I Won’t Fix This Jeep: kzitem.info/news/bejne/1JmM35V_i5enqqw ⬇️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. Dash Cam (Every Car Should Have One): amzn.to/2YQW36t 6. Basic Mechanic Tool Set: amzn.to/2tEr6Ce 7. Professional Socket Set: amzn.to/2Bzmccg 8. Ratcheting Wrench Set: amzn.to/2BQjj8A 9. No Charging Required Car Jump Starter: amzn.to/3i7SH5D 10. 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/301tYt9 Subscribe and hit the notification bell! ► goo.gl/CFismN As an Amazon Associate I earn from qualifying purchases.
@joemorrow7691
2 жыл бұрын
Valuable Video Scotty,,,,,,,,,,,,🏆
@buffalokrisgoldprospecting
2 жыл бұрын
Scotty you probably won't read this cuz you have so many subscribers it's probably impossible to see this but my step dad was a mechanic or the exact same jean jacket as you had the same mannerisms with his hands and was almost exactly the same as you he passed away this year from a heart attack and I miss him more than you can imagine watching your videos reminds me of him so much you are so cool Scotty never change
@grnpeepers2683
2 жыл бұрын
I'm sorry for your loss. I've recently been there myself. My dad & then 2 mos. later my pupper. I feel your pain.😞Best of luck to you in your healing. It never fully heals, it just scabs over. That's why some days it seems as if the scab has been picked off. Gross I know. Sorry. I'm an analogy kind of gal. Lol Peace🕊️😘
@buffalokrisgoldprospecting
2 жыл бұрын
@@grnpeepers2683 thank u for your kind words . Sorry to hear about your dad and pup. God bless
@grnpeepers2683
2 жыл бұрын
@@buffalokrisgoldprospecting You're welcome & thank you too! God bless you my friend.😘
@allenjubin
2 жыл бұрын
Sorry for your loss
@afranydynoa6750
2 жыл бұрын
Buffalo ny is crazy dirty
@steve8803
2 жыл бұрын
Leasing is fine. If at the end of the lease you have positive equity, but out the lease and sell it, trade it or keep on driving it. If at the end of the lease you have negative equity, toss the keys back to the dealer and it's their loss.
@matsudakodo
Жыл бұрын
Finally someone gets it.
@kauigirl808
2 жыл бұрын
People who lease cars already knows and don't care. They want a new car every 2 or 3 years.
@jamesvalenti9288
2 жыл бұрын
I used to inspect off lease cars for Honda, VW, Chrysler Capital, Ally Financial, and Chase Financial. The stories I could tell.....I remember I inspected a guys car. It was a Honda Accord. He used it for Uber and Lyft. He had 187,000 miles on the car...plus 8 grand worth of cosmetic damage. Now the company I worked for was a third party company. We just inspected the vehicle based on the guidelines of the finance company, but I would have loved to have heard the conversation between him and Honda Finance. I had another customer who's car had 39,000 miles on it. Not bad....but he never changed the oil on the car....ever. When I pulled the dipstick out, it looked like those cookies you see in the middle of an ice cream cake. The guy also had 3 grand worth of body damage. Again, would have loved to have heard that conversation between him and Honda. Now with that being said, doing what I did, I would never lease a car. I would much rather own. I have had way too many things happen in my life requiring me to increase how far I have to travel. Cant do that with a leased vehicle. However, if you must lease, here are the basic guidelines. First off, NEVER lease from Ally (Some Chrysler products, and some GM) or Chase Financial (Subaru, Land Rover, Mazda, and Jaguar). These companies have absolutely ZERO forgiveness at the end of the lease. Every ding, chip, scratch, and scuff are all considered excessive. Ally is the worst though. We were trained to find previous body work. Even if the repair was done properly, they still charged $80/panel to the customer. Ally Financial are downright thieves. While Chase financial did not charge for previous body work (it was the only thing they didn't charge for). They charged $45/a dent, and $95/scratch. Volkswagen is not bad. They allow 2 dents up to 2" and 2 scratches up to 2" per panel. They do charge $250 if your check engine light is on, so if its on, get it taken care of before you turn it in. Honda Finance and Chrysler Capital are both about the same in terms of leniency. Honda allows 3 dents up to 1.5" per panel and 2 scratches up to 3" per panel. Chrysler allows 3 dents up to 2" per panel, and 3 scratches up to 2" per panel. Now with that being said, quantity does matter with dents and scratches. If you have a Honda with 4 scratches 1" long each, that will be considered excessive. Same goes with Chrysler Capital and VW. If you have 4 scratches 1" each, that will be considered excessive. Tire tread on every off lease company was the same. It had to be 4/32" or greater. Rims were different from company to company, but basically if your rim was scratched over 12" you're going to be charged for a recondition fee. Now all that being said, if you do lease a car, and do get charged for excessive damage, take my advice and just pay the finance company to repair it. the cost to have the finance company repair it is so much lower than the cost to pay a body shop out of pocket to repair it. Currently, I work as an insurance adjuster for a major insurance company...and the difference in price is huge. For example, lets say you have a 4" scratch on your leased vehicle....the leasing company will charge about $150-200 to repair it. A body shop will charge you about $400+ depending on the shop. The last thing I will also recommend is NEVER EVER buy a car from NYC, or the 5 boroughs. New Yorkers cannot drive. Period. End of story. And when I say New Yorkers, I mean people from the 5 boroughs. New York State is a lot like PA or VA...lots of open roads, so they know how to drive in NY State. Not only is NYC very damaging to the car mechanically, but I cannot tell you how many times I have seen a car from NYC with a clean history report, but the car was clearly repainted...horribly. I have seen so many NYC cars with mismatched paint, peeling paint, heavy fish eye and orange peel. Hell, I remember I had one car I looked at where the entire front end was poorly redone. In the front of your car, you have a main structural component called a radiator support. It is designed to crumple and absorb impact in the event of an accident..well on this particular vehicle, the radiator support was completely twisted and warped. This vehicle was a rolling safety violation. Take my advice, if you see a car from NYC, run away from it fast.
@EndOfTheW0rld
2 жыл бұрын
Thank you James Valenti, very cool!
@timothycc711
2 жыл бұрын
Very good info Thank you for the time it took to write ✍
@g5alive795
2 жыл бұрын
Thank you for todays lesson! I bet you have many more stories that are real doozys. Your old job sounds like it was interesting, seeing how the "IDC" (I DON'T CARE) part of humanity lives when it comes to their cars. 😲😲😲
@Maxfli82
2 жыл бұрын
This is some real good KZitem knowledge right here. Bravo.
@saucerguy3
2 жыл бұрын
I drive a Mercedes SUV, an older one, a really cool one, right out the door off the lot, a giant $1500, everything included. I am driving this, 2.5 years later, have spent around $300 in parts plus normal fluid changes. I drive something that does in absolute's destroys the on and off road for most new vehicles, new vehicles that are on that fancy lease and worried about getting dented or scratched.... Do Not lease unless it's something to snag for a year, otherwise you are not impressing anybody and are one upped by some cheap Mercedes driver like me...
@Chris.Lewis1456
2 жыл бұрын
I leased a 2022 odyssey. Drove it for 6 months, sold it to another dealership and made a grand on it plus what i paid in that 6 months to drive it. Thats how crazy the market is right now.
@lovellmills7959
2 жыл бұрын
How could you have sold it too another dealership if it wasn't yours?
@Chris.Lewis1456
2 жыл бұрын
@@lovellmills7959 you can sell a lease. They pay a dealer buyout. Ive sold all my leases to avoid the return fees. No point in returning a lease especially on a car that holds value. Youll almost always have equity in it.
@mrvoyagerm
Жыл бұрын
Over mileage at the end of the lease can be handled two ways.1) Roll the extra charges into the next lease and then ask for a credit for the extra charges. If they want to lease another car today, they will forget the extra mileage. 2) If you like the car and there is nothing whatsoever wrong with it, you may wish to buy it outright. In that case there are no mileage charges.
@illuminaughty2929
2 жыл бұрын
I like getting my stuff at Rent-A-Center. Sometimes the repo man comes, sometimes I rent for 10 years until I own it.
@cxa340
Жыл бұрын
I bought our cars in 2014 - we paid them off within the year and have enjoyed almost 10 years of not having any car payments - the only cost being oil changes and a 1x break job. Since we drive so few miles (both cars have 60,000 miles), we have very little cost associated with ownership of the vehicles.
@BrandonMinguez
2 жыл бұрын
Some great info here! A few people I know had leases before the pandemic and actually made out pretty well since they were able to buy the vehicle at the end of the lease only to sell it for a lot more money!
@SPOT305
Жыл бұрын
Yes but most of those people end up having to buy or lease another car that is overpriced so they never really get ahead
@Rip84LW
2 жыл бұрын
You lease for 3 years. Your payments are basically paying the car down. It shows on the contract how much the car will be once 3 years hits to purchase it. Once lease is up or even before the lease ends you can end up buying the car for a lower price. It is not a lifetime. Financing first is a lifetime because you have a high APR and usually people finance for 8 years or more. Plus the payment is super high. The loop hole is leasing first. Then buy it. Most people always finance first though because they are afraid of leasing and think they will never own the car. Or they get cranky and feel like they are just renting it. Ive had 7 cars in a span of two years lol no joke. All leases. The beauty of leasing is you can trade it in whenever you want. As long as you pay the negative equity on the car which usually happens when you want to turn the car in way early before the lease ends. No penalties, as long as you trade it in for another car. Does not hurt credit score either. This is the kinda info that dealerships do not want you to know. So take my advice or not. Good luck
@conicEllipse
2 жыл бұрын
I BOUGHT my car new in 2005. I finished paying it off in 2008. I still have it and it runs great. I haven't had a monthly car payment for 14 years! I do spend about $100 average per year on maintenance and my car insurance runs $45 per month. Buying was the right choice for me. By the way, after 17 years, I just passed 40,700 miles on the odometer. If I were to have leased, I would have paid for 170,000 to 250,000 miles. That would have been a huge waste!
@matsudakodo
Жыл бұрын
And the market value of the car at end of lease would have been higher, so you would have gotten cash back.
@pcg3003
2 жыл бұрын
For you seniors out there, I read that only Mercedes allows for early termination of a lease due to death. Any other lease means that if you die your estate must pay the balance of the lease.
@MAfanwoods37
Жыл бұрын
Buy!!!! And prefer to buy pre owned! Keep til wheels fall off
@chriscollins668
Жыл бұрын
Sounds like more car manufacturers are decreasing car longevity by using more plastic parts these days. These parts typically fail just outside the warranty. Sounds like leasing on a poor quality build might be the better route.....
@HazyTom
2 жыл бұрын
as Scotty said, NO MONEY DOWN!! also make sure lease has GAP. before turn in get a quote on value to see if it makes sense to buy. Many cative finance companies don't let the dealer pay more that the contracted amount for the buyout. Tires are a big concern as most will be close to wearing out close to lease end based on milage. There is no simple answer but I had to replace tires shortly before lease end. i would have changed them early and kept old ones if i had to do again. Leasing is always better to do if you own a company and get some kind of write off
@jeffreyzabawski4862
2 жыл бұрын
You might want to makesure because I'm all most positive that GAP is already in a your monthly lease payment.
@GaryASobek
2 жыл бұрын
Many of the vehicles in the video had right hand side drive (steering wheel) and were driving on the left side of the road.
@grnpeepers2683
2 жыл бұрын
I noticed that too.
@CRAPO2011
2 жыл бұрын
Scotty likes JDM
@nursejose3339
Жыл бұрын
I’ve bought and leased. The convenience in leasing for me is that I don’t have to rely that a scumbag dealer rewound the miles on my used vehicle maybe twice or the car had major frame damage that the dealer patched up. Both have happened. I will only buy new from now on as you just can no longer trust dealers.
@carmenhealer4635
2 ай бұрын
I cannot fathom only driving a car for 2 or 3 years. My family’s cars seem new for the first 8 to 10 years. I like not having a payment. If I was starting over now, I would find a $4k car I could own outright. Knock on all my neighbors doors to see who is selling a car. Then I do not have to worry about scratches.
@ahotdj07
2 жыл бұрын
Why @3:25 and @3:40 the car is driving on the wrong side of the road?
@aniellis1455
2 жыл бұрын
Although Buying is better, some Lease Customers are able to purchase their vehicles for less than what they would have to pay, if they were buying a pre-owned vehicle/lease return now.
@ericschaefer7378
2 жыл бұрын
Exactly, it protects you from market fluctuations. Just bought my truck off lease for 24K its worth over 37K now more than the original cap cost The dealer was pissed since I had a guaranteed price in the contract. So I saved 13k. Leasing is smart if you know what you are doing and intend to buy at the end. It also protects you if you get a lemon bc you don't own it. The cost of simple repairs like headlights these days can cost over $1500 for the stupid headlight assembly or 7k for a turbo going out. So the cost of maintaining a vehicle for years now is no longer cheaper than leasing every few years.
@cgwjy122
2 жыл бұрын
Don’t forget most lease require high limits of insurance to also protect the owner of the veh.
@brentshelton8192
Жыл бұрын
I get tired of cars after a few years. Continuously rolled over more and more negative equity (high mileage driver) until one day I had to pay the piper and give up $8k in rolled over neg equity. Lease gives me flexibility to choose to give it up or buy it out. Plus, netted $4k off my last 4Runner lease (due to equity GAINED over the last three years). Might never go back to a non-lease purchase ever again.
@lazstan
Жыл бұрын
You can't possibly be more broke thinking that way. You'll never be able to not work to make payments
@brentshelton8192
Жыл бұрын
@@lazstan lol. You have zero clue about my financial situation. If you need/want to have no car payment, that’s cool. You do you. I don’t mind having one, it’s already built into my budget.
@webguy943
2 жыл бұрын
Good video about leasing.
@petersproul782
10 ай бұрын
Leasing as an individual is personal financial suicide. Get a low apr pesonal loan, buy the car outright & look after it for as long as you can. You can pay the loan off after 3 or 4 years & then have a car last 10 or more years.
@jeffnoisette
Жыл бұрын
As cars get more and more complex, I think leasing will be the main way people get cars over here in US. Fixing new cars now days are just toooooo expensive and requires in house mechanics from the company to fix most of the stuff. That's just my take.
@pwilson2345
11 ай бұрын
Bro if you get maintenance and repairs done like every car manual suggests that stuff gets extremely pricey. And eventually if you go past that 10 yr mark you may start experiencing transmission issues. That's a 6k job by itself...
@VioletClaw816
Жыл бұрын
I went to the Porsche dealer and try to see the leading option for a Taycan, crazy enough that the three years leading is at 2156 per month, but the monthly payment for buying that car is also 2156 around, maybe a couple hundred more. Not a lot less than buying a car.
@greatwhiteape6945
2 жыл бұрын
Always love your stories!
@cosmiccivic2124
2 жыл бұрын
Moral of the story If you can’t afford it don’t buy it
@wholeNwon
2 жыл бұрын
Now that would really be bad for our economy of greed, waste and over-spending.
@gotsparks09
2 жыл бұрын
A house is NEVER fully yours due to property taxes.
@ncrdisabled
2 жыл бұрын
when i was younger and was married with kids I leased so I would have a good car every year I leased vans and blazers. i got my worker's comp settlement and I bought a new Mazda cx-9 as my kids are grown up
@veronicasanchezmontiel2369
2 жыл бұрын
Fell for American consumerism 2x when I was young and dumb, never again. Now I don't pay over $2,500 cash for a car and last 4 years lowest so far driving 75,000 miles a year. Plus cheaper insurance 🤷♀️
@mrlafayette1964
2 жыл бұрын
I'll never lease, I like old cars and trucks and enjoy keeping them looking and running good.The mirror will always be my back up camera.
@circletech7745
Жыл бұрын
The only people who should be leasing are real estate agents or anyone who works in sales/a customer facing role where having a luxury car will make you money (especially if it’s a tax write off). I knew a sales guy who leased new BMWs every year because he got better conversion rates from selling his customers for commercial real estate. Everyone else though, do NOT lease. It doesn’t make financial sense for pretty’s much everyone else. Buy a new car and drive it into the ground.
@trevortanner420
2 жыл бұрын
i wish i knew about the Down payment thing sooner i used to thing bigger down payment means better deal
@bighit20100
2 жыл бұрын
I private lease, new car + any maintenance + full insurance, AAA and replacement vehicle + road taxes, are all included the in the lease price. The car value was 45k, if I factor in all the payments I must make in 48 months, I pay close to 20k. Keep in mind this includes all the aforementioned taxes, insurances and maintenance. It’s a heck of a deal if you ask me. I love it when I drive up to the dealer to get my fluids replaced or brake pads or tires and just pay ZERO extra for ANYTHING.
@GOASTWRITTER
2 жыл бұрын
I just wish I had a car leased or loan. One day I will have enough
@lonesomecricket7721
2 жыл бұрын
Hello Scotty! What do you think about the new FORD Bronco breaking tie rods and drive shafts already. Is this just first production problems or simply how these companies put cost over Quality? 🤔
@jeffshadow2407
2 жыл бұрын
Hello, it's "built" in Mexico!
@pmscalisi
2 жыл бұрын
They were never really designed to go off road in the first place. 99% of people who buy these cars don’t off road them. I would suppose the issues you’re describing would be considered driving on some other surface besides asphalt
@eugenemcnair2924
2 жыл бұрын
Since July of 2014 my wife and I leased 3 vehicles first payment was 430.00 per month, the second was 350.00 per month and this vehicle is 480.00 per month, so since July of 2014 till the end of this lease on this vehicle in July of 2022,my wife and I spent close to 41,000.00 the first two vehicles the salesmen who worked with me talked me into trading the vehicles in early ,this vehicle I will be in to it for a full 36 months. to some people 41,000.00 does not seem much,but for a couple on Social Security it's a lot of cash. Oh BTW all three vehicles were TOYOTA's .
@FurkanSavas
2 жыл бұрын
Buying a 1 to 3 years old car at a dealer and selling it in a few years for a fine price seems so much smarter then leasing.
@garymcneil2216
Жыл бұрын
You are right Scotty leasing a car is definitely not good idea.👍
@MoeLarrycurly1
2 жыл бұрын
I've often wondered why leasing doesn't exist in housing. Well maybe it does and I don't know but I just haven't heard of it
@Jekyll_Island_Creatures
2 жыл бұрын
There's rent to own, lease option, owner financing, contract for deed, sandwich lease option, etc.
@jamesschofield9963
2 жыл бұрын
thanks scotty. youre one of the good guys shame this video didnt have the "rev up your engines!!" intro tho haha
@sdrjr3562
Жыл бұрын
A coworker just told me his wife's lease was up and the value of the car went up by $10k so now instead of buying it outright for the other $15,000 as promised they now paid $22,000. 😮😮😮. They really f***ed them over man. Crazy!!!
@TheGecko213
Жыл бұрын
It’s not stupid Leasing is good for those who always want to drive brand new cars and not want to keep it after warranty expires I myself get bored after three years
@Cocora22
2 жыл бұрын
Scotty said Cadillacs and GM suck. If you can afford a Lexus or Toyota buy one. Sold the cadi, paid off the house and bought a Lexus. Thank you for the great advice. Never have even considered leasing it’s dumb, even dumber than buying a Cadillac and I already did that.
@andrewoconnor4761
2 жыл бұрын
Buying a car CASH is the ONLY way to buy a vehicle. If you need to lease, or take out a loan, you can't afford it.
@Cucomacho
2 жыл бұрын
If you want something truly bizarre, look for 'Plan de Ahorro' in Argentina. It's another way to buy a car in Argentina. You and 83 buyers pay the amount of the subscribed car and only one get to own it. This goes on and on until the 84th month where the last one of the buyers get the last car. Pros : low price (the price divided by 84) Cons : too long to get the car, if the price of the car goes up, so will your monthly pay (even when you get the car), lots of scammers
@jimeagle1952
2 жыл бұрын
After the house and car are paid off the government still owns the house and the car is only supposed to be used as long as you pay the state and an insurance company money. Bottom line we never own anything!
@wholeNwon
2 жыл бұрын
Since you can sell, bequeath, modify, etc. those things as you wish, you do own them.
@mindbuilder9507
Жыл бұрын
One thing that old people don't get, is that you don't have to OWN things to use them.
@The_Flamekeepers
Жыл бұрын
Leasing is the most expensive way to own a car. I recommend finding another option unless you are wealthy and really just have to have a brand new car every 3 years.
@tyronebigum2794
2 жыл бұрын
What dose it matter if I’m going to own it for an extra 5-6 grands yes I get the value will b less in 4 years but I want my Subaru forester wilderness I can’t trust my 2013 c350 4matic mercedes 2 take me 10 hours back and first every month from the bush not to mention I think it’s dangerous in the Canadian winter even
@gskibum
Жыл бұрын
Why is everyone driving on the wrong side of the road?
@Bugatti12563
Жыл бұрын
leasing is for company cars. Private lease is for those who can throw away money without regret
@iGnashtys
2 жыл бұрын
Yo digging this type of learning vids great work 👌
@Joepacker
2 жыл бұрын
Scotty: I just heard in todays auto market that there are people leasing a car and then buying out the lease and then selling the car for several thousand dollars more than they paid for it and making a profit. WTF
@inaj27
2 жыл бұрын
Love this knowledge
@joemorrow7691
2 жыл бұрын
Valuable Video Scotty,,,,,,,,,,🏆
@christhomascb
Жыл бұрын
If Scotty told me then its LAW!
@Sea_Spirit_805
2 жыл бұрын
Thank you Scotty!
@alwayscuriousalwayslearnin
2 жыл бұрын
I know that a few people up here in Canada Lease cars and wrote of some of the cost s of the lease in taxes as a company car .I think that if Ididnt have to worrry to myuch about money I would lease but I cant afford that kind of money its expensive and money could be better spent else where hehe
@Mr.Happy7ODSubscribe
Жыл бұрын
None of this mess would be a problem in the first place if things were affordable.
@nuancolar7304
2 жыл бұрын
Leasing is little more than a long-term rental. People are very astute and value-conscious when considering short term rentals, because it really is expensive for the time you have the vehicle. And yet, the industry has done a great marketing job on convincing people that a lease is something different. In reality, it is a huge money-maker for the rental companies, because they have that car paid for many times over before it is retired. It's just not smart.
@matsudakodo
Жыл бұрын
It's just guaranteed cash flow for them. I generally pay less leasing than buying new, so it works for me.
@mrchowhua7933
2 жыл бұрын
Leasing a car is stupid but buying a leased car is even stupider.
@thakiddmistic7610
2 жыл бұрын
Top of the evening Scotty
@scottykilmer
2 жыл бұрын
Evening!
@RedBoneCoonHound47
2 жыл бұрын
As a business owner, leasing makes sense for my company. We don't want the asset on our books and have to deal with depreciation. It is beneficial for us to have a fixed monthly price that is fully deductible. We also don't want to repair vehicles out of warranty. Ford used to lease used cars and cover them under a warranty. That was great, but they ended the program.
@saucerguy3
2 жыл бұрын
fully deductible = IRS is paying for your lease.... Also a business owner here, I don't write off things like that, the IRS is not my business partner, nor do I ask for hand outs from it. I see write offs for sporting events, expensive meals, really a wide range of things, purchased or in your case leased. These things should never have been in place, it's absurd.
@zalien6
2 жыл бұрын
Is it true there is a certain weight limit for it to be tax deductible? Or would like per say a sports car qualify lol
@LemonySnicket-EUC
2 жыл бұрын
@@zalien6 depends on your business.
@jefftomasello3258
2 жыл бұрын
@@saucerguy3 The IRS doesn't pay for anything - They take! Leasing is a business expense!
@raymondluca7779
2 жыл бұрын
@@saucerguy3 tell jeff bozo and the other billionaires this
@2toeninja
2 жыл бұрын
I owned my first vehicle for 16 years. My f150 made it through college and into my 30s. When I gave it up and felt like I was giving up a pirate ship that took me around the world on adventures. It was sad.
@SmartPracticeSuccess
Жыл бұрын
My first car was an ‘02 Honda Civic LX. Drove it for 18 years before finally buying my second Civic. Awesome little car! It was a fantastic buy.
@An_inquisitive_thinker
10 ай бұрын
Why did you give it up though? 🤔
@jackmemphis777
Ай бұрын
Longest I've owned a car was 5 years. I owned both my previous cars for 5 years and miss them both sometimes, especially my 17 civic coupe 1.5T. To your point, yeah there were so many great adventures had in these cars. It stinks to watch them go
@nickmiller316ify
2 жыл бұрын
1 thing to note is NEVER put any money down on a lease. If it gets totaled out in the first month you lose any money put down. Don’t fall for the tricks of salesman. You don’t own the car, you’re essentially renting it, pay month by month. Just because you’re a “good driver” doesn’t mean that other people are, have seen many people lose money this way
@EM-cz4rd
Жыл бұрын
Gap insurance covers that
@damienc7303
Жыл бұрын
That's a good call.
@comradelieutenant
Жыл бұрын
@@EM-cz4rd no it doesn't. GAP also needs to be paid for, so GAP cost plus big down payment vs "do not put any money down", obvious choice.
@khoaphan294
Жыл бұрын
Good advice, max down payment you should ever put is 1000-1500 and put the rest as a security deposit to lower your money factor. You’ll get all of that back once the lease ends or car is totaled.
@1openborder
Жыл бұрын
So trading in to lease (to eventually finance/buy) is not a good idea?
@mxilplict
2 жыл бұрын
It’s not stupid to lease when its a new Mercedes/BMW/VW/{Insert Non-Toyota endless money pit here} and you can’t be talked out of getting one for the vanity. And you have enough money to light on fire! 🔥. Or if it’s a rational business expense - like a specialized vehicle that is prone to breaking or only needed for a certain period of time
@lesterparker1594
2 жыл бұрын
It’s still stupid. People can drive what they want, but there’s a reason so many people are in debt up to their eyeballs.
@DEVILTAZ35
2 жыл бұрын
How is vanity even a thing in 2022?
@mxilplict
2 жыл бұрын
@@lesterparker1594 Which is why I would condition leasing if you really have money to spare (or if it’s a rational business decision). Most people that lease don’t qualify - which is exactly to your point!
@mxilplict
2 жыл бұрын
And also why automakers/dealers love to lease! You know it’s a raw deal if they are pushing you hard the moment you walk through the stealership doors
@gardenst4398
2 жыл бұрын
Yes...first try out luxury cars before owning it. Leasing works in this case. If you find that luxury car to be reliable then buy it at the end of lease term🤷♂️
@Clorox__Bleach
2 жыл бұрын
I’m an auto mechanic, and I can’t tell you how many people (probably 95%) are way overdue on services or treat the car like crap and don’t do the maintenance. I’ll give them some recommendations but not force them and they’ll say “eh it’s just a lease”. Sir it’s been 15k since your last oil change and you are leaking coolant everywhere 😂😂
@FCT8306onTwoWheels
Жыл бұрын
I used to see the same thing at the car dealership as a parts guy, theyre so tired of making payments that doing anything else to keep the car going is the last thing on their minds until something breaks
@kimberlyhall7610
Жыл бұрын
Heck no, I could never! I am the type of person that has to get things done right away at the time I am supposed to!
@ShakTMT
Жыл бұрын
@@FCT8306onTwoWheelswhy would you get tired of making payments unless you cant afford the car in the first place.
@FCT8306onTwoWheels
Жыл бұрын
they all said its because they wanted to have a new car every few years and look good basically at all costs and that the cars would just stay reliable by getting new with every lease they get. I had a coworker ask me if they should buy out and finance the rest of their lease because of money and being unable to save a dime after making the car payment. They ended up getting another lease to ensure the car was reliable. @@ShakTMT
@MattGarcyaDC
Жыл бұрын
so follow the maintenance schedule?
@loki76
2 жыл бұрын
I think it really does depend. If you don't put more than 10K miles a year and you like to always have the newest car, meaning not more than 3-4 years old. Usually never having to deal with something breaking and needing to take to mechanic. You only need to do oil changes and make sure to keep it in good condition, which most would if they finance to buy as well anyway. And if you don't have a down payment on it. Then leasing can work out and you just make sure of what Scotty said, look up and see there is no hidden crap in the contract. Yes you always have a monthly payment. But reality is, that for many people that is already the case. Many car loans for financing now runs 72 to 84 months. That is 6 to 7 years. I guess you can get another 6-7 years out of the car. But you could start to run into the "Need to replace that part and this part and so on". Out of warranty. The car would be 10-14 years old. What I am getting at is that for people that would like to have a car that is basically new every 3 years, don't drive too much other than work, grocery store and occasional trip and you can get decent payments. The price for that is you don't ever have a time of a fully paid car, but you always have a "new" one.
@gmrrnracr
11 ай бұрын
Or you can save up the money, buy outright avoiding fees and interest and repeat that process on your own. Be your own bank
@mxilplict
2 жыл бұрын
I love these educational videos! So much knowledge being passed every day. Thank you Scotty!
@TheBeardedTravler
2 жыл бұрын
I guess with me putting 250,000 miles on a car in less than 5 years, leasing a car wouldn't be a good idea for me 😅😅
@Kmclemore
2 жыл бұрын
Same lol
@CRAPO2011
2 жыл бұрын
Damn 250k ,what car do u usually buy?
@tbelding
2 жыл бұрын
@@CRAPO2011 He probably buys Toyota or Honda.
@redwhite_040
2 жыл бұрын
@@tbelding His gas is more expensive than his car
@TheBeardedTravler
2 жыл бұрын
@redwhite_040 actually I don't have to run higher octane since I drive a LX civic 😁😂
@battleaxe8252
Жыл бұрын
I want nothing to do with local mechanics. And i also have zero interest in becoming mechanically literate. So leasing is the best move for me. I'd rather jump into an active volcano than deal with an auto mechanic nonstop for the rest of my life.
@johnsteele8073
2 жыл бұрын
Leasing is a tax for those bad at math. Poor ppl renting a car they can't afford. It's literally the most expensive way to drive a vehicle other than renting it daily. "muh monthly payment" imagine paying $18,000 to drive something 36,000 mi and then repeating that over and over again.. that would be literally paying $180,000 to drive 360,000 miles in a typical $30,000.00 vehicle.
@lesterparker1594
2 жыл бұрын
@@captinbeyond haha good point
@MultiMates7
2 жыл бұрын
@@captinbeyond lol "I can earn more money than my interest rate with my extra money"
@angelgjr1999
2 жыл бұрын
The only time leasing makes sense is if you drive 60k miles a year so the depreciation would kill you.
@rogde5985
2 жыл бұрын
@@angelgjr1999 explain this to me? A typical lease limits you to 10k or 12k miles per year or 30k to 36k miles for your standard 3 year lease. Any overage costs you $0.15 to $0.25 PER mile. You’re blowing that out the first year at 60k miles and have already run up $3,600 in the best case scenario in overage costs. Not to mention any other fees for “excessive wear and tear” and damage (cracked windshield, banged up bumpers, curb rash on rims, etc). I drive 25k miles per year and leasing has never worked out in my favor when I did the math.
@angelgjr1999
2 жыл бұрын
@@rogde5985 I see your point. I didn’t know there was a mileage cap on leases. Kind of defeats the whole purpose if you ask me.
@1badhaircut
2 жыл бұрын
Scotty - During “Chip-Shortages” with prices inflated by 1/3 those already on leases have the option to buy their car at the pre-set amount. Usually leases don’t save money but now it’s different.
@1badhaircut
2 жыл бұрын
@Zach “NOW” is the exception until normalized prices return. Leasing is also good for rich people who get tax advantages. And companies that provide company cars. And leasing at MSRP isn’t happening now - even factory-specials are getting “adjusted”.
@angelgjr1999
2 жыл бұрын
Leasing makes sense if you’re going to drive 50k miles a year and beat the crap out of it. Many leaders are for business for vans and trucks.
@pmscalisi
2 жыл бұрын
@@angelgjr1999 it’s just the opposite. I’ve leased cars in the past and if you go over the yearly mileage or beat the car to death it’ll cost you big time.
@RobVarley
2 жыл бұрын
Yup. Sold my 2017 f150 way above KBB and leased a 2021 f150 for cheaper than it would cost to buy new. After my 3 years if the market is down I’ll buy another new truck, if the market continues to inflate I’ll purchase the truck. Win win for me. Another benefit no one thinks about is leasing shoes up on your credit for only the value you’re leasing not the entire value of the vehicle. It’s good to keep your over all loaned money lower than if you were to buy it.
@jeffreyzabawski4862
2 жыл бұрын
@@1badhaircut I just Leased at MSRP on a Ram.
@justamessenger5985
2 жыл бұрын
Have you heard the good news of Jesus Christ? The good news is Jesus Christ died for our sins according to the Scriptures, and that He was buried, and that He rose again the third day according to the Scriptures. 1 Corinthians ( 15 : 1 -4 ) For by grace you have been saved through faith, and that not of yourselves; it is the gift of God, not of works, lest anyone should boast. Ephesians ( 2 : 8 - 9 )
@DEVILTAZ35
2 жыл бұрын
Going with the Supra , leasing a car with a BMW engine is a far better idea than owning one.
@anarchyamp
2 жыл бұрын
Yes🤣
@jefferysurratt5650
2 жыл бұрын
My 34 year old son has a 2009 BMW M3. He says I cannot afford to own a BMW. After seeing some of his parts costs for upgrades, I agree. He just installed a carbon fiber driveshaft $1,000. Enjoy the Supra.
@SmartPracticeSuccess
Жыл бұрын
I need a car for personal use, not business use, so I definitely prefer to buy outright. My first car was an ‘02 Honda Civic LX I bought for $16K. Drove it for 18 years. It was very reliable and cheap to maintain. I paid off the loan early and drove it for 14 years with no payment. Just bought a brand new 2023 Honda Civic Touring for cash. No car payments! 🥳 I plan on driving it for 12-15 years.
@jasonfedeli
2 жыл бұрын
AND ALWAYS LEASE A BMW!!! 😂😂😂
@nd7538
2 жыл бұрын
Your house is not yours lol. Try not paying property tax.
@camsanders5756
2 жыл бұрын
It all seems like gambling right now but in this market, leasing seems to be the better choice. At the end of the lease term -- assuming you stay in your mileage limit and don't damage the car -- the car market will hopefully be more stable and purchase power could be greater. I feel like buying now would put you underwater and keep you underwater until you paid the thing off. I hate throwing money away so I'm not sure which is the bigger risk, leasing or purchasing an overpriced car. Do we have any kind of idea when the market is going to turn around?
@garyh.7282
2 жыл бұрын
My Father started buying off lease cars in 1964. He found a lease company (not a dealer) and they had a customer that bought new Imperials every 4 years. The first one was a 1959 4 Door Hardtop a beautiful machine in Dusty Rose and every 4 years after he would get a replacement . I was 10 when he bought that car (He always paid cash) and it made me a Chrysler man . It kills me to see what has become of such a great company that was based on engineering and style.
@tommcnutt2582
2 жыл бұрын
If you leased a car 2-3 years ago you may want to buy it at the end of the lease because the residual value will be less than the market value. You can then use the car to trade in at a higher trade in value or sell it to Carvana or the other online car acquisition companies for more that the lease buyout. That is the advantage you have now due to the current higher used car prices.
@propre6033
2 жыл бұрын
Great advice!
@connor3288
2 жыл бұрын
If you have an extra vehicle you dont need. But right now you sell high buy high too.
@jefferysurratt5650
2 жыл бұрын
I will be purchasing my leased 2020 ford edge in 2023 at 36 months for $19,888, $8,000 below market.
@SittingBearProd
7 ай бұрын
Just made 12k selling my lease back to my dealer - 2021 suburban 😊
@FaithfulServant316
2 жыл бұрын
Must be 75% of stupid people out there then. Have a business and it's a write off! Good to go!
@scottr2706
2 жыл бұрын
Oh please. Any vehicle, purchased or leased, is a business write off. Which means the cost of the vehicle reduces the taxable amount which saves taxes.
@ccchhhrrriiisss100
2 жыл бұрын
LISTEN TO SCOTTY, PEOPLE! He's driven down these dangerous unmapped roads so the rest of us don't have to. 😎 Thank you, Scotty Kilmer!
@icecreamjunkie6790
2 жыл бұрын
It made sense for me in this screwed up car market. I was looking for a used car for around $8-12,000. I found a three year lease on a 2022 Hyundai Elantra for about $11,000 after three years. And the oil changes and tire rotations are free and I won’t have to worry about maintenance that comes with 100,000 plus miles. But I agree it’s definitely not for everyone.
@DwithBoost
2 жыл бұрын
But after 3 years you have nothing to show for it and your only option is to pay more money to keep the car longer or get a different car. Granted used car prices are inflated, which I get, but typically if you buy a reliable car (I recommend something Japanese) it will last you many, potentially payment free, years. And from my experience, a lot of the maintenance car manufacturers recommend is not needed. It's just a way to make more money through servicing. For example my Mazda CX9 manual recommends the spark plugs be replaced every 40K miles. My car has 160K miles and is on the original plugs. Keep up with the fluids and a majority of the time you are good.
@mikebracco890
Жыл бұрын
@@DwithBoost you typically lose the same value either way.
@MB-gd6be
Жыл бұрын
@@mikebracco890 In this market, if you lease to buy, the Right vehicle with high RV, you potentially are getting a better bargain.
@matsudakodo
Жыл бұрын
@@DwithBoost you have "equity" in the form of a higher than expected value in some cases. You can roll that into the next lease or whatever you want.
@JireSoftware
Жыл бұрын
You could've bought it outright for twice what you paid for the 3 year lease. What sense does that make?
@MrHav1k
Жыл бұрын
Leased once, never again. Unless it's for a business write off in which case it's the way to go. Too many restrictions
@hotroddave7597
2 жыл бұрын
Frank Z Chevrolet in Dayton Ohio
@davinp
2 жыл бұрын
There is a financial guru who doesn't like the idea of leasing cars. She recommends buying a car and paying it off in 3-4 years. Leasing is not for everyone. When you lease a car, you have to follow rules such as how many miles you can drive and you have to take to the dealer for maintenance.
@ExplorerBen7
2 жыл бұрын
The best financially seems to be getting a car known to be reliable like a Civic or Corolla 3-7 years old. My last Civic I bought 7 years old for $5K with 104K drove it for 8 years 75K miles and sold it for $1500 with bad tires. Only did struts and the valve cover gasket twice besides regular maintenance. Probably only cost $600 per year including depreciation.
@jefferysurratt5650
2 жыл бұрын
My Ford lease has zero requirements to have the car maintenance performed at the dealer. The only thing that has to be done are 4 oil / filter changes and air filter replacement. Nothing else should be required in 36 months.
@davenelson8187
2 жыл бұрын
Got a real kick when businesses out in Cali started a rent to own custom wheel and tire business back in the 90s! Thought to myself WTF! By that time tho, rent to own businesses were already doing the same thing with everything from couches to refrigerators. Only in America….live for today!
@muffemod
2 жыл бұрын
"YEA I GOT IT ON MY CAR"
@mike73ng
2 жыл бұрын
A sadly ignorant video. Leasing can be a great deal if you get a low interest rate and avoid nonsense charges, same as buying. I like them because it’s like a long test drive. If I like the car, I’ll buy it. If I don’t, I’ll walk away. Also, Scotty is wrong when he says you have NO equity. These days many people find their car has a market value far in excess of the agreed upon, residual value. That’s YOUR equity IF you know how to use it. Probably the biggest advantage is you don’t pay sales tax on the residual portion of the car in most states. In my state that means saving about 10% of the residual. If the residual is 30k, I save $3000 if I don’t buy the car at the end of the lease. If you buy the car and sell it the next day you still have to pay the full purchase price sales tax. You’ll never see that money again.
@zyn87
2 жыл бұрын
Leasing...caviar taste on a fish sticks budget.
@gonefishing5434
2 жыл бұрын
Great information as usual. Scotty, the automotive expert at all points and angles. I wished I lived near him so he could work on my cars. Both of my cars are excellent. 2004 4 Runner, original owner and 2015 Toyota Avalon. Fantastic vehicles. I bought Toyota before seeing Scotty. I always knew they were very good products. Scotty is correct--they are in general the best vehicles made as far as dependability.
@LordLoMR2
Жыл бұрын
It makes sense to lease BMWs, Mercedes, and any other high priced quickly depreciating cars. Because by the time you are done paying the $100k price tag, it may only be worth $20k. 😂
@viacheslavfedunov111
2 ай бұрын
I would never lease the car. It is stupid. The only exception if you are a business owner and can write it off. Throwing the money in the trash and not owning a car. The best thing is to buy a 3 years old car which already dropped in price and has like 30k miles. You will get it for half of the original value. Pay cash so you will not be forced to get full coverage. Or apply for a good credit card with 0 APR for 18 months and pay with it. Those are 2 the best options
@inclusivelove5165
2 жыл бұрын
It is not stupid if you can make more money than the 3 percent interest you pay to the dealership. Let’s say you save 30k leasing not buying and right? And you use that 30k buy a house as a down payment for a house and rent the house out and generate 10 percent income yearly with the property value going up at the same time. I would say you have just made more money this way than buying a car with cash. But if you decide real estate and stock or business can not be profitable then buying it in cash is the way for you!
@Argedis
2 жыл бұрын
It's very stupid and way more than just "3% interest" (which is wrong) You are missing several points Car companies never lose money on a lease, you are paying the for the depreciation. When they get the car back it will not have gone down in value more than what you paid them because they would lose money if it did. All of this is carefully calculated. Not only are you paying for depreciation you are essentially borrowing money at an ridiculously high interest rate and because the Federal Trade Commission has determined that this is not a debt, there is no federal disclosure involved. Even though it is undisclosed you can perform math to find out the average interest rate on a lease is 6-9% and can go as high as 15% This is why the 'buyout' never equals the original price the minus the $ you paid. You're also forced to pay for full coverage insurance + being a new car is the highest cost. Leasing a car is the most expensive way to drive a car.
@inclusivelove5165
2 жыл бұрын
@@Argedis you kind like. Nice things in life but can’t ever get it because… it is ok if it makes you happy. Just work and stay home bro. No one is saying you are stupid.
@abramporras7877
2 жыл бұрын
I just saw Scotty on my news feed they showed his new house and even gave his address like WTH 🤣🤣🤣 they said He paid $580,000 cash Scotty is loaded
@one_hoop
Жыл бұрын
Time to step up to designer jean jackets! lol
@jeffreycampbell5757
2 жыл бұрын
I leased my SUV back in 2018 and given the buy-out cost was set pre-pandemic, I actually made out buying the car at the end of the lease. Given the shortage of used cars, the dealer would have put it out on the lot for several thousand more than my buy-out price.
@bobangel9261
2 жыл бұрын
Did u buy it out on the spot or continued monthly payments but towards owning?
@matsudakodo
Жыл бұрын
Same...can buy for $16k while they will put it on the lot for $26-28k.
@VBITS97
Жыл бұрын
If you are a low mileage driver and come in well under the lease limit then it makes sense to buyout at the end of the lease. You pay half the finance charges of buying it with a loan. The lease buyout option is priced at the mileage limit on the lease. In my case, I had a 3 year lease for 30k miles based on a prie of $23k. The buyout was $13k. Since I only had 15k miles, I bought it for cash. The trade in value for my car is $23k. Replacing it would cost $30k. Getting an EV equivalent would be $40k. So, in these uncertain times, leasing can work to your advantage.
@RR-jk3rl
Жыл бұрын
One of the only times in history that that was the case.
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