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Lichi
what what!?
Member since 5/05 4206 total posts
Name:
Lissette
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Re: Buying/Leasing/Financing a car....
Posted by TAD
Seriously, Let me get this straight it would be better to put 2000.00 down do you think on a newer car to lease or should I honestly buy a used car if they can be financed? And if so what style would be the best for a family of 4
Good Q... me don't know though. Ladies?
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Posted 7/5/05 2:36 PM  |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Buying/Leasing/Financing a car....
Posted by Lichi
You still end up paying fees & interests whether you finance or lease, though, right?
Yup, you do, but with a lease, the interest is usually higher with a lease, and at the end of the lease, you have nothing. With a car that you buy, at the very least, you'll probably make back the interest and fees by trading it in or selling it (that is, only if you're NOT like my father, who holds onto his Volvo's until they reach about 300,000 miles   ). Also, with a lease, there are more fees involved that many people forget about - usually there is a turn-in fee at the end of the lease, and you get slammed with fees for any excess wear and tear (i.e. worn tires, scratches, stains, etc) and for excess miles.
Edited to add - You would think with a lease you wouldn't have to spend as much on repairs, but somehow, every VW dealer I took mine to, found between $500-$1000 in repairs at inspection time. I can't tell you how annoying it was to spend that money knowing that it was for a car that wasn't really mine 
Message edited 7/5/2005 2:41:11 PM.
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| Posted 7/5/05 2:40 PM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: Buying/Leasing/Financing a car....
I think a lease is a waste of $$. And I think a new car is a waste of $$ - it depreciates like 25% as soon as you get it off the lot.
I would get a 2-year previously-owned vehicle from a reputable dealer. (I bought mine privately but DH is great with cars).
I got my '98 Jeep Grand Cherokee for $15K and it is the very best investment ever (except the co-op I flipped for twice the price). We like it so much more than DH's car - which has double the miles and he is still paying for. I would go 2-3 years and decide what is important to YOU.
Message edited 7/5/2005 2:46:53 PM.
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| Posted 7/5/05 2:46 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Just a word of advice on purchasing used cars. We were looking into both and the itnerest rates for used cars were SKY HIGH. I mean they were ridiculous compared to how low rates are on new cars.
I think the buy/lease questions deends on how you like your cars, do you like a new car every 3 years, or do you like to drive a car until it's on its last legs. When I bought my bug I was determined to take good care of it to make ti last 10 years (at least), and now after 5 I am DONE with car payments and the car is thank god doing great with very little $$ investment from me
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| Posted 7/5/05 3:46 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
You can put the DP on a low interest credit card if you need to. Interest rates all depends on what financial product they're trying to sell. Right now (we just bought a car a week or so ago) the LOWEST interest rate was on the smartbuy type of program, so it's actually going to work out very very well. You have to look at the actual interest rate, and with a lease the actual residual value of the car after the term is up.
For a family of 4 OI'd say a larger sedan. Just a tip, since they're coming out with a new VW Passat, they are practically giving the current models away with all kinds of incentives (I'm talking $2000 below invoice with rebates). I'd check that car out. Also, when I was in a mazda dealership they were selling the trubute at $4K below MSRP.
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| Posted 7/5/05 3:50 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Buying/Leasing/Financing a car....
Posted by marymoon
Just a word of advice on purchasing used cars. We were looking into both and the itnerest rates for used cars were SKY HIGH.
I got 3.9% on my used Audi for up to five years (I took the loan out for four).
Thats just as good if not better than most lease or smartbuy interest rates you can get.
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| Posted 7/5/05 3:52 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Posted by DjPiLL
Posted by marymoon
Just a word of advice on purchasing used cars. We were looking into both and the itnerest rates for used cars were SKY HIGH.
I got 3.9% on my used Audi for up to five years (I took the loan out for four).
Thats just as good if not better than most lease or smartbuy interest rates you can get.
That's really good. We were getting 6% and up, whereas our smartbuy is 2.3%
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| Posted 7/5/05 4:02 PM |
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MissJones
I need a nap!
Member since 5/05 22138 total posts
Name:
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Re: Buying/Leasing/Financing a car....
Also, if you have good credit, have money with the bank and will do automatic deductions, your interest rate can go down. We are starting with a 5.99% rate. With good credit, we went down 1/2%, with 5K in a MoneyMarket account, we went down another 1/2% and with automatic deductions, we went down 1/4% bringing the interest to 4.49% which was, from what we heard, really good. So shop around. I was also told that it could go down another 1/4% because the credit union is having a 'sale' on loans, but we don't qualify because of timing. Also, at the end of the month, around the 29th, they need to make their quota and are willing to go down in price. Go to edmunds.com and see what the dealers are paying and work with that. Good luck! And btw, new used cars are great, too. My mom got her car after it was turned in from the lease. She was still given a warranty and the car was in great shape!
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| Posted 7/5/05 4:31 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Yes, fi you go toward the end of the month and can take delivery by the end of the month, that will DEFINTIELY work to your advantage, if you know to use it that way. Even if you say something like "well we weren't planning on making the purhcase for another week or two..." they may just jump in to try to entice you to buy it before end of month or you can just level with them "I know it's end of month, if I take delivery by the 30th, what can you do for me?"
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| Posted 7/5/05 4:38 PM |
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TAD
LIF Adult
Member since 5/05 1199 total posts
Name:
Terri
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Re: Buying/Leasing/Financing a car....
I have no credit and my insurance is giving me a little less then 3000.00 for my car. I run my cars to the end but kept them in good condition. The car I just totaled was my baby shower gift from my hubby 9 yrs ago so I want something that would def last.
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| Posted 7/5/05 4:43 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Posted by TAD
I have no credit and my insurance is giving me a little less then 3000.00 for my car. I run my cars to the end but kept them in good condition. The car I just totaled was my baby shower gift from my hubby 9 yrs ago so I want something that would def last.
What about hubby's credit? You have never had a charge account or anything? I would get a credit report just inc ase, you never know what your score is. Also, if yu're a first time car buyer or a recent college grad that can help you get approved even with no credit history.
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| Posted 7/5/05 4:45 PM |
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TAD
LIF Adult
Member since 5/05 1199 total posts
Name:
Terri
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Re: Buying/Leasing/Financing a car....
what do you think about buying a car from a rent a place like enterprise rent a car? I think it would be considered a preowned car correct? Whats your take on that?
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| Posted 7/5/05 4:45 PM |
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TAD
LIF Adult
Member since 5/05 1199 total posts
Name:
Terri
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Re: Buying/Leasing/Financing a car....
Posted by marymoon
Posted by TAD
I have no credit and my insurance is giving me a little less then 3000.00 for my car. I run my cars to the end but kept them in good condition. The car I just totaled was my baby shower gift from my hubby 9 yrs ago so I want something that would def last.
What about hubby's credit? You have never had a charge account or anything? I would get a credit report just inc ase, you never know what your score is. Also, if yu're a first time car buyer or a recent college grad that can help you get approved even with no credit history.
we both have $hit credit and as far as a first time car buyer or college grad NOPE dont fall into those categories, anymore
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| Posted 7/5/05 4:47 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Posted by TAD
what do you think about buying a car from a rent a place like enterprise rent a car? I think it would be considered a preowned car correct? Whats your take on that?
Do those places sell the cars directly? My brother in law bought a car that had been I think a ealership demo or loaner and it was in such pristine condition, just like new. But there's a lot to consider. On a car like that, where everyone driving it is someone who doens't own it and give a shizz about it, it could have been driven very hard, or it could have been used to trasnport all kinds fo nasty stuff, you'd never know by looking at it. Then again with low mileage, new engines are pretty resilient, and the cars are well kept, it could be a good investment. I was looking into a demo car, but it has such low mileage that it was almsot the same price as a new car. There's no one right answer. I spent months resarching before we bought this car, and it was arelaly hard decision with a LOT of factors to consider. Edmunds.com is a really ood resource if you're looking to narrow down models you like and to figure out how much you should be paying
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| Posted 7/5/05 4:49 PM |
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TAD
LIF Adult
Member since 5/05 1199 total posts
Name:
Terri
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Re: Buying/Leasing/Financing a car....
I have to get a car within 2 weeks ( thats wheen the rent a car has to go back0 so I need to come up with something good that would last. I am a hard driver and I do drive alot so if anyone hears of anything please keep me in mind.
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| Posted 7/5/05 4:51 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
Posted by TAD
Posted by marymoon
Posted by TAD
I have no credit and my insurance is giving me a little less then 3000.00 for my car. I run my cars to the end but kept them in good condition. The car I just totaled was my baby shower gift from my hubby 9 yrs ago so I want something that would def last.
What about hubby's credit? You have never had a charge account or anything? I would get a credit report just inc ase, you never know what your score is. Also, if yu're a first time car buyer or a recent college grad that can help you get approved even with no credit history.
we both have $hit credit and as far as a first time car buyer or college grad NOPE dont fall into those categories, anymore
If you don;t have good credit expect a high interest rate. My dad was the one on the loan for my car, and his credit was/is bad, and he got approved by the dealership but at a really high rate. Someone in the dealership was telling me that a car loan is even harder to get than a mortgage because if you defauly on a mortgage, they can repo the house which will probbaly gain value and will at least not lose it, if you default on a car loan, they can repo the car, but it's going to be worth a lot less than the price of the loan. So for that reason you may have a better chance getting approved ona used car because there's less depreciation cost. I'm really not sure. I think with financing the ONLY way to know is to narrow it down to a ew cars, used and new, and have them run the credit, or apply through a separate loan agency or bank. We knew our credit scores, but we had NO idea what our rates would be until they actually ran them. Even the finance managers at dealerships won't speculate, (and they're usually wrong, I found out). It might not be as bad as you think! Have you gotten a FICO score lately? I was really pelasantly surprised by mine.
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| Posted 7/5/05 4:54 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Buying/Leasing/Financing a car....
if you're a hard driver and you drive a lot, I would NOT lease. You'll end up paying a lot for mileage and wear and tear. Look around at used car dealers. There are some of those warehouses where every car is under $10K and stuff like that, and also look into new cars. I don't know which financial programs aremore likely to approve not so good credit. Try Autoland!
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| Posted 7/5/05 4:57 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Buying/Leasing/Financing a car....
I don't think it would be a good idea for you to lease if you do any kind of driving cuz they kill you on the mileage when you go to return the car.
I am a big fan of buying new. I understand the arguments that everyone has about the value of the car dropping, but for me, I am more comfortable with the fact that I have taken care of my car from start to finish. I bought a new Celica in 89 and kept it until 2003...sold it for $1300 with 200,000 miles on it...and the car was pristine (aside from the mileage of course). I bought a Santa Fe cuz of the Hyundai warranty and am going to hope it lasts like the Celica did. I keep up on all the maintenance and had no problems at all with the Toyota. My first car was a five year old used car and I had nothing but problems with it so I feel safer buying new.
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| Posted 7/5/05 5:05 PM |
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