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Hey I’m just saying why I’m leasing I’ve bought vehicles before i leased remember I’ve been driving since the 1970’s so I’ve bought many new vehicles in my lifetime and keep them to the end, and got squat when trading them in when i wanted a new vehicle. I can afford to lease a vehicle that i could not afford to buy without a huge down payment and a larger monthly payment. So to each their own i don’t mind because i have no plans to purchase it when the lease is over. And if i wanted to take a break i don’t have to get another vehicle since I’m retired and don’t have to go to work anymore and just drive the wife’s vehicle. But she works still and would have to take her to work if i had to use her vehicle. But i like going to out every now and then during the week.
And I repeat, that your situation, where you clearly have plenty of financial resources and you can easily afford to disregard the cost of leasing in favor of the benefits, has little or no relevance to the OP who is in way over his head with debt and trying to get a new car he can't afford.
And I repeat, that your situation, where you clearly have plenty of financial resources and you can easily afford to disregard the cost of leasing in favor of the benefits, has little or no relevance to the OP who is in way over his head with debt and trying to get a new car he can't afford.
I’m not trying to tell anyone what to do they can do what they want. I was just stating what works for me at my age. Everyone’s an adult on here and can do what they want.
And if you ahve a down payment buy it. Even with the 15% APR if you're diligent about paying on time and take control of your finances you'll be able to refi in six months.
That car will be upside down. There is no way he will get a refi. Better to buy a used car drive that. New car, bad credit what could go wrong?
It is not how much you make. It is how much you spend.
Classic words of wisdom right there!
If you make a million dollars a year but spend 1.1mm you are broke!
This is how athletes/lottery winners/high income earners go broke!
I knew a high flying Dr. that lived 20% beyond his income for 25+ years. Literally he had "I'm a Dr" in his mind and too many credit cards in his pocket. Huge house (80's modern architecture, aged badly), country club, fancy cars...... no idea how it kept it up for so long.
Just sold the house, literally made nothing after living there 33 years!
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,762,688 times
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Quote:
Originally Posted by City Guy997S
Classic words of wisdom right there!
If you make a million dollars a year but spend 1.1mm you are broke!
This is how athletes/lottery winners/high income earners go broke!
I knew a high flying Dr. that lived 20% beyond his income for 25+ years. Literally he had "I'm a Dr" in his mind and too many credit cards in his pocket. Huge house (80's modern architecture, aged badly), country club, fancy cars...... no idea how it kept it up for so long.
Just sold the house, literally made nothing after living there 33 years!
I have several friends like this. One is head of pediatrics for a global hospital. She spends every dime she gets as well. Leases luxury cars, gets a loan on the 61' Carver, and her kid had to take out student loans for college. Sad. Also have a friend who is a ER doc. Works contracts world wide in the private medical space (think private health for billionaires, kings, and dictators). Leases everything, debt up the wazzoo.
No amount of income will ever match their outgo. Doctors!
If you are outraged over proposed car financing interest %, why are you not outraged over paying CC interest? Take $5000 of your savings and pay down your cards--and start monthly whittling down CC balances. Do not charge more each month than you pay off + min + whittle down amount. Use all cash back rewards to pay down balances.
Plan to drive your car for one more year while you wipe out all CC balances & build back up your savings.
After 1 year of new diligence, go buy a used car from a car rental company.
And keep CC diligence -paying in full each month- going forever.
Great advice indeed. Thats what was happening. Some medical debt came and I wanted to settle that first.
As an update, I was offered around 480 a month for 6 years . Now its come down to around 350 for a slightly lesser model ...I ll negotiate until i get it to 250 and pay it off in 2 years.
Great advice indeed. Thats what was happening. Some medical debt came and I wanted to settle that first.
As an update, I was offered around 480 a month for 6 years . Now its come down to around 350 for a slightly lesser model ...I ll negotiate until i get it to 250 and pay it off in 2 years.
Good luck trying to negotiate to come from a 350 payment to a 250 either a bigger down payment or a 7 year loan instead of a 6 year loan.
Doctors are notorious for 'lifestyle creep.' It takes them a very long time to start earning good money, and by the time they do, they are very stressed, and they find themselves living in a culture based on referrals which only adds to the, "I've worked hard, I deserve it" mentality.
Anyway, OP has no business leasing (or perhaps even financing). And, as someone who leases, it is almost always the more expensive route. Just own that it is more expensive. It's ok to admit. :-)
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