Questions for some of you guys that work at Corwin
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Leasing isn't a horrible idea, especially if you have a vehicle that has a high residual value. We have plenty of customers every day that stop in and trade their 1 year old leased vehicle in on a new model year version because the cars hold their value so well. It is true that you are essentially "renting" your car when you lease, but it's not like you are building equity by owning either.
With a lease you are financing the difference between the residual (aka buy out) value and the purchase price. If at the end of 3 years (typical lease term) your vehicle is worth less than the buyout value you can just toss the keys back to the dealer and walk away from the deal...now if the vehicles value is equal to or higher than the buy out you have a couple of other options. First you can buy out the vehicle and turn around and sell it for a profit....OR the dealer may buy the vehicle back from you at a higher than buyout price, at that time you can put the money in your pocket or use it towards the lease/purchase of your next vehicle.
Typically with a lease you are never not in warranty, so you never have to worry about repair costs. There are some vehicles that I would NEVER consider leasing, and they are all GM/Ford/Chrysler and that is only because of the rate at which they depreciate vs Honda/Toyota/Nissan/Subaru...meaning you almost always end up upside down at the end of a domestic lease (there are exceptions) and are pretty much left with the option of turning in the keys.
FWIW, most of the sales guys that work @ Corwin in sales lease their Honda's/Toyota's, even though we can buy them at wholesale prices.
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Trafik Jamz;310080 wrote:
Jake, you have my phone number (701.541.3484)...call me sometime and we'll figure out a time to look for a good car for you. I can help you out on any of the 3 corwin lots AND can help you find the car that is both fun and reliable and affordable (payments AND insurance). I'm there from 11:00 to 9:00pm tonight and 8 to 6 Fri & Sat.Trafik Jamz;310081 wrote:
Also, just because you don't see a car on our lot it doesn't mean that we don't have it. We have from 30 to 100 cars waiting to be cleaned up at any given time.Trafik Jamz;310100 wrote:
It's for sale...what do you want to know about it?Trafik Jamz;310123 wrote:
You going to be around tonight Jake? We I'd love to help you decide your best path.....that might mean that you don't buy from me and I fine with that. I can assure you I will direct you in the direction that makes the most sense for you.Trafik Jamz;310149 wrote:
Leasing isn't a horrible idea, especially if you have a vehicle that has a high residual value. We have plenty of customers every day that stop in and trade their 1 year old leased vehicle in on a new model year version because the cars hold their value so well. It is true that you are essentially "renting" your car when you lease, but it's not like you are building equity by owning either.With a lease you are financing the difference between the residual (aka buy out) value and the purchase price. If at the end of 3 years (typical lease term) your vehicle is worth less than the buyout value you can just toss the keys back to the dealer and walk away from the deal...now if the vehicles value is equal to or higher than the buy out you have a couple of other options. First you can buy out the vehicle and turn around and sell it for a profit....OR the dealer may buy the vehicle back from you at a higher than buyout price, at that time you can put the money in your pocket or use it towards the lease/purchase of your next vehicle.
Typically with a lease you are never not in warranty, so you never have to worry about repair costs. There are some vehicles that I would NEVER consider leasing, and they are all GM/Ford/Chrysler and that is only because of the rate at which they depreciate vs Honda/Toyota/Nissan/Subaru...meaning you almost always end up upside down at the end of a domestic lease (there are exceptions) and are pretty much left with the option of turning in the keys.
FWIW, most of the sales guys that work @ Corwin in sales lease their Honda's/Toyota's, even though we can buy them at wholesale prices.
By chance are you a used car salesman? lol, I am playing with you Chuck...I like the hunger!
OP - If you have no debt now, and will be making $2500-$3k month, I would advise you to buy a cheap $500 car to get you to and from work, then save as much money over the summer, and pay straight cash for your car come fall. 4-5 months at $3k month will give you $10-$12k to buy the car outright, and I will agree with those that said buying a $10k used car is a much wiser choice than a new/newer $25k car...everyone has different situation and finances, so this rule may not apply to a family that is 'well off' and willing to help or purchase a car for their kid, but if you plan to work your butt off, do so and be proud on the day you can pay for your car in cash, and don't give away free money to banks.
- Jason
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I make about that much a month and im still broke. And I dont even have a car payment.
But if I was you Id get a car. You dont work to save money, you work to spend it.
If you can get a loan go for it. Thats my problem my parents wont cosign for me, so im just saving up to pay in cash. And you can usually get a better deal paying cash.
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FG2;310154 wrote:
OP - If you have no debt now, and will be making $2500-$3k month, I would advise you to buy a cheap $500 car to get you to and from work, then save as much money over the summer, and pay straight cash for your car come fall. 4-5 months at $3k month will give you $10-$12k to buy the car outright, and I will agree with those that said buying a $10k used car is a much wiser choice than a new/newer $25k car...everyone has different situation and finances, so this rule may not apply to a family that is 'well off' and willing to help or purchase a car for their kid, but if you plan to work your butt off, do so and be proud on the day you can pay for your car in cash, and don't give away free money to banks.- Jason
I agree with Jason... however it is kinda hard to build credit this way (this is why i have no credit, i save and pay in cash for everything)...
If his step mom is who I think she is (some lady had the same last name and bought some parts for a Bravada at work one time) iirc she looked pretty good, lol...
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Bp-08;310156 wrote:
And you can usually get a better deal paying cash.WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG WRONG
You will <u>ALWAYS</u> get a better deal by financing with the dealer. Why? Because they get paid by the banks for doing the financing. I've sold cars at a loss for the dealership, but the dealership makes some of the money back in finance so it makes sense for them to do so.
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DelSlow;310169 wrote:
They have to be, considering the turn around on salesman at Corwin is ~ 3 months.New guys tend to make it 3 months before they quit as not everyone can handle the stress of starting the first few days of a month off with $0 earned. USUALLY those who make it longer than that stick around for the long haul. We have (on the Honda side) over 1/2 of our sales staff who have been there at least 3 years...the Dodge side is even higher. IDK about Toyota though.
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FG2;310154 wrote:
By chance are you a used car salesman? lol, I am playing with you Chuck...I like the hunger!I just want Jake to deal with someone he knows and someone who isn't going to take advantage of his noobness when it comes to auto purchases/financing. I've bought a lot of cars over the years, and I really wish I would have worked in auto sales when I was younger, I would have saved a bunch of money and gotten better deals if I had only known @ 19 what I knew @ 29.
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I think dumping all the money i could into one of the shittest assets there is right now is a really poor move.
I also want to know how people are expecting to pull down 3k/mo. That's net, uncle sam gets his cut, see-it-in-the bank money?
To throw that in perspective, if you did 3k/mo net for the whole year, that's 36k year after taxes. Divide that into 50 salaried work weeks, and cut each work week into 40 hours, and that works out to $18/hr, after all taxes.
You're saying you can land a mid-$25/hr (once govt theft is added back in) sort of job and do that 40+ hours a week all summer long?
What kind of work is that?
The unemployment rate for teens and twenty-somethings is almost 30% right now, nationwide. Kids are finishing school and moving back in with their parents. The market took a shit today, the euro is about to collapse, and the dollar is probably going to go into hyperinflation within 12 months.
Now seems like a really stupid time to go into an ass ton of debt over a hyper-depreciating American V8 sedan.
Keep the car(s) you've got if they work. If they don't, fix them. Use the rest of the money you get to buy guns, minted silver and gold, and other post-collapse necessities.
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wishinsky;310141 wrote:
Shes actually 32 haha and going to law school at UND. Yeah i know what you mean and i do want to save up some money to and i know you guys are just trying to me the truth and that it isn't all to easier. And i know what it is like for an extended period i worked there all last summer for about 2.5 months and then every sunday and saterday for the last 6 months and i have been working there for about a month.I guess I have no idea what your long term plan is, but it sounds like you are kinda set in making this a career path of some sort. The point I'm trying to make is, 2.5 months isn't a long period of time when you start talking about the the next 50 years of your life...you'd be surprised how bored you can get after multiple years of the same thing.
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FG2;310154 wrote:
By chance are you a used car salesman? lol, I am playing with you Chuck...I like the hunger!OP - If you have no debt now, and will be making $2500-$3k month, I would advise you to buy a cheap $500 car to get you to and from work, then save as much money over the summer, and pay straight cash for your car come fall. 4-5 months at $3k month will give you $10-$12k to buy the car outright, and I will agree with those that said buying a $10k used car is a much wiser choice than a new/newer $25k car...everyone has different situation and finances, so this rule may not apply to a family that is 'well off' and willing to help or purchase a car for their kid, but if you plan to work your butt off, do so and be proud on the day you can pay for your car in cash, and don't give away free money to banks.
But i don't want to pay for it all in cash because my step mom said it will help establish credit if i just do financing and make my payments on time every time
- Jason
Bp-08;310156 wrote:
I make about that much a month and im still broke. And I dont even have a car payment.But if I was you Id get a car. You dont work to save money, you work to spend it.
If you can get a loan go for it. Thats my problem my parents wont cosign for me, so im just saving up to pay in cash. And you can usually get a better deal paying cash.
Exactly i am working for money and i want something to show for it, something i like and wanted and that will last me through out my college years and me not having to worry.
bubba;310161 wrote:
I agree with Jason... however it is kinda hard to build credit this way (this is why i have no credit, i save and pay in cash for everything)...If his step mom is who I think she is (some lady had the same last name and bought some parts for a Bravada at work one time) iirc she looked pretty good, lol...
Exactly why i want to finance, so i can get some credit. And yes if it was the same lastname and it was for a bravada that woulda been her haha.
Trafik Jamz;310191 wrote:
I just want Jake to deal with someone he knows and someone who isn't going to take advantage of his noobness when it comes to auto purchases/financing. I've bought a lot of cars over the years, and I really wish I would have worked in auto sales when I was younger, I would have saved a bunch of money and gotten better deals if I had only known @ 19 what I knew @ 29.Haha thanks chuck and i appreciate your willingness to help someone as noobish as me
.PSiedTSi;310206 wrote:
I guess I have no idea what your long term plan is, but it sounds like you are kinda set in making this a career path of some sort. The point I'm trying to make is, 2.5 months isn't a long period of time when you start talking about the the next 50 years of your life...you'd be surprised how bored you can get after multiple years of the same thing.haha yeah and thats very true. I ain't looking to make this a career path but this will be my career path for the next year of my life as i am waiting for my girlfriend to graduate so i can go to college where i want.
And for who ever said that me make 2.5 to 3k is before my taxes and blah blah blah. No its not that is what goes in my pocket. I have never had a paycheck smaller then 1.3k for my two weeks check.
Chuck i did happen to make it in actually tonight but you guys where closed. I was looking at price wise and figure i don't want to go with a 25k car even though that awd 300hp G35 at luther is pretty sick....I want 4 doors and roomy, i wanna be comfortable haha. I saw you guys got a 300c for about 13k and there was a charger for about 13k... I am going to have to stop by tomorrow and talk to you and get a feel for what you guys have for cars and prices.
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wishinsky;310211 wrote:
Exactly i am working for money and i want something to show for it, ** something i like and wanted and that will last me through out my college years and me not having to worry.**haha yeah and thats very true. I ain't looking to make this a career path but this will be my career path for the next year of my life as i am waiting for my girlfriend to graduate so i can go to college where i want.
1- how do you plan to pay for this when you do start college, or do you plan to have it paid off in a year?? BTW, the <$15k range at least sounds much more reasonable, I think most people were pointing out that ~$25k is ridiculous at your age/situation.
2- 99% of HS relationships don't last through freshman year (get to college and you'll see why:drunken_smilie:), so I don't suggest changing your whole life for a HS GF, that being said, I'm happily married to my HS GF, so it does happen, but I'm still a pessimist.
3- Most people who start working right out of HS and say they are going to go to college in a few years never do, at least not until they are way older when college is no fun. I would suggest you at least take some pre-reqs at the Tech or something and work part time so you get some credits done, it will make it easier/more fun when you do go. Also, College is an amazing good time, I wouldn't want to miss it at your age.
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you know what, have fun when your young. As long as you can afford it, buy whatever the hell you want. All of the financial advice that these guys are giving you is great, and would be the smarter move. But I know what it is like to be young and want that nice car. And to be totally honest I have always had what I wanted. you can get a Mazdaspeed3 for 23k. 4 doors, turbocharged, quick, and stylish. I think that is everything on you list. Unfortunatly you cant lease one, but you can lease a mazda3 hatch for like $180/mnth. They always have some pretty decent deals up there, right now they have GREAT leasing deals.
Point is, it your money, do what you want, you have the rest of your life to be fiscally responsible.
[SIGPIC][/SIGPIC]
12.645@118mph 12.6psi
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wishinsky;310211 wrote:
Chuck i did happen to make it in actually tonight but you guys where closed. I was looking at price wise and figure i don't want to go with a 25k car even though that awd 300hp G35 at luther is pretty sick....I want 4 doors and roomy, i wanna be comfortable haha. I saw you guys got a 300c for about 13k and there was a charger for about 13k... I am going to have to stop by tomorrow and talk to you and get a feel for what you guys have for cars and prices.We are here until 6 today/tomorrow....give me a text before you head over and I'll make sure I have the time to work with you.
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fdfreak;310215 wrote:
you know what, have fun when your young. As long as you can afford it, buy whatever the hell you want.I haven't been without a car payment for 10 years (since I was 16). Haven't decided if the next will be a mortgage or a diesel yet.
haha 1 wheel spinning for the win!
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