1st Gen Lunchtable Thread - General Discussion

Yes, yes he has

 

Everything is about/starts around $40k.
That's the new rule. How it felt when I was looking at/buying stuff anyway.

 

damn, I should slap some panels on the Sentra and give it a single stage paint job and sell it for a few K lol

 

I've sold my own in the past, the last two I sold to dealerships. But I think 2021-2022 (probably 2020 as well) are outlier years because of the market; dealers were basically buying back at what I paid, then turning around and adding a few grand on the lot. Win/win. I certainly do not expect that to be the new normal and it's already gotten worse.
I was so close to ordering again when I went used for the wagon, which is nice, more money in the kitty for maintenance / mods.
I agree, the first time you sell a car on your own, it can be a bit anxiety-inducing but once you go through the process you realize how easy it is and you're like shit..why haven't I done this before!? (Though I've never sold anything I owed money on, I don't know how much extra annoyance that might add)

 

Maaco paint and make sure you've literally just finished washing it, and the hose is still out, driveway's still wet when you take photos for Craigslist so it looks extra crispy.

 

fuck, man, I figured these would be below like $2k lol

 

New world. Used prices are going back up again too last I looked. Get that money.

 

Naturally, being a Tacoma forum, you're going to look at Toyota figures.

But be more realistic in your statement regarding purchasing versus leasing.

Good example is a $30k car.

Let's say you purchase it for 5-6 years.

Add taxes, fees, etc. and you are financing $34k with great credit at 3.99% for 6 years.

Fast forward 2-3 years or so, and you're looking to trade it in. You could still owe about $25-28k going into your second year if you understand how interest works and how it's calculated based on the remaining balance per year. At 3 years you may still have about $18-24k left to pay.

Let's take that same $30k car with a 62% residual; this means you will pay 38% in depreciation. That's $11,400 because in your closed ended lease, the bank determined that the vehicle will be worth $18,600 after your lease ends.

In a lease, you're not obligated to purchase it. You are subject to 'added wear and tear' which, if you take care of your shit, you should be good. You are not responsible for tires, and most times you had free services as all you would've needed are oil changes during said ownership.

In your lease, you may have had to come up with drive off which is basically up front fees of dmv, registration. Taxes were charged on a per month basis instead of being added to your financed amount like the above purchase.

You may be all-in at $13-14k in your lease by the time you're done. Get rid of it, and get into a new one with some possible extra incentives since you just got out of a lease especially if market value dictates that vehicle being worth only $16k. This means, the bank takes that risk of selling their vehicle at auction in hopes to get $18,600 or more. They made money on you anyway as interest (money factor).

Going back to the purchase, you've been making payments for 3 years and at the figures provided you were probably about $550/month. You've paid into your purchase almost $20k at this point, and still owe more than the value of the vehicle. If your balance is about $20k at this point, compared to the market value we talked about, you are still $2-4k underwater (not to mention all the money you've paid on payments).

I may have gone a little overboard in the explanation but simply put, if you are purchasing and trading in vehicles every few years, you are easily throwing money away compared to a lease.

Have to remember, I've done this for a living for over a decade not to mention having owned and leased vehicles in the past as well.

 

It seems like you still pay taxes and interest on a lease, but it's on the assumed depreciation after the term. And obviously the dealer is screwing an extra time with a purchase, then sale, then purchase vs a lease. So in that regard I see what you're saying about it being cheaper. I think the fundamental figure you're missing in the comparison example is the monthly lease payment, and that's where I literally have no idea what's realistic, but let me explicitly pull it out: 14k-11.4k over 3 years is only $72/month you're paying on top of depreciation, and $14k is only $389/month. So ya, I see how that could definitely be in one's best interest. So the main benefit is you're financing the depreciation instead of the whole car (?), ya, that seems like a great deal for those who like to always be driving the latest and greatest, actually.

But I don't really know what Toyota would have to do with it, their car is still just a $40k figure instead of $30k

 

Well, money factor (interest) will be on a much lower amount financed in a lease versus interest on a much larger amount finance in a purchase. So yes there is still interest to be paid, but on a smaller amount IE less interest.

Second would be a lower monthly payment; you can have a $550/mo purchase price and the same vehicle as a lease could be $350 to $400 all in.

And I'm glad you brought up the Toyota remark; people normally associate Toyota as a vehicle that is long-lasting. This would make someone feel more inclined to purchase it.

Let's say you never owned a BMW or Aston Martin. Could be a little scary for most, but manufacturers will offer great residuals on many of their vehicles, not limited to their exclusive line-up.

It's not unheard of to lease a Jeep with up to 67% residual. I used Jeep as an example because as unreliable as Fiat (now Stellantis) can be, it's a great way for someone to try it out with minimal risk, as well as jump from one brand to another.

PS as far as taxes, you pay it per month on a lease. For a purchase, you pay all of it based on the purchase price. In short, you pay less taxes as well.

 

they gone

dude wouldn't take PayPal

 

You'd take PayPal if you were him?

 

I don't see why not, I've sold lots with PayPal.

 

Why the hell wouldn't you?

 

That 1st gen factory sunroof thread makes me uncomfortable. Sunroofs are the devil. My buddy had an aftermarket one in his 02 and it was even worse.

 

I've noticed the younger crowd wanna deal with that cashapp bullshit, sometimes venmo.

And only those a bit older all have paypal. I've had mine since I had Ebay so what 2004?

 

He said cash app, which I don't have. I dunno if it has the same protections or not.

I'd happily pay the extra fee but oh well I guess, I don't really need another set of shocks anyway.

 

I don't do cashapp or Venmo, I'm not a teen buying drugs or a simp paying for nudes. I'll use PayPal like a good upstanding adult

 

Right, see?

There are two crowds; one that favors (and exclusively uses) Paypal and hates cashapp, and vice versa.