What about insurance? The price, of course, has to be a deciding factor, as well as how often you drive the car. Be very careful. 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. In most states and with most banks markup is limited to 2 points – 2% over the “buy rate” – the rate the bank is offering. Car Gurus. 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. On the other hand, if you visit VWVortex or BimmerPost – the response will be more reasonable, and you actually will get serious advice. If you can't afford the payment without putting more money down, I would suggest taking the money you would put down and put it in the bank to earn interest and then deduct an amount every month to cover the difference. Now let’s look at a base Jetta TDI with MSRP of $24,004. To be a car salesperson, start by getting experience in customer service and building up your knowledge of car brands and models. But if you handle and store them correctly, they will deliver years of service – and you’ll save money. (I actually had people cry when trading a car) Or do you drool over new cars a month after you just bought one? cornworld - 7 years ago. Reddit Premium: now with less suck. Now I will address the main objection to leasing: “But I want to own it!” My response is that in general ownership is overrated. 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? Now, how do we check these numbers? If you have decent credit - stated income will do, but if it is shaky - you will have to prove it. 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. The problem is that cars lose value, and if they are not the lowest priced - the chance that they won't sell it in time go up. A dealer can mark up the rate. Find communities you're interested in, and become part of an online community! Start off with what you like and go from there. If you really want to sell your car - you have to be the lowest priced on the market. The lease payment is based on the difference between what you pay for the car and what the car will be worth at the end of the lease, plus interest. Experian reports that 84% of car purchases are financed at the dealership. Usually the older the car – the higher the credit, and tougher it is to find financing, mainly because it is harder to recover the funds in case you default on the loan. Do not accept any type of payment other than cash or a cashier's check cut in your presence at a bank. Earn fake Internet points (called Karma) … Dealers don't lend money, and neither do private sellers. best. 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. Money Factor - This is the interest rate. Since you will give the car back at the end of the lease, you are basically paying to fix someone else's car. Also, think of it this way. Craigslist turned into a bit of a waste of time, with lots of flakes, random lowball offers, and strange text messages involved. Any expected changes in your family? If you default on the loan - they will take the car. It is important to have all of these costs broken down so you know exactly what is being covered. If you going to buy out the car – you buy it as is, and the mileage will not matter. You add that to the monthly lease cost of $236.67 and you end up with a monthly payment of $322.87. First of all, mileage matters only if you returning the car to the bank after the lease, in which case they will charge you for excess miles, between $0.10 and $0.25. These games for free not only games for boys, but also for girls. Now how much will this cost you? Download this app from Microsoft Store for Windows 10, Windows 8.1. If you don’t want to put anything down – this is 110% of collateral, assuming MSRP is taken as collateral. If it becomes drier some of the weed’s terpenes are likely to evaporate, altering its taste, its aroma – and a good deal of its potency. Accept it. This career requires a positive attitude, strong car knowledge, and an aptitude for sales. Developed in collaboration with Sprint Car champion and NASCAR racing legend Tony Stewart, strap in for an authentic dirt track racing experience. It is free and simple. Now that we have our figures, we can calculate the lease. Now, what about putting more money down in the form of a capitalized cost reduction. Leasing your car is just like renting. In conclusion – sometime you don’t want to have a cow, you just want some milk. Admittedly, I was selling a good product: grandmother's car, light use, low miles, japanese make, and I was a motivated seller: I did not want to spend a lot of time selling it, I was willing to negotiate to get this done. 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. If you didn't have to pay any interest, this is what your monthly payment would be . Do you get attached to a car, and a thought of replacing it brings tears to your eyes? In many cases you will have to choose between a rebate or a discount and a low APR (advice – always take the money). Until they see your car, until they check the data at the same day they are taking your car in trade - at best it is guesswork, at wort - a plot to get you in and to prevent you from going to another dealer. If a car is sold for $20,000, once you add tax and license you will have about $22.000 total. Keeping the weight of the car on just one area of the tires can help to flatspot the tires and the constant flex on only one portion of … Banks also adjust these numbers monthly to make sure that their lease programs are attractive and competitive. Usually a 12K mile/year lease will have a residual value 2% higher (or 59% in this case). They buy cars to make profit, they know they compete against each other. 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. Residual Value - This is what the car will be worth at the end of the lease (usually stated as a percentage of the MSRP). So the first car is definitely a great lease, while the second one will be a personal judgement call. As someone who recently sold my grandmother's car for her, I may be able to help other laypeople a bit if they are selling a used car privately and want to get it done efficiently. 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. Another misconception is that you cannot lease if you drive a lot, and you cannot get more than 15,000 miles per year. 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. Depends on the car. 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). It is reasonable for a buyer to ask for VIN, and to request an inspection by an independent mechanic. 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. Capitalized Cost Reduction - This is simply a down payment. I'd go to one and talk to them and see if you can work something out for just a month. Rates are high, cars are overpriced, most of them don’t even report their loans to credit agencies, so you don’t get the benefit of improving your credit history. 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). Your car might be worth thousands less because of market conditions, gas prices, economy, reputation, etc. The free version can check if a vehicle is stolen and provide full MOT and mileage history as well as road tax expiry and registration dates, among other stuff. If you sell privately - you are likely to get more for your car, You don't have to deal with talking and meeting with potential buyers, You don't need to deal with paying off your loan, if you have one, In some states - it will reduce your tax by the trade allowance amount, ** What if you still want to sell your car privately - how to go about it?**. You are exposing yourself to everybody. I purchased the car over the web (not in their store). Meet people only in public places. $34,480 * .0025 = $86.20. This gives us $12,980. Press question mark to learn the rest of the keyboard shortcuts. If yes – you should be able to use the lease payment as a write-off. If you don’t handle and store your tires properly, their characteristics can change. Just curious if anyone recommended a specific place or had personal experience. The appointment system also seemed to bring out the motivated buyers (who wanted to be first). Please note that verified professionals will have flair, take advice from non-flaired users with discretion. First off, you have to pay your 8.25% sales tax on that $1000. For example, if you put $1,000 down, your monthly payment would drop to $316.73. Here is an easy rule of thumb: for every $10K of MSRP you should not pay more than $150 a month with $0 down and minimal drive-off, or you can simply multiply the MSRP by 0.015.Let’s take two cars as an example: Jetta has MSRP of $20,344, and it will lease for $265 a month with minimum drive-off. If you do and something breaks past the warranty period, it will be your responsibility to get it fixed and pay for it yourself. One of the biggest questions a car buyer faces when shopping for new car is whether to buy or lease. Listings are ranked by the market value of the vehicle and the lister’s reputation, and car sellers can’t pay to have their listings promoted. New car: How to shop for the best price?/How do I know if this is a good/best deal? All you have to know is the total drive-off, monthly payment, and if you are planning to keep the car after the lease – the residual value. The reality is that millions of people lease cars every year, a lot of them are very smart and successful, and leasing is something you should consider when shopping for a new car, the least you can do is keep an open mind. 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? Never lease a car for a longer term than the manufacturer's warranty. The new processors are available at select retailers starting at $299. Take the MSRP ($22,000) and multiply it by the residual value (59%). When you store it at home, your goal should be to maintain that amount of moisture. 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? Price it right. It's the battery according to them. Ask to see ID. 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. 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. When I showed the car, it was super clean, all the personal stuff was cleaned out of it, and the gas tank was full. Risk again: what if you get into an accident, and it gets recorded in your car’s history? You can either sell the car privately, or sell it to a dealer. It can also include the dealer documentation fee, tags and sales tax on the any Capitalized Cost Reduction (more on that later.) You can find a bank on your own, or you can use the dealer's finance department to get you a loan. Buying a new car should be a fun experience. 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. 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. 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. Sort by. And if you fast travel in a car you do not own it … How to Store a Car. Any issue you have with the loan - don't waste your time going to the dealer, unless you are trading the car, or want to sell the car to the dealer. I did sell it alone, but only would schedule meetings during daylight hours in a fairly public parking lot. But that is no big deal. But wait, there's more. If you make a half decent post, and your car is not selling - it is the car. Now, we take that $8520 and divide it by the lease term of 36 months. Now $22K is 200%, and no bank will take this loan. It will depend on the loan to collateral ratio and your credit rating. 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). Your future: are you going to live where you live right now for the next 6 years? What about 0%? Few of us would actually do that. Storage Unit? $21,500 + $12,980 = $34,480. This is what I did: Priced it slightly under Kelley Blue Book value for 'good condition', and had a slightly lower negotiated price in mind that I would accept (10% off). You may also want to check online lenders. You are a target to scammers, robbers, and plain weirdos. The money factor for 36 months is .00250. I like my clients, I don’t like seeing them in pain. Most people you ask WILL have a strong opinion on the subject, and they will defend their opinion in this debate as if the future of the nation depended on it. Here is how an organized dealer looks at your trade: The easiest way is to call a couple of wholesalers and get bids. Said in the post that I was showing it on a specific Saturday and Sunday between 10AM and 5PM, and asked those who were interested to email to make and appointment. When you lease a car – you get the right to use the car for limited time, in return you pay for its depreciation, interest and fees. Interest is determined also by the bank, and it is called money factor. If you were leasing an apartment and the rent was $750/mo, but the landlord said, "Give me an extra couple of thousand up front and I will lower the rent to $650/mo." Let's say we pay $21,500 for this car. Most of the time when people thing their car is in perfect condition - it is not. Payment will be charged to your iTunes Account at confirmation of purchase. Once you can realistically access your car's condition - check pricing guides: Now, remember, those are guides. Store your car in as dry a place as possible, preferably in a garage on a concrete floor. We serve as Reddit's central hub for vehicle-related discussion including industry news, reviews, projects, videos, DIY guides, art, advice, stories, and more. Sales tax: in California you pay sales tax on your monthly payment only when you lease, but you do pay the full sales tax when you purchase. Common questions people have about leasing: Yes, a car lease has restriction on miles, but it is not as bad as most people imagine. Adding in the 17" wheels, luxury and leather packages, it will have an MSRP of $22,000. See screenshots, read the latest customer reviews, and compare ratings for Reddit on ReddHub. 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. Tesla does schedule test drives from their store fronts. What about “Buy Here Pay Here” dealerships? In either case the bank will lend you the money to pay the dealer in exchange for a lien on the car. The inception money usually consists of the first month's payment, a security deposit (usually equal to one month's payment rounded to the nearest $25 and a bank fee. So, you are paying $86.20/month in interest. Protect yourself with signed documents stating it's as-is and they won't have any legal recourse, but it's still a major pain in the ass when they call you asking for compensation. Send me a message id be happy to help a fellow redditor. Starting in the All Star TQ Midgets, work your way up to 410 Winged Sprint Cars in the All Star Circuit of … 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. Top Voted Answer. The other way is for the dealer to keep your car. This can shorten their life. If a car is sold for $20,000, once you add tax and license you will have about $22.000 total. Here is why: Cars are one of the worst investments ever. I have been driving around and I am prompted that the car is a good choice for a get away car, but where ever I go it doesn't prompt me as parked for the get away. Unfortunately I'll be in between places for the month so I don't have that option. share. AutoTrader is best for common cars, if I'm looking for something a bit rarer or special, Pistonheads would be the go-to as well as a couple of dealers I've used previously and had good experiences with. New comments cannot be posted and votes cannot be cast, More posts from the askcarsales community, A place to ask questions from car sales professionals - sales people, finance and sales managers. Besides the nightmarish gridlock, there are a number of city-centric cost considerations and logistical hassles to keep in mind before you throw caution to the wind and get a car to call your own. You would simply deduct this amount from the capitalized cost before you run the numbers. Cancel your car insurance for the sold car, end your registration/turn in your plates (some states don’t require this), and hopefully walk away with some surprise money TLDR - My car lease was coming to an end and I was going to pay a $300 disposition to give it back to the dealership, but decided to get it appraised and ended up making $4k by selling it to a used car dealership. The smart way to do it is to sell it quickly, which means to have the lowest priced car on the market. Absolutely not. 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. The residual value for a 36-month lease (with 15K miles/year) is 57%. This means that if you want to buy a car, but you don't have the money - you need to find a bank to lend you part of the amount or the whole amount. Gotta say, the responses from Cars.com were much more serious and sane, I recommend using them. Now, take the Capitalized Cost (what you pay for the car) and subtract the residual value from it. It’s best to call your local store and ask if the store can cut and program car keys. 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. This can be negotiated, but if you don’t have a backup financing – you don’t have any leverage. How to Spend $100,000 on a Car While in Line at the Grocery Store Bring a Trailer started as an enthusiast website. If you are going away, staying with someone, or simply participating in a large event, you may not be using your car much — or at all. The answer is: It depends. Breaking a lease early can be very expensive. Before having your trade appraised - take sober look at your car. Reddit is a network of communities based on people's interests. Also, don't lease longer than you will think you will want your car. Find more subreddits like r/cars -- /r/Cars is the largest automotive enthusiast community on the Internet. I am responsible for paying the 6.25% sales tax to the state within 15 days (I think) of receiving the car. While it is not for everybody – it makes sense for many people, and you might be one of them. Often you will hear advice not to ever take dealer financing, but there is no reason to deal in absolutes. What is Reddit? 7 comments. You can't, until you are ready to make the deal. First we calculate the lease cost. New comments cannot be posted and votes cannot be cast. Of the chains listed below, NAPA advertises that it will cut and program a new chip-enabled key to work with your car, but you’ll need to get in touch with a local store for details beyond that. User Info: cornworld. One more bit of advice. Burro Hills, because its close to … Outdoor Storage If you must store outside on an earth surface, the best you can do is park the car … Here is what you have to consider: Your history:how long do you usually keep a car? ), People nitpicking every blemish on the car and then making a ridiculous offer (hey man, your car is 13 years old with 150k miles, but the bumper is scuffed so you need to take $500 off). Reddit is where topics or ideas are arranged in communities. Triple A came out and tested my battery and ran other diagnostics. Remember what it did to SUV resale value? Kind of… Does it have to be? Behold, the scariest stories from Reddit No Sleep. For example, BMW Financial Services are known to offer high residual values for their leased cars, which keeps your lease payments low, while some other manufacturers either don’t support leasing as much, or their brand doesn’t hold value as well. There are many decisions to make and factors to take into account, not to mention the rainbow of colours to choose from. They will look at your score, but they will also read through your whole story: how long is your credit history, whether you had previous auto loans or mortgage, history of late payments, collection accounts, bankruptcy and tax judgments. As i mentioned earlier, when you lease – you buy it as is, and weirdos. Download this app from Microsoft store for Windows 10, Windows 8.1 this loan buy for. You want to you to owe more than the car outside, or “ Cap ”. Recommend using them mostly by your personal credit history the where to store a car reddit for it we have figures! Can cut and program car keys a loan i would sell it quickly, means... Moderators to select their favorite stories, and it is reasonable for a lien on the goes! Is reasonable for a grand total of $ 24,004 unfortunately i 'll be between! 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