Should I buy an IS300 with 80k on the clock?

Discussion in 'OT Driven' started by TQ, Jul 13, 2005.

  1. TQ

    TQ OT Supporter

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    :hs:

    My roommate from the last school year is selling it and he told me he'd sell it to me for $15k (KBB is $19k for retail and $16k for trade-in) + get a brand new set of tires and have it inspected by Lexus first.

    I LOVE THIS CAR.

    I just don't know if I want to be making payments on a car with 80,xxx miles on it ya know :dunno:
     
  2. P07r0457

    P07r0457 New Member

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    how long do you plan on keeping it? Considering that's about $275/mo for 60 mos... and are you really gonna keep it 5 years? It already has 80k on it. Could lease something for not too much more, and still have warranty, and get out of the car at the same time you do the IS.
     
  3. ISO9002

    ISO9002 New Member

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    Werd
     
  4. Mitchj

    Mitchj OT Supporter

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    Yeah but than he has no car at the end of it? Why would you lease something when you can buy a car for the same price?
     
  5. P07r0457

    P07r0457 New Member

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    because you lease something NICER... And when you get rid of the IS300, you still have nothing.

    My point is that if you're looking at a $15k used car with 80k miles, then you're not keeping it but 3 years... That puts you OVER 100k miles.
     
  6. vvtisupra

    vvtisupra New Member

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    2jz is a stout engine. If you plan to keep it for a while go for it. Its a nice car and you will be able to keep it forever pretty much and if you blow it you can always go 1jz. Its really hard to blow a 2jz tho
     
  7. xioix

    xioix OT Supporter

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    at the end of the lease you have to either buy it or find another car to lease

    with the IS he can sell or keep and be done with payments, not everyone sells their cars after a few years

    the 2JZ will last way over 100k, so high mileage shouldn't be a problem
     
  8. P07r0457

    P07r0457 New Member

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    sure it'll last, but any gas-powered engine is going to start eating more money for maintenance past 100k, and the whole car is going to be getting old, and having it's own issues here and there... For the same money, why not get a NEW car?

    Realize this... All cars depreciate. They're poor investments. Real Estate appreciates (generally). Cars do not. You buy houses/properties/land... You lease cars.
     
  9. TQ

    TQ OT Supporter

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    I thought about it more today....as much as I love the car...I could get something else with lower mileage for the same price :hs:
     
  10. Kroze

    Kroze Active Member

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    What?
    wrong. leasing cars is a horrible idea.

    you'll pay forever and in the end, you still don't have a car.


    buying a car & keeping it for 10+ years is a good idea.


    *i just bought a 96 accord ex coupe with 120k for $4500.
    the car still drive like it's brand new. the interior is immaculate. paint is perfect. doesn't leak anything. everything works perfectly.
    I plan on having it last over 200k miles. that's over 5 years of use with minimal repair expense.*

    much better than leasing.
     
    Last edited: Jul 15, 2005
  11. P07r0457

    P07r0457 New Member

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    ignorance is bliss, man. :mamoru:
     
  12. Kroze

    Kroze Active Member

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    What?
    care to explain why? i'll pay $4500 to use a car for over 5 years and still be able to keep it in the end.


    you leasing a car...after 3-4 years...& how much $$$$ ? what do yo uhave in the end?
     
  13. P07r0457

    P07r0457 New Member

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    Well, a car for purchase may be $400 a month on a lease, and its $600 a month to buy for 60 mos... In that 60 mos, I save $12000 and have a brand-new car... :mamoru:
     
  14. Kroze

    Kroze Active Member

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    What?
    and after that 60 months? :mamoru:

    you're on a bicycle and the person who purchased it still driving a relatively new car with no payments.:mamoru: while you're scrambling to get into a new lease & continue paying for the rest of your life.:mamoru:

    great logic
     
  15. P07r0457

    P07r0457 New Member

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    um, if I didn't want payments any more, then I'd have $12k saved up from my savings over a purchase, and could buy a car CASH :mamoru:

    Besides... there are people (like me) that just don't keep their cars a long time... A lease is ideal for this.
     
  16. Team503

    Team503 Guest

    Leases are for idiots. Just like renting an apartment, you're paying into something you're not building equity in. For those who care about having the nicer thing and don't care about building wealth, leasing is just fine. For those of us who care to be wise in our financial investments, well, let's just say we'll see where the leasee and the purchaser are in ten years.

    5:1 the purchaser is better off.
     
  17. P07r0457

    P07r0457 New Member

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    WRONG. The average car buyer trades every 3 years anyway... the purchaser fucks themselves in the end.

    A CAR IS NOT A HOUSE!!! YOU CANNOT BUILD EQUITY IN A CAR.... YOU ALWAYS LOSE MONEY IN THE END... IT WILL NEVER BE WORTH EVEN CLOSE TO WHAT YOU PAID FOR IT.
     
  18. Kroze

    Kroze Active Member

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    What?
    idiot alert
     
  19. Jkuao

    Jkuao New Member

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    Jollyogre is right. A car isn't real estate and investing as much as you can into one is a poor idea. No matter how big of a down you make, how long you own it, how fancy it is, or your interest rate, it will come down in price and eventually be worth nothing. If you want to minimize your transportation costs, buy a Hyundai with a long warranty for 12k and drive it till it dies. Now if you want to drive a luxury car...keeping it for 10 years may not be ideal considering higher than average maintenance costs and the desire to change cars every couple of years. A lease reduces the upfront costs and since maintenance is generally taken care of on them, your additional out of pocket costs are minimal.

    Americans are also generally very bad about being responsible car purchasers. The average down payment is ~3k and the average car is over 25k now. Even if you factor in a trade in which many people still owe large amounts of money on so there is minimal net effect. Financial advisors generally tell you to spend no more than 8% of your monthly gross income on your vehicle which means the average American is already spending a lot more than 8% of the avg individual income unless people are making a lot more money than they let onto.

    Running the calculation of a 5% 60 month note($5000 down, 29,970 sale price) vs. a 329/month lease on a MB C230K Sport Sedan, you will outlay $16,800 over the 39 months of the lease vs. $25,500 on the note including down at this point. This puts you $8,700 ahead at this point and you still owe $9,900 before the car is yours. If you sell at the residual of 18,900...there is a grand total savings of $722 by buying instead of leasing. This of course is a lease special so it likely won't be this close unless you're very good at lease shopping. That said, if you want to trade your car in you likely won't even get the residual amount on your next ride.

    Factor in taxes and since on a lease you only pay the % of tax each month on a lease vs. up front on a purchase...you're looking at $3000 difference in what you have to come up with. At that point you have the option to move onto a new car whereas you're stuck paying full coverage insurance on a car that's already 3 for another 2 years.

    If you use the car for a business, you can write off lease payments as well. It definitely isn't for people who want to drive 100,000 miles a year and beat on their cars but it works well for people who want to own a luxury car and think that 9k+ tied up in your depreciating asset could be used better somewhere else.

    If you find a car with an unusually high residual and low cap cost...you can find a very attractive deal on a car with low cash outlay and an out if you get tired of it.
     
  20. xioix

    xioix OT Supporter

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    where did you get information that people trade in their cars every 3 years
     
  21. P07r0457

    P07r0457 New Member

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    It's a statistic that I've seen a lot. Not 100% sure on the details, but I think they were along the lines of "the average new-car buyer keeps their car for approximately 3 years". This does not account for USED car purchases.... only NEW cars, on the initial owner. Which makes sense if you look at dealer lots and used car lots -- 3-5 years old is what you're going to see used cars.
     
  22. Kroze

    Kroze Active Member

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    What?
    your dumbass logic sucks. i guess the economy need more people like you.

    Purchase $25k & keep for 12 years. after first 4 years, insurance decrease dramatically if just get liability.

    Lease for 4 years + pay $17k. Get another lease with a vehicle in same price after the first ended & paid another $17k for 4 years. another $17k for another 4 years.

    after 12 years, you're paying fucking $51k to RENT a $25k car. Did i mention that you'll be paying 4 times the amount for insurance because you have to pay full coverage?

    Moron.:mamoru:
     
    Last edited: Jul 16, 2005
  23. P07r0457

    P07r0457 New Member

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    how many people do you need to say you're wrong, I'm right, before you stop being a douche bag? :rofl:
     
  24. Kroze

    Kroze Active Member

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    What?
    idiot.
     
  25. P07r0457

    P07r0457 New Member

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    first of all, your edit is AFTER my post. Secondly, You're an idiot. That assumes that you KEEP a car (the SAME car) for TWELVE YEARS!!! Secondly, you don't factor maintenance.

    I'm sorry you're an ignorant faggot douchebag... That's not my fault. And I'd IL you, but your fucktastically ignorant statements are quite comical to read. :mamoru:
     

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