Ex-Car Salesman Reveals The Top 5 Pros And Cons Of Leasing A Car!!!
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- čas přidán 25. 07. 2024
- Today I go over the top 5 pros and cons of leasing!
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Very well put together video! Covered all of the points I was hoping to hear from a video on this topic. Well done
Great video! I love the intro. Thank you for the insider tips - very helpful.
Thank you for making this video I watched a few other videos but you explained it so much better! So thanks again!
Great information, I couldn't care less about your lighting, I came here for the information, thank you!
After all of that, I still can't tell if I should lease or not. I drive a lot and I wouldn't ever lease to buy.
This was a very informative vlog nicely done Ben and Thank's!✌👍
Thanks for the tips . Maybe consider shooting your videos in better lighting. Maybe sit where you have the camera now and put the camera by the windows. Just a thought
Helpful vid! Would recommend getting a light on yourself to illuminate you a bit more for future vids.
A few things I don't see a lot of people mention is that if there are any issues with the car, they're covered by warranty. As well as, realistically aren't most people always making payments on their cars? So I could see leasing as a good way to deal with more immediate financials to segue into buying. It would be great to hear more about leasing insurance that covers things like tires and other wear.
So either way we are screwed....ok
Basically, there is no way to buy a NEW car/truck without getting screwed. You lose 10% value the moment you drive it off the lot. 🤷🏻♂️
Thank you 🙏 for this video
My lease is coming up and next I won’t lease anymore
I don’t think it’s really worth it I will finance my next car
Thank you Ben for this video I appreciate it !!!!!
Two cons. It can be difficult to estimate your mileage. Also, at the end of the lease you are forced to do a fairly major business transaction, which may occur at a time where you could have other issues going on in your life.
Why forced?
The mileage I understand and would definitely recommend giving yourself at least a 2500 mile buffer based on your expected number of miles per year. I'm sure the temptation to drive a new car more than your previous car is high so don't just look at your current miles.
Great Info. Video suggestion to avoid backlighting - the windows behind you. You end up very dark as the light meter compensates by underexposing you.
love the info Ben.
david ryder thank you!
Good video but i would like that you give examples. For example your green Ram🙏
Ben, I usually keep my vehicles a long time but considering leasing on my next vehicle.I telework 5 days a week so not putting up a lot of miles.
Depending on the vehicle, is better to buy used vs new, especially luxury vehicles due to the first year of depreciation, and The tech that also looses value adding to the loss. I have found vehicles 60-70k a year and half old, less than 15 thousand miles, with clean records selling in the 40-45k range. Personally, I figure out what the monthly payment + interest, then I put that amount in a savings account for 2-3 years, then I make a deal with the dealer negotiating the price further down, pay the vehicle in full, and that extra 30k that Is saved That goes into a mutual funds account or into the mortgage which value goes up vs down.
Also, the cost of maintenance beats having 400-$1000 Monthly payments for 3 years or 72 months, just saying, but also take into account that someone will default in that lease, that for you it means savingS for that used vehicle.
Edwin Padilla well said, agreed !!!
Very well put
Thanks for the video. What about a lease to buy, if you pay cash at the end of the lease?
These informative videos are great man! Keep em coming! I am half way through my 3 year lease. Is there anything I can do to turn it in early? My miles are WAY lower than normal use. It’s a 2018 Ram 1500 quad cab 4x4 blacked out package with hemi and 3.92. I sold my boat, so I no longer need a big truck. 🤷♂️
Benjamin DaCunha get it appraised and compare that to your payoff. See if it makes sense to get rid of it now
Ben Hardy it usually doesn't make sense financially correct? It is almost always smarter to keep the lease for the entire term?
Very helpful videos
Hi Ben, thanks for the informative videos. In your future videos about leasing, could you share your opinion of the down payment required? I'm guessing it's negotiable but to what extent? I've also read elsewhere that it's best to roll the down payment in with the monthly payments so that if the car is in an accident and totaled, you're not completely out on the down payment amount.
Mike VanAmburgh I can delve into that
I managed to get a 2 years rent with discount, 2% interest and no downpayment. I think I made a good deal. Whatever
Thanks for the good tips! Keep up the good work! I miss the doggo tho 😢
JJ she was sleeping
Ben Hardy oh ok
Hey man i just wanna first say u really helped a lot about buying vs leasing issue i m just wondering i ll be living canada within 4-5 months so i want to lease Audi a5 sportback so how much am i gonna pay approximately a month? do u have any information like it doesn’t have to be a5 I can lease different type of model actually I have 5K to buy car but in toronto which im planning to live car insurance payments are so expensive that s too much for me like 700-800 dollar and im 20 yrs old student what do u offer me as a car dealer?
thank you! 🖐🏻🙏
I don’t like paying 5 Grand sales tax when I buy a new Durango. It is doled out with the lease payment. Then Inbuy the vehicle at the depreciated price plus the residuals I always have because I drive way under 10k a year.
I just leased a brand new 2021 Cement Grey Toyota Tacoma TRD Sport 4X4 Manual Transmission. This is limited with sport package and everything is blacked out. Leather interior with sunroof it’s fully loaded and very nice. I’m quite enjoying it honestly. 😁
I went back n forth with them and they guaranteed me the lease was the best option over purchasing.
I put 2k down and payments are 389 for 36 months with 10k miles per year with an option to purchase the Truck 3 years from now at 33k
The out the door price was 42k including tax, and I’m paying title and registration myself.
I did the math and realized that at a 33k buy back that means I’m actually paying 14,004 in total payments over 36 months so by my math I should only be buying the truck for 27,996 at the end of the 36 months instead of 33k they are guaranteeing me to purchase it for. Which means that there is a cost to lease of 5004 dollars 33k minus what I should owe at the end based off of payments of 389 per month so that meant the total amount I’m actually paying for the car will be 47,004, instead of my negotiated out the door price of 42k. No wonder they pushed me to a lease. My credit score is about a 700 they said and they came out the gate with ridiculous purchase rates to start. Push my payment well into the 500 to 700 a month payment range to own the truck in a purchase scenario.
I have buyer remorse for sure. Can anyone provide insight to a different perspective I’m not seeing here. They kept saying all their guys lease Tacoma’s because they lease so well.
I do go through a lot of vehicles, but I’ve never been one to want to lease, because mainly I’ve always heard if you don’t understand something don’t do it.
I love the truck and am happy and can afford the payments just fine. I like that I can give it back at the end as well of course staying under 10k a year which honestly I work from home and COVID isn’t goin to make that too difficult let’s be honest.
Any thoughts on someone that’s leased a Tacoma personally. Good thing or bad?
U need to realize the people at the dealership are not your friends. They will lie and lie to get you to get the car. They are trained to lie and make sells. They scammed u
@@screwedupmystic2597 Exactly. I agree. Don’t let ur emotions come into play. When the deal is all said and done ur the one that has to make the payments and live with it. Stealerships don’t give a Fucc. Once ur down the road, they are on to the next one.
I leased 2018 F-150. I'd really like to buy it when the lease is up. Do you have any tips on seeing if I can negotiate the buyout option when the lease ends?
Dustin Edwards the residual is non-negotiable, but buy it out straight from the leasing company
I've leased several trucks and bought many more vehicles. I personally don't think I will ever lease again. The only real benefit is a new vehicle every 3 years, but that is it. It is a legal contract that you really cannot break from, so you are pretty much stuck with whatever you lease. Yes there are ways to get out, but it is very difficult and expensive. Buying a car, even if you are financing it, you have always have options. Not to mention the best way to build wealth is to actually NOT have a vehicle payment for awhile. If you make vehicle payments for decades you are robbing yourself and your future.
tewksbury driver what's the best way to get out of a lease half way through the 3 years?
Benjamin DaCunha ... honestly, don’t even try. You will get hit hard. The car companies want you to eat the total depreciation so they will not let you out without a penalty
tewksbury driver thats what I have heard. I just want to downsize my truck. I sold my boat and no longer need a towing vehicle.
Until your truck breaks.
Thanks for this details, tell us more about buying new car or used car, which is beneficial 👍🤩❤️💝👋✌️👌🏻😍🥳😎🎉🙏🥰🥰🤪🤪🤪
Still super indecisive if I should lease or buy but I need to make a decision ASAP
Same here. About to start a nasty divorce. I need a functional car to A&B that I can get rid of when im on back on my feet and the cheaper monthly.
I have a question about what a salesman like yourself told me. He mentioned while leasing you are not paying interest on that vehicle. So say at the end of the 3 year lease you decide to buy out the lease, the interest on the value is much less then it would have been if you had financed it and paid interest from the start. Is that true? Would you in turn still be paying a bunch more on a lease to buy, even after saving the interest for the first 3 years?
There is money factor and cap cost with a lease and so you still pay finance charges
honestly, it sounds like leasing is a much better option... your "negatives" are not really negatives but rather circumstances e.g. having a bad credit
For me, while it would be great to have a new car every three years, it's not worth the stress to make a car payment every month. I'd much more prefer to buy a new or used car, pay off the loan as soon as reasonable when then the only car payments are the yearly maintenance and the insurance premiums will get lower as well until you need a new car.
Nicely done, I hear that the jeep Rubicon has an awesome lease rate, is that why the lease payment are really affordable?
hemilife6.4 yeah the residual is high
My lease payment on my 2018 Wrangler JL is $650 I’m not sure if that’s a good payment or bad.
@@penaloza2005 lmao youre joking right
@@penaloza2005 way too high
I'm considering leasing a new truck with the intention of buying it when the lease is up can I lease the truck then finance it as a used vehicle at the end?
Yes. When the lease is up, if you want to buy it you’ll have to pay cash or finance it. It will be a new loan.
Here in Canada our vehicles are a lot more money than what you have to pay, therefor a lot of financing end up being 72 months and even higher. Here we can finance a vehicle for up to 96 months.
William Snow you can do 96 months in the US
I have seen as high as 108 months in the US. But anything over 84 months is rare.
I only recommend leasing high end cars. I want to lease a new Range Rover they aren’t worth buying new or used. I have multiple cars so it wouldn’t be my daily driver. Just know that cars are a liability that gets you from point a to b that’s it. Just make sure you have an abundance of income and have a stable job
Hey Ryan, I’m new to this concept of leasing, so was wondering if you would answer something for me. I’m an avid Mercedes fan, but I usually buy certified pre-owned, and then trade it three years in. Someone suggested leasing because then I could get a new car rather than CPO, and at the end of the lease just lease another new one. I have never driven over 11K miles a year, so does this make sense from your experience?
My question is: When leasing a vehicle , does it count as debt or a revolving credit?
Yes it does
Revolving Credit leasing is better
Thanks for the knowledge! One piece of advice for these videos in your house, see if you can get better lighting on your face.. hard to see you. Love the videos tho! I'm 26 and buying my first brand new car tomorrow.
Getting a 2020 Ram Rebel. White. Rebel 12 package.
Your reviews have helped me greatly! CANT WAIT!
Drake Roach thanks for the support!
How’s that truck treating you 7 months later?
What if you decide to lease lets say a 4runner for 3 yrs and then want to keep it after the lease term can you then finance the vehicle ?
You have to buy it cash
Yes you can finance. You don’t have to buy with cash
I wish I had researched leasing a car before doing so. My Chevy Cruze was breaking down hit the 100,000 mile mark. My credit is terrible and I was trying to finance a used Jetta. The sales person told me it’s too hard to get approval for a used car without a down payment. I’m leasing a $20,000 car for $423/ month for 4 years, I can drive 10,000 miles a year. Also I had about 2k in negative equity. Am I getting ripped off? They told me I could finance after the lease is up for 10 years 🥲 I needed a car so bad and I went by myself and definitely didn’t ask the right questions.
When I tried to finance it they were trying to charge me $700/month for 4 years on the same car 💀😭
Chevy Cruze and VW Jetta?....Just buy a Honda/Toyota or Mazda and you won't have to waste $ on repairs.
Get a used corolla 2014 o 2015 those are Great cars and really cheap. You won't have to worry too much about reparing stuff. The chevy cruze and the VW Jetta are horrible cars. They break down easily and repairs cost tons of money. Hope your credit improves. Good luck!
Leases are good if you can use it as a business expense that is connected to a company. Individuals that use it as a regular daily driver, don't do it.
How can you sale car when NOBODY'S working ha
If you pay cash for a car and keep it for a long time like several years, then you'll save more money in the long run than leasing cars for several years.
Until your engine or transmission fails.
Exactly until maintenance catches up along with breaks, tires, etc starts to add up
Until it breaks. Never buy the vehicle.
when you lease the dealer magically estimates what they think the car will be worth at the end of the lease. 100% of the time that value is NO WHERE close to what the car is actually worth at end of lease. Check the blue book value and other references. It's all part of the CAR Profit Taking GAME and why it's creepy to enter any car dealership!
If you lease a vehicle that has good re-sale, you don't have to worry about it going back to the lender 9 out of 10 times at the end of the lease. I have leased 1/2 ton trucks for the last 10 years. I keep them up like they were my own. Every dealer I leased a new truck with, took my old lease vehicle in trade. I literally take a 10,000 a mile/yr lease to get the cheapest payment and drive 15,000 miles/yr. I stay in the "average miles" per year for my area and the trade value is always near my residual value towards the end of a 36 mo lease. This includes having a good purchase price. That is also a big key. And I put $0 down on my leases. Vehicles are depreciating assets, so I prefer to rent them and have something new every 3 years.
@@davidryder5082 That's great, but that's $40,000 or $50,000 of your money tied up. That's not really the point of a lease.
@@davidryder5082 let me know where your getting a $65K vehicle for $42K! My lease is nearly up
Wait? so the dealer buys the old lease from the lender when you go to get a new lease?
@@scottplacella4332 scott I found a 2019 chevy double cab rwd msrp41,310 for 23,272 new. In saint Louis mo. What are you in the market for?
To summarize: leasing is a trap. You end up paying more money. Just wait some time, try to save a few buck, and then BUY a car. Dont but new, as it will depreciate 30% as soon as it hits the road. A good used car with 3 years of GOOD use, could be a good deal.
It’s very hard to get a good used car! Many ppl sply down south treat their car like trash, drive rash and don’t maintain them well. On top of that dealers and even private sellers markup the price way above its worth/kbb value. Overall saving up and buying a new car is not so good.
Very wrong.
With lease you drive brand new vehicle. Always.
With used , instead of enjoying life , you look for mechanic who may fix old junk.
Good luck with the maintenance lmao if you don’t know how to fix the car by yourself Especially European car 😂
Do you lease a car? If you do why did you go that way? If you don’t, same question why?
So if I lease, I am responsible for new car repair cost. If I buy, I am responsible for old car repair cost.
Benefit 1) More car for the payment son, not more car for the money. NOT LESS MONEY. You can't think such short term. I say you, but I mean the people that you sell (sold) to. This is why I could not be a salesman, too honest.
Lmao I can’t and would never lease a car, I drive 35-40k / yr commuting
Salesman**?
Invest in buying a house
The bank doenst own the car!
Sorry but this guy is late to the party. There are much better and more informative sites to gather information about purchasing or leasing a vehicle. Plus only three years as a salespetson but zero as the sales manager of well known dealerships??? Your best best for top notch information is your auto advocate website.
Actually you were late to the party. He posted the video a year ago, you commented 3 weeks ago. Lol
but you are never the owner anything
bro wtf are you saying
say a point and instantly argue against then instantly move on