People who lease shouldnt modify their cars, sorry to say

[s4play]

Guys, I really don't want to post about this topic but I think a few of you are mis-understanding what is said:

BUY = buy with your CASH or check from the bank. This means no credit card checks or financing at all.

Finance / Lease = You do NOT own the car either way. Big difference here is in a finance at the end of the payments you own the car. With a lease, you have the option to buy at the end but it will cost you more. This is why the mentality that lease is for people who want to drive the car cheapest way possible. Also why so many people want out of a lease when "shit hits the fans"....

Everyone has different ways to manage their finance but this is the basic truth. Cars are luxury items in most cases so for me it's cash or I won't buy it. I do admit in my younger days I tried to finance and later got in trouble with credit card debt so lesson learned.

Yes I'm aware of certain business advantages and write-off but this is just the basics. Anything creative you do on the back end with your CPA is not the subject here.

[Randy M]

Originally Posted by Sedan_Clan

So what is your argument since you've gone off on some economically impotent tangential rant? Are we talking about the state of the economy or your ridiculous assertion that financing - be it a lease or a buy - is more or less the same, just with different terms?

I never 'asserted' that financing is the same as leasing. Leasing is like renting an apartment. Financing is like a home mortgage

[filip75]

I love leasing, but I also like not paying attention to how many miles I've put on the car. Every time I ended up paying insane charges for the miles over (35K miles on Acura and 23K on MB). That is why I finance from now on.

Once I can manage to keep two cars (one on my own and the second from the business), then both will be leased.

[Powaup]

Originally Posted by Rated R

I never 'asserted' that financing is the same as leasing. Leasing is like renting an apartment. Financing is like a home mortgage

Wrong, you don't have the option to buy-out your apartment at lease-end if you made some renovations or modifications. Also, the value of property appreciates over time, the value of a car like an M3 depreciates over time

Why lease vs buyout is better than just financing a car straight from the get-go:

Originally Posted by Powaup

Lets say you lease an M4/3 for 36 months with 10K miles your monthly payments would be about 900$ a month (using numbers from e93 M3 w/ 69K MSRP) and at lease end you will have the option of either 1) buying the car out or 2) turn the car in.

1) You finance the residual value of the car ~$40K and don't worry about the dealership charging you for the miles you went over from your agreement.

2) If turning the car in you end up with nothing and will get charged for going over mileage whereas buying the car out is kinda of like buying a 3 years old car that is actually yours (if that makes sense)

if you look at current used 3 year old e93/2 M3s with 30-40k miles most of them are priced around $50K which makes buying your car for ~$40K even more of a bargain

Why not just finance the car from the get go? By leasing your barely paying any interest and payments will be much lower freeing up your cash flow to invest or do whatever you want with your money.

Total money spent on a 3 year lease w/10k miles $2.5K down= $34,864
Total money over 3 years of financing with $2.5K down 2.9% APR= $45,556

Hope this helps

Disclaimer: I have an optimistic prediction of the future but even if your only getting 3% at the risk free rate it makes more sense leasing then buying out

[ybbiz34]

Originally Posted by Powaup

Wrong, you don't have the option to buy-out your apartment at lease-end if you made some renovations or modifications. Also, the value of property appreciates over time, the value of a car like an M3 depreciates over time

Quoted for truth. I brought up the depreciation aspect several times but Rated R did not want to come anywhere near that harsh reality. And nothing depreciates like an M, RS, or AMG car. The lone exception is something like the 1M, a very limited production car.

[/// M sa]

Originally Posted by Sedan_Clan

Why not? Lease or buy, you still finance the car (..and unless you paid cash, both the buyer and the leasee are in the exact same position.....in other words, the finance company still owns the car). The comparisons to a 'rental' are absurd.

Shit, I read through all the responses and it's amazing how quickly things escalate here :-) what I meant is, if it's a lease and you know you will move on from the car in 3 years then why modify such as plastic dip, exhaust etc... Cause you will have to get it back to stock when you return it. If you bought it, you can sell it as is. Yes, it's a preference you can whatever you want and get the car modded up the ass on a lease and then pay up the ass to get it back to stock.

[Randy M]

Originally Posted by ybbiz34

Quoted for truth. I brought up the depreciation aspect several times but Rated R did not want to come anywhere near that harsh reality.

I understand depreciation. Do you understand that rent payments are gone and have no residual value? Do you also realize that points, fees and interest line the pockets of others?

[Sedan_Clan]

Originally Posted by //M sa

Shit, I read through all the responses and it's amazing how quickly things escalate here :-) what I meant is, if it's a lease and you know you will move on from the car in 3 years then why modify such as plastic dip, exhaust etc... Cause you will have to get it back to stock when you return it. If you bought it, you can sell it as is. Yes, it's a preference you can whatever you want and get the car modded up the ass on a lease and then pay up the ass to get it back to stock.

Lol! It's all in fun (...most of the time). I get a kick out of debate and escalated discussions majority of the time. It's a stark contrast to my, "Sit down! Shut up! I talk, you listen!" attitude at work.

As for selling modded.....


.....that argument doesn't work either. People rarely buy modded cars. It's for that reason that you find people parting out their cars time & time again on the forums so it'll actually sell.

[Sedan_Clan]

Originally Posted by Rated R

I understand depreciation. Do you understand that rent payments are gone and have no residual value? Do you also realize that points, fees and interest line the pockets of others?

Now you are just being hard-headed and using really weak counter-arguments just for the sake of doing so. Let's move on now Rated R.

[Randy M]

Originally Posted by Sedan_Clan

Now you are just being hard-headed and using really weak counter-arguments just for the sake of doing so. Let's move on now Rated R.

In your opinion. I choose to live my life not being bound by contracts, rules and agreements. It is not just for the sake of argument. Would you get a personalized plate that says 'leased' lol...

[F9T]

Originally Posted by Rated R

In your opinion. I choose to live my life not being bound by contracts, rules and agreements. It is not just for the sake of argument. Would you get a personalized plate that says 'leased' lol...

No rules? What a rebel.

[Randy M]

Originally Posted by infantrytroop22

No rules? What a rebel.

Yeah, rules....like mileage limitations.

[F9T]

Originally Posted by Rated R

Yeah, rules....like mileage limitations.

Oh, so no limits too. Gotcha.

[Randy M]

Originally Posted by infantrytroop22

Oh, so no limits too. Gotcha.

Enjoy paying your lease payment (rent) and residual value at the end of term. I'm sure they'll be very kind...

[Sedan_Clan]

Originally Posted by Rated R

In your opinion. I choose to live my life not being bound by contracts, rules and agreements. It is not just for the sake of argument. Would you get a personalized plate that says 'leased' lol...

Hmmmm! So your argument takes new shape once again. We've gone from "Leasing is renting"....to "This economy stinks to high heaven!".....and now it's, "You guys are lemmings and I shirk the rules and have the world by the balls."

You should have your own YouTube channel. You're a character. Matter of fact, set up a camera in your nifty, presumably paid-in-full GT3, drive around recording yourself waxing (...or waning) poetic about anything and everything.......even if you haven't a clue what you're talking about (..and if I were hedging bets, I'd likely wager that to be the case).....upload it to YouTube, and link that bitch here. I need something to laugh at.

P.S. What was it like to pay for your home in cash? You know, since you don't like rules, contracts and stuff.

[Randy M]

Originally Posted by Sedan_Clan

Hmmmm! So your argument takes new shape once again. We've gone from "Leasing is renting"....to "This economy stinks to high heaven!".....and now it's, "You guys are lemmings and I shirk the rules and have the world by the balls."

You should have your own YouTube channel. You're a character. Matter of fact, set up a camera in your nifty, presumably paid-in-full GT3, drive around recording yourself waxing (...or waning) poetic about anything and everything.......even if you haven't a clue what you're talking about.....upload it to YouTube, and link that bitch here. I need a something to laugh at.

Whatever makes you feel better. There are those out there who work hard and choose to not purchase things that are not due to them. If you are leasing you are renting, that is not subject to debate. Will you say that about your rented M3? No you will not because you've paid the bank to rent the car and look like a balla... for a while lol...

[F9T]

I own my M3. I only rent my Lamborghini.

[Sedan_Clan]

Originally Posted by Rated R

Whatever makes you feel better. There are those out there who work hard and choose to not purchase things that are not due to them. If you are leasing you are renting, that is not subject to debate. I sold my GT3, made a modest profit and moved on. Will you say that about your rented M3? No you will not because you've paid the bank to rent the car and look like a balla... for a while lol...

Actually, my last two ///M3's - one traditionally financed and the other leased - were at 0.9%. Sooooo, I didn't really "pay the bank" much at all.

LMAO @ purchasing things that are not due to them. You are a nincompoop.

[ybbiz34]

Originally Posted by //M sa

[W]hat I meant is, if it's a lease and you know you will move on from the car in 3 years then why modify such as plastic dip, exhaust etc... Cause you will have to get it back to stock when you return it. If you bought it, you can sell it as is. Yes, it's a preference you can whatever you want and get the car modded up the ass on a lease and then pay up the ass to get it back to stock.

I've modded all of my leased cars and never once put them back to stock at turn-in. Never was penalized, either. For some items, it's a complete waste of money though. I'd rather be satisfied with enjoying the mods while I had them and let the next owner reap the benefits than spend more money to tear them out and sell them piece by piece.

[Randy M]

Originally Posted by Sedan_Clan

Actually, my last two ///M3's - one traditionally financed and the other leased - were at 0.9%. Sooooo, I didn't really "pay the bank" much at all.

LMAO @ purchasing things that are not due to them. You are a nincompoop.

I'm done with this debate. I wish you no ill will. Whatever works for you, I think it's great. Enjoy the new F80/2 if and when you choose to get behind the wheel of it....

[Tonymiabmw]

You both stupid and I'm right the only way to buy a car is in pesos thru a bookie, god are you guys stupid?

[Randy M]

Originally Posted by Tonymiabmw

You both stupid and I'm right the only way to buy a car is in pesos thru a bookie, god are you guys stupid?

For entertaining this conversation? Yes absolutely, and regrettable as well.