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Re: Sure, but then you have car payments forever.... Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Tue, 22 Jan 2008 13:00:50 In Reply to: Sure, but then you have car payments forever...., Noel, Tue, 22 Jan 2008 09:40:46 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Car payments last forever, you mean the purchase right? That's the deal a $10-14k car is $200-300 a month for 5 years - 60 months, which means by then you're making the payment on a 8-9-10 year old car if it was 3-4-5 years old when you bought it.
The lease is only 27 mos. And you could get out earlier than that by sacrificing the down payment you didn't make to cover the payoff, which incidentally is a lot less because you didn't pay the sales tax on a lease. Or lease takeovers are allowed and common. On the contrary you can't take over someones finance contract, the buyer has to go out and get a new one and pay the sales tax all over again.
Let's say you're a cash buyer, if at least $300 a month or $3,600 a year isn't being absorbed by depreciation that you're not being realistic, as a $14k car is going to be worth only $7k after a couple of years. So your investment is depreciating, but you paid cash. Save the cash and bite it off more realistically. And did I mention the lease comes with a new car and free maintenance.....
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