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nappycoco
02-11-2005, 09:20 PM
I was wondering if you ladies have any advice on what is the best route to go. I am sure it depends on a persons financials status. Let's just say I already have a late model car that I can trade in other than that I am broka- than -a joka!!!

Any advice appreciated!

LanaB
02-11-2005, 10:28 PM
Hi Nappycoco,

I have leased and purchased cars. I leased one car when I was in college and I thought it was the best way for me at the time, since it was cheaper. However, once I graduated, I realized that I was basically throwing my money away in my opinion. After I turned in the lease, I had nothing to show for my money. Leasing is basically an extended rental. I then purchased a car, paid it off and then traded that in for the vehicle that I am currently purchasing. I hope that helps.

Lokii
02-12-2005, 12:45 AM
Buy. And buy a good car that will still be roadworthy and problem free when it's paid off so that you can enjoy at least a few years of car payment free life if you choose to. I don't know of any good reasons to lease regardless of your financial situation. If you can't afford a new car then buy used from a reputable dealer such as Carmax.

nappycoco
02-12-2005, 10:33 PM
I currently have a 1991 Toyota Camry. My girl has been really good to me over the years. I feel that I am not in the financial position to buy something that I really want. I need something practical and trustworthy. So I am thinking of trading in my camry for a newer camry. This way I may get a better deal and hopefully not have an enormous car payment.

sweet-one
02-13-2005, 02:28 AM
I leased a car while I was in college. At the time, I was not really knowledgeable. :dunno: I leased my first car. It worked out at the time b/c it was cheaper than it would have been if I had financed it. (During that time, I didnt have any credit and I had a low-paying, part-time job.) It served its purpose, but the experience was a good teacher. :D I didnt check out things like I should have. For instance, when I signed the papers, I didnt realize there was a restriction on the amount of miles I could drive per year without being charged for the extra miles. :shocker: Also, at the end of the lease, I was left with nothing. I could have kept the car and financed the balance. However, it wasnt worth it. Overall, I would have paid much more than the car was worth.

After that experience, I have financed each of the cars that I have. I am completely satisfied. No restrictions and at the "end", it is mine. Plus, I dont mind driving the same car for many years.

Some questions you might want to ask yourself:
Do you want to drive a new/different car every few years?
Will you be able to stay under the maximum miles allowed?
What will your plan be when the lease ends?

Here are some other great sources of information:
Suze Orman on buying vs leasing (http://biz.yahoo.com/pfg/e16buylease/)

Yahoo Finance - Auto (http://loan.yahoo.com/a/basics.html)

tran68
02-13-2005, 06:17 PM
leasing is unwise unless you prefer to never own a car outright. :huh:

k_napps
02-13-2005, 11:29 PM
Originally posted by tran68@Feb 13 2005, 02:17 PM
leasing is unwise unless you prefer to never own a car outright. :huh:

715607

or if you just have money to burn , thats the case can i have some ^_^

charli
02-14-2005, 10:40 PM
Originally posted by tran68@Feb 13 2005, 11:17 AM
leasing is unwise unless you prefer to never own a car outright. :huh:

715607


Or if you only want to drive late model cars that are fully covered by warranties.

Or if you can't afford to buy the type of car that you want and don't mind not owning it outright.

Not everybody wants to drive a car until the wheels fall off and a car is a depreciating asset.

I just find it humorous that people say people who lease have money to burn when renting an apartment is the same thing. EXCEPT homes ARE appreciating assets. I remember someone used to say white people buy homes and rent cars and black people buy cars and rent homes. In a perfect world you'd own both.

But anyhoo, all y'all burning money on apartments, hook a sister up.

And yes I lease a car, under my business, another situation where you would lease and not buy.

tdhayes
02-16-2005, 12:17 AM
Nappy-
Is there something wrong with your current car or do you just WANT a newer car? Camrys last a long time if you take care of them...some people have well over 200k miles and are still going strong because they keep up with the maintenance on them.

BlakStaar
02-16-2005, 12:25 AM
Originally posted by tdhayes@Feb 15 2005, 09:17 PM
Nappy-
Is there something wrong with your current car or do you just WANT a newer car? Camrys last a long time if you take care of them...some people have well over 200k miles and are still going strong because they keep up with the maintenance on them.

719633


Yup...this is what I have been told about Toyota cars in general. Toyotas hold their value. I am about the receive a 1997 green Corolla from my stepfather and it is in very good shape.

k_napps
02-16-2005, 03:29 PM
Originally posted by BlakStaar@Feb 15 2005, 08:25 PM
Yup...this is what I have been told about Toyota cars in general. Toyotas hold their value. I am about the receive a 1997 green Corolla from my stepfather and it is in very good shape.

719644


honda's keep the values too, so i guess you are just gonna finance then, i understand that car depreciates but i still don't seee the sense in leasing, i hate being restricted about how far i can go ...which ever you choose good luck

tangytic
03-09-2005, 04:51 PM
Originally posted by charli@Feb 14 2005, 11:40 PM

And yes I lease a car, under my business, another situation where you would lease and not buy.

717974


Back in NY alot of self-employed business people where I lived did this i.e. (lawyers, doctors, real estate professionals) so they always had new cars. Since it was done thru their business I believe that got the "business deduction" write off.

Is that the case with you?

chuchu
03-09-2005, 04:55 PM
I say buy. If you lease you will never own the car...and if you want to keep the car after the lease is up you will still have to make payments (i do believe). And if you go over your mileage you have to pay for that. My sis had a toyota for 19yrs before it died.

scrappy
03-09-2005, 06:34 PM
:) I had a 1989 Chevrolet Beretta and I had it for 12 years. That car was very good to me, then it started to give me problems with the transmission. The transmission would have cost $1,000 so I decided not to put that much money into such an old car.

:hug: My uncle who's a mechanic told me about the car auction, so we went and I purchased a 1995 Neon for only $750. The only thing it needed was a new radiator which my uncle took care of. The car is in perfect condition and very good on gas. Also, I don't have to worry about a car note. I donated my old car to the same place (auction) for a tax write-off. I am very happy with my purchase!!! :pointlaugh:

nappyesquire
03-10-2005, 12:56 AM
as a general rule, i've always heard that you should buy if you can-- and buy what you can really afford. living in los angeles, every body pushes a benz to keep up with the jones'. puzzled :icon_eek13: , i quickly learned that most were really leased by the folks in my age group. they don't have the money for the cars they are driving. but in the los angeles culture, it worked for them because you ALWAYS want to have the newest ride. being that i could care less, i push my 97 altima. while there are always exceptions--from your post, i don't really see 'em...


I just find it humorous that people say people who lease have money to burn when renting an apartment is the same thing. EXCEPT homes ARE appreciating assets. I remember someone used to say white people buy homes and rent cars and black people buy cars and rent homes. In a perfect world you'd own both.

:smil3f9cf95099cff: while true, i think there are a lot more factors that play into this... especially depending on your location and position in life. people are being priced out of affordable housing in major cities for RENTING so i'm darn sure that they are being priced out for buying a house.

houses in my neigborhood run $675-750k for a simple 2bd/2ba with a den (and it's just a regular neighborhood). median home prices in inglewood, ca shot up 50% in one month-- and that's considered "da hood." i guess if i chose to live in westbuttf#ck, montana i could get a mansion on a first year associates salary. but in CA, it really aint happenin'... not screwy priorities, just the way the cards are dealt in my area...unless I want to communte 2 hrs, which would really screw me over for mileage if my car was leased. hee-hee.

if nothing else, start small with owning your own vehicle, while getting your ducks lined up in a row for home ownership-- which at this time, would be one hell of a privilege. at least, you can control that more.

nappycoco, if you are really "broke as a joke" then expand on what that means to YOU and let that be your starting point.

:)