Used Car Leases ???
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- Опубликовано: 4 июл 2024
- Leasing a Used Car
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Nice video. I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
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Dang, you know things are getting bad when we’re talking about leasing a used f-150! Not a good sign of the times…
In the early 2000's you could lease a brand new ford Ranger 4x4 xcab for $99 per month
I never leased a car. As far as I’m concerned leasing is strictly for tax deductions when you own a business. Otherwise, a waste of money.
Even then, many small businesses buy their vehicles outright. The company I work for has three vans and all were purchased as used vehicles. Even from a tax standpoint, it made more sense to buy used than lease new.
My wife and I normally lease one of our cars, but our other 4 are specialty cars that are paid for. We usually get mid spec Audi’s or BMW’s, whichever has the best end of model year lease specials. It’s my wife’s daily drive and our all around family vehicle. We snagged last summer a new Audi A5 45 Sportback with 19” wheels and sport package on a 36 month lease for $492 month including tax with Audi’s special lease on that model. She gets a cool new car to drive around, it is under warranty the whole time, and I don’t feel bad about it not being in a garage like the others. In a couple more years we’ll do it again with whoever has the best lease terms then.
No it’s also used as a way for people who don’t want high payments and don’t care about long term payments
I once leased a car back in the 90s. I ended up getting money back because I had replaced the tires, and turned it in with lower miles than I was allotted.
Leasing a used car is like getting variable interest rate on a home mortgage.
Facts!!!!
so like the rest of the world?
on a house you overpaid in a bidding war and waived all contingencies
@@ashishpatel350 exactly
@@MR3DDev it's amazing that we think a 30 year mortgage is normal. The reason we are in this problem is because of long borrowing rates and not having a variable interest rate
Banks will always come up with a new way to get you to sign on the dotted line.
Facts
Leasing used cars is not new. It runs in and out of financial favor based on residuals, money factors and the current incentives on new cars.
I would argue if folks had leased more during the pandemic the market wouldn’t be so crappy now. Folks could get out of their stupid high car payments and there would be a steady number of units coming off lease. Basically the folks the are up for repo just “under rented” their purchases anyway.
Gosh, this reminds me of the copier sales people who were pushing copier leasing on us 30+ years ago.
But when I drilled down to figure out what the finance charges were, it was higher than getting an equipment loan.
But they say you can write off 100% of the lease payment.
Well, we could (still can) write off the initial purchase price plus the finance charges in a loan too.
We just paid cash and took the accelerated depreciation schedule instead.
Then we saw the leases hit the new cars - same thing, higher financing costs.
Dig deeper Lucky.
I'll bet that the "banks" behind this will securitize the lease pools and sell the resulting securities to pension funds.
These used cars aren't in good shape, either. I'm so unimpressed by almost all the listings I look at anymore. I just will keep my old car, I guess.
I totally agree!
Facts
Where are you seeing these?
Thank you for your time, wisdom, and transparency!!
I have heard so many people getting screwed with auto leases. I have always avoided it. Leasing is the most expensive way to own a car.
Correct me if I'm wrong, but when leasing a car, you're not an owner of it, and the title never transfers. And the ONLY way to own it is to fully pay for it.
The couple of leases I have done in the past actually worked out well, as the end of lease buyout was less than the current value of the car. This appears to be more the norm than the exception, except for EVs, as you have pointed out in the past.
thanks for sharing
@@DarkClosetOfTheMind EV isn’t good for anything. We had 2 F150 lightening and 1 E Transit leased from Ford for company under their commercial program. We end up having to pay more to give it back (open ended leases, common for commercial leases). We went right back to gas half tons and gas transit vans. All the money we invested in chargepoint chargers basically down the drain. Plus the commercial insurance for e F150 and E transit is 30-40% higher than their gas counterparts. The only perks I guess is you have the privilege to put “100% electric” writing on your vehicles but this day and age no one cares about that. Plus both vehicles are over government incentive price limit, end up loosing the price of a brand new F150 in the process.
Useful tip for those leasing, at least Toyota allows you to call them and extend the lease at the same rate for an additional 6 months at the end of the lease. Which could be useful for some.
@@travelbugbnaq yes, it also reduces the residual “buy out”. I did a 6 month extension with Honda twice just to see what was going to happen with a job prospect and other “timing” issues.
🎉🎉🎉. Thank you lucky
Also great to see your channel growing 😊😊😊
Blessings,Carlos ✝️🙏❤️😊🇺🇸
I own a business, there is no write off for classic cars. The entertainment write off won't do it.
you can if you do a lease and actually used them for you busenss. I had a 67 mustang and a olds 442 I wrote of interest and depreciation
@@LuckyLopez777 Maybe the auto or sales business, certainly not the construction or maintenance. We do write off depreciation, but I don't know how it works (or if it does at all) with assets that are already predominantly depreciated.
Look like Ricky Martin@@LuckyLopez777
The manufacturers stopped building affordable vehicles because they could.
because people bought and keep buying. therefore people have money! milk them!
@johndonovan7018 exactly, once they saw people fighting each other to pay $10k over msrp on $80,000 trucks they decided never to go back
The unions are in bed with the politicians thus too big to fail. No consequences for bad decisions.
We are going to start buying and daily driving classic cars. They are SOOOOO much cheaper than modern cars now and easy to repair yourself.
Wife always wanted a C3 Corvette, so we can find a really nice one for $10,000 or less. Dont care about mileage or matching numbers on a daily driver.
If you are hands on and know what you doing it is the way to go.
You will own nothing and be happy 😃!
No I won’t
@@TravelT970Look on a bright side, at least you will own nothing......
I have asked several local dealers about used car leases, they have told me that with the fast changing used car values it is probably a really bad idea.
Hotels, restaurants and bars are full, sporting events and concerts sold out, Vegas is packed. There is no economic crisis, people just won't spend crazy money on cars anymore.
Where can I do this? I knew a guy that leased a used bmw for like $200 p/m. It worked out well for him, it was covered by a warranty for the term of the lease, it already took the big depreciation hit. When I looked into it all the dealers said they don't do it anymore, which means they were likely losing on the deal.
I was wondering why the video was one minute lol
youtube. chopped it lol
This is why I hate dealerships, because of all the hidden fees. They'll advertise I car online for $25k, but when you get there to do all the paperwork the car ends up being $33k. This is complete bs. I feel like if they focused on the volume of vehicles they can sell rather than the profit they could potentially makes more money in the long run. Plus you gain a bigger customer base, and a happier customer base since they aren't being tricked into paying for bogus stuff like nitrogen air filled tires for $395. It would actually be more enjoyable buying a car. Cheaper to buy a car. And I think a lot more people would come in to trade in their vehicles a lot earlier than they normally would have mainly because it's a more enjoyable experience.
Dealer markup has been a massive problem for years. I agree with you. It's insanity.
Some manufacturers though do let you actually build and order online and then the rest is handled by the dealership.
Or certain models of vehicles are offered that way such as what Toyota does. You just may have to wait for the car to be built (of course that's for alot of reasons right now) but at least it's not as bad as the markups.
Good video some sound advice that most ppl refuse to listen to!
If you're locked in a lease, I wonder the methods of shifting into a new lease program, if that's possible. Im so dumb and uneducated on this topic, I really have to pause this video every now and so often, just so i can take it all in. LOL. Thank you Lucky for being the man to break it all down for us, brother!
And they NEVER call and ask for full payment lmfao they want you to trade it in or buy it through them. You really come up with the most EXTREME situations that are out of this world.
I did personal used car leasing in the mid-late 90’s. If the residuals and money factors are there and the consumer understands the terms why not?
Thanks for the video lucky 😊
My pleasure 😊
I own a BHPH car lot and we only do leases. Customers owe a penny at the end of the term. It just pushes taxes out over time instead of a big nut up front.
Buy here pay here aint the only option if you got bad credit, that down payment could buy a used car. Yoou dont need the latest and greatest, a 5 grand town car will be more reliable and less of a financial burden than a 20 grand car
An $11000 phone call? Don't these dummies read anything before signing? Lease a used EV? Maybe right after Hell freezes over! Ha! Another great video, thank you!
Great information. Leasing can be good for the right people bit honestly i think its about having a plan for the future. IMHO its silly to lease a luxury car unless it's through your business. Otherwise for most people, if you need to drive but not frequently and you can keep it in a safe place - something practical makes sense. Otherwise id recommend doing the math for an affordable and reliable used vehicle and save to buy in the future a car you might like... or house if thats your goal because even the lease shows up in your mortgage app.
Just my .02. If you do lease, definitely understand the contract. The miles, wear tear, etc. Oh - and beware of odd clauses. Like say you're looming at somethin else and the new dealer says theyd take the lease and roll it into yours or 'buy', etc. Know that the dealerships make their money AND the original company might have a fee to the new dealership as well.
And what people forget is that we have choices and it's nice to have choices! It's always caveat emptor.
4:53 Leases can be great for new vehicles.People who think they are all rip offs don't know how to negotiate cap cost,and calculate money factors
We have several of these used lease companies in Texas
I’m a dealer in MO I do Lease Here Pay Here. It’s a great program for both dealers and consumers. I’ve also done BUPH in MO dealers don’t collect sales tax.
I include oil services and state inspections in lease payment
You’re only taking about how this screw customer. NOT EVERY Dealer screws customers Come on Lucky. How come your slamming dealers who do this?
I do my lease through Northland for 48 months and at end I sign title over to customer. I got 3 people doing this. 2 make monthly payments and one every 2 weeks.
Leasing is the most expensive way to obtain a vehicle. - Dave Ramsey
Ive leased for 20 years,,,I've drove many new cars over the years never had to worry about repairs...For a while I would lease 2 new cars for less then 500 a month...rav4 for 220 and a tacoma for 200 this was before the pandemic...I would rather drive 6 new cars in 36 months than one 800 dollar note for 1 car for 60 months...
It is definitely a tax thing for business owners such as myself.
Lucky, I'm interested in getting into a C8 one of these days. I feel like that car is kinda sorta in a weird gray area though where it's just expensive enough that the people who can buy them will buy them although I've seen they have been coming down in price quite aggressively. Is it safe to assume that despite the flex culture people who can't afford spending $1500/mo on their C8's and combined with people who can legitimately afford one, that they'll level off around these prices we are seeing now? I would be purchasing used most likely.
Absolutely Dystopian 😅
When you lease those cars, what will happen if you have an accident and it’s not your fault, will they give you another one or you’ll be paying for the damage car ?
your insurance will pay but now you have to pay extra for value loss. because of the accident
@@LuckyLopez777 If you pay out of pocket and it's not reported to the insurance company, how will the dealer know?
@@whatsamattayu3257 if there’s an accident report or a police report they could find out also a lot of times they’ll do a post sale inspection so when you give the car back, they’ll look at the paint
Sounds like buy here pay here
Just buy a $5000 camry, or if you need an SUV a Tahoe, and If you need a van a Town and country.
So sad....
Did CDK get to your original 1 minute video?
Can you expend on what do you mean when you say: “For regular people” !
It ain't no joke if you don't pay that note.
NEVER out money down on lease
I’ve always been confused about car loans. If you have bad credit why in the world would you borrow even more money to buy a car YOU CANNOT AFFORD, if you you have good credit why in the world would you not pay cash?
Simply put, SPREAD. If you have good credit and can borrow at 4% and can earn 15% by investing that cash, you are up 11%.
Credit doesn't say anything about what you can afford. Credit scores measure your reliability on borrowing money and nothing else. For example, I have a FICO score of 810. On paper, I have amazing credit! Does that mean I'm clear to get a $100k car when I make $45k/year? Hell no! That'd be financial suicide.
@@tenhundredkillsbad credit = higher interest rate = higher monthly payment. Credit absolutely affects what you can afford.
@@michaell6576 That's true, but that's a different point and not the whole picture. Credit score is a measure of payment reliability, not of affordability. You can have bad credit with high payments and still afford something. Likewise, you can have low payments with good credit and be beyond your means. There's more to affordability than just your credit.
I have done 3 new car leases. I have been happy with all of them. Before the lease is done, I take the car to CARMAX and find out what it is worth. If CARMAX offers me less than the lease pay off, I hand it back to the Leasing Company. If CARMAX gives me more than the pay off, I may buy it and keep it or see if there is a better deal out there.
I think you can make some good money on leasing a used car. Particularly used BMW's and Audi's. The key is to have the right lease price, term, and car in good condition. Then what you have to have is a no Sh-t great service contract that covers everything for the lease term. If the service contract and the cost of the lease works then you have a managed risk contract with all of the features of a new car lease at an affordable monthly cost.
@@ltcmoose2001 Most leases today can not be sold to a third party, they have to go back to the dealership when the term is over, unless you buy it out.
Booyah 👊🏽 😁 👍🏽 🇺🇸
A NEW way to fleece🙄
Why was the original video only a monute long?
Not sure. youtube issue ?
@LuckyLopez777 gotcha. Are you planning another video with andrei jikh?
Just save up and buy a used car for 5-10 k and you won’t have high insurance headaches and car note
Instead of being more reasonable they wanna be more sleezy smdh
Leasing a used car???? what?
Imagine being so impoverished you lease a used car…I can’t believe how bad things have become.
Leasing a car is always good. It might be a little more costly, but it has many advantages.
If you don't like the car while leasing, you don't have to eventually own it. You get to know the car before buying it. I think this is a huge benefit.
In addition, you don't know how the economic condition will be 3 years from now. So, you have the advantage of deciding when your lease term is up. If the economic condition is in your favor, you can buy out the car. If it isn't, you don't have to buy it.
How is leasing is always good? It costs more money in the long run, you end up having to car shop every few years, mileage is limited, you constantly have payments on something that will never increase in value, and your insurance is typically higher than buying outright. That's just to name a few!
Leasing can be good in certain instances, but it's definitely not "always good".
@tenhundredkills Don't say 'never'. I started a lease in 2019 Feb. And guess what? It did increase value in 2022 Feb when my lease term was done. My buyout price was about 19K, but the market value of the car was like 33K. So, I used this economic condition in my favor. I obviously bought the car. If the buyout price was lower than the market value, I wouldn't have bought it.
Yes, long run, it is more costly, which I mentioned in my previous comment. But the benefit outweighs that cost. You can also reduce the time and trips for maintenance. Especially after the warranty expires, you are free from the headaches of repairs.
Now, the term 'Always', in many cases, does have some flaws. So yeah, let's say this could be different by people. But to me, it is always better.
I think it really depends on how you value your time.
@@tenhundredkills in addition, because you car shop every few years, you get to experience all the new technologies. Never underestimate the value of this.
@@SnakePlantCollector That's really not an advantage. Most of the new technologies in cars are gimmicks, especially in infotainment systems. Automakers are far behind the technology curve in that regard. It just makes cars more complicated than they need to be.
@tenhundredkills seems like you know much more than me about cars. I consider myself an average person who doesn't work on the car myself. I always go to shops, but give good care on my car.
Anyway, in my perspective, they are new technologies. Sure, it does make it more complicated, but how can new technologies be applied without being complicated at the same time? Doesn't make sense to me. Many new techs I know are a little more complicated than previous techs.
At least we beat Medicare!
I think anybody who leases a car is nuts. Anyone leasing a used car needs their head examined. NO ONE takes care of their car in 2024. Ask any mechanic.
$$$$
I've been leasing a new car every three years since 2008. Why? Because I never worry about long term maintenance, I like getting a new upscale model every 3 years, I drive under 36k miles a year, I can afford it and I can negotiate the cost of the lease as if I was buying it. I also have a high credit score and my limited driving keeps my insurance rates lower than most people.
Unless you can deduct your lease payments on your tax, leasing is stupid. Even if you want a new car every 2-3 years, buy it outright then trade it in/selling it privately would make more sense then leasing one personally and give it back
😢@@whatsamattayu3257what's the car you use? 35k miles per year means big monthly payment
@@richardren7650the poster doesn’t want to do all that.
Don’t go to JD byrider
We went from
Short and sweet and didn't even have a point.
To
Talking so much you made my mouth dry.
😁
Hi
hola
The only way to fix affordability crisis is not leasing a used car, just cut that damn price!!!
Used car leases 😂.
At this point rent-a-center might become a new player in the auto market
Also why is nobody talking about how fugly and cheap the Lucid Air looks. Its atrocious. That stupid toyota crown wrap-around trunk thing is dumb, and brushed/matte silver 2-tone makes it look like a second-hand Nissan kicks. AND its overpriced. Nobody can afford a 35k car, why are you trying to be the 12th car in the garages of millionaires who are too busy buying real estate to be into cars right now? STOP MAKING LUXURY EVs. Just make them run and drive, make them cheaper, and make them BETTER than ICE and you wont be able to make them fast enough.
but lease to own has always been a thing.. its called a lease buy out...... and you know all those numbers upfront as well. hmm why are we trying to invent another scam.. sounds like it to me. gotta reel in all those 200 score ppl with 4 repos and 2 evictions. in the past 6 months alone :)
Coming from somebody who owns multiple Bentleys and Rolls Royce I could never be more grateful to be out of this high interest loan market! The market has gotten so predatory I couldn’t even afford the cars I already own at current rates
It’s all a scam just buy local cash only
Vid is too long
the one min version was better ? lol
Bad decor. Tough to watch with that thing hanging over your shoulder, Lucky. Love your content but paaaaah-leeeez, future vid’s, change backdrop. TIA!!!
Hello man, I’m videographer, send me, I have a idea 🫡🫡🫡🔥