Are the rolling status symbols going away? (Miami, Sweetwater: leasing, home)

[tallrick]

I saw this on the net a few days ago.

http://www.nytimes.com/2008/07/26/bu...rssnyt&emc=rss

Then I saw this:

Car Leases Will Be Harder To Get, Costlier, Chrysler's Exit From Auto Leasing Business Portends Higher Prices, Fewer Options For Consumers - CBS News

Tonight on wplg they did a story about how Miami residents are dependant on leasing cars they otherwise cannot afford. Is this the end of the "staus symbol" luxury car for low-paid Miami residents? Are Mercedes and BMW's going to be replaced by Kias and Toyota yaris? They were even mentioning the number of trucks and SUV's sitting in car lots with falling prices. Is it time for me to snap up a nice truck for a cheap price?

[compelled to reply]

God, I hope so. I make "good money" and I drive a newer but relatively modest, fuel efficient mainstream car that I actually paid for. There is no denying that some cars like the BMW 3 series are, indeed, great driving cars, but it is also no secret that too many people "buy" (lease) them just to "look" good and for status, yet not much else. Personally, I'm more impressed when people buy cars that are within their means without driving themselves into debt.

And yes, if you actually need a truck, now is the time!

[planetsurf]

Just sold my 2001 Jeep Grand Cherokee --- $5500 on Craigslist. The Honda dealer laughed at us when we wanted to trade it in! He actually half suggested the car "fall in the ocean" to get rid of it. lol

Took it to CarMax and they offered $2100! Crazy. Nobody wants to spend the money on low MPG vehicles of any kind anymore. So add double gas payments to the higher $ for a leased "luxury" car and it doesn't make sense for most people let alone those that could barely afford it in the first place.

[tallrick]

I need a truck for my dumpster diving and to tow the Bobcats. The old car is so rusty I am afraid it will disintegrate soon. Just have to find that Cummins diesel pre-1999 for under 3,000.00, Dodge truck. Then convert to run on waste vegetable oil, or algae oil.

[Luiso]

Originally Posted by compelled to reply

God, I hope so. I make "good money" and I drive a newer but relatively modest, fuel efficient mainstream car that I actually paid for. There is no denying that some cars like the BMW 3 series are, indeed, great driving cars, but it is also no secret that too many people "buy" (lease) them just to "look" good and for status, yet not much else. Personally, I'm more impressed when people buy cars that are within their means without driving themselves into debt.

And yes, if you actually need a truck, now is the time!

Nothing wrong with leasing. I prefer it . After 2 or 3 yrs you drop it off and walk away or lease another car.

I would never buy again my car is leased and prefer to lease .
I have a Cooper but your right some lease way over their means they drive to impress but leasing IMO is the way to go

[Luiso]

Originally Posted by planetsurf

Just sold my 2001 Jeep Grand Cherokee --- $5500 on Craigslist. The Honda dealer laughed at us when we wanted to trade it in! He actually half suggested the car "fall in the ocean" to get rid of it. lol

Took it to CarMax and they offered $2100! Crazy. Nobody wants to spend the money on low MPG vehicles of any kind anymore. So add double gas payments to the higher $ for a leased "luxury" car and it doesn't make sense for most people let alone those that could barely afford it in the first place.

If anything smaller cars ESP Toyota models are one of the highest leased cars. More and more are leasing smaller cars.

When I went to lease my car there were several people there trading in bigger cars/Suvs for smaller.

Look around you the bigger cars, SUVs are smaller in number now than 2 yrs ago

[Luiso]

Originally Posted by tallrick

I saw this on the net a few days ago.

http://www.nytimes.com/2008/07/26/bu...rssnyt&emc=rss

Then I saw this:

Car Leases Will Be Harder To Get, Costlier, Chrysler's Exit From Auto Leasing Business Portends Higher Prices, Fewer Options For Consumers - CBS News

Tonight on wplg they did a story about how Miami residents are dependant on leasing cars they otherwise cannot afford. Is this the end of the "staus symbol" luxury car for low-paid Miami residents? Are Mercedes and BMW's going to be replaced by Kias and Toyota yaris? They were even mentioning the number of trucks and SUV's sitting in car lots with falling prices. Is it time for me to snap up a nice truck for a cheap price?

---------

Funny thing is Toyota doesnt lease Yaris they only sell it which should send a red flag about Yaris.

My sister has a Corrolla and I think its might even be better MPG than my Cooper and ofcourse way bigger.

[noland123]

One problem with leasing is that you keep making perpetual monthly car payments for as long as you lease. Another is that it is hard or very expensive to break a lease agreement especially if one loses their job or an unforeseen debt comes into play,because you will pay a heavy penalty.

I drive a cadillac, big deal it is a 1985 Coupe de Ville,but it is paid for and I drive it limited miles.

I think it is ludicrous when one wants to lease an expensive vehicle that they can't afford to buy just to impress people or pick up women. Some status symbol to drive a luxury car ,but I would be willing to bet they barely can afford McDonalds.

[compelled to reply]

Originally Posted by Luiso

Nothing wrong with leasing. I prefer it . After 2 or 3 yrs you drop it off and walk away or lease another car.

I would never buy again my car is leased and prefer to lease .
I have a Cooper but your right some lease way over their means they drive to impress but leasing IMO is the way to go

I'm not dissing leasing in itself, I'm mainly talking about people who get their 200 dollar a month, 5 thousand due at signing leases to drive Range Rovers (couldn't afford it otherwise) and then park their car in some 1000 square foot burglar barred home with three families in Sweetwater and eat rice and beans just to "look cool". Leasing is great if you want a new car every three years and you don't put much down.

[himain]

People lease these expensive vehicles and live on welfare in the ghetto. We all know what thats called but I can't post it on here..