There is NOT a housing shortage in North Dallas (Beverly Hills: apartment, leases)

[Aceraceae]

There is nothing wrong with leasing cars IMO. I have no desire to drive around an old car. In a few years while it's still under warranty I'll trade it in for something else. Works for us.

Someone making 150k should easily be able to get an Audi.

[RonaldusMagnus]

Originally Posted by gocubs418

I still want to see a study of Dallas home owners: salary, model of car, lease vs buy, and amount of home.

For 80% under $150k, I see a lot of corvettes/ range rovers/ Audis..... I smell people living above their income, swimming in materialistic debt, leasing their vehicles, and buying too much home.

+1 But it's not just Dallas home owners. It's everywhere.

[RonaldusMagnus]

Originally Posted by Aceraceae

There is nothing wrong with leasing cars IMO. I have no desire to drive around an old car. In a few years while it's still under warranty I'll trade it in for something else. Works for us.

Someone making 150k should easily be able to get an Audi.

The lease excuse of "under warranty" doesn't hold up to the math. If it works for you thats cool, to each his own. But the warranty thing is a bogeyman.

[Aceraceae]

Originally Posted by RonaldusMagnus

The lease excuse of "under warranty" doesn't hold up to the math. If it works for you thats cool, to each his own. But the warranty thing is a bogeyman.

I like knowing that if something goes wrong I don't have to pay for it, but it really comes down to neither one of us want to drive old cars. Leasing is an easy way to not do that.

[J800]

Usually what I've seen is people will buy a car, and then 2 years into it they will get tired of it and want to get something else. So they trade it in, owe more on it than what it's worth most of the time, and get into something else.

Mileage restrictions on leases suck but if you negotiate that upfront you should be fine.

Most of the luxury cars you see in Dallas are leased. It makes no sense (to me at least) to buy a luxury car that will depreciate like crazy within the first two years of owning it. MB, BMW, Audi cars depreciate FAST, more so than a Toyota or Lexus for example.

I purchased the car I own in cash, but I understand both sides.

[biafra4life]

Originally Posted by Aceraceae

I like knowing that if something goes wrong I don't have to pay for it, but it really comes down to neither one of us want to drive old cars. Leasing is an easy way to not do that.

I know a lot of people do this, and obviously if it works for you then who am I to say otherwise, but I don't get it...you will ALWAYS have a car payment...wouldn't you like to not have one for at least a few years??? that's my plan. Once my car note is done, I will hopefully have several years of no car note that I can either throw into savings or spend on something else. You don't get that option...but to each his own...

[RonaldusMagnus]

Originally Posted by Aceraceae

I like knowing that if something goes wrong I don't have to pay for it, but it really comes down to neither one of us want to drive old cars. Leasing is an easy way to not do that.

Thats fine. But realize the premium you pay for not wanting to pay for repairs far outweighs the real life cost of repairs. I won't even get to the insane amount of wealth one can accumulate if you simply started by owning a low cost car and put the "lease payment" in a fund just making market rate. You could literally buy whatever you wanted cash pretty much forever after that. But I realize people are blinded by "payment" and the lease game has robbed lots of folks of true wealth building.

[RonaldusMagnus]

Originally Posted by J800

Usually what I've seen is people will buy a car, and then 2 years into it they will get tired of it and want to get something else. So they trade it in, owe more on it than what it's worth most of the time, and get into something else.

Mileage restrictions on leases suck but if you negotiate that upfront you should be fine.

Most of the luxury cars you see in Dallas are leased. It makes no sense (to me at least) to buy a luxury car that will depreciate like crazy within the first two years of owning it. MB, BMW, Audi cars depreciate FAST, more so than a Toyota or Lexus for example.

When you lease a car you are PAYING THE DEPRECIATION PLUS INTEREST PLUS A BUILT IN PROFIT. You are not escaping the depreciation of buying new. The only way to escape that is the ultra smart method of buying a 2 or 3 yr old car with low mileage. Let someone else take the huge depreciation hit.

[J800]

Originally Posted by RonaldusMagnus

When you lease a car you are PAYING THE DEPRECIATION PLUS INTEREST PLUS A BUILT IN PROFIT. You are not escaping the depreciation of buying new. The only way to escape that is the ultra smart method of buying a 2 or 3 yr old car with low mileage. Let someone else take the huge depreciation hit.

Which is why I did exactly that. Most people don't want a 2-3 year old car, which is ridiculous but true.

[Aceraceae]

Originally Posted by RonaldusMagnus

Thats fine. But realize the premium you pay for not wanting to pay for repairs far outweighs the real life cost of repairs. I won't even get to the insane amount of wealth one can accumulate if you simply started by owning a low cost car and put the "lease payment" in a fund just making market rate. You could literally buy whatever you wanted cash pretty much forever after that. But I realize people are blinded by "payment" and the lease game has robbed lots of folks of true wealth building.

I'm not blinded by anything. A car payment is not robbing us of anything either.