The smart way to do it is to sell it quickly, which means to have the lowest priced car on the market. Behold, the scariest stories from Reddit No Sleep. Specific lease vs. purchase analysis for a specific car – some cars have better lease programs than others, and if you are on a fence – check the numbers. Send me a message id be happy to help a fellow redditor. The lady jump started my car, I ran it for an hour, and now the car is running again, but I'm fairly sure the bump in charge is temporary and I need a new battery soon. I had the title, bills of sale, and mechanics' reports all ready. AMD’s new Ryzen 5000 processors have arrived. How to Spend $100,000 on a Car While in Line at the Grocery Store Bring a Trailer started as an enthusiast website. They buy cars to make profit, they know they compete against each other. Outdoor Storage If you must store outside on an earth surface, the best you can do is park the car … Inception Money (or Get In Money) - This is the amount of money that you have to come up with at the start of the lease (not including any Capitalized Cost Reduction). Depreciation is determined by the residual value, or lease-end value of the car. Dealers don't lend money, and neither do private sellers. The myth of not having monthly payments – once the car warranty runs out you are vulnerable to unforseen expenses – tires, brakes, urgent repairs, timing belt – there is no way of knowing how much you will have to spend on your car, while a leased car has a fixed expense – monthly payment. So the first car is definitely a great lease, while the second one will be a personal judgement call. It's the battery according to them. I'm looking for a place to park/store my car as well as some of my belongings (they all fit in the car actually), any recommendations? You can find a bank on your own, or you can use the dealer's finance department to get you a loan. When you have a trade with negative equity – it will have to be added to the loan as well, so if you are “upside down” – it is tough to finance everything with little or no money down. On the other hand, if you visit VWVortex or BimmerPost – the response will be more reasonable, and you actually will get serious advice. First off, you need to have several things: the MSRP (or sticker price), the selling price (Capitalized Cost), the residual value (as a percentage) and the money factor. If you really want to sell your car - you have to be the lowest priced on the market. I like my clients, I don’t like seeing them in pain. The bigger problem is that if the car ever gets stolen or totaled, the insurance will pay off your lease, but you will never see that $1,000 again since it was paid up front. To figure out the monthly interest you take the sales price ($21,500) and add it to the residual value ($12,980) and multiply it by the money factor (.0025). Residual Value - This is what the car will be worth at the end of the lease (usually stated as a percentage of the MSRP). In either case the bank will lend you the money to pay the dealer in exchange for a lien on the car. Whatever a wholesales feels like paying for your car - this is it, take it or leave it. These new processors are the first CPUs to use Zen 3 architecture. According to the rule – your payment should be less than $300 for a car in this price range, so the verdict – this lease is good. I was happy with how it all turned out, so I thought I'd pass along my approach. Storing Your Car. (I actually had people cry when trading a car) Or do you drool over new cars a month after you just bought one? Now, take the Capitalized Cost (what you pay for the car) and subtract the residual value from it. If your kids are fond of cars and big trucks or anything connected with building games thematic they will be crazy of these cool tractor and trucks games for toddlers … I was clear that I would sell it to the first person who had the cash for it. Developed in collaboration with Sprint Car champion and NASCAR racing legend Tony Stewart, strap in for an authentic dirt track racing experience. $8520 / 36 = $236.67. If you visit Craigslist Auto forum, and ask whether you should lease or buy – within 5 minutes your mental abilities will be questioned for even considering leasing, because according to the frequent posters of that forum – everybody should buy only 10 year-old cars and pay cash, the only disagreement will be whether you should buy Japanese or American, which will trigger another wave of heated discussion and name-calling. If a car is sold for $20,000, once you add tax and license you will have about $22.000 total. Reddit is where topics or ideas are arranged in communities. This career requires a positive attitude, strong car knowledge, and an aptitude for sales. Your tax situation: are you going to use the car for business purposes? You can either sell the car privately, or sell it to a dealer. The Volvo V60 Cross Country is a station wagon for people who want to be able to drive places where SUVs go, but don't want the extra body height. New comments cannot be posted and votes cannot be cast. Burro Hills, because its close to … It is always give as a decimal figure. We asked r/nosleep’s moderators to select their favorite stories, and we added a few of our own picks. Guides are not laws. Since you will give the car back at the end of the lease, you are basically paying to fix someone else's car. Few of us would actually do that. It is important to have all of these costs broken down so you know exactly what is being covered. If you default on the loan - they will take the car. I posted it on Cars.com with carfax and VIN as well as craigslist with links to same. They can even deteriorate so badly in storage that they need to be replaced. While the residual value of the car has to be disclosed, and cannot be changed by the dealer – money factor can be raised for some banks, while some (like Mazda Chase) don’t allow rate mark-up. They look at their data, they see all similar cars in the market available for sale. Capitalized Cost Reduction - This is simply a down payment. Ask to see ID. Common questions people have about leasing: Yes, a car lease has restriction on miles, but it is not as bad as most people imagine. Also, think of it this way. You will receive an ads-free Reddit experience, access to r/lounge and 700 Coins for every month you are subscribed. If you make a half decent post, and your car is not selling - it is the car. Why would you want to own something that will lose half its value in 3 years? Sort by. Any expected changes in your family? If a car is sold for $20,000, once you add tax and license you will have about $22.000 total. This thread is archived. $21,500 + $12,980 = $34,480. To add to this- if you sell privately, you also have to deal with: People calling and making an appointment to come look at the car, then not showing up after you've rearranged your schedule to accommodate them, People saying they want to buy it, then never coming back with the money/returning your calls, People wasting your time with ridiculous offers (hey man, you still got the car on sale for $5000? You might move to a city where you can’t or don’t need to have a car, or you might need a bigger/smaller vehicle in a couple of years. At the end of the lease you have the option of buying out the car for a predetermined amount or return it in a reasonable condition (or pay for excessive usage, such as body damage and high mileage). The residual value for a 36-month lease (with 15K miles/year) is 57%. A bank will charge APR - Annual Percentage Rate. BMW plans to offer drivers an in-car catalog of temporary or permanent feature upgrades, allowing owners to add things like driver-assistance or comfort tech to … Press question mark to learn the rest of the keyboard shortcuts. A dealer can mark up the rate. With good credit on a new car it is not a problem, but let’s look at a different scenario: the car is used, and wholesale value is $11,000. Leasing your car is just like renting. If you want to have lower payments, and have no intention of keeping the car at the end – you want this number to be higher, so you will pay less depreciation. A high-tech smart lockbox allows you to easily attach it to different locations on your car and keep your car keys safe.. All you need to do is set a pin code, memorize it, and leave go surfing. Money Factor - This is the interest rate. This number is used no matter what the term of the lease. But wait, there's more. This can be negotiated, but if you don’t have a backup financing – you don’t have any leverage. Risk again: what if you get into an accident, and it gets recorded in your car’s history? Even if there is no 0% or 0.9% from the manufacturer – it is still always a good idea to check manufacturer specials for the lowest rate to get an idea of what’s possible. Also, don't lease longer than you will think you will want your car. Just curious if anyone recommended a specific place or had personal experience. New car: How to shop for the best price?/How do I know if this is a good/best deal? You are in it every day, you are used to it, and you stop noticing certain things that other people will notice right away, such as bold tires, scratched bumpers, door dings, scratches, faded paint. Better that than needing to get towed. Depends on the car. Now $22K is 200%, and no bank will take this loan. I am responsible for paying the 6.25% sales tax to the state within 15 days (I think) of receiving the car. Here is how an organized dealer looks at your trade: The easiest way is to call a couple of wholesalers and get bids. Low APR is usually offered by manufacturer’s banks, and it is a form of a discount. This is your monthly payment. Yeah I'ma give you $2000 for it, we got a deal? You can't, until you are ready to make the deal. What about “Buy Here Pay Here” dealerships? Kind of… Does it have to be? Cleaned it really well inside and outside (carwash for the outside, then vacuumed and spent a LOT of time with method and windex cleaners on the interior) and then took a lot of photos with a good camera and posted the best of these, including a shot of the odometer. The rate is determined by the age of the car, structure of the loan, and mostly by your personal credit history. Store your car in as dry a place as possible, preferably in a garage on a concrete floor. The answer is: It depends. Potential liability issues if the car breaks down. Reddit Premium: now with less suck. Top Voted Answer. Now how much will this cost you? One of the main reasons I recommend leasing to my clients is that I hate seeing them discovering the car they bought 2 years ago for $30,000 total out the door is worth $18,000 today. Experian reports that 84% of car purchases are financed at the dealership. Complicated? Now I will address the main objection to leasing: “But I want to own it!” My response is that in general ownership is overrated. Again, you can do it in the same way you would get out of a car loan: there is a payoff to the bank, which changes every month, and you need to pay it to get out of a lease. It is not the buyers that are wrong - your car is overpriced. The money factor for 36 months is .00250. Joining your favorite communities will create a constant, personalized feed of content like news headlines, fun stories, sports talk, games, viral pics, top memes, and videos. Selling price in a lease can be negotiated in the same way as purchase price, so if the selling price is lower – you have less depreciation to pay, since depreciation is always a percentage of MSRP. For many shoppers, however, the freewheeling process of finding a good deal is daunting. I'd like to help out if I can. How to Store a Car. While it is not necessary to know the actual percentage rate when calculating the lease, you can figure it out by multiplying the money factor * 2400. Their goal is to take your car through any required inspection, make it safe and decent-looking, and list it for sale at a price that will still allow some profit but will be the lowest on the market. If you sell the car for the same amount as what you owe – you are free and clear. As you are reading this – car manufacturers are working on new technologies, what if in 3 years they will come up with cars that get 100 MPG, how easy do you think it will be to get out of your car? Remember what it did to SUV resale value? Your car might be worth thousands less because of market conditions, gas prices, economy, reputation, etc. For example, if you put $1,000 down, your monthly payment would drop to $316.73. You are exposing yourself to everybody. Also, you can trade the car in right until the end of the lease, in which case miles will affect the trade-in value just as they would if you were trading a car you own. Id like to add that if your from Canada Kijiji.ca is the best tool to sell. Take the MSRP ($22,000) and multiply it by the residual value (59%). Even after you fix the car – it will follow you everywhere, and most people who shop for used cars would not touch a car that has been in an accident – unless you will give it away. Fortunately, there’s more information available to buyers than ever before, and that information provides a path to … Fresh AskReddit Stories: Car salesmen of reddit, what's the most outrageous thing anyone has done while out on a test drive? And the last piece of the puzzle will be the selling price of the car, or “Cap cost”. One of the biggest questions a car buyer faces when shopping for new car is whether to buy or lease. If yes – you should be able to use the lease payment as a write-off. Reddit Premium Subscription is $6.99 per month. Trucks for kids - build a house - building game where toddlers learn different types of trucks and how to build a house, arbor, mill and even swimming pool. This can shorten their life. I read all the online stuff about how to sell your car, so I had at least thought about possible scams, what to do about license plates, etc. Meet people only in public places. Total Car Check (App Store, Google Play) Total Car Check comes in two flavors: free and with in-app purchases. Gotta say, the responses from Cars.com were much more serious and sane, I recommend using them. When it comes to leasing, here is the lingo: Capitalized Cost - This is the selling price of the vehicle. It can also include the dealer documentation fee, tags and sales tax on the any Capitalized Cost Reduction (more on that later.) Finding and buying a perfect car is not an easy task. As car salespeople it's part of our jobs to deal with this every day, but as a private seller it can be a major hassle to deal with this in your private life. If you get a new car every 2-3 years – you are throwing money away, but at least with a lease – you will throw much less of it. Often you will hear advice not to ever take dealer financing, but there is no reason to deal in absolutes. Your future: are you going to live where you live right now for the next 6 years? 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