Toyota Lease - Too Good To Be True

[SlipperyPete]

Originally Posted By: grampi
Originally Posted By: Jarlaxle
Originally Posted By: SlipperyPete
Originally Posted By: grampi

I cannot afford to pay $10K cash for a used car, but I earn a 6 figure income...are you telling me I can't afford a $10K vehicle?


If you earn over $100K and can't lay your hands on $10K, no sensible person should pay any attention to your financial opinions.


Spot on!


AGAIN, "laying your hands on" and "paying cash for" are not even remotely close to being the same thing...


If you don't have $10k liquid, the point stands. If it is liquid and you choose to finance your way to prosperity rather than pay upfront, the point stands. No one who wants to get ahead financially should be listening to you.

 

[hattaresguy]

Cost per mile is king, how you do it is semantics.

 

[grampi]

Originally Posted By: SlipperyPete
If you don't have $10k liquid, the point stands. If it is liquid and you choose to finance your way to prosperity rather than pay upfront, the point stands. No one who wants to get ahead financially should be listening to you.


All three of my credit scores are north of 800, so I'm certain I don't need any financial advice or snide comments from you...

 

[The_Eric]

If I had 20k sitting in my safe and wanted to buy a 10k car, I'd strongly consider financing IF the interest rate was right. Paying a couple hundred in interest, if it means keeping my 20 grand in the safe is worth it as I could re-coupe quicker. Now if I had 30k in the safe, I'd just buy the 10k car in cash.

 

[SwampSurvivor]

I foolishly financed the Focus instead of buying a $2000 Cherokee a few years ago. I was never upside down in it as I put down a pretty large downpayment. And the low interest rate helped push me in the (wrong) direction.

I don't think I'll finance a vehicle again. I just don't like having debt; I don't like the fact that if I miss a payment, I can kiss my car goodbye

I will certainly never lease a vehicle unless it's for one of the two or three scenarios where it makes sense

 

[Doog]

Originally Posted By: coopns
My 02 Camry, 150K, I probably put 12k or so a year on it.


WHAT? 12k per year and 150k total. Dude you have another 5 years with that beast easy. Time to re-furb and ride until 200k absolute minimum. You need a Doog 100k vehicle re-vamp. which is full tune up, TB clean, Maf clean, Brake service and fluid flush, trans flush, coolant flush, new pvc, new air filter, fuels system techron cleaning, battery load test, new serpentine belt. Then take it to a detail shop and have it complete detailed and zama...new car.

Then end the payments and save for 3 years ($100 month) for the new beast. Then drive this one in with 200k all cleaned up and get a CPO loaded Camry.

You might hate it now...but when the payments end your love affair will return. Trust me on this.

 

[Doog]

FWIW I have learned my lesson with cars. My rules are now:

1. Never buy new again. CPO luxury low mileage is the way to go.
2. Never spend over $25k
3. Never trade in with less than 200k on the clock.
4. Buy what you like. You can get a nice 3 year off lease Lexus for under 25k and drive it 180,000 miles and really enjoy it. So after getting back $6k for a trade your cost is about $.105 per mile for the vehicle alone and your driving a $40k car.
5. Lexus financial will get you low interest rates. I currently have a 1.75% 48 month on a 2011 CPO.

 

[supton]

I'm not looking forward to financing again, but I think I made it work in my case. Not far from 11 years of beating on the same car, and it has been paid off for at least 7 years now.

Financing ties me down, but then again, having a mortgage and small kids does too. A car loan removes a degree of flexibility but I was already several degrees stuck.

 

[Mr Nice]

BITOG member's wifes needs a newer car thats reliable and doesn't break down .

 

[CKN]

Originally Posted By: Doog
FWIW I have learned my lesson with cars. My rules are now:

1. Never buy new again. CPO luxury low mileage is the way to go.
2. Never spend over $25k
3. Never trade in with less than 200k on the clock.
4. Buy what you like. You can get a nice 3 year off lease Lexus for under 25k and drive it 180,000 miles and really enjoy it. So after getting back $6k for a trade your cost is about $.105 per mile for the vehicle alone and your driving a $40k car.
5. Lexus financial will get you low interest rates. I currently have a 1.75% 48 month on a 2011 CPO.
However, I have always had a "issue" driving a car through the wide open deserts of the west when it's go well over 100K on it. I know, maybe it's just me.

I wouldn't pay cash - if I got an interest rate at 1.75%. My theory is how long would it take to start over and save that $25,000.00 again? Save it for a rainy day....

 

[KitaCam]

Originally Posted By: CKN

FWIW I have learned my lesson with cars.

I wouldn't pay cash - if I got an interest rate at 1.75%. My theory is how long would it take to start over and save that $25,000.00 again? Save it for a rainy day....


Even @ 3%, Kitacam's loan is $11/month....it was hard to pass on a "new" car for $11 a month.