EXPERT EXPLAINS! Should You Buy, Finance or Lease Your New Car!
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- Опубликовано: 29 сен 2024
- In this video I review the options of buying a new vehicle in cash, financing it, or leasing it.
There are many pros and cons to acknowledge. You will have a better understanding of which route is best for you once you understand what the purpose for the new vehicle is, and what your intentions for it are.
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Pay cash but don’t tell them until after negotiations. Also, stick to your budget and don’t accept extras, warranties or “documentation fees”. The consumer is in the driver’s seat, dealers need to remember this.
lease is better IMO. Like no matter the brand after a few years you are just paying for new brakes, tires, the car will slowly brake down and become a headache to fix no peace of mind. I'd rather pay money to get a reliable source of transportation everytime as when you lease you always get a brand new vehicle.
Great information, thank you. I have so far avoided leasing because I have a history of driving a lot of km’s per year. I will consider leasing in the future.
Leasing, cheaper monthly payment , but a never ending car payment, no thanks.
Is it change 2025 model ? Or just face left
Any dealership personnel will want you to lease. It guarantees you will be back inside their doors and you end up with less value or none at the end. Stop buying cars every couple of years!
Leasing is a cycle where you never stop making payments. If you have the cash it’s best to pay it all outright. Leveraging may be good but the interest on car loans or lease will always be higher than interests on High Yield Savings or CD’s so use the cash!
The numbers aren't making any sense IMHO. More opinion expressed than data.
1) Toyota rates are 4.99% for 60 months for a 2025 Camry. I can get 4.4% interest on my savings. More if I locked them down for a period. So cash versus finance is essentially awash. Stock markets pay back only over the long term. Risky over 60 months!
2) Leasing works out better than financing if the resale value of the vehicle is going to be poor. Not so applicable to Toyotas
3) Leasing is not at all appropriate when you drive significant miles per year
4) Financing or leasing is useful to maintain or build credit history, whereas cash does nothing for that.
5). Whatever you do you'll lose money in a vehicle. Typically $2000/$3000 per year over the long term and much higher if you trade after just 3 years.
Everyone needs to review their own situation and decide what's best for them.
Initial outlays, savings, interest rates, monthly payments, miles per year, accident/vehicle damage risk, model resale value, tenure of vehicle, condition of vehicle at resale, etc.
Do your research!
In canada the financing rate will go upto 9.0%
For point 1, don’t forget you pay tax on the interest income, it’s not a wash, do your research!
@@koko-wt1ubUnless you invest in a registered account like a TFSA or RRSP in which case any interest or investment income is tax-free
A least is a waste of money you own, nothing after a lease. I rather pay more monthly so I own it at the end of 5 or 6 years instead of throwing money away.
Get 2% on gic And finance for 7 % . That does not make any sense 😕
Ummmm it does when your cash is still worth the same value or more in 2-7 years while your car is worth 50% less than what you paid ? Bro
7% every payment !! Stock market who know you will win or lose
The cash vs financing example makes zero sense, clearly dude is not an accountant 😂
Hey Marcello, can you explain why multiple security deposits maxes out at different amounts? For example, the Tacoma off-road premium maxes out at $5500. The Highlander LE max is out at $7500 and the Highlander LE hybrid maxes out at $10,000. Thanks for the reply.
Not sure. They are just flat rates by model lines that are pre set
Don’t lease ever! If your plan is to long term own the car, dealerships will make you add dumb upgrades on a lease. They will also require you to have a more expensive insurance to protect their vehicle. Don’t lease. Dealerships only want you to only think about payments. I paid off my car 6yrs ago. Trust me you can pay for any repair with money in your pocket from not giving it away to a new car every 4 years.
I’d never pay cash for a car because it’s risky. The dealer won’t give you the title. While leasing does work for some I always finance and pay it off quickly. I won’t start paying down the loan until DMV issues the E Title in my name. Dealers generally will give you a better price if you finance. If you pay cash and there is a problem with the title or the dealer goes under you could be out the cash and the car.
Thank you for the straight unbiased explanation -:)
Which dealership do u work at ?
Maple toyota
Can you talk about does the dealership get kickback from leasing?
No we do not. Only on financing through banks. Which isn’t often
@@ToyotaWorld strange.. I went to a Lexus dealership.. and the salesperson said the condition is either trade in or lease or finance
The best strategy is to buy a used car every 10 years!
What if you drive 40-45K a year? Leasing isn't an option in that case?
If you drive that much you should be buying used with high mileage. You’re destroying the value of a new car driving that much.
I'll try not to buy any cash 😅
I like owning stuff
His right dont buy a car with cash iffffffffff…. You don’t have it….