more than you guys to get all the information out of the persons expertises!
Thanks for the suggestion
👍
It was a really good video but we were all on edge waiting for the jewels but the brothers kept going on and on about bad deals they did lol but maybe they encouraged a pereon not to go sign a bad deal with their story
Facts
This isn't has Business Works
I have watched this video over and over for a year and today I finally closed on a new vehicle lease! Gratitude!
It's a reason why this is the best podcast simply because it's the best!!
He is not lying East New York big up love to see when someone make it out the neighborhood it’s tougher than nails out here but it makes you harder then concrete
Wow in the middle of car shopping for my family and here comes earn your leisure to put me in the right state of mind when making this huge purchase.
The most important take-away I got from this podcast was about the stapler. How I heard it was, “find out the customer’s needs and offer them the solution that will specifically solve that problem.” Thanks fellas. Better late than never. Lol
@ 30:00
Do we forget that most people graduate college in debt... a college degree doesn't mean you're smarter, just mean you're Versed in a particular subject....
I agree.
👍
I’ve been selling cars for a year now in Nashville and am glad y’all put this on here.
Car sales is a great way to 6 figures. Not too many people make more than car salespeople.
Learn how to speak with people, seek to understand their issue, provide value in your product, close the sale.
I sold cars too
@@ExistNNature Hope you found some useful information in the podcast.
This episode came right on time. I'm looking to get a car and I am more knowledgeable about the process. Thank you guys!
You guys have a bias toward leasing. It wasn’t balanced. Good information but try to be balanced because there are tons of benefits to buying a car, such as not having to make a payment after it’s paid off and being able to drive the car for several years after - and then being able to use that money to invest and build wealth. If you always have a payment you always have to give your income away.
But for real you all did an amazing job and this was an awesome interview. Very proud of you guys!
Agreed
@600 W CHI correct, I have 4 owned and one leased. All of my owned cars/trucks are for recreational and going to work. My leased is our luxury and it is for events(anniversary, special business meetings, road trips,yada yada). I love all my owned vehicles but would NEVER purchase another vehicle. The cost of upkeep on my purchased vehicles are 10x the cost of the two leases that I have done.
As i said in the other post, if your job depends on image (mine does) then lease a nice vehicle. You dont have to lease a damn Ferrari, just a nice luxury vehicle. If your job is a mid-level manager gig at Walmart then buy a nice, cost effective, 3yr old vehicle. Then as you gain more income, slowly trade up every 3yrs so as to capture the value in the trade. Makes no sense holding for 7 yrs then trading...you'll get robbed that way.
But yes, you're correct. I'm not paying 1000.00 per month, hold 7 years and watch it eat a hole in my wallet when I can lease every 3yrs and keep my repair money in my wallet while paying 600.00 per month and investing the other 400.00 per month that I will be saving.
Now if your spending level is around a 16-20k vehicle then your outlook on things will change. If I'm in the affording range of a 14-16k vehicle then my main goal is not to lease or buy. I am probably driving my parents or uncle, or older siblings' old car and trying to get ahead of the game before even talking about buying a nice car.
If you drive more than 12k a year a lease is not for you ...doesnt matter economics...logistics has to factor In as well
Right, they are talking about luxury vehicles and the benefit of not losing your rep by getting something newer every other year. But for us normal people, buying a 8k car for 5k with negotiating and other perks like maintenance. I’m kinda mad they cut him off when he was starting to talk about negotiating
Can't help but feel like that's the obvious purpose of paying off a vehicle.
Thanks guys I love what you do on your programmes. Keep up the good work
yoo this is the best podcast on youtube hands down
Thank you for this video. It definitely changed my perception on sales. 🙏🏽
Very good episode! As a Managing Partner with 21 years experience within my Dealer Group leasing is always the way to go! Good job fellas!
Thank you for tuning in to the episode!
Should an individual lease or lease under an LLC?
Lol i bought a ford fiesta for 2.4k 11years old 60k miles. Had it for 3 years, never broke down, used it for amazon flex deliveries made about what i paid for it just from working 4 hours a week for about 6 months. Used this car for everything, driving to my main job, free time, driving friends to the airport (for money obviously lol) Someone backed into my car when it was parked and he paid me 1.2k to have the dent repaired, i banked the money and didn't repair it cause it wasn't worth it on such an old car. Sold it after for 1k. Probably the only time i have made money on a vehicle.
These guys are talking about buying new cars on finance. I'm talking about paying cash for a cheap reliable car, pick a model that is cheap to insure and good gas milage. You will always beat leasing if you do it this way.
@15:00
Thats the loop hole ... Dude droped gems 💎
This podcast is definitely gonna blow up.....here since 9.6K subs.....
You were so correct! 💯
The "circle of 5" remark reminds me of a lesson I learned at 19: Birds of a feather, flock together!
This episode was everything, well....all of them are everything. I needed this information! Keep empowering us guys and keep spitting that knowledge. It is much needed! I'm leasing my next car ESPECIALLY since I am a business owner! HA!
Great call! It's a write off
Another great episode!!! 💯🙏🏽❤️
This was a GREAT interview. Thank you
My first time watching a whole episode I enjoyed it Shalom to yall brothers
U guys are dope keep up
The great work/content really educational to people like me that didn’t have any guidance.
This was sooo helpful especially for a first time car buyer.. THANK YOU GUYZ 💕
Glad it helped. Please feel free to contact me with any questions.
This is all great if you want to drive what you cannot afford. Save your money and get a reliable car and ride until the wheels fall off. Cars are liabilities...NOT assets in 99% of cases...as mentioned here, cars depreciate upon registering it and everyday thereafter. The math is not complicated...see how much your car, taxes, insurance and maintenance cost over the course of the number of years and compare it to how much your lease will cost (including the down payment, taxes, fees) over the number of years you plan to lease.
Do the math cost of the vehicle over the 5-6yrs it took to pay for it. Divide total by time to complete payment..That gives you the annual cost. Look at it current value and the cost to replace it.
A car is actually an asset,.
Facts, I dont think ppl are taking into account when you lease you dont have to pay for repairs. Thats a huge savings right there. And you can switch out your car every 3 years. But its a personal decision no one willl ever agree on this topic until they understanding money a little deeper.
@@melaninrx you’re making a payment every month when you lease which means your always spending money. If you take care of your car that you finished financing then you’ll only have to fix it once a year if that.
@@RC______??? I never said you were are not spending I said you will be saving money.
Troy, your audio is sounding great. An hour is usually a long time but doesn't feel so watching these podcasts. Super useful insight into the car business and beyond. Thanks, Andrew at GC.
Thank you for listening and we're happy you were able to gain some insight.
There’s so many pros and cons to either way. I always bought, but the last car I bought, I bought with my LLC/EIN. But ever since doing that, I’ve been thinking about the payments and how it may make more sense to lease for the tax purposes. Also I really don’t know if I’ll ever keep the car. I paid off a couple. I actually had a Camry that I did sell after I paid it off. So I did recoup almost $8K.
A lease also could help me get rid of negative equity. So I appreciate this video as I think about what I’ll do.
Aren't you supposed to use your car for business purposes to write it off? Apart from like real estate agents I cant think of another profession where owning a luxury car is needed
@@grod805 a Camry is a luxury car? It’s not. And RE agents don’t need a luxury car either. I do believe there are limitations to what kind of depreciation you can get based on the type of car you do have.
@@grod805 I would refer to your accountant when it comes to this.
I’m new to this Podcast I’m 3 episodes in...this might be the most resourceful podcast in the world right now
Right on time with the 💎!
Glad we can help. Let me know if you have any questions.
I refuse payments any more when I turn on my lease I’m buying car cash fuck that
Every single video I watch from y’all I’m like oooooooooh my gawd! Why didn’t nobody tell me this 10 years ago!
Though good information was presented about leasing a car, enough or not much information was given about buying a car. The one thing that was mentioned about buying a car vs leasing was a negative one. No benefits to buying a car was mentioned. Furthermore, the presentation was only mostly based on leasing luxury brands; therefore, the title of the presentation was misleading. I also think that the presentation should have taken into account buying reliable cars, and how much longer you can drive a car which was already payed off. I own a 2007 Toyota Camry, which I financed in 2006, I paid it off before the five year term, and it has been on the road for 13 years. I have been driving it for 8 years after I finished paying for it. Now I am seeking to buy another Toyota brand. Personally, though I like the latest technology that are put into cars, the most important aspects in a car, for me, is durability and reliability. I want to get into a car, turn it on, and know that it is going to move, and that if anything thing happens, it is not related to any major damage.
Great point. Unfortunately there is only so much that can be covered in an hour episode. Maybe we need a follow up episode!
@@Christian_Charvet you should def do another episode on cars, on Leasing vs Financing: Employee vs Business Owner - positive anecdotes from people who've leased or financed that make 40 - 80k vs someone who makes 6 figures, you know.
Thanks Kings!!!!
I agree with new car leasing , it is a matter of personal preference for the consumer.
Yo I loved this episode! Rashad was dropping the relationship tips too. @earnyourleisure when y’all gonna do a pod on relationships?.. the business side of course lol
We have to think about that.
This was a whole class
Glad you enjoyed it.
That lease end fee is a switching moat! We learned that from @Wall_Street_Trapper 💪🏾💪🏾💪🏾💪🏾
I thought about leasing but I feel financing to own is best for me personally!...no matter the amount I pay the car off within 2 years
That's right.
👍
I pay cash for a car or finance for no more than 2 years
Bro I like that
And it stays valuable?
Great episode guys. I am pro lease and pro purchase depending on the numbers and the objective. Period.
I walked in a dealership back in Dec 2016 ans was financed at 22.5% DAILY INTEREST. 🤯🤬🤬🤬🤬🤡💩💩🤡🤡🤡💩!!!
I was furious! I improved my credit, landed $25,000.00 credit card, payed $12,000.00, got the title
I sold the car for $6000 payed off the balance at 0% interest for one year. I paid the balance off in 6 months.
Presently I'm debt free about to buy a house.
Still relative a year later👏🏽👏🏽👏🏽👏🏽👍🏽👍🏽❤️❤️
Good info!
This was a very informative episode
Thanks
#4TheKulture
Not only does the middle tier wine sells more. It also makes more money for the restaurant because the profit margin is higher. The lower and middle tier wines restaurants can sell for 2.5-3.5 x the costs. The higher priced wine restaurants sell them at 1.5-2.3 x the costs.
Numbers are rough, but you get the gist.
by leasing and getting a new car every 3 years, don't you end up paying more money than if you were to just finance a car? you're just going to lease forever?
Pretty much!
Tax write off...
Lease free you of major repair as the vehicle age. After 6-7yrs it's obselete while Lease keeps you in anew vehicle every 3 yrs
@@reubenbrown6452 then the issue isnt with leasing vs buying the issue is what type of car you getting into. A 6-7 year old Toyota/Lexus will still be running fine... now if you buy Chrysler/Dodge 🤷🏿♂️ ain't no telling.
@@rolio9775
My point is that, the car exhaust could need to be replaced, shock absorbers, not to mention major component-s,,as against the value of the vehicle. My opinion, it is economically prudent to lease.
Good Notes
Thanks
Hit me up....👆👆.
Cars steal your wealth. Ideal you should get a 3 yr old camry and drive that thing into the ground while you save and invest.
If you drive a car for 10 years, it's WAY CHEAPER than leasing.
Can you get a decade out of a car
@@chuckbasher3515 Yes my family and I keep our whips for at least 12 years minimum. The longest has been 15 years.
@@chuckbasher3515 easily you just need to buy the right car from the right brand. Most toyota/lexus & honda/acura do that in their sleep. Older subarus as well and certain model american trucks and SUV's do really well. It's all about the consumer reports. Do your research look for any major mechanical/electric issues for a car before you buy.
I used to be so infatuated with sports/luxury cars and owned a few in my 20's. Then I realized just how much of a waste of money that was and how it'd be better invested elsewhere. After I became debt free I couldn't stomach taking on debt for an expensive car again.
Paid my car off early...had it since 2010...Acura TSX..it's a 2008
@@larrvernegaines3084 Same here. Got me a 2008 Pontiac G6 GT.
Kelly is just a guide. A guide that comes close. Dealerships shoot that down. Unless its vin specific not the one the consumer uses.
So glad this came out..Me and my wife were just talking about this earlier today. Trying to figure out if we should lease her a car and keep the other that I bought...
Again it's all about your financial goals at least now you have some insight from an expert.
Good episode. Can’t wait til you guys hit Baltimore or DC for a networking event
Thanks for listening!
Assets or liabilities always. The less money I spend on a car the more money I can invest, save and spend on my family. I get finance at a credit union then I buy a used car from enterprise. I do not get caught up with a car dealer.
I don't understand how a lease gives you more freedom. It seems like a pain in the ass to be honest. My mom leased a car and she had to decide whether to keep it or return it right at the three year mark. She didn't want the stress of looking for a new car deal so she kept it and now started all over with another loan. Had she bought it instead she could have found another car whenever she wanted. My friend also put a ton of miles on his lease because his commute changed and he ended up having to pay the dealer back for the extra mileage. Had he owned the car instead that wouldn't be an issue. Who cares if the car has depreciated, its your car, you can sell it later.
When you lease a car you simply have to have an exit plan. Keep the car and don't worry about the miles or body issues, sell the car, or lease a new car and negotiate over mileage waiver.
Why y’all take this off apple podcast’s? I wanted to listen to it at work.
If u own a business leasing is the best
thanks
Getting Amy first car soon, thank you
Hit me up....👆👆.
I'm in NYC and started another business LLC for my IT instructor business. looking to established business credit. beofre my business, i finance a range rover used...never missed a payment with Westlake financial....when I ready to purchase or lease can I use my on time payment company as a reference?
Hit me up....👆👆.
Wouldn't writing of the miles be better than the lease write- off?
Good stuff
How do I contact your guest? I can't find him on IG
Leasing @ 9 minute mark 💯🏁
But is leasing a good solution for regular folks... the guy manages a Benz store with high end clientele you guys are both high income earners... is leasing practical for people with more modest means tho?
Great question. There is not blanket answer to the question which is better, leasing, financing or paying cash. It is all based on your needs.
What about buying and owning a Tesla? It barely goes down in value after years of owning it. Little upkeep, no maintenance, no gas, tax credit, you can rent it out a few days a month through Turo and it pays for itself and puts money in your pocket.
Ppl don’t care what u know until they know how much you care
I wish they went more in depth about how to finance a car. Such as getting lending from a dealership as opposed to walking in with a blank check from a credit union or bank.
Also how to not only shop around for a car, but the best interest rate you can get. A person should always get 2-4 interest rate approvals before getting a car.
I'm thinking about leasing cars to rent out
The problem is people see cars not as just transportation, but as status symbols. When my wife and I wanna ride around in something nice, we rent something through TURO for a day or two and we're good.
Finance car have the option for Gap to insurance. Anyone can write your car taxes off. State taxes and registration and gas and repairs. People get your business register. Get registered your business is all benefits. Never put money down for a car. Worthless move. I own three luxury cars. Educate self about owning business and register your business. Owning is assets buy your home and car. Ownership is the way to go. Brother's your young tell the people to own the property it's capital.
If you have bad credit would you need to put money down
Respectfully, I have to disagree with you. A car is not an asset. Unless it is generating money, it is a depreciating liability.
The discussion got focused on how to sell
I
Surprised y’all prefer leasing when this a podcast about wealth. Def follow Dave Ramsey advice about cars for regular 9-5 folks
Dave Ramsey gives horrible advice
@@4thekulture616 you will lose in life if you don’t follow him. Grow up and watch him again!
I just found out you guys still post full videos
Yeah we put out full episodes every Tuesday
Financed vehicles can get Gap Insurance as well at least in Texas
This is correct. In most state you can purchase GAP insurance.
I own my company can I deduct my down payment ?
In 2017 I bought a 2014 Lexus ES350 Certified. Dope ride w 17k miles. Two yrs later broadsided by. A landscaper. He lied abt running light. Case still open. Car paid off by insurance. My credit score dropped by a mfer cuz my daughter's parent loans kicked in. Have other sht going on too. Couldn't get another one. I drive a 2010 CTS w 60k miles now. Man did I like that Lexus.
Omg let the guest talk..great content.
Maybe he didn’t want to speak much. Just giving his point here and there
what business do you have to own in order to get tax benefits on a leased vehicle?
Most business' allow for tax benefits for vehicles as long as they are being used while "conducting business". I would recommend consulting with your accountant to get more information.
Can you go from finance to lease on a car?
I just asked my friend that to
If you like people and dont mind learning about cars you can do well in the car biz although they do ask you for a lot of hours and your saturdays
This is true. You are definitely going to put in hours. Especially in the first few years.
Not really feeling the advice on this fellas. I feel like leasing cars are for people who just want to look fancy. It’s still a car payment and you don’t own it.
Most of these cars today are built to last. When you got that car paid off. Continue to make the car payments to yourself and pay cash for the next whip. Any form of car payment is not building wealth!
When you lease you're paying prime depreciation in the three years driving that car. That cost adds up by the second and third lease. Based on studies, the Average interest rate of a lease is 14.2%
Just reminder this was before COVID
I Totally see where you're coming from. The game has changed.
Queens get the money!!!!
Thank you..needed this information bad. When he said “yellow pages” now he’s talking my language…lol
Hit me up....👆👆.
Leasing is stupid the only time to do it is when you're making money off of what whatever it is, usually a property where you do business. Even that the better option is to buy or finance if you can.
Things that may improve your life:
- Believe that we got created & manifest
- No masturbation & semen retention
- Drinking 2-4 liters water a day
- Don't compare yourselves to others, compete with the you from yesterday
- Don't seek approval or try to impress anyone
- Cold showers (Even the last 20 seconds of your regular shower)
- Meditation
- Not relying on relationships for happiness
- Working out
- Having a leader mentality
- Reading books
- Breathing in from your nose (reminder)
- having gratitude
- Cleaning your room
- Taking breaks of social media
- Not limiting yourself
- Making up your bed (discipline practice)
- Quitting/moderating caffeine & sugary drinks
- Walking in nature
- Making your own money (online)
- Having a plan for things you wanna do
- Being aware of what you doing with your valuable time & energy
Peace, blessings and love to you (make a screenshot if you want to!)
No mb and semen retention how does that help?
Hear, hear!!
@@yonapops8062 it helps because it improves your testosterone which has many benifits not to mention the discipline you gain by not giving into temptation
🔥🔥🔥
I lease for 3 years then 2 years into my lease I’ll sell the car to Carmax . Then I’ll get money back from the sale then go and lease another one , I even get money back from the warranties I got with the car but you have to go back to the dealership for that to find out what’s left on the warranty. Then I write ✍🏾 off 😎
Right now is the time to do it because the price of Cars are up
Car Max isn't allowed to buy all leases. Ally for sure. But I understand
Preowned vehicles are overpriced since Covid. Demand shortages etc
All depends if the preowned is priced right c9ncerning the depreciation
I currently leased a car for 36/36000 miles, I only drove it for 10k miles. My lease ends in 11 months, what should I do?
Exhibit A why leases don't make sense. Are they going to pay you for not driving 26K miles?
@@grod805 thank you so much for your help
Well this depends on the make of the vehicle and which bank you are leasing through. SOME banks (emphasis on some) will refund you for unused mileage and SOME will roll over your unused mileage to the your new lease if you stay with the brand. Hope this helps. I would call the company you make your payments to and find out. If they do not offer these options, ask the for a payoff on the car. Due to the demand on used cars due to the pandemic, you may have some equity in your car.
@@Christian_Charvet thank you
@@Christian_Charvet can you refer me to a good sales person. In the market to buy a new Mercedes-Benz. I live in the Brooklyn NY area. THANKS 🤗
Once Christian said he lived in East New York I said to myself " I bet he went to F.K LANE" lol
Yes Sir! Lane Knights
Bro in the orange cap said the payments are lower if you lease than buying.
BMW REALLY HAVE US A BRAIN FUCKED! MY FIRST CAR WAS A BMW BUT I WAS LIVING IN GERMANY AT THE TIME, SO I HAVE AN EXCUSE LOL
@ Earn your Leisure,Study auto Business Trust,it deals with receivables
Wait a second, so when you return your car, won't the dealer deduct from the value of the car if its damaged? The guy makes it seem like you shouldn't worry about the car being damaged if you lease a car.
Are you referring to the comparison between damage to a vehicle you lease opposed to a vehicle you finance? If so, if the vehicle is repaired then yes, it has less bearing on you if the vehicle leased. Reason being, you are going to return the vehicle so the loss of value to the vehicle due to the repaired damage does not affect you. If you are financing a vehicle that was damaged and repaired will lower the value of your vehicle that you own.
Pay off a reliable car and lease toys if u want. Comments are stupid bc everyone wants to be right. DO WHAT U WANT
How much are you saving on your taxes by leasing?
I think they address it @ 11:00
Ok, so does it make sense to lease a brand new car?
Hit me up....👆👆.
Most leases are going to be on new vehicles. It all depends on what your personal needs are. Feel free to message with any questions or concerns.
Where does he sell cars?
We recently opened an automotive buying service, Primo Auto Group. You can e-mail me directly at christian@primoautogroup.com.
Me as a woman I don’t like fast talkers and I don’t like uppity ppl that feel like it’s a chore to give you info that is in any business person I deal with
The depreciation of the car is built into the lease. Not knowing that makes me want to warn folks not to take your advise from this particular interview.