OT: lease verse buy auto

[burningbusch]

Most of us play keyboards in the sub-$2.5k area, some sub $2k, and some sub $1k. The high end $4k cats are in the minority (although envied). We love keys more than cars. And being frugal on cars lets us have our keys!

 

Yeah, but I see guys switching out their rigs every 6-12 months, only to end up in essentially the same place. Point being if you aren't passionate about cars, any old POS that gets you from point A to point B will work. "We" love cars more than keyboards might be true for many around here, but I doubt all.

 

Just saying that a lot of the advice in this thread could be applied universally, but rarely is because people place different values on different things.

 

Busch.

[ElmerJFudd]

True true.

 

Winding topic on the Volt/Bolt vs Model 3

 

Tesla CEO Elon Musk's recent announcement about the driverless hardware being built into its new cars just gave the Model 3 a big advantage over the Chevy Bolt...

 

http://www.businessinsider.com/tesla-driverless-tech-model-3-vs-chevy-bolt-2016-10

[Jazzmammal]

My investment-banker cousin put it this way: If that [insanely expensive car] is their everyday car, they don't have as much money as they want you to think.

 

Sorry, this is the mistake I tried to address earlier. The lessee may not be worth 30 mil but the person has substantial assets plus a gold plated credit score. The bank can tell from the property tax how much the persons house is worth and the mortgage balance tells them what the equity is plus checking the debt ratio of credit cards and such. That guy needs to have good equity in his home plus some cards with a 30K credit limit with maybe a 2K rolling balance. A person like you're describing who's trying to pretend they can really afford that car by leasing it instead of buying it won't get the lease in the first place.

 

A high end "insanly expensive car" lease requires the person to have plenty of discretionary money. In other words like I said earlier they have to show the bank they don't need their stupid lease. It's purely a financial business decision, they could easily buy it if they wanted to. You really think Mercedes is going to let a $110,000 plus tax CLS550 roll off the lot for 3 or 4 grand out of pocket to just anybody with average credit who wants to impress his friends? Not gonna happen. Not only that, the bank requires a minimum of 300K of insurance on that car maybe 500K now, it's been a while for me. What do you think that costs for that Mercedes in an expensive zip code? Those lessees have plenty of money.

 

I'm not saying that's me, I don't have that kind of money but I do understand those that do. I'm right there with buy used and drive it until the thing dies.

 

Bob