Then you don't know anyone who is leasing for the right reasons.
Leasing is a great solution for people that want a nice sedan (example) for a low monthly payment and the ability to turn it in with no strings attached for a new one in three years. You can get an Accord for like $250 a month, and then in three years, get a new Accord.
Then you don't know anyone who is leasing for the right reasons.
Leasing is a great solution for people that want a nice sedan (example) for a low monthly payment and the ability to turn it in with no strings attached for a new one in three years. You can get an Accord for like $250 a month, and then in three years, get a new Accord.
This type of logic is exactly what car dealers love! If you're doing this now, it should only take one more leasing deals to convince you to BUY a car you can afford and keep it at least for seven or more years. This should be enough time to save and pay CASH for the next one.
Well, I spent 3 hours at the dealer today trying to work a deal but ended up walking away. I felt like they were all in but who knows? I must say, Im really disappointed because that 5.7 was incredible.
Anyways, it was a 08 5.7 DC 4x4 TRD JBL side rails and a few other bits
MSRP is $36393
The crappy part was that they offered $21000 for my 07 DC 4.7 ($30875 payoff)
Best numbers I was offered were :
$36393 for 08
$24488.88 for trade (coming from msrp I guess)
$2500 rebate
---------------
$40329.12 financed (not including tax and title)
payment was $589 for 84 months!!
Do you guys think that they were all in here? I guess I was more blown away by the trade in value than anything else.
Eight payments in to a 36 month lease and you alrady have a $6,000 financial ball-and-chain around your neck because the trade-in value of your new truck is that much less than what you owe on it. Not surprisng.
You are going to even more upside-down if you trade it in and pay $589 on the 08 Tundra for 7 years. You will still be paying off that truck in the year 2015. Even worse, we're talking over $10K cash you are going to have to come up with if something happens to the truck over the first couple of years.
Just to give you something to compare with, the payments on my 5.7 CM Limited "loaded" as below are $560 for 5 years (paid $33.6K after trade-in).
You have not articulated a compelling reason to need to trade in your current new truck and incur such a debt for so long. You'll be happy for about two years and miserable for the next five. The spend-now-pay-later attitude is really foolish. Sure, you only live once but there are probably going to be some pretty important things you want to spend money on in 5 years or whatever. At that point, I doubt it will matter very much to you whether you drove a 4.7 or 5.7.
So, you really ought to take a deep breath; enjoy your new truck; stop going to dealerships. Find something else to lust after like a big HDTV, blow about a grand on a nice one and watch some sports or some DVDs. You'll come out way ahead of where you would be on getting rid of a still-new truck for no good reason.
This type of logic is exactly what car dealers love! If you're doing this now, it should only take one more leasing deals to convince you to BUY a car you can afford and keep it at least for seven or more years. This should be enough time to save and pay CASH for the next one.
Yep, and that logic also means that owner always has a car that is fully covered under warranty and needs no major maintenance Not everyone wants to maintain a car past the warranty period.
Also, interest rates on some leases can be as low as 1%. If someone would rather invest the purchase price of their vehicle and yield a higher return, why would they want to tie up their money just because someone tells them they should pay cash for a vehicle no matter what? $30,000 can go a looong way. This is why many people that bought Tundras used the 0% financing and saved their cash even if they could have afforded to pay cash for their truck.
My point is that just because some folks don't believe in "renting" a car long-term doesn't make it a poor financial decision. There are different options for different people, and we should respect that instead of trying to pushing our belief of what's "smart" on everyone else...
"There are different options for different people, and we should respect that instead of trying to pushing our belief of what's "smart" on everyone else"
So you're "being the voice of reason" and (I/we're) "pushing our belief" on someone.......
I guess we'll just have to agree to disagree but trying to make me, or anyone else out to be a bully for stating a negative opinion of leasing is a complete over-reaction.
There is no such thing as a "good deal" in the purchase (or lease) of a depreciating asset. There are only varying degrees of "BAD deals".
Eight payments in to a 36 month lease and you alrady have a $6,000 financial ball-and-chain around your neck because the trade-in value of your new truck is that much less than what you owe on it. Not surprisng.
You are going to even more upside-down if you trade it in and pay $589 on the 08 Tundra for 7 years. You will still be paying off that truck in the year 2015. Even worse, we're talking over $10K cash you are going to have to come up with if something happens to the truck over the first couple of years.
Just to give you something to compare with, the payments on my 5.7 CM Limited "loaded" as below are $560 for 5 years (paid $33.6K after trade-in).
You have not articulated a compelling reason to need to trade in your current new truck and incur such a debt for so long. You'll be happy for about two years and miserable for the next five. The spend-now-pay-later attitude is really foolish. Sure, you only live once but there are probably going to be some pretty important things you want to spend money on in 5 years or whatever. At that point, I doubt it will matter very much to you whether you drove a 4.7 or 5.7.
So, you really ought to take a deep breath; enjoy your new truck; stop going to dealerships. Find something else to lust after like a big HDTV, blow about a grand on a nice one and watch some sports or some DVDs. You'll come out way ahead of where you would be on getting rid of a still-new truck for no good reason.
I would listen to those words of wisdom, I've been there, and like StatCoder said you more likely will regret it.
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Tundra DC, 5.7 CAI (by AFE) 22 inch Magnaflow, long bed, 4x4, leather, 6 inch Pro Comp lift, Hypertech in line speedometer calibrator module, 5000 lbs Ride Rite air bags on rear,35's Toyos, 18x8 1/2 polished black rims, rear view camera, rear sonar, spray on liner, bug shield, Tint front wdws (20% to match de rear), nerf bars, tool box, pioneer nav with JBL amp, blue tooth, XM radio, DVD player, 6 CD, Hunter bull bar (kept towing hooks), KC lights, tow mirrors, all weather mats, Viper 5900 alarm.
That's why I said go for it he CAN afford it. Otherwise its obviously a no.
Im sure he COULD afford it. Techincally speaking someone could afford anythign up until they arnt able to make more than the bills. But that still does not amount to the fact that affording somethign to your maximum spending limit is not smart. Im sure most people CAN afford alot of things, but where does that leave them in 10 years when what they could afford is still being paid for?
I have to say that I've leased and bought. I've never kept anything that I bought new untill it was paid off. The lease works for me in two ways it makes me keep a truck longer then a year. and at three years when i'm dieing to get my butt into the new truck, I know I won't be upside down when I trade. Add in the fact that i never drive more than 6k miles a year on my personal truck, and the lease was my best option.
it may not be good for many others. But it worked well for my situation. I realy liked the $425 payments vs $550 to puchase
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08 SR5 DC Green W/tan TRD JBL 5.7
MODS done
Tows
Homelink
Westin Running Boards
Headrest dvd System
XM and GPS in overhead console
GBS installed and alarm activated
All Weather Mats
Undercover
44 hail dents
de-badged
color matched Door handles
I have to say that I've leased and bought. I've never kept anything that I bought new untill it was paid off. The lease works for me in two ways it makes me keep a truck longer then a year. and at three years when i'm dieing to get my butt into the new truck, I know I won't be upside down when I trade. Add in the fact that i never drive more than 6k miles a year on my personal truck, and the lease was my best option.
it may not be good for many others. But it worked well for my situation. I realy liked the $425 payments vs $550 to puchase
No offense, but I'm not sure you're the best person to take advice from about what makes financial sense.
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2007 5.7 CrewMax Limited 2WD; Pyrite Mica/ Red Rock Leather
20" Alloy | Nav-JBL | Moonroof | Sonar | Cold Kit | Daytime Running Lights | BedRug | ConsoleVault | SoftTopper | TRD sway bar | Weatherguard Tool Box
NAV Mods: Speed Pulse Generator | AUX video input
Buy your truck outside of the Gulf States Toyota monopoly if you don't want to compromise.
Interesting... I traded in my 03 Tundra up here for my 07 Tundra -- was given $19.5K(CAD) for it and applied this towards my 07 Tundra. Took out a 36 months/3.9% from Toyota Motor Credit for the remainder of the owing balance. I should be a bit on the upside once my truck is paid off. Planning to trade it in ~2 years after the payments are finished.
Re: To trade or not to trade?
Not everyone wants to maintain a car past the warranty period.
Re: To trade or not to trade?
Re: To trade or not to trade?
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