Members chugheshc2 Posted November 13, 2008 Members Share Posted November 13, 2008 Strange feeling.I ran into an ebay listing today for my previous car, in Ohio, with a buy-it-now price of $13,295.I find it interesting that the price for me to hang onto it at the end of the leas would have been $24K.http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=150308564998&sspagename=STRK%3AMEWAX%3AIT&viewitem=#historyJust a strange feeling. I wonder where the value went? C> Link to comment Share on other sites More sharing options...
Members J. Posted November 13, 2008 Members Share Posted November 13, 2008 Depreciation I guess. NADAguides, the authority on car pricing, has these details: Rough Trade-In $9,850Average Trade-In $11,000Clean Trade-In $11,925Clean Retail $14,075 http://www.nadaguides.com/usedcars.aspx?LI=1-21-1-5013-0-0-0&l=1&w=21&p=1&f=5014&m=1209&d=6441&y=2005&c=20&vi=56083&da=-1&mi=26700 Link to comment Share on other sites More sharing options...
Members fingeringam Posted November 13, 2008 Members Share Posted November 13, 2008 dam you took pretty good care of that thing Link to comment Share on other sites More sharing options...
Members chugheshc2 Posted November 13, 2008 Author Members Share Posted November 13, 2008 heh. amazing what some low resolution photography and a nice wax job will do.I did not tke extreme crazy care of it, but good enough.The damage repair was pretty awesome though.http://picasaweb.google.com/chughes2002/CrashFishPondAquariium?authkey=HUG5PaIH1FE#slideshow Link to comment Share on other sites More sharing options...
Members brake Posted November 13, 2008 Members Share Posted November 13, 2008 Where you goin', black Saab? You seem to be a tad askew. Link to comment Share on other sites More sharing options...
Members Renfield Posted November 13, 2008 Members Share Posted November 13, 2008 The value didn't go anywhere. Leases are a ripoff, plain and simple. Anyone that buys the vehicle they've had for the last 3-4 years at the up front, post-lease price, is a sucker, sorry to say. One example of many I have personally witnessed... My son's mother took over her ex bosses lease on a van when he moved to the States. The lease ran out and she was given an option to buy it out for ~$25k (it's a top of the line fully loaded). She wisely passed. She went a few days without a car as she shopped around for what she wanted to buy. She was really attached to her van, liked its feel, features, drive and all that, plus she had a good rapport with a salesman there. So she heads back there at one point to see what else they have to offer that might be more her budget. Not even 3 full days after passing on buying out the lease on a van that was easily already paid for from the monthly payments, a buyout that carried a $25k tag on it, she sees her old van on the lot with a $16k sticker. She drove it back home for just under $12k that afternoon. It's worth $12k, for its age and mileage, it's still got some good years in it, but it is a used van after all. Link to comment Share on other sites More sharing options...
Members ec437 Posted November 13, 2008 Members Share Posted November 13, 2008 CANADIAN BUYER'S WELCOME! THANK YOUR FOR YOUR INTEREST IN OUR AUCTIONS AND GOOD LUCK BIDDING! As a general rule, I don't buy cars from dealers, or anyone that can't use apostrophes or the phrase "thank you" correctly, and especially not both. Not even 3 full days after passing on buying out the lease on a van that was easily already paid for from the monthly payments, a buyout that carried a $25k tag on it, she sees her old van on the lot with a $16k sticker. She drove it back home for just under $12k that afternoon. It's worth $12k, for its age and mileage, it's still got some good years in it, but it is a used van after all. I wonder if she got the carfax Link to comment Share on other sites More sharing options...
Members J. Posted November 13, 2008 Members Share Posted November 13, 2008 Wow, they don't mention that your car had been in a wreck and repaired anywhere in the auction. Imagine that... Link to comment Share on other sites More sharing options...
Members philthygeezer Posted November 13, 2008 Members Share Posted November 13, 2008 Cars are horrible money pits. Even the good ones. Link to comment Share on other sites More sharing options...
CMS Author Craig Vecchione Posted November 13, 2008 CMS Author Share Posted November 13, 2008 I'd be very interested to see if Carfax knows about the body repair. Link to comment Share on other sites More sharing options...
CMS Author Craig Vecchione Posted November 13, 2008 CMS Author Share Posted November 13, 2008 The value didn't go anywhere. Leases are a ripoff, plain and simple. Anyone that buys the vehicle they've had for the last 3-4 years at the up front, post-lease price, is a sucker, sorry to say. One example of many I have personally witnessed... My son's mother took over her ex bosses lease on a van when he moved to the States. The lease ran out and she was given an option to buy it out for ~$25k (it's a top of the line fully loaded). She wisely passed. She went a few days without a car as she shopped around for what she wanted to buy. She was really attached to her van, liked its feel, features, drive and all that, plus she had a good rapport with a salesman there. So she heads back there at one point to see what else they have to offer that might be more her budget. Not even 3 full days after passing on buying out the lease on a van that was easily already paid for from the monthly payments, a buyout that carried a $25k tag on it, she sees her old van on the lot with a $16k sticker. She drove it back home for just under $12k that afternoon. It's worth $12k, for its age and mileage, it's still got some good years in it, but it is a used van after all. If your intention is to own the vehicle, you should buy it from the start. Leases are excellent options for many people, but not all people, and it obviously depends on your circumstances and the market in general. The general rule of thumb for large purchases is to buy things that appreciate in value, and lease those that do not appreciate, so cars are an obvious lease consideration. For many years I leased my cars. I was able to control the mileage I drove to keep it under the limits, I didn't need to tie up equity in down payments or outright purchases, and I didn't want to keep the cars more than a few years. Later my circumstances changed, and it was more advantageous to purchase, so that's what I did. The lease-end purchase price is based on the estimated value of the car, which is tricky to guess, and the lease payments. If your lease is relatively cheap, your purchase is going to be expensive. If the vehicle doesn't fair well in the used market, or the market in general declines, the car is not going to be a good value to buy. But I've had several leased cars that would have been smoking hot purchase deals at lease-end. If I'd had the cash at the time, I would have bought them and resold, but instead I used the value as leverage on the next lease deal, so it worked out well. There's no free lunch. Link to comment Share on other sites More sharing options...
Members chugheshc2 Posted November 13, 2008 Author Members Share Posted November 13, 2008 We've had the lease discussion before. We had no intention of keeping the last three vehicles, so they were leased. We would have leased this one as well, but looks like the car companies have figured out it is not really a money making proposition for them. We had to buy it this time around. oh well, see what happens in four years when we (likely) trade it in. I too would like to see the carfax on it, anyone have a subscription? C> Link to comment Share on other sites More sharing options...
Members J. Posted November 13, 2008 Members Share Posted November 13, 2008 No leasing or buying new for me. I buy junkers. Drive one into the ground, then then buy another junker. My battered '98 Prizm has 170k miles on it. I know I'll get over 200k out of her, although 300k might be wishful thinking. You never know. The engine still runs like a top. Link to comment Share on other sites More sharing options...
Members sludgebass69 Posted November 13, 2008 Members Share Posted November 13, 2008 No leasing or buying new for me. I buy junkers. Drive one into the ground, then then buy another junker. My battered '98 Prizm has 170k miles on it. I know I'll get over 200k out of her, although 300k might be wishful thinking. You never know. The engine still runs like a top. But, but............that's un-American, you've got to look at least as cool as your neighbor if not cooler. Didn't you get the memo? Link to comment Share on other sites More sharing options...
Members chugheshc2 Posted November 13, 2008 Author Members Share Posted November 13, 2008 I never had a new(er) car until 1999. Up until then, it was always used (somtimes used up).Had my share of good and bad, did my share of maintenance items.I used to enjoy doing preventive maintenance, and repairs were a fun challenge.I sort of lost interest as I got interested in carpentry, music, etc. It has also become less critical to me financially, to conserve in that manner, in the last decade.I remember the days of bruised, cut knuckles, grease under the fingernails.Smell of wd-40, brake fluid, antifreeze, motor oil, hot metal. C. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.