ACCOUNTANT EXPLAINS: Should You Buy, Lease or Finance a New Car

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ACCOUNTANT EXPLAINS: Should You Buy, Lease or Finance a New Car

Рет қаралды 16,230

The William Lee Show

Күн бұрын

Пікірлер: 41

@TheWilliamLeeShow 7 ай бұрын

Have you ever compared buying vs leasing? Which was a better deal? Get FREE stock from Webull. U.S. citizens only: a.webull.com/gsHteSqTzj4blNrkEt

@justjess986 6 ай бұрын

Where are the links please I can’t seem to find them Thank you for your clear easy to understand explanations on these complex topics, for some of us who have never took the time to look into these very important topics…and are just waking up to the tricky world of finance!

@trufocusproductions 6 ай бұрын

You are going to make it big on KZfaq. Keep up the great content 👍

@MastinoNapoletano420 7 ай бұрын

So glad I found your channel. You explain everything in a simple way for everyone to understand. Thanks for sharing and hope all is well!

@TheWilliamLeeShow 7 ай бұрын

You are so welcome! Thanks

@steveplays5408 7 ай бұрын

I've always been a believer that buying is the more financial sound in the long run. And leasing being lower payments in the weekly payments

@TheWilliamLeeShow 7 ай бұрын

Agree!

@gingerodwyer2559 6 ай бұрын

@@TheWilliamLeeShowplease do an actual side by side comparison of the EXACT same scenario VANN does and then will know whose right. Your visuals are incredible. But I still think her numbers are accurate

@kmonk7853 7 ай бұрын

Awesome video, love your clear and simple explanations! Subscribed.

@TheWilliamLeeShow 7 ай бұрын

Awesome, thank you!

@anje188 3 ай бұрын

Awesome explanation, thank you for the expanded breakdowns.

@sheronda2140 5 ай бұрын

Thank you!! This is the best video I saw, excellent teacher!!

@AfricanFlightStar Ай бұрын

Absolutely priceless information, thank you for sharing this knowledge. As someone who has deliberately never purchased a new car (I don't like putting my money into quickly depreciating assets), I've always wondered what the difference was between leasing and financing when ll was said and done, and if I was missing out on something by not using one of those methods to buy a fancy new vehicle. Correct me if I'm wrong, but it seems that leasing would only make sense if the vehicle is used in a commercial enterprise and the lease costs can be 100% written off as an operating expense. Would you agree? Thank you!

@mihaelafulga4290 4 ай бұрын

Good explanation But: this is not the only thing to consider for the total monthly car expenses. In my experience the leased car has a higher insurance premium therefore rising the cost of car expenses. And you have no car at the end of your term.

@Tristanjan09 5 ай бұрын

Great content. Thanks. I will keep on watching and liking.

@bottomup12 2 ай бұрын

I leased my 2018 F150 because I’ve never tried a “fix or repair daily”, Ford, before. I had many Toyotas and one Chevy before that. It turned out to be a really great vehicle, so I bought it via a loan. It would have better to buy at the start, but I was uncertain of it.

@mcee58 4 ай бұрын

Very good explaination and comparison

@SeanJohns-ze8ie 3 ай бұрын

This is why financial literacy is paramount, as much as the market can be quite unpredictable and a lot of variables have to be considered while making decisions, one still has to be aware of the basic principles that govern these things in order to avoid obvious pitfalls.

@JasonAmir-qo4uo 3 ай бұрын

True, personally I would say working with an expert financial planner, Working with an advisor can greatly improve your finances in general. Loopholes like these can be greatly beneficial

@OwenFlex 3 ай бұрын

Please who's your manager, I’ve been on the lookout for a CFA or a portfolio manager for a while now.

@reaneejackson941 2 ай бұрын

Thanks!

@christopherg465 3 ай бұрын

Thank you again Sir.

@seanbrennan813 4 ай бұрын

I was surprised about financing being a better option too. I guess you'd have to factor in how much you drive each year though and add that into the factor.

@thomaschew2191 7 ай бұрын

Thank you

@abdunurabdule5179 7 ай бұрын

Thank you for your advice

@alpinismutilitar3886 7 ай бұрын

Tks!

@rogernguyen4487 6 ай бұрын

buy the used Toy/Honda 3-4 years old, 1 owner with clean carfax, keep it until it dies :D

@chewie1355 6 ай бұрын

Thanks

@user-si2hn9cz8e 6 ай бұрын

Great tips .. but the dealers be charging a bunch of other fees like tag transfer, dealer fees, sales tax and not to forget the full coverage insurance. And the GAP insurance. 😢😢😢 We can never win. Either way the dealership will make their money. I just think cars are just too expensive. People should be able to purchase a car without all the added features.

@manuelhurtado953 4 ай бұрын

Tag and titling is for the DMV, sales tax is for the government, dealer fees are the only thing in your way but if they’re high have them work with you on the overall cost

@donkemp8151 7 ай бұрын

The lease is less expensive because you assumed 9%+ interest rate. I keep getting letters from my dealer offering a great deal on my current car and a new replacement - but interest rates 500% higher than current which is 0.9%

@manuelhurtado953 4 ай бұрын

Depending on what kind of program you get in to, mine is 40% lease 60% residual

@ijayess 6 ай бұрын

Awesome! Is it smart to always take the longer load with less interest and just pay it off in the same time as a 48 month loan?

@TheWilliamLeeShow 6 ай бұрын

I like taking the longer term loan - assuming you get a lower interest rate with it - and then pay it off faster than the scheduled payments. This works if you're disciplined to follow through. Also, it gives you the flexibility to pay only the scheduled loan payment if you can't afford to pay extra for some reason.

@BigOsTaco 5 ай бұрын

FYI: sometimes when you take the longer road (longer term) the rates tend to be higher. So yes you may have a lower payment due to extending the loan by a year or two however since there is a higher rate. You will end up paying more. I am a fan that if you can afford it, take the short road (lower term if it’s a lower rate) and you will save interest and force yourself to pay it off it 48 months instead of let’s say the 60 month original term. Now if the rate is the same for 48 and 60 months then sure do 60 if you have great discipline to get it done in 48 and invade your struggling one month you can go with the min payment vs the higher payment. (I hope I didn’t misunderstand your comment)

@charlessaxton8354 3 ай бұрын

You usually know you stuff, but not in this case. There are several large fallacies. In this video. I’ve sold cars and finance the vehicles and worked in the automotive industry for 22 years as well as teaching lease seminars. First, when you finance a vehicle, you do not immediately own it. The bank owns the vehicle until you make the last payment. That’s why there’s a lien on it. What you own is the right to pay the remaining payments and then receive the title until then you own nothing. Also, if there is equity in a lease at the end of the lease, it does not always belong to the person that leases the vehicle. You need to look at your lease agreement to see if you can trade the vehicle at market value or do you have to purchase the vehicle yourself. how can you realize equity in an asset that you do not own? You may need to do additional research or consult a professional in this field before giving information to the general public because there is a lot of things wrong with what you were telling people in this video.

@TheWilliamLeeShow 3 ай бұрын

Watch the video again. I did not say that when you lease the vehicle you immediately own it. I said the opposite... that you only own it after you pay it off in full. Also, I agree that a person needs to understand the process in their lease agreement regarding buying at the end of the lease. I simply said that IF at the end of the lease the market value is greater than the cost to acquire the car, then a person could look into buying it and selling it on the market... the exact sequence of how that happens is irrelevant. So in fact there was absolutely nothing incorrect in the video.

@charlessaxton8354 3 ай бұрын

@@TheWilliamLeeShow You should read my comment again. I said that you say that when financing a vehicle through a purchase that you own the car. This is factually untrue. The bank owns the car in a financing transaction for a purchase, and the leasing company owns the vehicle in a lease agreement. The only way the customer gains ownership is through a cash purchase, or by paying off the vehicle fully in one of the other two methods. You may need to rewatch your own video and do some introspection because it is possible That you misspoke. It happens. It’s OK to admit it.

@brianharmon7451 6 ай бұрын

IN LEASING, WHO PAYS THE INSURANCE?

@BigOsTaco 5 ай бұрын

Driver always pays for the insurance. Most likely it’s probably a condition of the lease and it’s usually always a condition or an auto loan. Be careful as some lenders will add their really expensive insurance if they find out you haven’t insured the car. Lenders usually require collision and comprehensive coverage and a deductible of no more than (eg) $1,000 check with your lenders.