Leasing / Car poor / People just to broke to buy a snake! LOTS of threads as of late.

V10 MOJO

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I disagree, for myself leasing is ideal as i lease thru one of my businesses, everything including gas, maintenance, even upgrades are write-offs, so it is truly a good way to go. then i simply turn in the vehicle, and get a new one, no hassles. if youve a short attention span and get tired of toys quickly like myself, leasing is good. in this case, i will be keeping the 1999 rt10 after the lease as ive decided i like it to **** much to give it back and since ive ordered a 2003, i need one to play with and the 1999 is it. lets face it, no matter what ave you choose, a car is a poor investment, if you cannot aford to throw the cash away then dont get the ride but if you have the extra flow then i say, blow it on something like a viper, as the man posting says; you only live once. all my other vehicles are bought BTW (mercedes CLK, toyota landcruiser, harley V-rod) so i guess i ride the fence
 

shifter

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What do you think the guys on the Vette/Mustang sites would say if one of their members thought about buying a Viper, admitting they would have to stretch it a bit to afford the payments? I bet they say go for it
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Point? Be happy you can afford one, enjoy the car, and support others in their Viper dreams to be as fortunate as most of us.

I personally find it silly that people even ask opinions on such matters. Who else can possibly have the right answer for them?

Oh yeah, I lease my Viper myself. My lease rate was lower than I could get a loan for, and less than what my investments are making, even after the glorious Y2K. Was leasing best for me? yep.
 

Dixter

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I don't lease but I can tell you that I work with a lot of folks
here in Dallas that some of their income is " lease allowance "

That is, they get a salary and a perk.. the perk being a car
allowance. So lets say the allowance is $400 and they can lease
a Viper for $800. Whats wrong with out of pocket expense of the
difference $400 for a leased viper and at the end of the lease
you can buy it....

I'd say nice perk

These same folks drive the clunkers to work and play with the
Vipers on the weekends
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MES

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Unless you're making some elses payments, WHO CARES!
<HR></BLOCKQUOTE>

^Ditto^

Some people are always going to buy stuff they can't afford, while others wait until they can afford it. There are plenty of people with $500K homes that live paycheck to paycheck, its not just Vipers.
 

ElDiablo Viper

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I don't get it. My lease payments for my 3 cars are about 2.5K Why would want to spend all that money and buy a car. I pay for what I use. Can I buy it cash, yes I can, is 2.5k a month a lot of money...NO. I never owned a car, all of the cars were on a lease. If I'll like the car then can buy it out. You don't have to buy a cow to get milk.
 

jimandela

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Mes,
I can relate on the house issue!!!
i bought my 2001 outright.
now as i look to build a new home...
do i go with a $300k home or sell the car and go $380??

i was just thinking that yesterday (as we look at land to build on) what good is a 3 or 4 car garage if i have to sell the car to have the house???

We will probably tone down our wants and end up with around
a $280k home with a 3 car garage and keep my toy!!!

But not owning my own company and having 2 little ones
it is easy to get overextended in your wants weather it be cars or homes.

JIM
smile.gif
 

USAF BAD ASP

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My older brother works for a nationwide dealer chain. You people who lease vehicles are keeping my brother well off, and making the company a ton of money. They don't make as much when they sell the car outright and the salespeople push for leases...
Leasing is the silliest thing when it comes to cars.. and some of you people fall for it... why not buy the car and write off those payments, drive it all you want, then after 3 years you'll have 30k worth of equity built up.. or, lease and you have ZERO... oh, but bad asp, I saved a few headaches... ok, hope it was worth 30k

The only way I could see justifying a lease is if you own a business and you NEED 15 trucks and you can't afford to buy, so you lease to keep your business running...
 

SnakeBolt

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i would just like to take a second and interject on this issue....i am 18 (yes read that again, 18) and almost guaranteed (god-willing) to be an officer in the USN. I am enlisted now, attend U of FL, and have 2 other jobs. After all is said and done on just the navy alone, i have about 1200 left for car payment and insurance, ect. i currently pay 600 for my Lightning payment (financed ~ 30k) and 170 for insurance. Called on a 95 Rt, and they said 198 for insurance (pretty good i thought). Now, if i put 8grand down, on a 95, lets say for 35k and break even on my Lightning, i finanace 27k. That in my head is less than i pay now, but my maintenence costs go up. I think if i can afford the maintenece this is a welcome switch.

in short
LIFE IS ABOUT WORKING HARD TO GET WHAT YOU WANT, AND IF YOU WANT SOMETHING BAD ENOUGH, AND WORK FOR IT, MAKING A FEW SACRAFICES ALONG THE WAY THAT YOU NEED TO, I SAY THE MORE POWER TO YOU

I WILL OWN A VIPER IT IS MY DREAM, AND I WILL MAKE IT A REALITY WHEN I THINK I AM READY
 

USAF BAD ASP

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
ASP, what is you could not afford your Viper UNLESS you leased one? What would you do then?

<HR></BLOCKQUOTE>

I would NEVER lease a viper. It seems the people so far who are leasing are richer folks who don't care about building up some money into a car. I would go get another job and buy it if I wanted it that bad...
 

USAF BAD ASP

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by VettetoViper:
Not just richer guys - Business people. Look at this:

First, All 100% of a lease IS deductible - so saving TAX monies on around 15-20K per year which equals around 5-6k off the batt.

Second, if that 15-20K (or higher if Leased Higher) brings your tax bracket down one notch (say 5% savings on 200K) thats another 10K in savings - so, around 10-15K has been MADE by leasing, plus you drive the car. So, even though you do not make equity in the car - you make more in business. That IS why Lease has been so attractive to the mainstream. Also, as stated above - Corps give car credits for lease - so, why buy personnally when your corp will foot 1/2 the bill.

Just F.Y.I.

Please don't take my Numbers as FACT - I have a C.P.A. that tells me what I NEED to do. Ha, Ha...


<HR></BLOCKQUOTE>

if everything worked out that perfectly I can see your point...

JusSum,
Every friend I have, or have had, who leased a vehicle owed huge for over mileage, or if they bought it outright at the end they were overpaying bigtime considering the money they already had put into the car with their payments. I know of two cars that my friends will end up paying double it's worth, only because they though a lease was better because it was saving them a $100 or so a month vs buying it.
 

rae661

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Why is everybody down on leasing--I agree that for some it may not make sense and for business owners it does. But when the decision to purchase a viper was made, for me leasing made sense. A three year Lease with payments around a G and a buy out of 44. This is through a Credit Union and just last month my payment went down 50 bucks a month!! I am betting that at the end of the lease I can get a better deal then the 44 written in the lease--What does a Credit Union want with a used car--Assume they may be willing to deal. So at the end of the lease I will purchase the car for cash and the whole deal will work out to be about the same as full finance. But like another poster said--I am easily bored and was unsure how long this car would last--none of my other toys lasted the length of the lease. But after one year with the car I can not see ever parting with--Just Love IT!! So it may be based on cash on hand, but it may also be based on Personal matters!!

Bob

'01 Sapphire R/T 10
'00 Navigator
'99 F-150
'98 VFR 800
 

ElDiablo Viper

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I think that if you don't have cash to buy your house then your are stupid and should be living with your parents. Why would you make all of those payments and pay the bank 100% more to what you neded to buy it cash. I only consider people homeowners when they buy their house cash.

Now you see how stupid this is. This tread does not make sense. If you have the car from your parents/lease/bought cash...you still have the car. How did I pay for it is NOYFB.
 

BigsViper

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Leasing as an individual does not make sense due to no tax benefits. Leasing through your business can make lots of sense. Won't go into details but some of them have been expounded here. Anyone that says leasing is dumb is not very knowledgeable, depends on the circumstances.

One thing to watch out for though, if you lease a vehicle in Texas you get ***** on sales taxes, this may be true in other states as well. I live in Texas and still lease my Viper through my business. Still works but lessens the benefit significantly. I have heard though this law is about to change or recently has. Email me if you want details.
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Toby

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I have always been taught...NEVER EVER use your money if possible...ALWAYS use somebody elses money... be either a banks,from investors, etc., etc.
 

Bonkers

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QUOTE]Originally posted by ElDiablo Viper:
I think that if you don't have cash to buy your house then your are stupid.[/QUOTE]

Actually I take offense to that El. Sorry we're not all as rich as you but as for myself I (like too many others and unlike yourself) didn't have the option of living with mommy and daddy until I could afford my new house. To make matters worse I live in a resort area where rent can be five times the amount of a mortgage. Stupid huh?

As for being "stupid" I managed to acquire my house several cool cars and preparing to purchase a viper on a $10/hr wage since I turned 18 in 1998. Had I not suffered many job let-downs I would be cruising next to you at the next viper days and probably own my own business. I got where I am thanks to mortgages and (believe it or not) LEASES.

Try living in poverty for a little while, see how you like it down here.

Stupid?
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V10 MOJO

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one things for sure, this topic has sure got its share of input. as for me, ill just stick with my methods of wastefull consumer spending as posted above. enjoy your cars and remember, life is short enough
 

ElDiablo Viper

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bonkers:

If thats the case then I'll apologize. I'm big enough to admit when I'm wrong, but then again I've seen all too many post similar comments that were not jabs.

El - when you get back please clarify yourself I hate to think I misjudged someone. If you meant what you said though don't ask me how I feel about it.


<HR></BLOCKQUOTE>

Yes I was just making fun of the guys who think that leasing a Viper does not make you a true owner of one. My point was to show that you can apply this to any situation. If I'm leasing the car does not mean that I'm stupid or can't afford it.
 

ElDiablo Viper

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
Bonkers ..... *sigh*


... He wasn't serious. Read the post again, and this time think "sarcastic." El was making a not so light jab at myself. ;)

<HR></BLOCKQUOTE>

Sorry but the leas thing got me worked up

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I do lease all of my cars and have two companies to take the deductions. Sorry to all of you that thought that I was mean. I'm ElDiablo but I'm nice
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ElDiablo Viper

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
Lol, no problems.
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I have no issues with leases, my issue is with people getting in over their heads and people telling them to "go fer it! ya onle live once eh!"

I think they are hurting the people with this advice and that they will not be happy with the car, but instead view it as a mistake. And that would be a sad thing.

<HR></BLOCKQUOTE>

Many people will not get approved by the bank if it is over their limit.
 

Bonkers

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
Bonkers, try reading his post... ;)

<HR></BLOCKQUOTE>

I did, the only thing I agreed with is the comment on is -if you have it who cares how you got it.- The rest is BS because I did work very hard to get my house and I didn't have "cash" to do it. Its condesending.
 

Bonkers

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
... He wasn't serious. Read the post again, and this time think "sarcastic." El was making a not so light jab at myself. ;)

<HR></BLOCKQUOTE>


If thats the case then I'll apologize. I'm big enough to admit when I'm wrong, but then again I've seen all too many post similar comments that were not jabs.

El - when you get back please clarify yourself I hate to think I misjudged someone. If you meant what you said though don't ask me how I feel about it.
 

Toby

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by JusSumFastGi:
TobyT, that has to be the worst advice I have ever heard.
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Ok, not the WORST.
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What is this based on? I am assuming the assumption that you can do better in the market with your money than the interest on the loan?

<HR></BLOCKQUOTE>

Sorry you feel that way...by your comments I have no chance to even try to explain the basics of money management so I will not even atempt it.
 

Bonkers

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Thats were I earn my keep with lenders. Since I don't spend my money anywhere else but my cars I have an 80% debt to income ratio on my (4) car payments. Works great for me but the average person would probably want something like a savings account.....or cable.....or food....

If banks actually cared about people I'd never own a car that I wanted. Of course credit is a double edged sword.
 

BigsViper

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Bonkers, no flames here but I'm just asking for clarification... Are you saying that 80% of your income goes to car payments?? If so you are are an animal!! That's got to be close to a record, I would think!!!
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Bonkers

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370/m LEASE! on a 96 Impala SS
125/m Loan on Jeep Comanche
500/m Loan on yukon (now 210 on repo)
95/m Loan on Jeep Comanche 2wd
50/m Loan on Del Sol (but thats a credit card deicated to the cause so I don't know if it counts)

My current income is around 1500 so once you include oil, maintence, insurance (considering I drive 98 miles one way to work) the numbers add up quick.

Oh before the flames begin the Impala is the only car I bought on impulse, the rest have just been an accumilation of vehicles needed for work that I haven't been able to sell at cost yet.
 

Steve 00RT/10

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Car loans are no longer tax deductable. I haven't had a car loan since they changed the law--a long time ago. I would hope the guys in this thread with the heavy debt ratio are single, because they would be shorting their families in their desire for immediate gratification(Viper--other toys)at an early age.

If one has a profitable business, as it appears many here do, then a lease is probably a good way to go. I have leased several vehicles over the years. For most, a personal lease, with no write offs, is like playing a shell game with money. As stated earlier, a car is a depreciating asset. It may be a creative way to get a high dollar vehicle, but you're losing money in the long run. It's like personal credit card debt--if you can't pay the card in full monthly--you can't afford to buy what you bought. You're only fooling yourself to think differently.

Myself, I put the entire car against my house at 6.3% and am making the equivalent of a car payment on the loan monthly so as to retain the proper equity in the house. The interest is deductable. In the meantime, the money I could have paid cash for the car with, continues on in the stock market and other investments where the return is traditionally higher than 6.3%.

I believe in the philosophy of "live for today, but plan for tomorrow" Although I've had several smaller toys along the way, I would never have considered buying such an impractical car as a Viper until the 'plan for tomorrow' was well in place.

Just old fashioned I guess.

Steve
 

BigsViper

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Flat6:
After making all those payments you don't see any of it back... no residual value... nothing... and at the end of the lease the fun has been had and the fun is over... may as well rolled the money up and smoked it.
Flat6
<HR></BLOCKQUOTE>

Flat6: If smoking the money I've spent on my Viper lease would bring me as much enjoyment as owning and driving the car I would consider it !
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(Plus I never paid for the residual value..)

You've got to look at any decision like this on a net to net basis including tax effects and taking your specific circumstances into account. What's right for me may not be right for you, that's why this discussion, although informative and mildly entertaining, is eminently pointless.
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Lawrenzo

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Flat6- you would have lost even more money if you had purchased the car- why?? Because you would have had to pay the sales tax on the whole purchase price not just the 10 months that you had it. Plus the lease payoff drops down just like a loan. So either way you are paying down the balance as the car depreciates rapidly(big time in the 1st year!). Also, your purchase payment would have been what $900-1000 more a month for a similar term? Where did the $10,000 go?- in your pocket.
If you own a company and can write off the payment 100% it just plain makes sense. If you purchase you can only write off $4000 a year in depreciation- that's it. Many people seem to think that leases are financial voodoo. It's just another wait to control assets.
 

Bonkers

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I have very little faith for my personal future so I hope the toys
BURNOUT.gif
today will build memories for tomorrow. (kinda see myself as that old guy on the Harley commercial "Did you have a Viper Grandpa?" "No I got aluminum siding") Next year means nothing to me if I have to sell today to get it.

BTW I am single and own my own home (looking at maybe a second but who knows) but it was just recently paid for and I didn't have any options as to how to pay for the cars I have other than high interest loan. (Funny a 20 year old with a 750pt credit standing has about as much chance of getting a sub 12% loan around here as Elmer Fudd had in catching that rabbit.) Most hourly workers are in the same boat.
 
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