First truck on my own. My parents bought me a chevy but couldn't stand it so I went and got financed on my own. 500 month for 5 years with 0 down and broke even on my chevy. Plan on paying double payments when out of college.

Just had to get out of the damn chevy!

 

If you want to sentence yourself to a lifetime of car payments, leasing is a fine way to go -- especially at your relatively young age.

The question I would ask is, "At your young age, does it really matter that you're driving a brand new vehicle?" I assure you that in 10 years, no one will care what vehicle you were driving at 21 -- but they will be impressed by the financial position you've put yourself in whereby a man in his early 30's owns his new vehicle outright!

The financial decisions you make in your early 20's (smart or stupid) can have a huge impact on the kind of life you will be able to live in the years to come!

 

That is true. I guess i just look at the payments per month. I pay 255 with nothing down on my truck right now. The lease is up this time next year. So i dont know what i am going to do. I have a pretty decent job and i have a lot of trades i know. I am a paid on call firefighter and my dad owns 2 businesses which i know someday i will probably take over or buy from him. A butcher store and a HVAC business. Maybe i will look at an older F-150 or something and buy it outright and save up like you all are doing.

 

Hey -- if you're going to inherit a wad in the end, it probably doesn't matter what you do!

But for most of us (it certainly was the case for me) our financial outcomes in life are dependent on what we do for ourselves -- not what happens when the "old man" dies!

If you have loads of disposable cash to play with, leasing is an indulgence you can probably afford -- we all have to have some "throw away" money expenditures in our lives. But for folks who have more "typical" economic circumstances, leasing tends to be like putting lipstick on a dog.....

But just a bit of advice -- at 21 I don't think I would assume I was going to inherit a dime from my old man. An untimely death, a tragic disease, or an extended stay toward the end in a nursing home could EASILY wipe out everything your father worked for and saved over his entire life. You could easily find yourself "banking" on something that wasn't waiting for you in the end -- and by the time you realized it, it could be too late!

 

Well, at least you're open to listening. I wish I could get my stepson to hear me. Anyway, leasing? Almost always bad. You get nothing except a new car to drive for a limited amount of miles. Save. It's no fun, but hey, someday you're gonna want a house. Good luck.

 

OMG!!!!! I love the honesty though!

 

He ain't smart enuff to lie.

 

No im not waiting on my old man to croak so i can take his business. I dont expect it either. I have to work hard for him and show him that i want to build it and keep it going. I dont know get it handed to me. Alot of people think i do. Yea i had it pretty good growing up and what not. But as soon as i got out of high school it was working. Went to Fire Academy and been doing that for a while. I work hard for my money and I want to be able to take care of my old man like he did for me. You guys are right about the leasing thing though. Do i want to lease no, but right now it seems the only way to be able to afford any vehicle is to lease. Its cheapest thing right now. I will save my money and hopefully take the advise from you guys and buy my next vehicle. Thanks for all your guys input. I really appreciate it.

 

mafd2007, I am in the same position you are bro. I am getting ready to turn 22 and I graduate college this year. Two summers ago, I purchased my current truck for over $8k off of sticker. I pay $269/month and I am buying it. Leasing sucks, so get out of it as soon as you can.

 

Depends on the interest rate they're gonna give you. Right now they have 0% so if that was your case then I'd much rather have 30k in the bank drawing 5% interest than to pay for a vehicle outright.

 

financed

 

It's about time for you to trade up for an '07 isn't it?

Come on man, you could save Ford all by yourself.

 

I agree! I got mine for $0 down and 0% interest for the life of the loan. I can save my dollar bills for the strip clubs

 

Reminds me of the sailor who re-enlisted and got a $7,000 bonus.
He went to a classy hotel for a three-day weekend and called up hookers, booze and room service. The tab came to $5,000.
When asked what he did with the other $2,000 he said,

"Oh, I blew that.".

 

I like to use the banks money,not mine.I have always been ahead on my cars.I sold my last truck 03 Chevy,made $12,000 to put down on the Ford.My note on a $42,000 (window sticker) truck is $380 a month.I am 33 and own my house,and me and my wife have had over 14 cars.I have found that 3 years is the magic number to sale a car,they are still like new and pull good money.Unless you are super rich,never pay cash for a car.They lose there value to quick,they are the worst investment you can make.My problem is I like the new car smell.LOL