Here’s Why Leasing a Car is Stupid

Such a waste of money. Buy something cheap, old, and used in cash

The biggest issue is that when you’re ready to sell the car that you own, you’re surprised with how much less people are willing to pay for it than the price that you purchased it.
Typically around 1/3 of the original price. So if you calculate the amount of money you’re getting plus the cost of repairs sometimes 1/3 of the car value every year. So you’re getting a quarter of the original price that you paid for.

I have always paid cash for my cars. And I have never used a credit card......hmmmmmm

I'd always go for buying. At the end of the day you have the car and if you want it for 5-15 more years you still have it.

It doesn't make sense to buy a depreciating asset. That's the difference in why we typically buy our homes when we can, because they're one of the few things in life that appreciates, not depreciates (unless you live in a run-down city). It's also much easier to sell your car than to move from house to house pretty often.

I used to buy my cars, until I kept running into repair after repair just as soon as I "paid it off" - many times going into the $2000+ range. (Full disclosure, I don't know how to fix my own cars.) So I was paying even well reputed car shops $200+ a month, which at that time was almost a new car payment anyway. So as soon as I paid off my last repair, I went to leasing and trading in every 3 years, and will continue to do so as long as I can afford it. I'm also having to take off work for car maintenance a LOT less (mainly just for oil changes, tire rotations, alignments, etc.).

Unless it's a BMW. Right Scotty😂

Just buy the car

Lol so if u don’t have 20k to buy a car right out your fucked 😂?

Leasing is generally stupid for the average person. We got burned on a lease from Gwinette Audi in Atlanta... jacked the price of the car up, bastards. I love when Scotty does these types of videos.

Leasing is the better option if ya have the money for a new car every 2-3years

I would much rather buy to own! This way I can do whatever I want!

what is the name of the car in the thumbnail please.

I went to the Porsche dealer and try to see the leading option for a Taycan, crazy enough that the three years leading is at 2156 per month, but the monthly payment for buying that car is also 2156 around, maybe a couple hundred more. Not a lot less than buying a car.

I always thought leasing was better because if your not happy with car, can return it and get something better.

The benefits of leasing have lessened in the last few years, but this is a little old school.

I lease my trucks. My payments are lower than most people financing the identical vehicle and I didn’t put a dime down. In 3 years, I swap for something new.

Of course, it varies from person to person (priorities, annual mileage, vehicle type) but 2-3 years ago I’d argue buying was kinda dumb.

Most people buying are financing for 6-7 years. By the time it’s actually paid off, it’s nearly time for a new one. If you can buy a vehicle you like and pay it off quickly - hell yeah. If not, this “no payment, paid off, I own it” stuff means nothing

Rent liabilities, buy assets

It’s not bad! You get to trash driving a brand new German car for 2-3 years without having to deal with its problem and depreciation! The only downside is the annual mileage limit on contract

As cars get more and more complex, I think leasing will be the main way people get cars over here in US. Fixing new cars now days are just toooooo expensive and requires in house mechanics from the company to fix most of the stuff. That's just my take.

Bought my 2010 Hyundai touring Elantra for 5k back in like 2015 with only 45k miles on it. It now has 140k miles and still runs great. It’s only had major work this year because I now live in nyc and these potholes destroyed my struts/tire rod and tires

Leasing scares me so i just sucked it up and took the heavier car payment, i can pay it off early and have equity to trade in again later

If Scotty told me then its LAW!

Personally the only modification I'd like to do is window tinting.

Leases are a way for people to get into a vehicle they otherwise couldn't afford. To each their own.

My first car i was suckered into a 60 month lease...with all the payments i made i shoildve just financed it to own...never again. My next car owned 12 years now and no payments for 7 years now

The only people who should be leasing are real estate agents or anyone who works in sales/a customer facing role where having a luxury car will make you money (especially if it’s a tax write off). I knew a sales guy who leased new BMWs every year because he got better conversion rates from selling his customers for commercial real estate.

Everyone else though, do NOT lease. It doesn’t make financial sense for pretty’s much everyone else. Buy a new car and drive it into the ground.

Another GREAT VIDEO! Thank you for watching out for us.

Leasing really only makes sense if you can deduct it as a business expense.

Leased once, never again. Unless it's for a business write off in which case it's the way to go. Too many restrictions

I love leasing cars! It depends on what you can afford

Cars always lose value! if you gonna finance your car and pay interest! might as well lease one! mechanica like Scotty dont like promiting leasing because it’s bad for business

Tesla’s aren’t slick

I guess for people that travel for work, businessmen and such.

Why is everyone driving on the wrong side of the road?

Honda made it so you could only sell your lease back to them After I was already in the contract. Greatly reduced what I could sell the vehicle for and felt kind of trapped. Never again.

Leasing is the most expensive way to own a car. I recommend finding another option unless you are wealthy and really just have to have a brand new car every 3 years.

didnt listen to the full video but in germany its pretty much a business thing since they can write off the lease as tax deduction. If u want to use private use u can do that for 1% (.5 for hybrid .25 for ev) of the cars price per month.there its actually worth but if you lease one private it fking sucks. So TLDR get one if your business offers you one but dont get it private.

"You will own nothing and be happy"

Face palm

Anything German just lease it for a peace of mind 😅

I leased my car then bought it...
Made 6k ....
Thx

The lease cost is less than the loan payment? What kinda crazy financial system is that? In my country leasing the car cost more!!

I always swap expensive parts before the lease end like the cats,alternator, ac compressor etc.iswap with older OEM original parts and this makes me about $5000 . They never detect the parts because the all work properly for the short term.

Leasing is for rich people/companies, or people who were bad at mathematics at school.

Leasing may not be a bad idea, you will get a brand new car problem free for three years and then done with it before it starts falling apart and spending a fortune fixing it.

Leasing may not make sense for a lot of people, but it makes PERFECT sense for me and my situation.

One thing that old people don't get, is that you don't have to OWN things to use them.

leasing is for company cars. Private lease is for those who can throw away money without regret

I'll make it simple. Buy a car if you drive more than 15k miles a year or if your poor. Lease if you are a business. Another example: Maybe your elderly and have money... its worth it to get a new car every two years to have the security it wont break down on you.

Oversl is a good video but it’s focused on “why you shouldn’t do a lease”. Important details where left out like: 1.) You’ll know the residual value of the car you are leasing from day one, meaning at the end of the lease you already know how much the car will worth in case you want to do a lease buyout, it and this number WILL NOT change. 2.) Most brand pays for the GAP insurance(Value of your loan - value of the car) when you lease, so if you end up totaling your car the next day you lease it, you won’t be left out with a debt of a car you don’t drive anymore. 3.) Life happens, and when it does, I’ll prefer to find myself attached to a car for 2-3 years than for 5-7. Lease is not for everyone, but for some of us is definitely the go to option. 4.) The different in monthly payments between miles allowance is literally $5 increase when going from 10k, 12k or 15k, depending on your driving. And there is way more to know on how a lease will definitely make sense for you. Do your research BEFORE going to the dealership, please! They’ll eat you alive if they smell that you have no idea about buying/leasing. Cheers!