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How stupid can this Generation get? Swear off car ownership because of $500 to $600 payments, but will pay $700 to $800 for a "Netflix" car subscription service

By Tenpoundbass following x   2018 Dec 2, 7:32am 457 views   27 comments   watch   sfw   quote     share    


Leasing is cheaper than this. Just go to the dealer and cut out these rent seeking parasite Idiots. Who fucking needs to make another clueless Mellinial rich?
We keep getting assholes like Zuckergurg. Stop giving this generation your money, they don't know what to do with it, and they only seek more than your money.
They want your freedom along with it.

Melania should have called her "Be Best" movement "Smarten UP!".

https://www.cnbc.com/2018/12/01/forget-leasing-or-buying-a-car-these-companies-let-you-subscribe.html
1   Quigley   ignore (0)   2018 Dec 2, 10:43am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Leasing comes with a large down payment ($3500 is usual), mileage restrictions, and other restrictions. The only good thing about a lease is that you can give them back the car in a couple years and be shut of it. Although depending on random things like someone dinging your door you might owe more money at the end.

A straight up “rental” where you can lease a car for a flat fee from month to month wouldn’t be a bad deal.
2   MrMagic   ignore (11)   2018 Dec 2, 10:58am   ↑ like (0)   ↓ dislike (0)   quote   flag        

The stupid... it burns..

.....""This is for people who want to have a car in the driveway all the time, but don't want a long-term car loan," said Jose Puente, founder and CEO of flexdrive.

Financial experts and consumer advocates caution that you'll want to pull out your calculator before you abandon car ownership, which they say remains a better deal in most cases.

"This isn't a magic formula that suddenly makes car ownership cheap," said Jack Gillis, executive director of the Consumer Federation of America. "It may make it easier and simpler, but you're paying a premium for that ease."


Idiots.... if you want to have a car in the driveway all the time, BUY it.

Quigley says
The only good thing about a lease is that you can give them back the car in a couple years and be shut of it.


And have ZERO to show for it. Zero equity... just like renting a house. Sure you can save a few bucks on the monthly payment with a lease, but those extra bucks spent on a loan payment end up going to equity, so when the loan is paid off, the car is still worth some additional bucks that you can sell it for.
3   Quigley   ignore (0)   2018 Dec 2, 11:01am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Looked at the Canvas service (Ford owned), can lease a SUV with unlimited miles for about $700 a month.

Traditional lease: $3500/24=$145 and $500/month = $654/month plus insurance at (a good rate) $120/month for total of $774/month.
If you want the unlimited miles option add $120/month for total of $894/month

Seems like you’d save money on this option.
4   clambo   ignore (4)   2018 Dec 2, 11:04am   ↑ like (1)   ↓ dislike (0)   quote   flag        

OR, you could save up $4000 and buy a pretty good set of wheels. Fix it up for another $500.

I'm not a believer in car payments, especially for new cars.

My father bought a new 2013 Volvo S60 5T with everything you can think of for $38,000 in 2013. Today this car is still awesome but if you want one you can find one like it for about $14,000 or so.

If he had financed it he would be paying interest on the huge decrease in value of the car ($24,000) which is nuts.

But the lease may be OK for those who can't figure stuff out and who just want to pay and drive the car.

This could appeal to my friend who is paying $150 per week on Uber to and from her job. (I suspect she is lying about this figure however).
5   Quigley   ignore (0)   2018 Dec 2, 11:05am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Keep in mind that I’m not saying this is the cheapest or best option for driving, just that it compares well with leases.

My personal strategy is to buy a vehicle at one years old (save $10k) and low miles, then pay it off and drive it until it can’t be fixed anymore.
I have a 2001 Sequoia still going strong and a 2014 Camry hybrid I just paid off the other day.

No more car payments but I do pay maintenance and insurance and gas and registration.
It still costs quite a bit to drive even when you own your vehicles.
6   Tenpoundbass   ignore (11)   2018 Dec 2, 11:24am   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
Quigley says
The only good thing about a lease is that you can give them back the car in a couple years and be shut of it.


And have ZERO to show for it. Zero equity... just like renting a house. Sure you can save a few bucks on the monthly payment with a lease, but those extra bucks spent on a loan payment end up going to equity, so when the loan is paid off, the car is still worth some additional bucks that you can sell it for.


I like Leasing for now, because you can upswing into a better car. Mazda is coming out with the 2019 with some new style and features. My lease is up in April.
The first cars sold in the US wont have the latest SkyactiveX which consumes gasoline much like Desiel with a longer stroke and more compression.
I'm already getting a solid 28 mpg with the 2016 version I got. That's with my leadfoot driving. If I babied it, I'm sure I would get over 35mpg average.
With the new SAX I can expect to get 40mpg without changing my driving style, maybe even more. If they are available by April I will go ahead and get the latest.
Otherwise I planned on buying my car once off Lease.
If I get the new one with the SAX in it, I may buy that one when my next lease is up.

Mazda keeps hounding me to turn in early, they tell me we can swap keys. I don't want to do that. Because I keep going in for the $99 a month or the $199 a month deal, but because they keep talking me into terminating my car early. I keep carrying over a large chunk that makes my payment over $250 a month.
7   Tenpoundbass   ignore (11)   2018 Dec 2, 11:27am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Bottom line is there isn't a car out there right now, I would be willing to plop $24k to $35K on and expect to have it long term.
15 years would be tops before the plastic disinergrates on them, even if the mechanical stuff holds up.
8   P N Dr Lo R   ignore (0)   2018 Dec 2, 11:48am   ↑ like (0)   ↓ dislike (0)   quote   flag        

clambo says
OR, you could save up $4000 and buy a pretty good set of wheels.
Just bought a '97 Cadlllac DeVille deElegance with 40K miles for $3,400, owned by a 91 year old man, always garaged. Kept the '96 Roadmaster that now has 80K, drive it up to West every other weekend. If I take an out of town trip, I rent from Enterprise for the time and put the wear and tear on their car and turn in back in which mine sits under the carport. I only put about 7,000 miles a year on a car, so there's no point in putting out $10,000 plus for a newer car.
9   ThreeBays   ignore (0)   2018 Dec 2, 11:50am   ↑ like (0)   ↓ dislike (1)   quote   flag        

Cough ... stupid long term renters on Patnet also waste money ... cough.

It's pretty obvious that keeping a car long term with this kind of rental plan is going to be bad for your wallet. It's good, as the article mentions, if you need wheels only for a limited time. The rental option puts the cashflow risk on someone else which can be a good option if you have irregular income, but once you have enough savings or cashflow to buy then one should buy.
10   Sunnyvale94087   ignore (0)   2018 Dec 2, 12:48pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Obviously, this (and a conventional lease) will be more expensive than keeping a single vehicle for 10 to 20 years, but if you are someone who wants to change things up every year or every other year, buying and owning is devastating, at least in California: sales tax alone (paid EACH time the car changes hands) is about 9%! With a lease or rental situation like the article has, the owner never changes and so the sales tax is only paid once.

The article states that the monthly fee covers insurance and is good for unlimited miles. Though I bet they have restrictions on commercial use, including traveling salesman type use, I'm sure that is one way people get huge miles out of these cars. Potential win for the consumer (errr... business requiring travel).

Another aspect of this type of deal is that you can swap to different vehicles are you needs change, at least theoretically. Maybe you could get an AWD vehicle for winter snow use, an enormous SUV for that cramping trip to Yosemite, and a smaller sportier car for regular commuting. Maybe make a dozen switches through the year as needs change and as one car's thrill wears out.
11   NuttBoxer   ignore (2)   2018 Dec 3, 10:29am   ↑ like (4)   ↓ dislike (0)   quote   flag        

When I got out of college I was rear-ended by a drunk driver and got an $8k settlement. I didn't work for like 6 months, got two surfboards, and a sound system with base speakers that took up my whole trunk.

Worth it!
12   APOCALYPSEFUCKisShostikovitch   ignore (35)   2018 Dec 3, 10:40am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Two words: Police Auction!
13   Evan F.   ignore (0)   2018 Dec 3, 11:04am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Renting or leasing a car is inevitably more expensive than buying, especially if you buy a really reliable car. I've got a 16 year old Subaru that I bought used about 13 years ago that still clicks along just fine, and I've never once had a car payment. I've had to replace the radiator and an O2 sensor, and then ordinary wear and tear items (oil, brakes, tires), and that's it.

Leasing has its advantages, I guess, if you like having a new car in your driveway every three years, but it obviously isn't the cheapest way to go.
14   HEYYOU   ignore (21)   2018 Dec 3, 11:45am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I'm ignored or are these moderated comments 1,2,3,5 ?
patrick.net has become an anti-free speech propaganda site allowing infants to not have to face reality?

The Tree of Free Speech must be watered by invoking the 2nd Amendment Solution.
15   d6rB   ignore (1)   2018 Dec 3, 11:47am   ↑ like (0)   ↓ dislike (0)   quote   flag        

HEYYOU says
I'm ignored or are these moderated comments 1,2,3,5 ?

I see all of them, so these are just people who ignore you
16   Goran_K   ignore (1)   2018 Dec 3, 11:47am   ↑ like (0)   ↓ dislike (0)   quote   flag        

NuttBoxer says
When I got out of college I was rear-ended by a drunk driver and got an $8k settlement. I didn't work for like 6 months, got two surfboards, and a sound system with base speakers that took up my whole trunk.

Worth it!


Man how eerie. When I got out of college, almost the exact same thing happened to me. Some guy hit me on the freeway and I got a $9k settlement.

I invested the money though.
17   everything   ignore (1)   2018 Dec 3, 3:44pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

I drive a 10 year old car, it has 80,000 miles on it now, I gave a dealer 23,000 for it at one time, it's worth maybe a couple of thousand now. It will last me probably 20 years, a fairly cheap ride, no frills all day, but it's a sedan with 5 star crash rating, something safe that I'm familiar with driving.

I know people who lease nice cars, they make big money, it's nothing to them.

They say selling a car is a hassle.. So why buy.

But, this sounds like a package deal, I can see the draw. And, you can drive a very new car (probably), gets rid of depreciation cost among other costs, people might think, well whats another 2-3 thousand a year, to some people that's peanuts in today's dollars. And, the status symbol joy of a new ride wears off quick, would also be a nice way to test drive a car longer term which I know I would like. Their are cars I could never afford, but I could definitely afford one for a couple of months with this service.
18   HEYYOU   ignore (21)   2018 Dec 3, 5:05pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

d6rB says
HEYYOU says
I'm ignored or are these moderated comments 1,2,3,5 ?

I see all of them, so these are just people who ignore you


They will die dumb rejecting HEYYOU's brilliance. These children entertain me.

WTF? APO now has 34 ignores!
What's he paying to get all these?
19   MrMagic   ignore (11)   2018 Dec 3, 7:45pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

clambo says
I'm not a believer in car payments, especially for new cars.


Why not?

I'm not a fan of "sloppy seconds", buying someone else's used problems.

I bought a new Honda, with a 0.9% rate for 60 months, it was almost free money. After 5 years, the vehicle is still worth over $20K if I wanted to sell it. I paid approximately $100 a year in interest. That's a pretty good ROI. The payment was just like taking the money out of one pocket and putting it into the other pocket.

If I leased it for 5 years, what would I have in equity in a vehicle? The answer: ZERO.

Plus, I'm worth it to buy myself a brand new vehicle. Life is too short.....
20   Quigley   ignore (0)   2018 Dec 3, 7:54pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
Plus, I'm worth it to buy myself a brand new vehicle. Life is too short..


“For where your treasure is, there will your heart be also.”
‭‭Luke‬ ‭12:34‬ ‭KJV‬‬
21   HeadSet   ignore (1)   2018 Dec 3, 7:55pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Plus, I'm worth it to buy myself a brand new vehicle. Life is too short.....

This is the essence, buying a care is a splurge, get what you want. But the rest of your post sounds like the car purchase was an "investment." It is not, it is a consumer expense.

By the way, if you got that 0.9% loan from Honda Credit or other dealer financing, that low rate was subsidized by a higher price for the car. Walk in with cash and I am sure you can negotiate a lower purchase price.
22   MrMagic   ignore (11)   2018 Dec 3, 8:54pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

HeadSet says
By the way, if you got that 0.9% loan from Honda Credit or other dealer financing, that low rate was subsidized by a higher price for the car. Walk in with cash and I am sure you can negotiate a lower purchase price.


Actually I was going to pay cash for it, that was the original plan. But at a 0.9% rate, I can make at least 4X that investing it, and not tying it up in a vehicle, so basically the financing didn't cost me anything, and it kept my cash freed up for other fun.

HeadSet says
This is the essence, buying a care is a splurge, get what you want. But the rest of your post sounds like the car purchase was an "investment." It is not, it is a consumer expense.


I consider my vehicles to be tools, not investments. They're bought to achieve a goal or help complete tasks. Just another tool in the tool box. That's another reason I buy new, better chance of not having repair issues, that ties up the vehicle and screws up schedules.

Plus I love the smell of a new interior :)
23   TrumpingTits   ignore (0)   2018 Dec 3, 9:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Millennials vs Economics:
24   MisterLefty   ignore (0)   2018 Dec 4, 5:09am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Robot sex whores ain't cheap, either.
25   NuttBoxer   ignore (2)   2018 Dec 4, 10:59am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Goran_K says
Man how eerie. When I got out of college, almost the exact same thing happened to me. Some guy hit me on the freeway and I got a $9k settlement.

I invested the money though.


Way to make me look bad you responsible asshole ;)
26   SunnyvaleCA   ignore (0)   2018 Dec 4, 3:31pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MrMagic says
If I leased it for 5 years, what would I have in equity in a vehicle? The answer: ZERO.

Plus, I'm worth it to buy myself a brand new vehicle. Life is too short.....

Well, that's just it. If you had leased it you would have had a new vehicle every 2 or 3 years. Instead, you're driving a 5 year old vehicle.

That said, I am driving a 10 year old vehicle and like it just fine.
27   MrMagic   ignore (11)   2018 Dec 4, 7:30pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

SunnyvaleCA says
Well, that's just it. If you had leased it you would have had a new vehicle every 2 or 3 years.


I could have financed it for 2 or 3 years if I wanted to. Would of had even more equity in it compared to leasing, which would have been 0 equity after that time. Investing the money, instead of paying cash, paid for the finance charges, so it's like getting a zero percent deal when buying a new appliance.

SunnyvaleCA says
Instead, you're driving a 5 year old vehicle.


So what, it's like brand new. I just put the first set of replacement tires and brakes on it. Zero repair issues, just normal oil and filter changes.

SunnyvaleCA says
That said, I am driving a 10 year old vehicle and like it just fine.


That's my plan too, right now, I have no need for a new vehicle and this truck does everything I need it to do.




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