I Almost Leased A Car

You know that feeling that you get when you want to buy something, but you cant afford to buy it in cash, you start to think about every single way you can get it. Instead of saving and waiting.

So at a certain point in life, I thought about getting a lease, lets just say it was cayenne porche. Now thankfully before I do something, always tired myself out doing research and realized that this was going to be a terrible idea, and in this video, I’ll tell you why

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What is a lease

A lease is an agrement between you and the dealership

And you they are agreeing to let you have the car for fixed amout of tiem and miles

And in return you agree to pay them for that usage

At the end of your lease: the vehicle is not yours, so you have to options:

First you give it back and walk away with nothing.

Second you trade-in and get another lease on another vehicle

Third you buy the lease car and actually work on owning it

Lease usualy range between 2-5 years or so

You might here this and this

This is perfect I get to ride the car I want to ride ( brand new )

Then give it back and get another one

You may also say, this way I don’t have to worry about exceeding the wanretee of the vehical beucase I wont have it for that long anyways

But there are some major downsides: but first here are the fees

Acquisition fee

Early termination fee

disposition fee

mileage overages ( honda charges .20 per mile above )

excessive wear and tear

so the so call benefits: but in reality these are just financing term ( its better to pay cash)

Here the truth

It’s like driving a rental, you don’t own it

And it’s the most expensive way to drive a car, because you walk away with nothing

And the way its set up, is so the company can make enough money to have you cover al the cost of depreciation basically ( because they don’t want to lose any money obviously )

So what should you do instead:

I avoided the lease and the finance which is great but bought me a prius/hybrid car

Buy a reliable car that’s cheap to fix and pay cash for it

When you buy it, you save all that money on a depreciation of 5 years

And when its time to fix it, no way its going to cost you the price of a new car on average.

And buy brands that are known to last 200-250 miles like Hondas and Toyotas

But when do I buy the fancy car:

When you can afford to burn the money and not worry about it

And pay cash

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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