Leasing vs Buying a Car, Which is Worse

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Here’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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This is the people's automotive channel! The most honest and funniest car channel on RU-vid. Never any sponsored content, just the truth about everything! Learn how to fix your car and how it works. Get a chance to show off your own car on Sundays. Or show off your own car mod on Wednesdays. Tool giveaways every Monday to help you with your own car projects. We have a new video every day! I've been an auto mechanic for the past 50 years and I'm here to share my knowledge with you.
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Опубликовано:

10 сен 2024

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Комментарии : 1,2 тыс.

@scottykilmer 5 лет назад

⬇️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 5 лет назад

Scotty Kilmer hey Scotty Will leasing a car show on your credit report. Thanks

@marcymcsheehan3579 5 лет назад

@@sololuisvlogs Leasing a car will only show as a lease payment monthly debt of your payment.... Not the total owed on the vehicle.

@marcymcsheehan3579 5 лет назад

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 года назад

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 5 лет назад

If anyone is curious about my opinion - I can sum it up: Cheap car - buy it Expencive car - lease it

@fatrodriguez1 4 года назад

Михаил Емельченко 😂😂😂 Yes. I like that summary.

@itsthehumor95 4 года назад

Basically. Lol

@mrblob5413 4 года назад

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 года назад

what is consider cheap?

@LB1280 4 года назад

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.

@MrHuck 5 лет назад

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 5 лет назад

well said

@RM-xl8ho 5 лет назад

MrHuckabst very wise words ...

@rubenmorales5830 5 лет назад

Yeap!

@relate97 5 лет назад

MrHuckabst what do you drive

@DavidA-um1rj 5 лет назад

@@relate97 chevro legs

@hostiliscivitas 5 лет назад

I'm leasing a bicycle. Those repair bills are killer

@SirBioSnake 5 лет назад

Bicycles are endless money pits as they age!

@ValidAsian 5 лет назад

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 5 лет назад

On the other end of the scale what car would be the counterpart of a Walmart bicycle?

@volador2828 5 лет назад

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 5 лет назад

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.

@Sci-Mon1 5 лет назад

i think the takeaway is lease unreliable, fancy cars. its a waste to lease something that is reliable like a honda, toyota.

@NinjaPickups 5 лет назад

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 5 лет назад

@@NinjaPickups well they may not care, but you as a consumer are the one who gets screwed.

@NinjaPickups 5 лет назад

@@Sci-Mon1 Yup always buy Toyotas and Hondas

@hermanjohnson9180 5 лет назад

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 5 лет назад

The takeaway is buying a 94 celica

@magicrobharv 5 лет назад

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 5 лет назад

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.

@frankbiz 5 лет назад

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 5 лет назад

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 5 лет назад

That Husky is Crazy if she takes care of it the wheels will still be on after 300k miles. I plan to.

@Itsjake908 3 года назад

And how much money did you put in your car since you bought it?

@frankbiz 3 года назад

@@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 года назад

Frank Biz thanks for replying.

@samsen3965 5 лет назад

Seriously Scotty, You should make a clip on "How to sell your car correctly and for best value".

@jeanpaul6545 4 года назад

Sam Sen @scotty

@hpt08 5 лет назад

Awww man, I bought the jag cheap and I enjoyed learning how to weld. Leave me alone Scotty! 😂😂😂

@delightfulsunny 5 лет назад

My roommate has a 2003 Jaguar S-Type... biggest pile of paper weight inside a mechanic shop.

@arturoapm 5 лет назад

What Jag?

@lupusdeum3894 5 лет назад

That's also true of Land Rovers. You learn a whole host of 3rd world skills owning an old one.

@hpt08 5 лет назад

@@arturoapmthe x308 model, year 2000.

@aitorbleda8267 5 лет назад

@@delightfulsunny I own an X-type.. now looking for a good welder...

@mikefoehr235 5 лет назад

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 5 лет назад

unless you can lease Scotty to go with the Celica

@mikefoehr235 5 лет назад

@@delightfulsunny Ha

@aaryeshg.6526 5 лет назад

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 5 лет назад

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 5 лет назад

Lease a 88 Chevy celebrity. They seem to never give up

@TheGomezIndustries 5 лет назад

Leasing is a fancy word for renting.

@THETOPGLOCK 5 лет назад

Exactly! I have family that leases exclusively and they hate it when I use the word “rent” when describing what their doing.

@mickdavis2385 5 лет назад

Good call. Renting sounds more low class, like you rent bowling shoes, or movies lol. But you "lease" a car.

@jakepokemonman1227 5 лет назад

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 5 лет назад

Also apartment is a fancy word for flat here in the uk haha.

@matthewshort4351 5 лет назад

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

@EastCoasters 5 лет назад

This guy pumps out videos like a champ. 🥃

@BmwMe-uh9sy 5 лет назад

If you leased a new Toyota you pretty much wasted your money when the old ones work fine for 2k

@neilmurphy845 5 лет назад

Or 2011 or 2005 Nissan micra manual there some engines

@clanrobertson7200 5 лет назад

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 5 лет назад

Clan Robertson Are Volvo’s that reliable???

@marktuyet 5 лет назад

@@Hypokrites China owns them now .

@neilmurphy845 5 лет назад

@@Hypokrites I know old ones have a good reputation

@Spritsailor 5 лет назад

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 года назад

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

@emme8255 5 лет назад

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

@stuna101a 5 лет назад

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.

@iviaverick52 5 лет назад

So essentially, only lease expensive cars that lose value fast, and only buy used cars. Got it.

@scuba6797 Год назад

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 Год назад

@@scuba6797 if you want new car then lease otherwise buy 10 - 20 year old car on the cheap.....

@dalepritchard3335 5 лет назад

The mileage limit keeps me away from leasing. With the way cars are made today (disposable). It does make sense to lease.

@Calmer573 5 лет назад

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 года назад

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 года назад

@@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 года назад

@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 года назад

@@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 года назад

@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!

@swampcrawlerls1267 5 лет назад

Dave Ramsy....never lease. Scotty Kilmer....best

@BrianNC81 5 лет назад

Don't finance either! Cash is king

@djkenny1202 5 лет назад

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 5 лет назад

Never Flease a car Dave would have said 😭😭😭🤣🤣😂😂

@geebee6010 5 лет назад

Ramsey doesn’t want you to have any car payment.

@bobmarker6812 5 лет назад

Rice & beans. The new status symbol is a paid off mortgage.

@jontoland3491 5 лет назад

I guess if you only drive a car very little, a lease might be reasonable. But many of us drive 20k a year

@TeRRm0s 5 лет назад

Where do you guys find 20k miles a year?

@jontoland3491 5 лет назад

@@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 5 лет назад

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 года назад

Most leases are up to 94k and if you are under then you can get a rebate.

@benjaminwagner8141 4 года назад

That's why I may lease, I got short mileage

@007MegaRoll 5 лет назад

leasing is good option if you drive less than 12 k a year otherwise it can get very expensive

@clanrobertson7200 5 лет назад

El Okim He (Scotty) said that! The old professor

@navyryder 5 лет назад

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 5 лет назад

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 5 лет назад

I bought my C230k 05 About 3 months ago. Has 210k, now it has 223k...

@usmc2msu213 5 лет назад

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.

@zellerized 5 лет назад

I've never commented before. Today is the day. Scotty, you are awesome

@spicyshizz2850 3 года назад

One year later, You now have 27 comments 😭

@m3lowiesvlog715 5 лет назад

“Leasing a car” it means you can push the car limits all the way to the top! :)

@tomcannone8894 4 года назад

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..,

@SilverScarletSpider 5 лет назад

Leasing a car is better if your ego only lets you drive endless money pits. 😂

@peterwait641 5 лет назад

Better to lease Alfa Romeo or Jaguar or BMW full of electronics

@Datsun7705 5 лет назад

Peter Wait also mercedes, aston martin, range rover, volvo, and infiniti

@BigJay703 5 лет назад

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 5 лет назад

Bucko Media A tundra makes more sense to own because it’s a truck that’ll last for a really long time

@TheSaturdayNights 5 лет назад

@@BigJay703 i sell cars, there is no way you are leasing a tundra for 300$ a month with no money down

@Shadow2084 5 лет назад

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.

@730F-Sport 5 лет назад

Scotty forget to mention that you have to have good credit in order to lease a car🤔

@Sci-Mon1 5 лет назад

not really. it mostly comes down to proving your income.

@BigEightiesNewWave 5 лет назад

Yeah...I did back when I did it decades ago.

@MBSLC 5 лет назад

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 года назад

Could I lease a 20k car on 16k a year?

@screwedupmystic2597 3 года назад

@@bradmace6144 easily yes

@erodz1892 5 лет назад

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.

@partymiami1159 5 лет назад

Scotty left out that leasing requires higher insurance limits so you have to factor the extra cost of insurance.

@ants288 5 лет назад

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 5 лет назад

with leasing and financing you have to have comprehensive, this is not accurate in my state at least.

@partymiami1159 5 лет назад

@@Prehminimum liability limits are 50,000 / 100,000 in Florida for leases.

@msaleh93 5 лет назад

Party Miami whether u finance or lease, the insurance requirements are the same since you dont own the car in either casw

@partymiami1159 5 лет назад

@@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..

@Michael-fw5ef 5 лет назад

If you have low self-esteem and you need to drive a BMW, Mercedes or Jaquar etc., its better to lease a car to impress your friends and family than buying a car to do the same.

@mr.savagebanana3284 5 лет назад

My dad lease a pick up and how expansive trucks are getting it's better to lease it, u don't need to lease a fancy car to impress your friend.

@supfoo9221 5 лет назад

My 2005 Mercedes C230Kompressor Makes my self esteem feel pretty high .... Put 13k Miles in 3 months....lol its had 223k.

@apaturalegendary6905 5 лет назад

lol.... "low self esteem" for people who drive high end cars... smh, thats just like saying dudes with huge trucks have small nuts. If ya cant afford it, then ya cant afford it, period!

@davidjacobs8558 5 лет назад

@@MakePeopleMadForFun you need less than 3 year old luxury car to boost self esteem. anything older, and it doesn't work.

@davidjacobs8558 5 лет назад

@Martin Svensson yes, if it's 20 year old Ferrari or Lamborghini.

@amazoidal 5 лет назад

Always lease European. Must stay in warranty.

@Shelmerdine745 5 лет назад

But that’s for American and British cars, not European.

@nemisiesaidSTARS 5 лет назад

@@Shelmerdine745 Britain is in Europe.

@Shelmerdine745 5 лет назад

Nuper In Nocte You know what I meant, so you wasted space here.

@ejsgarage 5 лет назад

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.

@jmgaming1224 5 лет назад

“I buy used Toyotas and Lexus and I drive them forever” but the dude puts 250 miles a year on his cars

@chuckschillingvideos 5 лет назад

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 5 лет назад

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.

@DriftTrainis2awesome 5 лет назад

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 5 лет назад

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 5 лет назад

behexen250 and that’s why all the lease deals are aggressive

@DriftTrainis2awesome 5 лет назад

behexen250 lmao my profile picture is Shaq and I don’t work for Infiniti or anything car related

@hermanjohnson9180 5 лет назад

I own two vehicles. I couldn't agree more with this video. Always buy if you can.

@mrvoyagerm 5 лет назад

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 5 лет назад

Horrible decision

@fila741 4 года назад

@@timothycc711 How? CARS ARE A LIABILITY

@Dumbrkid 2 года назад

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.

@postal_the_clown 5 лет назад

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.

@StEpHeNno22 4 года назад

4:24: Wow. Great point, here, about the financial value of the car versus its life expectancy.

@Megatron995 5 лет назад

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 5 лет назад

Grand Marquis are bulletproof!!! I still have my 1997. Only 128k miles on it, drives like a dream!

@Raaaphael 5 лет назад

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.

@cptnsolo77 5 лет назад

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.....

@BTC909 5 лет назад

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 5 лет назад

How does that work? Sell a Lease? I'm almost done financing my 2 door Honda but wanna lease a HRV.

@davidjacobs8558 5 лет назад

what if the dealer doesn't want to buy before the lease term is up?

@BTC909 5 лет назад

@@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 5 лет назад

@@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 5 лет назад

@@BTC909 why lease a Toyota sounds dumb

@zodiac909 4 года назад

This video sums up why I love Scott.

@Tjtjboy 5 лет назад

If it's a Toyota or Honda. Buy it. Anything else, lease it.

@ahuehuete4703 5 лет назад

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 5 лет назад

@Captain Caveman oh yeah? Well beezeblocks is a great song

@Mk7Albert 5 лет назад

@Captain Caveman this troll of a comment gets 10/10 would read again

@aundrayperkins9796 5 лет назад

Chrysler don't do either

@Tjtjboy 5 лет назад

@Captain Caveman Scotty purchased 3 Toyotas. What does that make him?

@einsteincasino8539 5 лет назад

Leasing a car is BAD!!😳 TOO MANY FEES INVOLVED! TOO MANY STRICT RULES!

@Hyunw22 5 лет назад

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.

@Sci-Mon1 5 лет назад

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.

@onenikkione 5 лет назад

We buy new and drive them for usually 12+ years. Four or five years of payments and then seven or eight of just maintenance

@jasonbusch3624 5 лет назад

You can get upside down in a leased car. You can take a huge hit on damages or mileage.

@ahuehuete4703 5 лет назад

You can buy "gap insurance" for damage. But yeah, if you go over the miles and turn it in, it'll cost you.

@lgetz1 5 лет назад

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 5 лет назад

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.

@timschjei3917 5 лет назад

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.

@lsewong101 5 лет назад

You got great advice LEASE your vehicle instead of buying for an Expensive Import!!!!

@BobRooney290 3 года назад

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.

@nicholasnorris4393 5 лет назад

I bought a used Toyota that the original "owner" had as a lease this last go-around.

@chocolatewheelchair 5 лет назад

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 5 лет назад

chocolatewheelchair But what about the cost of insurance???

@BillyHarvey 5 лет назад

I now lease with a full upfront payment. Works well for me.

@chocolatewheelchair 3 года назад

@@BillyHarvey nice!

@chocolatewheelchair 3 года назад

@@golferpro1241 next car I’m BUYING a beater I think haha

@hodawgs1977 5 лет назад

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 5 лет назад

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.

@niacal4nia 5 лет назад

Tattoos should be leased.

@mickdavis2385 5 лет назад

Wives too. Trade in for a new one every 7 years :)

@fallenchao 5 лет назад

I agree

@1slamExplained 4 года назад

Excellent advise as usual Scotty!

@erik7654 5 лет назад

Mileage limitations on a lease are irrelevant if you just buy out the lease at the end (one option he didn't cover).

@mr.grumpygrumpy2035 5 лет назад

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.

@rayfire50 5 лет назад

So forget the cost of full coverage insurance is required on a lease as well 😓

@juancorona3893 5 лет назад

RayFire51 you usually have to get full coverage on new cars if you buy the anyways

@aky19832001 3 года назад

Sometimes a lease is the only option. I was a broke a medical student and I had no money to even buy a used vehicle. I needed a reliable car. Hyundai was great. Leased the Elantra for a few bucks less than 300 a month. 0 down, 36 months with 15k a year mileage allowance. I don't worry about maintenance or repairs for 36 months. If the car stays for more than 1 days, I get a free loaner.

@America-ev4rk 5 лет назад

I don’t know what I would do without Scotty’s infinite knowledge.

@charlespetersonii6989 5 лет назад

My buddy leased a 2017 Silverado midnight edition with the 6.2. 12K miles into it the trans exploded and they claimed the rear end went to. Never gave him a loner vehicle and after 2 weeks of "diagnosing" they denied the warranty claim tried to make him pay for it. After going back and forth with GM for 2 months they finally fixed it. The whole 2 months they had his truck he never had a loner car and still had to make lease payments. Worst part is the person who was leasing the vehicle works for GM. After seeing that mess I will NEVER lease a vehicle. You'll end up losing in the long run.

@Hypokrites 5 лет назад

Charles Peterson II That’s a horrible experience!

@charlespetersonii6989 5 лет назад

@@Hypokrites I feel bad for him. This was about a year ago. Now it's in the shop again for "banging" shifts and his touch screen keeps freezing. 🤷‍♂️

@DerekChabrow 5 лет назад

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 года назад

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 года назад

@@Monce08 count on being charged for them

@brettgarrett9115 5 лет назад

Paid $1200 for a used low-ish mileageToyota Celica convertible. drove it for 2 years having a blast with the top down, sold it for $12200.00It r onlyy ever replaced the battery and had the upholstery redone by a cheap vietnamese upholstery shop. I was very, very happy. I used the 26 hundred as a down payment on a Solara convertible with all new leather interior and top . the car is now paid for, and I plan on keeping it at LEAST another 3 years!

@dnawrapsatl 5 лет назад

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

@googleplusisdead 5 лет назад

Something most folks who decided to lease for whatever reason vs. buying don't realize is that you can STILL haggle over the price. Many (most?) folks who lease just let the dealer decide on the price and just give you the monthly payment. So DO a little research on how much the dealer pays for a car before leasing, just as you would if buying, then get the lease based on THAT price. You'll save a bunch of money. RichE San Diego, CA

@MrFrozenCanuck 5 лет назад

I just leased a Honda Civic because I didn't want to keep it do to the CVT.

@souljaofgod7852 5 лет назад

Frozen Canuck Patrick James im about to turn in my civic i leased

@TheFettMan 5 лет назад

Why not buy a Honda civic with a manual?

@MrFrozenCanuck 5 лет назад

@@TheFettMan I live in a cold climate and have to park outside in the winter so I like the remote start to warm up the car so my doors aren't frozen shut when I get to it. I had an older altima that had a problem with door handles breaking in the winter before the civic.

@MrFrozenCanuck 5 лет назад

@@souljaofgod7852 you getting another?

@souljaofgod7852 5 лет назад

If I can get this civic cheaper ill keep it if not ima just use my old Lincoln Navi i dont want a new car but next time Ill finance a car now that I got good credit

@doc2419 5 лет назад

Love leasing. Now 2020 Hyundai Elantra is leasing for $130/mo with nothing down. No repairs. Love it.

@stuartbear922 5 лет назад

That's a pretty good deal. Just watch your mileage. Also, there are some good lease deals out there. Again, watch your miles and don't wreck the darned thing

@LivingWithTheGuzmans 5 лет назад

Agreed

@cgwjy122 5 лет назад

Don’t forget most leasing companies require you carry higher insurance limits on leases.

@rosemaryheim2384 5 лет назад

Hi Scotty! Thank you for all your efforts! I've learned so much.

@roberthart3452 5 лет назад

Always do the math. Right now many leases are offered with ZERO down payment then look at the residual value if you bought it, then compare to length of time you're likely to own it. So many of todays cars aren't designed to last 150K without serious upkeep. If you own one of these the resale will be low and you have to deal with advertising it . More often than not, leasing makes great sense.

@mrjack6969 5 лет назад

1. They rarely break down. (flat tire) 2. Need extra miles, get an extra mile lease. 3. Going over your mileage, get a newer car sooner with early termination.

@SirBioSnake 5 лет назад

I hate having a monthly payment for my car. Having a newer car just isn't worth it for me. Only 56 months left until im free though 😂😢😭

@aaryeshg.6526 5 лет назад

Or you can just pay in full at once rather than monthly payments. And I'm guessing monthly payments doesn't factor in the inflation, so you'd be wasting money paying for it over a few months for a car that is depreciating in value. Quite a hit if you're gonna have the car for a long time (like 5 years). Something dealers will obviously never tell.

@SirBioSnake 5 лет назад

I'll do early repayments (thankfully no fee for this) and probably run the car until it dies anyways. So I'll be fine in the long run, learned my lesson though. Just save up and pay in cash from now on.

@jakepokemonman1227 5 лет назад

@@aaryeshg.6526 Just got a 2019 infiniti q50 the other day at 18 years old. Have like 20k left to pay off but yeah its gonna be a long ride...

@Mhel2023 5 лет назад

Don't give up! I just received my title in the mail today. It feels like I just drove off the lot with that car...time passes fast 😂

@aaryeshg.6526 5 лет назад

Too bad paying in cash in full is not an option for university students like me 😅. I had bought a brand new 2017 mitsubishi lancer ex gt (unsold stock at dealers) on a 4 month payment plan just last month (had saved up but it wasn't enough and really needed a car). It's not so bad since I got a top range model for cheap ($11k). Plus the car was also cheaper than everything else it rivals.

@mohammadayub2760 2 года назад

I never ever buy a car on finance never ever just buy a used Toyota best way at least mashallah I can sleep at night with a lease car u are responsible for scratches and bumps with no doubt the company will rip u off noway ❤️❤️❤️

@paulroberts6163 5 лет назад

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.

@davinp 5 лет назад

Leasing is not for everyone. Financial guru Suze Orman says never lease a car. She recommends buying a used car. Some leases require you take it in for maintenance at certain miles

@Hypokrites 5 лет назад

Davin Peterson “Guru.”

@wildforthecats7792 5 лет назад

I've leased 5 cars in my lifetime. I kept 2 of them.

@googleuser3997 5 лет назад

Don't forget with a lease, yes your monthly payment is low but you will have to pay the $3,000-4,000 down every two years with a new lease.....just put your money in the toilet and flush it.

@adam10532 5 лет назад

Mechanic and a financial adviser fantastic😎

@happysaddington6488 5 лет назад

I'm leasing a '17 Honda Civic Si ($2100 down, $199/m). I'm probably going to turn it in at the end of the 3 year term. Why? I'm worried about Honda's long-term reliability. Yep. I've been a Honda guy all my adult life, and I'm worried about their reliability. I've had 2 Accords in recent years that ended up have transmission problems (autos). My main concern is the electronics and the 1.5 turbo oil dilution problem. Now, don't get me wrong, I really love the car. It's super fun to drive around town, and it gets pretty decent gas mileage. I'm just concerned about how much be doing in 7 or so years . . .

@Tifford1 5 лет назад

I will never lease a car. You spend more money with a lease.

@LearnAboutFlow 5 лет назад

Depends on your lifestyle. If you own your own business, the IRS does NOT want you to own a car but lease it.

@jth877 5 лет назад

Not always true

@Horizon301. 5 лет назад

In what world. Depreciation pretty much always is like 2-3 times as much

@relate97 5 лет назад

Leasing is the easiest way to have amazing credit score

@Tifford1 5 лет назад

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

@bmxer123ist 5 лет назад

All my friends ask me if they should buy or lease. And I tell them all the same thing “ONLY lease if you’re gonna get a car that’s not known for good quality and reliability” as Scotty pointed out, Jaguar

@Moneymikee30 5 лет назад

Dave Ramsey has left the chat

@esoterictrinitarian1990 5 лет назад

Mike R. Best comment so far!

6 месяцев назад

thanks for preventing rippofs, scotty!

@JaysonBurke 5 лет назад

Cheap car - BUY IT Expensive car - LEASE IT

@RetroPCUser 5 лет назад

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.

@johnfoltz8183 5 лет назад

Rev up someone else's car that you're leasing.

@kilroywashere9343 5 лет назад

My dream is to have a RAV 4 as a daily driver and Jeep Wrangler as a weekend adventurer or woodland runner, that way I’m not worried about breaking down but I still have a capable vehicle

@LearnAboutFlow 5 лет назад

Like anything else in life, it all depends on your circumstances. The rich, overall, lease cars and never buy. Buying new car is crazy unless you get something that will allegedly be ultra reliable down the road, since even a computer fix can be thousands. And the newest question is who owns the car? If you buy a Tesla you STILL need to rely on Tesla for software updates and similar upgrades as your car will literally stop working otherwise (for example, try getting on the internet with a 1995 Mac). Tesla, GM, and other automakers are going to court claiming they OWN the software in your car, so you NEVER actually own the car and may not even be able to take it to an independent mechanic.

@aaryeshg.6526 5 лет назад

Mobile manufacturers are literally doing that lmao. 🤣 Try owning a phone for over 2 years and the phone gets slowed down, even if you replace the battery, because software update that does this. Forced to buy a new phone after this. I know these thing can last for atleast 4-5 years but no they won't allow this... why? Planned obsolescence. 😒

@xSkully_H 5 лет назад

I only lease because I find tech and safety changes so quickly now for cars that by the time 3/4 years are up, cars are just improved soo much in those ways. Plus I can get nicer cars this way as well than I could if I leased. Ask me when I was younger and I'd be all over just buying.

@MatrixProHD 5 лет назад

I’ve been debating over leasing or buying. It’ll be my first car nonetheless but I really would like to focus on getting an apartment or buying a house. What would be the best option in this case?

@younga_6504 2 года назад

I think leasing save more money

@Kosherstyles24 2 года назад

@@younga_6504 YB 🐐

@TheSaturdayNights 5 лет назад

Lessing is an excellent idea for sports cars, 1 youre not responsible for any damages or maintenance, 2 when the term lease is up if the car held good value, pay off the bank and sell the car yourself for a handsome profit. If it devalued a ton, no worries not your loss. If youre cheap and drive economy cars, yeah buy used.