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I like to get a new car about every four years. I buy rather than lease because I don't like mileage restrictions, and I don't think leases are a good deal.
My wife and I make really good money. But we drive our cars until the wheels fall off. Maybe when the last child graduates college, we might splurge on one. But a sailboat sounds a lot more fun to me.
My wife and I make really good money. But we drive our cars until the wheels fall off. Maybe when the last child graduates college, we might splurge on one. But a sailboat sounds a lot more fun to me.
I have never understood the desire to spend large sums of money on an item whose primary purpose is to transport one from location A to location B. A car should be comfortable, reliable, and safe, but, beyond that, why bother spending more unless it is necessary to maintain a certain image for your job?
I could afford a new BMW or Lexus. However, I have never purchased/leased a new car and have always kept my car until the economics (maintenance costs, etc.) justified a replacement. My extra money goes toward:
(1) Vacations;
(2) Nicer home or potential vacation home; and/or
(3) Taxable investments (after all 401k/IRA options maxed), to retire sooner.
I suppose if I was retired with enough income to travel the world, owned a vacation home on the beach and another vacation home in the mountains, and had finished putting all kids through college, I might consider a new, expensive car. Until then, it is far down on my list of priorities.
I like to get a new car about every four years. I buy rather than lease because I don't like mileage restrictions, and I don't think leases are a good deal.
Leading is like financing a car with an option not to own at the end of the finance term. It's a pretty good deal unless your finance terms are bad.
Last edited by IDoPhysicsPhD; 02-08-2015 at 11:59 AM..
I have never understood the desire to spend large sums of money on an item whose primary purpose is to transport one from location A to location B. A car should be comfortable, reliable, and safe, but, beyond that, why bother spending more unless it is necessary to maintain a certain image for your job?
I could afford a new BMW or Lexus. However, I have never purchased/leased a new car and have always kept my car until the economics (maintenance costs, etc.) justified a replacement. My extra money goes toward:
(1) Vacations;
(2) Nicer home or potential vacation home; and/or
(3) Taxable investments (after all 401k/IRA options maxed), to retire sooner.
I suppose if I was retired with enough income to travel the world, owned a vacation home on the beach and another vacation home in the mountains, and had finished putting all kids through college, I might consider a new, expensive car. Until then, it is far down on my list of priorities.
Do you not have hobbies? I don't see how buying another car is any different.
Quote:
Originally Posted by IDoPhysicsPhD
Leases generally aren't the best deal. It's like financing a car. The best deal is to buy a car outright. However, if you're going to finance the purchase, it's the same as leasing it.
My head hurts from just reading this. You're very, very, very wrong.
Leases generally aren't the best deal. It's like financing a car. The best deal is to buy a car outright. However, if you're going to finance the purchase, it's the same as leasing it.
$100k at 0.9% while market giving you back high single digits (or even a CD at 1.5%) = confusion at your comment.
My head hurts from just reading this. You're very, very, very wrong.
Quote:
Originally Posted by stan4
$100k at 0.9% while market giving you back high single digits (or even a CD at 1.5%) = confusion at your comment.
Fair enough. I should have just said that leasing is the same as financing a car and left it at that. The only difference is the mileage restriction and the option to not purchase the vehicle. But in terms of cost, it's the same.
Fair enough. I should have just said that leasing is the same as financing a car and left it at that. The only difference is the mileage restriction and the option to not purchase the vehicle. But in terms of cost, it's the same.
Not even close to the same thing. A lease is financing the agreed upon depreciation over a time period. When you buy your paying interest on the entire loan amount.
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