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Old 05-08-2023, 09:43 AM
 
2,710 posts, read 1,732,864 times
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Quote:
Originally Posted by newenglandgal123 View Post
Depends on your situation and how you look at it. If you don't have the funds for a nice down payment, then leasing is cheaper /easier to 'get you into' the car of your dreams.
We bought both of our 50k vehicles with zero down payment (gasp what if we lose our jobs? Big ouch!). Leasing is not cheaper at all. There are fees and high interest and if you buy it out at the end, you pay much more vs buying in the first place.
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Old 05-08-2023, 09:46 AM
 
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Quote:
Originally Posted by matrix5k View Post
I would take 2020 prices and interest rates all day vs 2023.
Lucky me I guess.
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Old 05-08-2023, 09:51 AM
 
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Originally Posted by msRB311 View Post
Lucky me I guess.
You really are. You're locked into a <3% mortgage and your house probably appreciated 30% in only 3 years. How can you possibly complain about that?
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Old 05-08-2023, 10:51 AM
 
9,880 posts, read 7,209,711 times
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Quote:
Originally Posted by msRB311 View Post
Here's a foreclosure in Duxbury:

https://www.zillow.com/homedetails/1...57174446_zpid/

It sold for $453,000 in 2019 which is pretty cheap for even back then...I guess someone couldn't make the payments and now 4 years later it's being sold for double by the bank? It's apparently been renovated since it was sold in 2019.
It was foreclosed upon in 2019 and the bank bought it for $453,000 which I presume was the amount owed on it.

Looks like a sad story - single dad passed away in 2017 and 2 minor children probably got the house.
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Old 05-08-2023, 11:22 AM
 
1,540 posts, read 1,125,040 times
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Quote:
Originally Posted by matrix5k View Post
Leasing is not cheaper at all.
Too many people look at the monthly payment and don't think about total cost of ownership. Applies to real estate as well.
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Old 05-08-2023, 11:24 AM
 
23,561 posts, read 18,700,598 times
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Quote:
Originally Posted by matrix5k View Post
and if you buy it out at the end, you pay much more vs buying in the first place.

Is that actually true? I know some people swear on doing it that way, but they make it so crunching the numbers is very difficult until you actually have a contract in front of you to sign.
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Old 05-08-2023, 11:30 AM
 
3,620 posts, read 1,840,863 times
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Quote:
Originally Posted by matrix5k View Post
We bought both of our 50k vehicles with zero down payment (gasp what if we lose our jobs? Big ouch!). Leasing is not cheaper at all. There are fees and high interest and if you buy it out at the end, you pay much more vs buying in the first place.
If you had a trade in I guess you can call it zero down? Otherwise, why would anyone want to buy a car with zero down unless they are cash strapped? I wouldn't want that monthly payment...0 down on a $50K note (if there was no trade in against it). Big ouch is right!
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Old 05-08-2023, 11:32 AM
 
3,620 posts, read 1,840,863 times
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Quote:
Originally Posted by massnative71 View Post
Is that actually true? I know some people swear on doing it that way, but they make it so crunching the numbers is very difficult until you actually have a contract in front of you to sign.
When the used car market was bananas just a short time ago, folks with leases were buying them out b/c the cars would be worth more if they went to re sell/trade them in vs turning them back in to the dealer at lease end.
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Old 05-08-2023, 11:41 AM
 
23,561 posts, read 18,700,598 times
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Quote:
Originally Posted by newenglandgal123 View Post
When the used car market was bananas just a short time ago, folks with leases were buying them out b/c the cars would be worth more if they went to re sell/trade them in vs turning them back in to the dealer at lease end.

Right, but my question is how would that compare to if they bought it new from the get go (total cost over that time) vs. leasing and then buying it out at the end (again, total accumulated cost). It's hard to get an answer on that. I've always bought new because I'm old school like that and don't want any surprises at the end (when it's paid for it's paid for), but I still wonder.
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Old 05-08-2023, 11:58 AM
 
2,710 posts, read 1,732,864 times
Reputation: 1319
Quote:
Originally Posted by newenglandgal123 View Post
If you had a trade in I guess you can call it zero down? Otherwise, why would anyone want to buy a car with zero down unless they are cash strapped? I wouldn't want that monthly payment...0 down on a $50K note (if there was no trade in against it). Big ouch is right!
My auto loan is 3.49% and online savings accounts pay 4-5% now. There are 5.5% CDs. Why would anyone pay cash in that situation? No ouch here. No trade in cause I got more selling via private party.
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