WHY SMART PEOPLE LEASE CARS
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- เผยแพร่เมื่อ 26 ธ.ค. 2022
- In this video, we discuss the benefits of leasing a car. We also discuss buying a new car vs buying a used car and how to get the best deal when purchasing a car. #cars #leasing #usedcar
Full Interview: • LEASING VS BUYING A CAR
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I worked at GEICO selling auto insurance and if you lease, the finance company will require higher liability limits which makes your insurance REALLY REALLY expensive. I sold these policies everyday, and I spoke with these clients and most of them could barely afford the car and they never took into account the insurance requirements.
Leasing is only good if you can write off the vehicle, insurance and gas ⛽️(you have a 1099 or you own a business)
If you work a 9-5, the only benefit is that you can trade in the vehicle more frequently, which, is mostly driven by wanting to have the latest and greatest.
I spoke with thousands of clients who leased vehicles when I worked at GEICO and I just didn't hear a good enough justification for a 9-5 person to get into a lease.
Thank you. I don’t understand why anyone would lease unless you anticipate changing your car frequently. It’s financial prudence to own a car that is paid off rather than have a recent car that always stays on your balance sheet
Great info. Thank you!
@@atio5491- If you listen to the video he talks about owning a business which will be tax deductible. And as stated by the first comment (who has experience with insurance) , "Leasing is only good if you are a 1099 or you own a business.. "
If you are a W2 worker then buy certified pre-owned. Pretty much haven't been broken in engine wise and you can buy a higher optioned out vehicle where as if brand new you are paying 5-7k more and in some cases 10k+ on options.
Not true. I’ve been leasing for 7 years. My insurance increase has been consistent across the past 20 years.
You are 1000% correct.
They aren’t giving the best advice. Leasing will keep you in a payment which lowers your available cash. When you look at depreciation you account for salvage value and useful life. Most cars will last longer than the time it takes you to pay for it. My rule is if it takes me 5 years to pay for it I have to keep it another 5 years with no payment to get my money back. I buy new and keep it for 10 years.
Those of us that are DIY shade tree mechanics have an advantage when it comes to buying. We save a ton on maintenance and repairs. Keeping a car for 10 years is very doable, especially if it turns out to be a reliable vehicle.
What type of car do you buy? I normally stick with the same philosophy. I keep cars around 9 years as well. Just because having no payment with a still viable car is the best feeling.
@@a.drummond8745 I currently drive a 2014 Toyota Avalon that I bought new. Only has 82k miles on it. Hybrid work schedule helps to keep the miles low. It still drives/ rides like the day I drove it off the lot!
It’s all subjective there’s no right or wrong answer I work out 3x a day you might workout once a day by my standards you’d be lagging by your standards you may be exceeding your expectations all subjective I just enjoy hearing diff vantage points not that serious
I like that thinking
Leases create another bill and obligation. If you want to have less stress in your life, buy a used car for cash and set aside a separate maintenance fund. You're not financing, you're not playing politics with the dealership. I get it, if cars is your fetish, you're gonna pay the extra cost for that. For the rest of us who simply need an effective vehicle, we simply maintain the ones we own outright.
@UCLnD2Fi_5DUtIM6Po98aPAw STOP SPAMMING THEIR FKNG CHANNEL!!!!!!
As a female and needing a reliable car, I lease a new one. Every used car I've owned has caused me problems, and I've ended up spending so much money on it that it was better to get a new one. Having a maintenance fund is another bill. It's an added expense.
Amen
Amen
@@Mel_can_cook have to keep up with maintenance!
I leased my wife's car once and couldn't wait to give that car back. I buy cars and pay them off in 2 to 3 years. No payment until that car completely dies. My wife has a new Benz Coupe. I have a 09 acura TL with 250K miles on it and I'm good. And I'm a business owner and use my mileage as a deduction on my taxes.
Same. I always buy my cars a couple years old certified pre owned. Pay them off in 3-5 years. I wrote off miles. Enjoy no payments for another 2-3 years. Sell it for a few grand rinse and repeat
@@pauljoseph1853 Blueprint!!
Leasing sucks
How your wife have a better car than you
@mikecold9646 She always has the better car. My son does too 😆 He has a lowered black G37 coupe with black and bronze rims. Buying myself a Vette next year tho
Leasing makes sense for people who get pleasure out of getting new things every few years. It’s not the best financial move. The best financial move is to get a nice pre-owned vehicle and drive it until the wheels fall off.
I never understood why people love to spend so much money on something we spend such an incredibly short amount of time in.
Exactly
Certified pre-owned is the way to go. Best move I made.
I agree.
I just bought my car a month ago. I wish I went certified. There are so many things I need to fix.
A used car is another mans problem
@@prettynatural1973 Oftentimes so is a new one. Think about the recalls (brake, airbags etc) within a year of the new model.
Facts. No bills. Certified used car cash. Gotta be fly tho. Stress free.
I don't care for constant upgrades I rather pay in full or finance. Leasing is a never ending car note
Interesting
Factz!
I get what they’re saying. However, I love the fact that I own my car. I don’t need the constant upgrade. Plus, the whole financing or lease thing make me feel tied down. Hence the reason I’m trying to pay my mortgage asap. I love freedom.
@@healingherb6170 Issue is a car is a depreciating asset both in value and in maintenance costs. After a certain amount of miles, depending on the car, the amount of money to fix certain things just isn't worth it.
@@christianjames92 all you need is a honda to go to and form
Not necessarily. You can buy out of the lease at the end and continue paying the same. It's cheaper than finance it up front. Especially with these crazy interest rates right now
LEASE BUY FINANCE it's all up to you and your situation
My favorite Finance channels: Earn Your Leisure, Stock Brotha, & Wallstreet Trapper. Make my week complete!
How about “Hawkeye Howard Investing?”🕺🏾
Thank you for sharing these tips! I was looking into financing for the common reasons you mentioned in the video, but now I’ve changed my mind. Thanks again!
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them,
An investment in knowledge pays but investing in both knowledge and passive income vields more gain
People prefer to spend money on liabilities, Rather than investing in assets and be very profitable.
Even with the economic recession or downturn, I'm so happy I've been earning $41,000 returns from my $12,000 investment on Short term
This must be an investment with Mr Robert O’Brien
Ofcourse he helped me recover what I lost trying to trade myself
Great points about buying vs leasing cars. The best advice I would add is look at the total cost of the car out of the door + interest to be paid + insurance + maintenance. What is the total cost to purchase and own this car? What will the car be worth when you're ready to sell? Leasing could make sense but a used or CPO could work in your favor. The goal is to buy a car you can afford and spend as little as possible. Good luck!
Thank you Rashad & Troy!
I’m Glad Somebody Saying This
Took me a while but I finally subscribed. Just feel like alot of these educational finance channels don't give the full picture and usually pushing an agenda but not these guys.
I’m owning my car and my house. If my job fires me or my business fails my whole life won’t go away.
If you have more sources of income, you won't have to depend on your job for security.
Love the insight but im not trying to have a car payment forever. Do your research, be aggressive on your payments, and drive that care until the wheels fall off. For those who don't benefit from the tax breaks.
glad to be learning this young as im 16!
I have a huge issue with financing because by the time you pay it off you've paid more for the car than it's actually worth. In this situation I'd pay it straight off. Let someome buy it new and you buy it at a discount when the value drops. For those who want to switch cars every few years a lease makes sense
I'm a trucker buying a diesel and I'm usually over the road so I use Turo lol.. no need to lease I grab a ride for a few days whether I'm in a different city for a few days doing a reset or at home for a few days no more than a week.
Love you guys! So INFORMATIVE💯✍️❤️
Honestly it depends on your financial and social position in life(income/needs/lifestyle). I’ve always purchased used cars paid in full give me my pink slip immediately when my budget opens up so do my options so we’ll see
That part. The way I hear most people talk about this stuff is as if everybody is operating on the same level. Someone leasing a vehicle with a 9-5 making less than 50K a year with other debt is a completely different situation than someone with an established 6 figure plus business. The “most people” that they refer to as doing it wrong, if they even qualify to lease a decent car, the payment would be so high that leasing would be fiscally irresponsible.
@@RobWill5864 And not to mention that your insurance goes up each time you lease.
@@Mr.Edwards233Really? It goes up? I wonder why
@@SweetEssie It goes up, due to the year of the model you're leasing. When my sis was on my insurance, she leased a car every two or 3 yrs, the insurance went up, and of course you must get full coverage. before it's released to you. Even though it was a $10 increase, it's still an increase that gets expensive overtime.
Well I'm glad I didn't lease my vehicles or else I wouldn't have had vehicles to pass down to my kids when they started driving. And it's nice going a few years without a monthly car note. If I liked changing cars every 3 to 4 years, then a lease would make sense so I wouldn't be upside down when trading in.
Yeah difference between a honda and a bmw that bmw might not be around in 5 years lol jk but not every car you would want to keep that long
Not true I started out with my leased BMW 2014 new and I bought it. It lasted for 8 years with BMW maintenance 😢it got totaled now I’m driving my moms firebird I’m glad I didn’t sell it I restored it. It’s more expensive than the BMW 😂I am saving for a lease now. Never giving up the firebird.
I’ve been leasing for 15yrs. It’s amazing as a business owner, and I like changing cars.
Do you lease in business name or personal info?
@@shannonsims4401 I starred in my own name. I just stared using my business name to lease literally last year.
@@jamilbelle How did you do that? Doesn't it have to be a business related to car usage?
How do the mechanics of leasing work as far as immediate tax breaks?
Great value!
Thank you.
This opened my eyes on leasing a car for my business. My rule for financing a car, no more than 48 months. If I can't afford to make a payment at 48 months than come in with more on the down payment or pass because at 60-72 months you risk the chance of paying more for the car than what it's worth after year 4. Don't want to be stuck with 5-6 years of a car note and I owe more than it's worth. If you are going to finance a car, I say before you do, buy a cheap car with cash first and drive that daily. Save the miles on the car that you have to make payments on. Don't make sense to go to a job everyday driving a car with a $600+ monthly payment. Who are you trying to impress at your 9-5? When it's paid off you have thousands of miles on the car and your trade in value after 5-6 years is horrible. Take your cheap car to work that you paid cash for and take your financed car out on your days off or special occasions.
Get in touch directly!!⬆️ Thanks..❤️
Thank you
It only works for business owners. I don’t want any monthly payments whatsoever. If the car breaks down, I save up and buy a used one with cash. I never financing another car. The intended purpose of a car is to get you from one point to another. Plus we got other options like Uber, Lyft, instacart
I always wondered about leasing. I'm going to try it.
The only way to really know is to try.
one of the best decision I made . I never looked back
Great information!
Don’t leave out what happens when you go over the 12k miles.
You pay, it's not the end of the world. Don't go over the alloted mileage.
What happens lol
I use to work for BMW financial and the fees they charge are ridiculous for going over the mileage. Do not go over the miles!
@@gr3415 agree!
It depends on the maker/manufacturer. Particularly If you lease a luxury car, the charge per mile is crazy
Application of knowledge is power 🧠💥
Wait a minute you can write off your vehicle payment? Gas? Etc and how do you LEASE a vehicle I've learned so much since following yall salute
Yep I was always told to just make payments on a car. Instead of dropping $30K to buy a car make monthly payments and put the rest of the $30K in a investment vehicle earning interest daily. Good advice
So pay interest and earn interest at the same time 🤔
@@TopVillain My earn interest is more than the interest I'm paying.
If you don’t have to drive a lot leasing makes sense and is generally better. I’ve been leasing for 7 years and couldn’t be happier. Owning a car means that you own the daily depreciation of the car. Your $50,000 “investment” is worth less every single day that you own it, until it reaches zero. The pride of owning a vehicle is due to great marketing from car manufacturers. Real estate appreciates = ownership is the goal, consumable technology (i.e. phones, cars) depreciates = pay for what you use, not the worthless remainder.
If you buy a good car with resale value, it'll never reach zero.
This is right on time! I’m literally trying to decide wether I want to lease or buy.
I just leased my first vehicle and I can say first of all first and foremost make sure you like the vehicle that you are going to buy or lease do your research on the vehicle cause you’re going to be in it for the next 3+ years no the pros and cons. And the reality is you are renting the car first owning it and pay maintenance do you see yourself in this car for the next three years are you going to To be able to sell this vehicle and get the kind of money you want back out of it
Don’t lease ever. These people are not smart. Look up a good video on the subject. Do not lease.
@Victoria Pollard it has its pros and cons just like owning does. Don't know why you're so extreme and exaggerative on this.
congrats not many good deals this year however if you could wait Jan & Feb may be more ideal.
@@mannymakingmoves I’m hoping when Carvana liquidates I can negotiate a good deal.
Seeing the electronics in these new cars, I’d be leasing them. Cost to fix them, ain’t no joke.
Great advise because I was just having a mental debate about this. I’m leasing next year for sure
Majority of people who lease do it to get in a car they really can't afford. I am in a high level business group, majority own their personal car, myself included. It is in my business name and get the depreciation but I am adverse to liabilities.
Well you don’t own your car then do you? The business does.
I lease and would rather lease as I prefer to change my car every few years and put my money to good use on pursuing other things than dumping into one thing, unless it is of nominal value ie a classic or super car etc
@@asherz8t5 If it suits you, go for it. Just my observation that majority of people who lease aren't doing it because it is a wise financial decision. Most parts of their lives are financed through debt to present a false image. Leasing and changing cars every few years will never be the optimal thing to do but if you enjoy it and can afford it, go for it! Not everything has to be to financially optimize but at the same time you should be honest about it. I spend money on things I enjoy too
Thanks
Shidddd!!!!!! I'm still driving my 02' Ram & 05' Buick. I'm TOO DECENT on leasing. Neva! Unless I start my business.
So it makes sense to outright buy lightly pre-owned vehicles.
They've taken their biggest depreciation hit in the first 1-3 years, any manufacturer defects have been taken care of by the previous owner, they are almost always functionally identical to the current or next years model, you're not forced to pay two-way insurance, you can still write off expenses if you're self-employed, all positives.
You can invest or save the difference you'd be paying for a new version of the same of similar vehicle, plus the potential payments you'd be making for years, plus the insurance savings, etc...
I don't mind having to own the vehicle for 5-10 years, that just means it is a good vehicle.
Leasing does make sense for some situations, but it is designed to enrich the dealership.
Just imagine when EYL starts to hit TH-cam with the DJ Vlad Throwback Content 😮
Lol super bag!
Leasing is only good if you like changing cars every month but other than that it’s ah setup your mileage and your wear and tear matters
Get in touch directly!!⬆️ Thanks..❤️
Naaaa sorry I can't get down with this. I save up and just buy a used car for a couple grand with cash, no monthly bills and paying the banks more than it's worth, I own it 100%, my insurance is $280 for the entire year, I can drive it where ever and whenever I want to for as many miles as I want. My overhead for my vehicles is close to nothing in compared to getting a lease for these new pos plastic garbage tanks.
If only Car Dealerships actually Functioned the way it's explained in the video but I get it it's nice to dream of finding an Honest Car Dealership..
Depending on your income & needs.
If your Income isn't good or your not financially stable pay that car off or buy a certified pre-used (zero car note)
If your Income is great and your financially stable get that lease car if you want it. It will actually help you for tax purposes.
When it comes to needs you have to ask your. How much will I drive the car or do I need a new model car every 3yrs
Great video. 1st you must always evaluate your financial situation and your goals. Once identified, you can (ideally) make a better choice that works to your advantage based on what those answers are. Too many ppl adhere to dogmas of the past without determining whether or not it actually benefits them in the present day.
Well said
Well here's my personal experience. I bought a used car about 5 years ago for 10,500 with 9.5% interest on loan. Minimum payments were 270 but I usually paid 300-350 with a few payments of 500 and 1000 when I had extra money. It was a 4 year repayment plan that I paid off in 2.5 years. That car is now worth ~2-3k more than what I paid for it because of the rise of car values due to the pandemic. Just something to think about. And because it's fully paid I'm not required to have full coverage insurance even though I do anyways. The car has about 100,000 miles of useful life left
Not if you have a Tesla. My value went up after 2 years. Problem with leasing I had is the additional fees. I returned my Audi A4 2017 and it was in tip top shape.
That’s only due to market that cars went up but that is an exception due to pandemic not traditionally.
@@BlueprintintoTech have disagree. Tesla's have higher resale value. Less cost to maintain and very efficient makes its a valuable car. Let alone the time it takes to have a new one ready for pick. Tesla is not just a car but a computer that can upgrade its features with paid for or free downloads
@@escarface i think teslas are an outlier exception due to many social/political factors also being a new brand with no "old baggage" like the mainstays but as brands like rivien and other luxury models produce more "high end" EVs. The market is going to get more saturated. 2019 i bought an American 3rd row suv and In 2021i actually gained 4k in profit. I also used to sell cars a used car would be 15k and in past 2 years that same model similar miles selling for 18-19K.
Tesla's are not immune to the recession, all prices will come down considerably especially after repo's start to kick in and everyone is trying to get out of their $700 a month payment.
@@MarionTheSecondexactly. The Tesla quacks are at it again 🦆
Solid points. But I think a better titled might be, why leasing a car isn't as bad as you think.
Leasing is good when you’re a business owner. You have healthy growing cash flow coming in. If that’s not the case it’s better to buy used. No monthly over head
One of biggest reason I lease is a fraction of the debt that hits your credit, if u buy a $50,000 vehicle and lease term is 3 years that $50k don’t hit your credit it’s only for the amount the vehicle is not exact numbers but let’s say it shows $15k worth of debt vs the 50 and u got the same brand new vehicle
First!!! Let me speak to my future: I will be in a position to lease and buy in 2023!!
Some leases you can pay for unlimited miles now too
People try to throw shade about leasing as if leasing a car is free lol 😆
Every car depreciates in value, there's no way around that.
I need two cars to manage my life, so I think of cars as an operating expense. My goal is to keep this expense as low as possible, and if you compare costs over a 10 to 15yr timeframe, leasing is more expensive than buying.
Once paid off, owning a car also gives you more financial flexibility in case of emergencies.
Not every lease cover oil changes. Usually the first oil change is free.
Leasing is only applicable to people with stable incomes and stable credit. But yes it's very much so better than outright buying a car. Although with most leasing contracts you can't drive past a certain amount of miles.
no people lease hyundai & Nissan all the time. Milage overage in nothing
with anything i love ownership i would never try to keep up with others people a 95 honda accord will work for me or a toyota. a to b works fine.
Good video. What about if someone Door Dashes . There's alot miles
Is case case,-it depends
I will call uncle Dave before making any decisions 😂
I drive way to much to lease 💯
Watch @3:45 he explains that
Bring back a car guy for car purchases. feel like the business changed post pandemic.
I wish I could lease. I drive way too much per year.
Can you lease a car under your business if you have an online coaching business? Or will it be too hard to claim a car lease because it's not really used for online business?
So I keep seeing the argument that leasing is better than buying/financing because “cars depreciate” but don’t the same cars that are being leased depreciate as well? And as far as maintenance, as long as you take care of your vehicle, or at the very least have a trusted mechanic on hand, there really is no major maintenance bills that often. Still open to learning about this leasing stuff though especially on the business side.
How won’t it cost you the same if you sell the car you own after 3 years? Either you spend 10k and have to give the car back or you lose 10k in depreciation and own the car. At least with the lease buyout you have an option. I think if you make a lot of money then yeah you can lease but if you’re under 90k and a sub $30k car, I wouldn’t recommend it.
If you keep the car 10 years yes it is less expensive to buy it. But it’s an apple and oranges argument. If you change out your car every 6 years or less OR don’t buy 2000$ beaters than leasing in cheaper - it will depend on your situation and goals
How can leasing ve cheaper if you never own the car 🚗 🤔
@@campbellkemar because cars don’t last forever, eventually it will stop working and be worth 0$, at which point you’ll have to buy new one
@@face2muchwe know cars don't last forever, but you constantly leasing a car and never own anything in the end all those monthly payments went no where. Even if the value dip ....you still got a car 🚗 leasing is dumb and is what people do when they can't afford to finance which is also dumb lmao
@@campbellkemar I sold cars for 3 years lol well over 500 cars sold, I can tell you for a fact, poor people buy cars and rent homes, rich lease cars and buy homes. You’re buying something that is going to 0 eventually. That means every dollar you spend you’re never getting back ever . Just a matter of time. Rich people elect to put as little money to a car as possible - which is done by leasing
@@face2much bro think again lmao. No one who is financially educated would consider leasing a car ......it a broke person mentality.....
You only get base models on leases and not every model or trim is available
Mrs Sofia is the best, recommending her to all beginners who wants to recover from their losses and gain more like I did through her strategies
Who's this professional everyone is talking about I always see her post on top comment on every TH-cam video I watched...
I think I'm interested how can I get in touch with Mrs sofia...
Wow I just make my second withdraw again today trading with expert Mrs sofia
Sometimes I wonder if she's used magic power trade
Sometimes I wonder if she's used magic power trade
Everything about the lease vs owning argument is ridiculous to me. Especially when frames like this. I’ve had my car for 13 years, paid off in 3.5. Somebody leasing has been paying a lease all 13 of those years. Tell me how that’s smarter??
Also why do people always use the depreciation argument with cars? Who cares if it depreciates? You are using it for a purpose right. I can give my car away right now for free and it still paid for itself by transporting me for work and personal for 13 whole years. What are we talking about here
I get what you are saying.
The depreciation argument is only valid if you used the money that you have “lost” towards something that increases in value.
I read another comment that says that they buy the car new pay off for 5yrs and then keep it 5 years after that, I really liked that idea however I don’t keep cars for that long so doesn’t work for me.
I’m in the uk, everything is covered in the lease, so the fixed costs makes sense whilst I use the price certainty to make extra funds work harder than losing say £15-£20k over 3years on a car
@@asherz8t5 True indeed. My issue is, leasing only works for a specific type of purchaser. Framing it as something smart people do, which impies stupid people finance/buy, is ridiculous.
Great Video! Could you explain the pros and cons of a vehicle being repo? please I'm considering it and I'm not sure how the process will be
pay your bill
@@bigcockedman714 I thought about it.
@Melnetra Williams he's right... pay your bill! Banks don't give a flying you know what about what troubles are going on in your life. In the event you can't pay just sell it to a major dealership and take care of the remaining balance if there's one
@@damiand4674 too much for a modern women to accomplish.
@@bigcockedman714 oh damn 😓
Wait… I would concern myself a modern woman. I own my car plus my car insurance is paid for the year…. And I keep up the maintenance on my car. Modern day woman did that.
Business lease only. Claim back expenses, VAT, etc through the ltd.
Hand back the car after the lease has expired and start again.
This the game that the rappers was supposed to get 10-15 years ago so they could broadcast a better message
Facts!!!
Most certified vehicles are low miles & still have good warranty left on it. The drive train is normally 100K miles.
Don’t buy low residual Automobiles & stay away from high maintenance autos where parts are made outside of United States. The maintenance will be much higher.
Mileage & condition will decrease value of your car. do all required maintenance! Don’t just drive the car & change the oil.
Ppl should lease semi trucks from dealerships!? Thoughts 💭💬
Where can I buy merchandise at?
Get in touch directly!!⬆️ Thanks..❤️
I have never leased but honestly when it comes to brands like bmw, Benz, Audi these are lease only vehicles just because down the road all the maintenance will rob you. Buy a Lexus and keep it forever
Your maintenance costs are in your lease payment. If you don't think so then who is paying for maintenance?
I bought my 19 Durango R/T.. and I'm far from rich. I buy because I don't want to be stuck in a Monthly payment cycle for the rest of my life when it comes to leasing. It's good that people who lease get to jump into the latest vehicles every 4 to 5 years. But my Durango would already be paid off. And no more Monthly payments would be coming out of my pocket.. Money I can now put somewhere else.
DOPE
Leased during covid car shortage because prices were non negotiable and HIGH. Turns out , my 2022 Frontier sucks , and I'm so glad I only lost $10k for a truck lease that's lost $15-20k in value by 24months . My life requires RELIABLE transportation so used cars are not an option currently.
Definitely didn’t know leasing a car was a write off.
You can write off almost anything as a business owner
First they need to change this title. It all depends on where you’re from and your needs of life. If you’re from the country or a rural area it wouldn’t be “smart” to lease your car cause I guarantee you’ll be racking up miles just to hit the grocery store or places of quality for leisure activities. Owning your car is the best in any scenario because once it’s paid for it’s done. No car payment is the best way to go. Occasionally pay for maintenance and you’re in the winners circle. Please reduce your expenses at any and all cost.
Who wants to be paying for a car until they die??? You already have to do it for electric, internet, and phone so you want to add a car in there too? Don’t create reoccurring bills y’all be “smart” smh.
I prefer to get a new car and do regular maintenance. My car was bought new, is paid off, and in 6 years only had one $400 repair. I do regular maintenance from day 1 and I will likely never lease a car. Hopefully this car lasts 10 more years at least!
It’s a reason anyone can finance a car but can’t lease a car. That should let you know which option is better. Leasing has better benefits than financing a car.
I was taught that by a millionaire when I was moving his furniture in his new mansion. He didn’t give me a monetary tip but he gave me a lot of financial tips. The catch is your credit has to be A1
That’s like saying you would rather rent a house then buy it
Houses tend to appreciate in value where cars depreciate in value.
If you knew your house was going to depreciate in value and eventually be worth nothing, would you buy it?
Leasing is not smart for everybody’s situation……it really depends on plenty factors. Not always the best option.
How does insurance work with leasing a car; incase of an accident?
Typically, insurance is higher because its leased
@@kenechi-k But it's all a tax write off
If you have a business it’s not a bad idea to lease it through your business because you get the full tax benefits of writing of certain expenses come tax time
Great info. But I feel like the hosts still didn’t understand half of what he was saying.
I bought a car 5 years ago it’s worth almost just as much as what I paid for it then
I bought mine and got 100% against my taxes...only works if car is over 6k pounds.
Get in touch directly!!⬆️ Thanks..❤️
There are so many more variables. Especially with business ownership. Businesses that actually make money, I mean. Realistic blue-collar industries should consult elsewhere.
All of these arguments hinge on wanting to upgrade to a new car every 3 years. Which financially is a horrible idea, if you’re trying to build wealth.
If you want to improve your net worth, your best bet is to buy a newly used car (under 50k miles) and use it as long as it’s reliable. By doing this you’ll miss a lot of depreciation but still have a reliable vehicle that doesn’t cost a lot to maintain.
If you do this, for the next 7-10 years, you’ll have a reliable car and only payments for half of that time. If you lease, you’ll be paying a monthly car note for the full period.
Don’t fall into the belief that you need a new car every few years. If that’s how you want to spend your money, more power to you. But there is a cost to that; you’ll save more by buying a slightly used car and trading it in down the road.
Good take! As a business owner though, I think it's good to have that as a constant write-off for taxes.
Only lease when it’s luxury cars 80k and up. Otherwise finance
Most people are going to get tired of driving or doing maintenance on a vehicle after a while & desire a new vehicle. Therefore, I do think leasing a vehicle is a smart decision. 👍