Leasing vs Buying a Car, Which is Worse
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4 жыл бұрынHere’s Why Leasing a Car is Better Than Buying a Car, DIY and car review with auto mechanic Scotty Kilmer. Leasing vs buying a car, which is better? Why not to buy a car. Why you should lease a car. Why not to lease a car. Should I buy or lease a car? There are pros do leasing a car but also a lot of downsides as well. Car advice. DIY car repair with Scotty Kilmer, an auto mechanic for the last 51 years.
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@scottykilmer 4 жыл бұрын
⬇️Scotty’s Top DIY Tools: 1. Bluetooth Scan Tool: amzn.to/2nfvmaD 2. Mid-Grade Scan Tool: amzn.to/33dKI0k 3. My Fancy (Originally $5,000) Professional Scan Tool: amzn.to/31khBXC 4. Cheap Scan Tool: amzn.to/2D8Tvae 5. Basic Mechanic Tool Set: amzn.to/2tEr6Ce 6. Professional Socket Set: amzn.to/2Bzmccg 7. Ratcheting Wrench Set: amzn.to/2BQjj8A 8. No Charging Required Car Jump Starter: amzn.to/2CthnUU 9. Battery Pack Car Jump Starter: amzn.to/2nrc6qR ⬇️ Things used in this video: 1. Common Sense 2. 4k Camera: amzn.to/2HkjavH 3. Camera Microphone: amzn.to/2Evn167 4. Camera Tripod: amzn.to/2Jwog8S 5. My computer for editing / uploading: amzn.to/2uUZ3lo 🛠Check out the tools I use and highly recommend ► goo.gl/rwYt2y 🔥Scotty Shirts and Merch ► goo.gl/pTAeca Subscribe and hit the notification bell! ► goo.gl/CFismN Scotty on Social: Facebook ► facebook.com/scottymechanic/ Instagram ► instagram.com/scotty_the_mechanic/ Twitter ► twitter.com/Scottymechanic?lang=en
@sololuisvlogs 4 жыл бұрын
Scotty Kilmer hey Scotty Will leasing a car show on your credit report. Thanks
@marcymcsheehan3579 4 жыл бұрын
@@sololuisvlogs Leasing a car will only show as a lease payment monthly debt of your payment.... Not the total owed on the vehicle.
@marcymcsheehan3579 4 жыл бұрын
Scotty, please note.... If you finance a vehicle... Or you lease a vehicle you are still penalized for the miles on the vehicle. Come on, you know that a car with a 90k on it was worth less than the same exact car with 60k on a trade... YOu are paying miles regardless.... You just aren't the able to see it... but you are paying... for it... on the trade or resale...
@drrobotnikmeanbeanma 4 жыл бұрын
Is the Equinox Ls Awd good cars.From 2010 and up.I seen 1 at the Automotive shop for $5 grand i know i have to test drive it and bring some 1 with me ??
@Pro100RussianGuy 4 жыл бұрын
If anyone is curious about my opinion - I can sum it up: Cheap car - buy it Expencive car - lease it
@fatrodriguez1 4 жыл бұрын
Михаил Емельченко 😂😂😂 Yes. I like that summary.
@itsthehumor95 4 жыл бұрын
Basically. Lol
@mrblob5413 4 жыл бұрын
Михаил Емельченко nah, still better to buy an expensive car and keep it at least 3-4 years after you pay it off. No repair bill will be more than lease payments for 4 years.
@jacobtran4010 4 жыл бұрын
what is consider cheap?
@LB1280 4 жыл бұрын
Cheap car - buy it cash Expensive car - if you can't buy it cash, turn around and walk away Car leases/payments keep you broke.
@hostiliscivitas 4 жыл бұрын
I'm leasing a bicycle. Those repair bills are killer
@SirBioSnake 4 жыл бұрын
Bicycles are endless money pits as they age!
@ValidAsian 4 жыл бұрын
hostiliscivitas It’s actually not unusual for bikes to be financed. One of my uncle’s friend/ coworker is an avid mountain biker and rides bikes that were $10k - 15k (he owns more than one). Idk if he had them financed but when we were at a bike shop, I over heard many people talking about financing.
@InsideOfMyOwnMind 4 жыл бұрын
On the other end of the scale what car would be the counterpart of a Walmart bicycle?
@volador2828 4 жыл бұрын
I had to repaint mine like 6 times .... People keep dinging it with their car doors! It cost money people...stop dinging people bikes!
@ValidAsian 4 жыл бұрын
InsideOfMyOwnMind Maybe cars made/from Russia? Every time I see car crash videos from Russia, they seem to be made out of foil and rusty.
@MrHuck 4 жыл бұрын
Haven’t had payment in 5 years and don’t plan on getting one. Rather save and eat good. Go on a vacation. Payments kinda hold you down.
@omjayaram 4 жыл бұрын
well said
@RM-xl8ho 4 жыл бұрын
MrHuckabst very wise words ...
@rubenmorales5830 4 жыл бұрын
Yeap!
@relate97 4 жыл бұрын
MrHuckabst what do you drive
@DavidA-um1rj 4 жыл бұрын
@@relate97 chevro legs
@magicrobharv 4 жыл бұрын
I've studied leasing vs buying a new car when I was going to buy a new vehicle. This is what I found out. 1) Unless leasing your car is a business expense, it is not financially wise to lease a car. 2) Generally speaking, you'll pay higher insurance for a leased vehicle. Exact costs vary based on the model you lease. 3) If you decide to keep the vehicle, I.E. buy it fully after leasing it for a while, you have paid more for that vehicle then if you would have bought it outright. Even if you bought it outright with a payment plan, you would have still paid less then leasing it for a while and then buying it. 4) There are limits on how much mileage you can put on a leased vehicle, wear and tear, etc. Go over those limits, and when you turn your leased vehicle back in, you have to pay for going over those limits. 5) You are tempted to lease a model of car / truck that is way more expensive, then you could ever afford to pay for if you were paying just monthly payments with the intent to own it outright. Your "small lease payment" has set you up for failure. You could never afford to buy that expensive vehicle if you paid for it under normal monthly payments. 6) "Balloon" payments, other expenses that you were not aware of when you leased your vehicle.
@mindright9771 4 жыл бұрын
I totally agree with you Scotty. I buy all my cars used and for cash. I don't mess around with payments, interest, mileage restrictions, etc. I also fix up the cars I buy and stretch the life of the vehicle for 6- 8 years. When the car finally reaches the end of its usefulness for my needs, I donate it to charity and let them use the money to help someone else.
@Sci-Mon1 4 жыл бұрын
i think the takeaway is lease unreliable, fancy cars. its a waste to lease something that is reliable like a honda, toyota.
@NinjaPickups 4 жыл бұрын
I think Honda and Toyota wouldnt care if you leased their cars cuz in 3-4 years they wont have any repairs and when you return them they still have decent resell value lol
@Sci-Mon1 4 жыл бұрын
@@NinjaPickups well they may not care, but you as a consumer are the one who gets screwed.
@NinjaPickups 4 жыл бұрын
@@Sci-Mon1 Yup always buy Toyotas and Hondas
@hermanjohnson9180 4 жыл бұрын
I think you have a fair concept. Although to be fair, performance tends to come at the cost of reliability. And rich people just want something to enjoy since money isn't an issue. After buying a fancy car, the expensive (and more frequent) repairs aren't an issue for them.
@verycutetaco 4 жыл бұрын
The takeaway is buying a 94 celica
@hpt08 4 жыл бұрын
Awww man, I bought the jag cheap and I enjoyed learning how to weld. Leave me alone Scotty! 😂😂😂
@delightfulsunny 4 жыл бұрын
My roommate has a 2003 Jaguar S-Type... biggest pile of paper weight inside a mechanic shop.
@arturoapm 4 жыл бұрын
What Jag?
@lupusdeum3894 4 жыл бұрын
That's also true of Land Rovers. You learn a whole host of 3rd world skills owning an old one.
@hpt08 4 жыл бұрын
@@arturoapmthe x308 model, year 2000.
@aitorbleda8267 4 жыл бұрын
@@delightfulsunny I own an X-type.. now looking for a good welder...
@frankbiz 4 жыл бұрын
Scotty I agree with you 100%. When I bought my 2008 Highlander I knew I was going to keep it. Have 185,000 miles on it and it runs like new.
@ThatHuskyisCrazy 4 жыл бұрын
My cousin has a 2007 Highlander. She has 120 k miles on it. I told her she should drive it until the wheels fall off around 300K.
@frankbiz 4 жыл бұрын
That Husky is Crazy if she takes care of it the wheels will still be on after 300k miles. I plan to.
@Itsjake908 3 жыл бұрын
And how much money did you put in your car since you bought it?
@frankbiz 3 жыл бұрын
@@Itsjake908 it now has 202,000 miles and the only thing I have put on it are front struts and that's because I hit a massive pothole. Synthetic Oil changes every 5k, 2 batteries, Michelin tires every 60,000 miles and brakes as needed, all of which I do myself. And plugs/tuneup at 140k. Filters etc. nothing major.
@Itsjake908 3 жыл бұрын
Frank Biz thanks for replying.
@TheGomezIndustries 4 жыл бұрын
Leasing is a fancy word for renting.
@THETOPGLOCK 4 жыл бұрын
Exactly! I have family that leases exclusively and they hate it when I use the word “rent” when describing what their doing.
@mickdavis2385 4 жыл бұрын
Good call. Renting sounds more low class, like you rent bowling shoes, or movies lol. But you "lease" a car.
@jakepokemonman1227 4 жыл бұрын
Probably because renting is already a thing and leaving is just long term. But you are right the word lease distracts you from the negative connotation that the word rent has.
@1066gaz 4 жыл бұрын
Also apartment is a fancy word for flat here in the uk haha.
@matthewshort4351 4 жыл бұрын
Very inaccurate smh the difference is you’re paying for just the part that is depreciating. At least with Toyota the residual is fixed and so most of the time you have equity in the lease so yes there are times that a lease could be worse but 90% of the time assuming you have good credit since you can simply buy the car at the end of the lease and there’s often equity in the leased Toyota vehicle you never get put into a bad position
@samsen3965 4 жыл бұрын
Seriously Scotty, You should make a clip on "How to sell your car correctly and for best value".
@jeanpaul6545 4 жыл бұрын
Sam Sen @scotty
@Spritsailor 4 жыл бұрын
I worked at a Ford dealership in the early 1980's when leasing was just started. The staff used to laugh out loud when someone did lease one.
@allkindz6792 3 жыл бұрын
I always finance a car. I want to own a car. Can't live my life on car payments after car payments like with leasing. Just thought of having a car after you pay it off when you finance is my mindset. Car repairs are typical, you should know ahead of time that you have to pay maintenance as well. People forget that when they finance. If you takes care of your car and treat it like it's your child then you'll be good. Most important is don't let anybody borrow your "finance" car, not even family members lol
@stuna101a 4 жыл бұрын
I love leasing. Free repairs the whole times. You pay 1/3 of the monthly finance payment in a lease payment. You get a new car over and over again. But if you want a car for a decade buy it.
@EastCoasters 4 жыл бұрын
This guy pumps out videos like a champ. 🥃
@emme8255 4 жыл бұрын
Just walked in the door had my hip replaced yesterday. had withdrawals just turned your informational video on and I feel better all ready. THANKS SCOTTY
@BmwMe-uh9sy 4 жыл бұрын
If you leased a new Toyota you pretty much wasted your money when the old ones work fine for 2k
@neilmurphy845 4 жыл бұрын
Or 2011 or 2005 Nissan micra manual there some engines
@clanrobertson7200 4 жыл бұрын
Or you can buy a pre 2018 Volvo and have a car for life with a proven motor that the same structural template can go from economical to hyper. The old professor Unfortunately the 2019 Volvo is the death of a legend and a pioneer in automotive safety and dependability. Their dedication to these two goals for a century is going to become as legendary as their product. Something no other (although a small % of the market) mass produced automobile company can say. The old professor
@Hypokrites 4 жыл бұрын
Clan Robertson Are Volvo’s that reliable???
@marktuyet 4 жыл бұрын
@@Hypokrites China owns them now .
@neilmurphy845 4 жыл бұрын
@@Hypokrites I know old ones have a good reputation
@mikefoehr235 4 жыл бұрын
Leasing has too many restrictions. If you drive very little and/or you have an off road vehicle, u r on the hook for scratches and other damage. Buying is a better option. NEVER EVER lease a 94 Celica
@delightfulsunny 4 жыл бұрын
unless you can lease Scotty to go with the Celica
@mikefoehr235 4 жыл бұрын
@@delightfulsunny Ha
@aaryeshg.6526 4 жыл бұрын
What's worse is if you lease a performance car, you cannot take it to a track. So yeah not like you'll ever go past even 100 mph ever in the life of a leased car...
@davidjacobs8558 4 жыл бұрын
if you are rich, and always want to drive brand new, lastest luxury models, and don't want to deal with fixing cars, you want to lease.
@aundrayperkins9796 4 жыл бұрын
Lease a 88 Chevy celebrity. They seem to never give up
@Calmer573 4 жыл бұрын
i love leasing.. i keep for a year or two , and then eventually want to try other companies and models , so i give it back and i go get another brand new car of my choice .. i like new nice stuff is all.. i used to be the guy that buys a 7,000 used car cash and drive it till it explodes.. but i want better lately . its all preference according to one's life and their capabilities.
@danielfbc2744 4 жыл бұрын
You are a comedian!!!!! You will spend the rest of your life paying for a car that is not yours!!!! 😂😂😂😂 How much is that? Are the car companies leasing for free without considering profit and depreciation? You are a comedian 😂😂😂😂🤘🏻
@Carniolan 4 жыл бұрын
@@danielfbc2744 Leasing new high class cars is better than buying them. Their value depreciates a lot during the first 5 years so unless you keep it for much longer you won't save money
@danielfbc2744 4 жыл бұрын
@7Scythe7 Better? You will never have a car collection. You will never stop paying a bill 😂 Good luck on showing off like that😂😂😂😂😂😂😂😂😂
@Carniolan 4 жыл бұрын
@@danielfbc2744 lol what? Why would I want a car collection? So buying a used car and then constantly worrying about repairs and how much they are gonna cost is fabulous? It's not about showing off, it's about the practicality. You lease a new high end car for a few years, and then just switch to another and lease again if you want
@danielfbc2744 4 жыл бұрын
@7Scythr7 Boy! You are forgetting about who really drives expensive cars. It’s not just one car. First, try to pay your Netflix bill. Later, you try to pay a endless car bill. If you aren’t showing off, you buy a Honda Civic! Grow up kid!
@dalepritchard3335 4 жыл бұрын
The mileage limit keeps me away from leasing. With the way cars are made today (disposable). It does make sense to lease.
@swampcrawlerls1267 4 жыл бұрын
Dave Ramsy....never lease. Scotty Kilmer....best
@BrianNC81 4 жыл бұрын
Don't finance either! Cash is king
@djkenny1202 4 жыл бұрын
I think he’s a serious Douche, but boy do I ever totally 100% agree with him when it comes to buying versus leasing, paying your home off, and restricting expenses. It’s his politics that are scary sad. But the car, that you can afford, and keep it as long as it serves your needs.
@brotha1984 4 жыл бұрын
Never Flease a car Dave would have said 😭😭😭🤣🤣😂😂
@geebee6010 4 жыл бұрын
Ramsey doesn’t want you to have any car payment.
@bobmarker6812 4 жыл бұрын
Rice & beans. The new status symbol is a paid off mortgage.
@ejsgarage 4 жыл бұрын
That's why I bought my old Jaguar cash, just used it until it died. Borrowing money to buy a Jaguar is a very bad idea. The depreciation is horrible.
@rosemaryheim2384 4 жыл бұрын
Hi Scotty! Thank you for all your efforts! I've learned so much.
@zellerized 4 жыл бұрын
I've never commented before. Today is the day. Scotty, you are awesome
@spicyshizz2850 3 жыл бұрын
One year later, You now have 27 comments 😭
@1slamExplained 4 жыл бұрын
Excellent advise as usual Scotty!
@Kingjulien_ 4 жыл бұрын
I actually needed a better explanation for leasing and financing thank you 👌 im shopping for a car soon
@tomcannone8894 4 жыл бұрын
Been leasing for years. Repairs are not a concern, mileage is negotiated at lease time. With most loyalty no money down. Nothing like a new car with No worries. As Scotty reported used cars can be stupid money pits and be worth less than folks paid for it. In the past I bought used cars some were OK but there is always the worry of repairs and face it as you get older who wants to break down on a road trip with your family..,
@007MegaRoll 4 жыл бұрын
leasing is good option if you drive less than 12 k a year otherwise it can get very expensive
@clanrobertson7200 4 жыл бұрын
El Okim He (Scotty) said that! The old professor
@navyryder 4 жыл бұрын
You’re allowed to raised the miles limit, you can have them put a limit for 14k, 16k or even 20k a year in your leasing contract. Of course you’re monthly payments will be a little higher.
@marknguyen7231 4 жыл бұрын
Leasing isn't a bad option if you drive longer miles because you can always trade the vehicle in for another lease before the term is over and it won't matter what the mileage is (unless you put way too many miles). Most leases are half the monthly price of owning and after 2-3 years you can decide if you want to keep it.
@supfoo9221 4 жыл бұрын
I bought my C230k 05 About 3 months ago. Has 210k, now it has 223k...
@usmc2msu213 4 жыл бұрын
Its expensive either way. On average it’s. 14% APR to lease. It’s an absolute ripoff unless the money is a small portion of your overall net worth.
@StEpHeNno22 4 жыл бұрын
4:24: Wow. Great point, here, about the financial value of the car versus its life expectancy.
@futur3gentleman802 4 жыл бұрын
Great info said in a captivating way. Thank you for sharing.
@jontoland3491 4 жыл бұрын
I guess if you only drive a car very little, a lease might be reasonable. But many of us drive 20k a year
@TeRRm0s 4 жыл бұрын
Where do you guys find 20k miles a year?
@jontoland3491 4 жыл бұрын
@@TeRRm0s , going to work. There's a lot more driving to do in Texas than other places. Orientation of cities and towns is also much more wide spread. A lot of people will drive 30 miles Just to do a job, some will drive more.
@alexismccaffery2764 4 жыл бұрын
True, it’s very situational imho. I’m on a lease right now mainly because I may not be living in this area/setting for much longer and because I don’t even put 10k miles on it in a year to begin with (public transit is just accessible enough to be able to navigate the city with it but not so widespread in my particular neck of the woods that I don’t still need to have a vehicle I can rely on to go about my day to day activities). I can also see the appeal of leasing for someone who likes being able to try out different makes and models and have fun with some of the newer creature comforts you might not get in, say, a 2011 Camry-almost like renting for a while before you’ve decided where you want to live in the longer term, to compare it to renting an apartment vs. owning the property you live on. Buying used and reliable is obviously the least expensive option in the long term, especially if you have the know-how to do at least basic maintenance on your own. But there are definitely valid reasons for leasing imo (buying new, on the other hand... yeah I can’t really justify that lol)
@fila741 4 жыл бұрын
Most leases are up to 94k and if you are under then you can get a rebate.
@benjaminwagner8141 4 жыл бұрын
That's why I may lease, I got short mileage
@iviaverick52 4 жыл бұрын
So essentially, only lease expensive cars that lose value fast, and only buy used cars. Got it.
@scuba6797 Жыл бұрын
Has me thinking it makes sense to lease a Mustang or Camaro, rip wheel for 3 years, have fun then trade it in. They lose like 50% of their value after 5 years anyways so it doesn't make sense buying for 50k then selling it for 25k 5 years later.
@ironjohn5914 Жыл бұрын
@@scuba6797 if you want new car then lease otherwise buy 10 - 20 year old car on the cheap.....
@Shadow2084 4 жыл бұрын
Your points you make are valid Scotty. If one doesn't mind making a monthly payment - for ever - then leasing actually makes total sense. If you like the feeling of 'owning' something - then buy it and keep it. One shoe doesn't fit everyone obviously.
@erodz1892 4 жыл бұрын
For most you are right, buying is a better deal. But here’s another catch for the lease, I live in the northeast the roads if they can be called that. (More like goat trails) and not counting the corrosion of salt buying an old car like that will last you a year here. I lease an small suv that I beat then return at the end of the lease so far never had a single problem.
@zodiac909 4 жыл бұрын
This video sums up why I love Scott.
@SilverScarletSpider 4 жыл бұрын
Leasing a car is better if your ego only lets you drive endless money pits. 😂
@peterwait641 4 жыл бұрын
Better to lease Alfa Romeo or Jaguar or BMW full of electronics
@Datsun7705 4 жыл бұрын
Peter Wait also mercedes, aston martin, range rover, volvo, and infiniti
@BigJay703 4 жыл бұрын
Standard low IQ Boomer mentality. I'm not going to bother giving the financial Rundown. If Herp deep "you're paying to borrow it lol" is an argument you find convincing, there is no helping you. Please keep buying. It helps me be able to snag a 50k MSRP Tundra for $300 a month with no money down.
@Datsun7705 4 жыл бұрын
Bucko Media A tundra makes more sense to own because it’s a truck that’ll last for a really long time
@TheSaturdayNights 4 жыл бұрын
@@BigJay703 i sell cars, there is no way you are leasing a tundra for 300$ a month with no money down
@kadillacdeville 4 жыл бұрын
Good advice as always Scotty.
@pedrodiasesquerdo48 4 жыл бұрын
This video was fun and very explanatory, congratulations haha
@cptnsolo77 4 жыл бұрын
Haven't had a car payment for 7 years. Bought the Pontiac vibe ( Toyota matrix clone ) in 2007 at 38K. It has 255K now and still running great 😎 Planning to take this one to 300K and beyond.....
@m3lowiesvlog715 4 жыл бұрын
“Leasing a car” it means you can push the car limits all the way to the top! :)
@mohammedahmed2574 4 жыл бұрын
Love your videos. Very informative and enjoyable to watch. I came across your videos too late as I bought a brand new subaru impreza 2017 here in Toronto. I have 70k km on it already. I was wondering how do I make sure the transmission lasts as long as possible. I am a very passive/defensive driver. Also, every time I park my car in the sun and put the windows down the rubber on top of the glass sticks to my glass. Took it to the stealership and they said it needs to replaced since I must have used chemicals harmful to the rubber. The fact is I haven't. I use regular Rain X to clean my glass. Any advice as they said one door rubber replacement would cost me 550CAD. Thank you Scotty for your help.. You're the best !
@yetikoalaace7780 4 жыл бұрын
thanks for sharing that with us Scotty
@730F-Sport 4 жыл бұрын
Scotty forget to mention that you have to have good credit in order to lease a car🤔
@Sci-Mon1 4 жыл бұрын
not really. it mostly comes down to proving your income.
@BigEightiesNewWave 4 жыл бұрын
Yeah...I did back when I did it decades ago.
@MBSLC 4 жыл бұрын
That is true! Your credit score determines your lease rate as a percentage. Not everyone will qualify for the monthly lease payment as advertised.
@bradmace6144 3 жыл бұрын
Could I lease a 20k car on 16k a year?
@screwedupmystic2597 3 жыл бұрын
@@bradmace6144 easily yes
@adam10532 4 жыл бұрын
Mechanic and a financial adviser fantastic😎
@love.one.another 4 жыл бұрын
thank you for the information.
@stephendibari7704 4 жыл бұрын
Great video Scotty !!!! Never did (will) lease a car for your exact same reasons
@onenikkione 4 жыл бұрын
We buy new and drive them for usually 12+ years. Four or five years of payments and then seven or eight of just maintenance
@LivingWithTheGuzmans 4 жыл бұрын
Agreed
@mr.grumpygrumpy2035 4 жыл бұрын
I leased a Ford Fusion 2.0T. The thing was doing TWELVE miles to the gallon in the city. TWELVE!!! Returned it and don't miss it.
@_J4CK4L_ 4 жыл бұрын
Great vid!
@markdraper3469 4 жыл бұрын
Leasing, for most people, is like our deal for the Panama Canal... You pay to get it, you pay to keep it and you pay to give it back.
@partymiami1159 4 жыл бұрын
Scotty left out that leasing requires higher insurance limits so you have to factor the extra cost of insurance.
@ants288 4 жыл бұрын
So true. My first car had comprehensive and it was over 3x what I pay now on my little Scion with state minimum insurance.
@Preh 4 жыл бұрын
with leasing and financing you have to have comprehensive, this is not accurate in my state at least.
@partymiami1159 4 жыл бұрын
@@Prehminimum liability limits are 50,000 / 100,000 in Florida for leases.
@msaleh93 4 жыл бұрын
Party Miami whether u finance or lease, the insurance requirements are the same since you dont own the car in either casw
@partymiami1159 4 жыл бұрын
@@msaleh93 no, when you lease, the owner is the finance company so they can get sued. That's why they require 100/300 liability in some cases. Regular liability is 20/40 for financing..
@cliffperrino3015 4 жыл бұрын
Alwayswordsof great wisdom,thanxScotty
@appleiphone69 4 жыл бұрын
Scotty you are spot on!
@mrvoyagerm 4 жыл бұрын
I lease a Toyota Tundra and I am always over mileage but.........they want the truck back so they never even bring up the mileage as long as I am leasing another one. Also I always get to drive a new truck with all the new stuff on it and I have never had to pay for any repairs except lube and oil and even that is included in my latest lease. This only works if you know the vehicle is solid and not a money pit because the dealer knows that as well :) My lease rate with zero down has gone down since 2005 and the vehicle has gone up from a Tacoma to a Tundra 4x4 Offroad that is fabulous.
@timothycc711 4 жыл бұрын
Horrible decision
@fila741 4 жыл бұрын
@@timothycc711 How? CARS ARE A LIABILITY
@Tjtjboy 4 жыл бұрын
If it's a Toyota or Honda. Buy it. Anything else, lease it.
@ahuehuete4703 4 жыл бұрын
Only if the residual value will be higher than the resale value, meaning the leasing company (which is usually the automaker's finance group) eats some of the depreciation.
@EHZ181 4 жыл бұрын
@Captain Caveman oh yeah? Well beezeblocks is a great song
@Mk7Albert 4 жыл бұрын
@Captain Caveman this troll of a comment gets 10/10 would read again
@aundrayperkins9796 4 жыл бұрын
Chrysler don't do either
@Tjtjboy 4 жыл бұрын
@Captain Caveman Scotty purchased 3 Toyotas. What does that make him?
@ImKidnapping_cows 2 жыл бұрын
I own a car and lease a SUV. I love owning because it’s mine forever, but I also love leasing because I can get the latest features and drive out of town knowing if anything happens, everything is covered under warranty And in 3 years I can get something else. Best of both worlds in my opinion.
@PerryMatt 3 жыл бұрын
Ahahahahaja love the video!! Can you do a video regards car subscription vs car lease vs car finance?
@dnawrapsatl 4 жыл бұрын
I live an hour from any dealer. Im not going back every 2 weeks for a service plan. When i leave that lot im not coming back unless its broke
@amazoidal 4 жыл бұрын
Always lease European. Must stay in warranty.
@Shelmerdine745 4 жыл бұрын
But that’s for American and British cars, not European.
@nemisiesaidSTARS 4 жыл бұрын
@@Shelmerdine745 Britain is in Europe.
@Shelmerdine745 4 жыл бұрын
Nuper In Nocte You know what I meant, so you wasted space here.
@timschjei3917 4 жыл бұрын
My 23 year old daughter, who is still going to nursing school just looked into leasing a Toyota Camry because we told her that the 2006 Impala that she's driving has 250,000 miles on it and may not last that much longer, so she should look into other options. She doesn't live nearby so I can't help her out with repairs. She didn't say if there was money down, but the payments would be 250 a month. I guess I should ask her about the money down part of the deal.
@warrenkatz1469 4 жыл бұрын
This was a fair analysis of leasing and buying .since I have done both .one other advantage of leasing, which you alluded to, was your not trying up a lot money in a depreciating asset. Plus if run up the millage you can always buy the car.leasing isn't for everyone or most people, but it does work for some.
@Hyunw22 4 жыл бұрын
I leased a BMW a year ago, I abused that thing and loved do it. Abuse like redlining, not let it warm up before driving, not stopping fully to put it in drive when I'm reversing, etc.
@jmgaming1224 4 жыл бұрын
“I buy used Toyotas and Lexus and I drive them forever” but the dude puts 250 miles a year on his cars
@chris14091975 4 жыл бұрын
Excellent explanation
@kbab2008 4 жыл бұрын
Great advice.
@niacal4nia 4 жыл бұрын
Tattoos should be leased.
@mickdavis2385 4 жыл бұрын
Wives too. Trade in for a new one every 7 years :)
@fallenchao 4 жыл бұрын
I agree
@Sci-Mon1 4 жыл бұрын
I think it should be taken into consideration that sometimes leasing is the only option for low income people. I've seen it first hand. Some places make it very appealing, and when you are broke and need a car ASAP, you have no choice.
@chuckschillingvideos 4 жыл бұрын
I just love how so many folks KNOW what's best for everyone else to do. Me? I don't care how anyone else acquires their vehicles. Buy new? Lease new? Buy used? Do whatever the hell you want. Doesn't affect me or make any difference to me.
@TheFrenchPug 4 жыл бұрын
Most CPO'd cars give you 100k mile warranty (yeah, it's kinda built into the price) because they were leased and warranty maintained. Only way I buy now.
@RetroPCUser 4 жыл бұрын
Used cars for life. Had my 2001 Oldsmobile Intrigue for close to 12 years, 120,200+ miles, still running well. Need to replace the fuel level sensor soon. The car was my grandma's from 2001-2005 (passed in 2006 from cancer), my grandpa kept it for 2 years, and my parents bought it. It also needs body work due to rust issues.
@America-ev4rk 4 жыл бұрын
I don’t know what I would do without Scotty’s infinite knowledge.
@BTC909 4 жыл бұрын
You never put money down on a lease & you always SELL a lease to a dealer right before the lease is up. Selling avoids the "3rd party inspection" which can lead to "wear & tear + damage claims".
@valdez1206 4 жыл бұрын
How does that work? Sell a Lease? I'm almost done financing my 2 door Honda but wanna lease a HRV.
@davidjacobs8558 4 жыл бұрын
what if the dealer doesn't want to buy before the lease term is up?
@BTC909 4 жыл бұрын
@@valdez1206 Lease for 36 months, check out LeaseHackr forums, consider using a broker, then during the last month on a weekday (must have verbal confirmation of the payoff amount) sell the lease to a dealer and pay the difference based on its offer vs. payoff amount or pocket the equity. Be sure to check the website to make sure the vehicle was paid off and I would do the DMV transfer yourself. When I say "dealer" I mean CarMax, Carvanna, Shift, Vroom, etc. If the vehicle has "issues" you really may want to consider this route.
@BTC909 4 жыл бұрын
@@kingdingaling781 It can work both ways. Depends on what you leased, what your cap cost is, availability in your area. For us: 2012 Pilot - Good Profit, 2015 RAV4 - over mileage but slight profit, 2018 RAV4 Hybrid - that will have a gang of profit.
@timothycc711 4 жыл бұрын
@@BTC909 why lease a Toyota sounds dumb
@richardb.1414 4 жыл бұрын
Scotty , I saw a Celica on a side road, this afternoon, the one like yours, it looks quite solid
@Karibel 3 жыл бұрын
Omg your body language is the best hahah great info. Thanks!
@nicholasnorris4393 4 жыл бұрын
I bought a used Toyota that the original "owner" had as a lease this last go-around.
@lsewong101 4 жыл бұрын
You got great advice LEASE your vehicle instead of buying for an Expensive Import!!!!
@muammerulutas2478 4 жыл бұрын
well i have leased my 2019 toyota 4runner trd premium and im loving it going to keep after lease end
@muammerulutas2478 4 жыл бұрын
Randy Jackson no i’m a first time buyer interest was too high so it was better yo lease it for me
@musicalbenjiman 4 жыл бұрын
Love you, Scotty!
@Megatron995 4 жыл бұрын
Nah, nah! Leasing is an endless money pit! BUY a good, solid, reliable car. Pay it off. Drive it until it dies or tries to become a money pit. My Grand Marquis was bought new in 2002. Paid it off in 2006. It's 2019. That's 13 no-payment years! It only started to attempt to enter money-pit territory a couple of years ago, for 11 completely trouble-free years!! Scotty, you can't beat buying a good NEW car, no matter how loudly you deny it. Emphasis on "good."
@apaturalegendary6905 4 жыл бұрын
Grand Marquis are bulletproof!!! I still have my 1997. Only 128k miles on it, drives like a dream!
4 ай бұрын
thanks for preventing rippofs, scotty!
@Fj707ap 4 жыл бұрын
Scotty with the knowledge bombs 💣
@einsteincasino8539 4 жыл бұрын
Leasing a car is BAD!!😳 TOO MANY FEES INVOLVED! TOO MANY STRICT RULES!
@hodawgs1977 4 жыл бұрын
We leased a car for the first time (328d BMW wagon), turning out to be a very smart decision. The car was worth 15k less on KBB the minute we drove it off the lot...no thanks.
@joshmanske5896 4 жыл бұрын
I have a brand new lease truck and 2 old beater vehicles...best of both worlds and a monster tax write off for my business too.
@hermanjohnson9180 4 жыл бұрын
I own two vehicles. I couldn't agree more with this video. Always buy if you can.
@DriftTrainis2awesome 4 жыл бұрын
Let’s say you buy a $45k suv... 6 year loan.. total you will be paying at least 50k including interest and repairs and maintenance... If you lease a car (Infiniti qx60 15k Miles a year) $400 so you pay $15k every 3 years for a car.. in 9 years you pay 45k.. cheaper and you have a nice car every 3 years (oh yah I totally haven’t done this for the past 6 years)
@robkenna2795 4 жыл бұрын
true, but there is equity in the 6 year old car when its payed off, and by the time its 9 years old, and if we use your figures, unless it's worth less than 5k your still ahead buying, to each their own and I respect your decision to lease, its easier and you allways have a newer car, but I will argue it's not cheaper
@DriftTrainis2awesome 4 жыл бұрын
behexen250 and that’s why all the lease deals are aggressive
@DriftTrainis2awesome 4 жыл бұрын
behexen250 lmao my profile picture is Shaq and I don’t work for Infiniti or anything car related
@jasonbusch3624 4 жыл бұрын
You can get upside down in a leased car. You can take a huge hit on damages or mileage.
@ahuehuete4703 4 жыл бұрын
You can buy "gap insurance" for damage. But yeah, if you go over the miles and turn it in, it'll cost you.
@lgetz1 4 жыл бұрын
Exactly. Friend ended up having to buy a leased 3 Series BMW after a lady without insurance ran a stop sign and clipped the left rear and trunk.
@bobtheelectrician6692 4 жыл бұрын
If you have to bail out early, cancelling a lease can cost you dearly. Check out Leasebusters or similar in your city to get a feel for what you will go thru. Once the car is driven off the lot, the resale value has usually dropped by a third.
@Raaaphael 4 жыл бұрын
I did an internship at a dealership which leased new cars and one of the employees said to me. The companys who are leasing the vehicle are the winner in this game. For each scratch or weardown you will have to pay a premium at the end of the lease. As Scotty said they are advantages to leasing but i find it to risky to lease a car.
@matthewzepess5721 4 жыл бұрын
I try to look for previously leased vehicles, sometimes you can find a great deal. Something elderly owned with low miles, no stains or issues etc. usually it’s a large chunk off msrp compared to the current year and most car companies look fairly similar for several years.
@rayfire50 4 жыл бұрын
So forget the cost of full coverage insurance is required on a lease as well 😓
@juancorona3893 4 жыл бұрын
RayFire51 you usually have to get full coverage on new cars if you buy the anyways
@chocolatewheelchair 4 жыл бұрын
I only lease. I pay my payment and never ever pay for car repairs. I just take it to the dealer and they fix whatever I’m complaining about. 300-400 a month can get you almost any car under $40K. Always have a new nice reliable car. Never get bored. Just think of it like this. Transportation costs x per month. There aren’t many surprised. Tires. Gas. Oil changes. I have a 300hp awd luxury car with run flat tires. 15k miles a year
@Hypokrites 4 жыл бұрын
chocolatewheelchair But what about the cost of insurance???
@BillyHarvey 4 жыл бұрын
I now lease with a full upfront payment. Works well for me.
@chocolatewheelchair 3 жыл бұрын
@@BillyHarvey nice!
@chocolatewheelchair 3 жыл бұрын
@@golferpro1241 next car I’m BUYING a beater I think haha
@markbowman6655 4 жыл бұрын
2:26 Things must have greatly changed since I was in the new car business 1994-2016, Then whether a lease, or purchase, the customer's credit was checked, and scored with one of the three major credit bureaus.
@sweetandsimple. 4 жыл бұрын
I have a short term situation but I ended up buying. After hearing so much bad things about leasing I never even researched it. Had I done that I would've realized it was actually the better option for my situation. I wish I saw this video before buying my used civic 🤦🏽♀️. People don't talk enough about the scenarios that make leasing the better option. Even this video only grazed over the pros but it was enough to help me see it was the better route.
@erik7654 4 жыл бұрын
Mileage limitations on a lease are irrelevant if you just buy out the lease at the end (one option he didn't cover).
@paulroberts6163 4 жыл бұрын
With the lease you get the latest safety features which don't compare to a say a 24 year old vehicle. Many times insurance rates are discounted for those safety features as well.
@PerryMatt 3 жыл бұрын
Great video! What do you think about car subscription? Can you do a video on it?
@richreap3000 4 жыл бұрын
Thank you
@DerekChabrow 4 жыл бұрын
I've always leased cars and it was a good experience, except one time i upgraded the wheels on a honda accord and when came time to bring the accord back, the dealer wanted to charge me for the crappy regular 16" stock wheels, they didn't want my nice 18" FOR FREE, hahaha.... so I went out to junk yard and bought the cheap honda wheels and turned in the car. Short story, you need to return the car stock, don't do upgrades on leased cars.
@Monce08 2 жыл бұрын
I leased a Honda Accord sport 2021 and so far the rims are damaged any idea if I’ll get charge for them or any possible way to wave that fee when I return the car 🚙
@DerekChabrow 2 жыл бұрын
@@Monce08 count on being charged for them
@Tifford1 4 жыл бұрын
I will never lease a car. You spend more money with a lease.
@LearnAboutFlow 4 жыл бұрын
Depends on your lifestyle. If you own your own business, the IRS does NOT want you to own a car but lease it.
@jth877 4 жыл бұрын
Not always true
@Horizon301. 4 жыл бұрын
In what world. Depreciation pretty much always is like 2-3 times as much
@relate97 4 жыл бұрын
Leasing is the easiest way to have amazing credit score
@Tifford1 4 жыл бұрын
Watch a utube video by Dave Ramsey on leasing which is ripping people off. If you look at all the ways you fork over money on a lease, you will pay more money. Look at the fine print people. The math doesn't lie folks. Lease = bad
@BobRooney290 3 жыл бұрын
leasing is also buying into new tech. your old clunker probably dont have a working AC, no navigation, no sensors, no cameras, no self-automated parking, nothing. just to take into consideration. yes, there is wear and tear and mileage consideration on the lease, but those terms are stated before you sign the contact, so its not like you are not aware.
@taifhassan9174 4 жыл бұрын
Man I love your sense of humor 😁😁😁
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