LostDutchman
New member
- Location
- Gilbert, Arizona
Quick, everybody copy this post! We are very fortunate to get this insightful financial advice from a professional financial consultant for free. Priceless....
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VW Buy Back or Replace
- Thread starter Nrappa
- Start date
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SkiZZy1
Passed Driver's Ed
- Location
- Las Vegas, NV
If you plan to buy at the end, see what the payments would be on a 72mo loan. With the money you get back to put down you might be surprised (As long as you can get a good deal on the GTI (22-27k depending on specs).
I had the lease-to-buy mentality at the beginning and it bit me in the butt based on the miles I drive and how I love to mod! After a year of leasing I threw some fat cash down and will have the car paid off in 5 years total. I wish a year ago I would have just financed instead of thinking I was saving money when in reality I was costing myself more.
At the end of the day it's 100% your decision, just sharing my story.
I had the lease-to-buy mentality at the beginning and it bit me in the butt based on the miles I drive and how I love to mod! After a year of leasing I threw some fat cash down and will have the car paid off in 5 years total. I wish a year ago I would have just financed instead of thinking I was saving money when in reality I was costing myself more.
At the end of the day it's 100% your decision, just sharing my story.
ElectricEye
Autocross Newbie
- Location
- Central NJ
I know many people who can more than afford to own the car they lease, but prefer to lease anyway.
Genegenie
Drag Race Newbie
- Location
- North Yorkshire
- Car(s)
- VW Golf
Buy / lease, adding my 2p worth: yer makes yer choice then pays yer money; horses for course and all that....
Jozooka
Go Kart Newbie
- Location
- Bucks County, PA
If you had planned to keep (buy) the car after the lease was up, you are probably better off buying.
If a new one is too expensive, you could look for a used VW Certified. Interest rates are low enough now that even if you finance the used car for 5-6 years, you won't pay too much of a penalty interest-wise.
You can put your lease down payment toward to purchase to lower your monthly payment. You can always pre-pay your loan too if your finances allow.
If a new one is too expensive, you could look for a used VW Certified. Interest rates are low enough now that even if you finance the used car for 5-6 years, you won't pay too much of a penalty interest-wise.
You can put your lease down payment toward to purchase to lower your monthly payment. You can always pre-pay your loan too if your finances allow.
So, all of you "leasing is not stupid" posters...
When the OP says he can't afford the payment to purchase a car, how does my sentiment not ring true?
It seems quite obvious that if you can't afford a payment to purchase a car, you are not a business owner who will be writing off your lease (the one major instance of a lease making fiscal sense - and as a fellow taxpayer, you're welcome) Other times a lease makes sense, are quite rare.
So yes, my post gives solid financial advice that 95% of the population could use. Sadly, they don't teach this in K-12 schools, so why not share a bit of helpful advice on a car forum?
When the OP says he can't afford the payment to purchase a car, how does my sentiment not ring true?
It seems quite obvious that if you can't afford a payment to purchase a car, you are not a business owner who will be writing off your lease (the one major instance of a lease making fiscal sense - and as a fellow taxpayer, you're welcome) Other times a lease makes sense, are quite rare.
So yes, my post gives solid financial advice that 95% of the population could use. Sadly, they don't teach this in K-12 schools, so why not share a bit of helpful advice on a car forum?
If you're the type of person who wants to change cars every few years i can see it making sense. I agree with you though.
ElectricEye
Autocross Newbie
- Location
- Central NJ
Not every automotive decision is about what makes the most sense financially.
SkiZZy1
Passed Driver's Ed
- Location
- Las Vegas, NV
FWIW I wish someone would have brought up these points before I leased.
Strange Mud
Autocross Champion
- Location
- Small Town CT
- Car(s)
- Assorted
gotta ask...why after multiple issues stick with VW? guess because they are standing up and taking care of you? I really want to know not trying to troll you or others.
Obviously it's up to you. If your experience has been so bad that it's turned you off from VWs as a whole, then you might prefer to just take the money back and get a different make/model. Just based off you asking on the forums, it seems to me like you would probably prefer to just get another GTI that isn't a POS. In which case I'd say go for car replacement on the same lease contract (same monthly payments, same amount of payments remaining, etc). congrats? this should work out in your favor.
Prolly because he knew what he wanted when he bought his GTI, and besides the issues is otherwise very happy with the car itself. Especially since he's on the forums, he sees how many happy owners there are, so he knows that he just got a lemon.
He didn't say that, he said it would make his payment to high. You inferred that meant he can't afford it. That's probably true, but it's not an absolute. I can afford an $800/month payment, but to me that's too high for a car. Has nothing to do with me affording it.
Semantics, I know, but too many people read into posts and run with it.
Totally agree.
Its the internet, everything must be blown out of proportion and not based on facts.
Nrappa
Ready to race!
- Location
- Long Island
Alright to answer everyone’s posts at once here we go lol
Payments too high refers mostly to what’s affordable. I’m still a student in college but I do have a job that pays well enough for me to afford the car, and have some extra at the end of the month.
The idea was “lease to buy” I planned on purchasing the car after my lease for somewhere around 18k (that was the agreed upon price at the end of the lease) and to me it made sense. A 3 y.o car, who’s entire history I’m aware of, that I know was taken care of very well as well as getting the oil changed ever 7k miles was worth it to me. It gave me the ability to get into a new car for what it would cost me to finance a 2012/2013 (I got it last year)
I love my car, earlier this week I went and looked at a few other car which I found to be nice, but not as nice as my GTI. I obviously have to wait and see what VW offers me. The idea behind this thread was to see if anyone had the same situation so that I can begin to figure out what I want to do. VW corporate just keeps telling me “I’m not privy to that information” when I ask about specifics, I have to wait till next week to hear from them about whats gonna happen.
If the repurchase is what I think it is, which is my down payment as well as all my lease payments get refunded, I might take it and see if a can get into a 2015 mk7 GTI with a nice solid down payment, and then finance the rest with a cheaper monthly payment. But I have to see. It might make more sense to just replace the car and stick with my payment. Like I said I can afford it and then some, I just don’t want to be paying more if I don’t have to.
Thanks to all the posters, I understand the viewpoint that a lease is stupid because I never will “own” the car, I chose this route after a lot of though and contemplation. Thanks for the advice, what you said is something that I took heed of already. I don’t mind spending the money on my car, I spend most of my time in my car and love to drive so I don’t exactly make the most sound financial choice with my cars lol.
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Payments too high refers mostly to what’s affordable. I’m still a student in college but I do have a job that pays well enough for me to afford the car, and have some extra at the end of the month.
The idea was “lease to buy” I planned on purchasing the car after my lease for somewhere around 18k (that was the agreed upon price at the end of the lease) and to me it made sense. A 3 y.o car, who’s entire history I’m aware of, that I know was taken care of very well as well as getting the oil changed ever 7k miles was worth it to me. It gave me the ability to get into a new car for what it would cost me to finance a 2012/2013 (I got it last year)
I love my car, earlier this week I went and looked at a few other car which I found to be nice, but not as nice as my GTI. I obviously have to wait and see what VW offers me. The idea behind this thread was to see if anyone had the same situation so that I can begin to figure out what I want to do. VW corporate just keeps telling me “I’m not privy to that information” when I ask about specifics, I have to wait till next week to hear from them about whats gonna happen.
If the repurchase is what I think it is, which is my down payment as well as all my lease payments get refunded, I might take it and see if a can get into a 2015 mk7 GTI with a nice solid down payment, and then finance the rest with a cheaper monthly payment. But I have to see. It might make more sense to just replace the car and stick with my payment. Like I said I can afford it and then some, I just don’t want to be paying more if I don’t have to.
Thanks to all the posters, I understand the viewpoint that a lease is stupid because I never will “own” the car, I chose this route after a lot of though and contemplation. Thanks for the advice, what you said is something that I took heed of already. I don’t mind spending the money on my car, I spend most of my time in my car and love to drive so I don’t exactly make the most sound financial choice with my cars lol.
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