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That's right, We are 36 00:01:51,200 --> 00:01:53,920 Speaker 2: doing a lowout sales seventy five percent off for a 37 00:01:53,960 --> 00:01:57,080 Speaker 2: limited time only. Go to eyl university dot com right 38 00:01:57,120 --> 00:01:58,560 Speaker 2: now and sign up. 39 00:01:58,720 --> 00:02:00,320 Speaker 3: See you on the other side. 40 00:02:01,600 --> 00:02:06,240 Speaker 4: My graduates from my school being forced back drop b 41 00:02:06,560 --> 00:02:07,560 Speaker 4: drop my. 42 00:02:07,760 --> 00:02:22,120 Speaker 2: Drop back drop drop. So we're gonna jump right into it, right. 43 00:02:22,200 --> 00:02:25,400 Speaker 2: So we get a lot of feedback on Instagram recently 44 00:02:25,960 --> 00:02:31,360 Speaker 2: about leasing cars, buying cars, right now you have a 45 00:02:31,400 --> 00:02:34,480 Speaker 2: wealth of information being in the car industry for how long, 46 00:02:34,520 --> 00:02:35,360 Speaker 2: over ten years. 47 00:02:35,639 --> 00:02:38,440 Speaker 4: Well, twenty years now this year, actually twenty years in 48 00:02:38,480 --> 00:02:40,720 Speaker 4: the car industry from the bank to the dealership side. 49 00:02:40,800 --> 00:02:43,960 Speaker 2: Yeah, you've worked every every facet, basically every fascet. So 50 00:02:44,520 --> 00:02:47,080 Speaker 2: all right, so we're gonna get into your backstory. But 51 00:02:47,080 --> 00:02:48,840 Speaker 2: before we get into the backstory, I want to just 52 00:02:48,880 --> 00:02:52,720 Speaker 2: jump right into it because people take this like very personal. 53 00:02:53,000 --> 00:02:55,840 Speaker 2: I notice, it's like a real personal thing. Like it's like, 54 00:02:56,400 --> 00:02:58,440 Speaker 2: you got like a thousand comments over a video that 55 00:02:58,480 --> 00:03:01,079 Speaker 2: we're posting and people are like, that's a terrible idea. 56 00:03:01,160 --> 00:03:02,519 Speaker 2: Should never lease a car? And people are like, no, 57 00:03:02,560 --> 00:03:05,240 Speaker 2: you should never buy a car. People arguing with each other, 58 00:03:05,280 --> 00:03:07,840 Speaker 2: they're about to start fighting on Instagram. So it's like 59 00:03:07,880 --> 00:03:09,919 Speaker 2: I realized it's one of those things that's very emotional 60 00:03:09,960 --> 00:03:12,280 Speaker 2: for people, and nobody wants to feel like they made 61 00:03:12,280 --> 00:03:14,680 Speaker 2: a mistake. So if you brought a car, it's like, 62 00:03:14,720 --> 00:03:16,200 Speaker 2: you don't want to admit that that might be a 63 00:03:16,240 --> 00:03:17,840 Speaker 2: bad you brought up at least a car. You might 64 00:03:17,880 --> 00:03:20,320 Speaker 2: not want to say that's a bad idea. So everybody's like, 65 00:03:20,520 --> 00:03:23,880 Speaker 2: you know, so my personal opinion on it is that 66 00:03:24,360 --> 00:03:27,560 Speaker 2: you know, there's no right shoe that fits all feet. Right, 67 00:03:28,160 --> 00:03:31,440 Speaker 2: leasing is a great option for a lot of people. 68 00:03:31,720 --> 00:03:33,239 Speaker 2: Buying a car could be a great option for a 69 00:03:33,280 --> 00:03:34,840 Speaker 2: lot of people. Buying a used car could be a 70 00:03:34,840 --> 00:03:37,360 Speaker 2: great option for a lot of people. Think with our podcast, 71 00:03:37,520 --> 00:03:40,040 Speaker 2: we're just trying to provide information, right, so and. 72 00:03:40,360 --> 00:03:41,800 Speaker 3: Just so we know, like we've done both. 73 00:03:42,120 --> 00:03:46,200 Speaker 2: Oh yeah, Personally, I tell my story. Yeah, so my 74 00:03:46,320 --> 00:03:48,800 Speaker 2: personal journey and cause is when I when I graduate 75 00:03:48,840 --> 00:03:50,760 Speaker 2: from college, Right, that was my first time getting a car. 76 00:03:50,880 --> 00:03:52,720 Speaker 2: I didn't have a car before that. So when I 77 00:03:52,800 --> 00:03:55,720 Speaker 2: graduated from college, I came home and the first car 78 00:03:55,800 --> 00:03:58,680 Speaker 2: that I had, I wanted a luxury car, so I 79 00:03:58,760 --> 00:04:02,400 Speaker 2: brought I brought a used Infinity out of G thirty five. 80 00:04:02,400 --> 00:04:05,200 Speaker 2: Infinity like a couple of years, but it was it 81 00:04:05,240 --> 00:04:10,000 Speaker 2: was nice car. Cool that Uh So I had to 82 00:04:10,080 --> 00:04:12,920 Speaker 2: had a G thirty five and it was nice. And 83 00:04:13,000 --> 00:04:15,040 Speaker 2: I had that car about five years. I had a 84 00:04:15,160 --> 00:04:18,840 Speaker 2: terrible interest rate because I didn't have any credit. So 85 00:04:18,880 --> 00:04:20,279 Speaker 2: I'm just trying to figure it out as I go. 86 00:04:20,480 --> 00:04:26,560 Speaker 2: So in year five started to like fall apart tires. 87 00:04:26,600 --> 00:04:30,479 Speaker 2: I had to start buying tires and like transmission and 88 00:04:30,480 --> 00:04:32,640 Speaker 2: a whole bunch of everything to start falling apart on it. Right, 89 00:04:32,839 --> 00:04:35,360 Speaker 2: So I need a new car. So when I was 90 00:04:35,440 --> 00:04:38,800 Speaker 2: I went to the now it sound upgrade. So I 91 00:04:38,839 --> 00:04:41,720 Speaker 2: went to the BMW dealership and I was about to 92 00:04:41,720 --> 00:04:44,880 Speaker 2: get a BMW. So when I went to the dealership, 93 00:04:44,960 --> 00:04:46,440 Speaker 2: I want to buy. I want to buy a car. 94 00:04:46,560 --> 00:04:48,080 Speaker 2: I'm thinking, like, I want to buy a car. On 95 00:04:48,160 --> 00:04:50,120 Speaker 2: a rent a car, buy a car. 96 00:04:50,560 --> 00:04:53,920 Speaker 3: We heard that that that line, Well, it's all right, 97 00:04:54,040 --> 00:04:55,640 Speaker 3: we don't buy we don't. At least we bought the 98 00:04:55,640 --> 00:04:58,200 Speaker 3: whole cars you should. We grew up thinking like, yeah, 99 00:04:58,200 --> 00:04:58,880 Speaker 3: you got to buy a car. 100 00:04:59,000 --> 00:05:02,440 Speaker 2: Jay Z really tanged at our ring shot shout out 101 00:05:02,480 --> 00:05:04,840 Speaker 2: to Jay. I saw a guy. But yeah, he said 102 00:05:04,839 --> 00:05:06,560 Speaker 2: that line. We don't least we bought a whole call 103 00:05:06,640 --> 00:05:10,560 Speaker 2: as you should. We like we got by car. That's 104 00:05:10,600 --> 00:05:13,039 Speaker 2: the mentality he was having. So when I went to 105 00:05:13,080 --> 00:05:15,599 Speaker 2: the dealership, that the guy he was telling me, he's like, 106 00:05:15,640 --> 00:05:20,160 Speaker 2: nobody buys called. Everybody that comes here has money. Nobody's 107 00:05:20,160 --> 00:05:22,159 Speaker 2: bout ninety percent of people here at leasing cars. So 108 00:05:22,200 --> 00:05:24,200 Speaker 2: I'm like why, And then I started to dig deep 109 00:05:24,200 --> 00:05:26,960 Speaker 2: into it, and then I started to understand why he 110 00:05:27,040 --> 00:05:29,479 Speaker 2: said that as far as like the tax business benefits 111 00:05:29,520 --> 00:05:31,240 Speaker 2: and all of the different things that come the benefits 112 00:05:31,279 --> 00:05:34,360 Speaker 2: that come to leasing. So then my last two cars 113 00:05:34,640 --> 00:05:37,679 Speaker 2: at least I had at least a BMW now leasing 114 00:05:37,720 --> 00:05:40,520 Speaker 2: the bens and I don't know what I'll do next, 115 00:05:40,560 --> 00:05:41,680 Speaker 2: but I'll probably. 116 00:05:41,480 --> 00:05:43,880 Speaker 3: End up our story of the Cimmar Like around that 117 00:05:43,960 --> 00:05:46,119 Speaker 3: same time, before you had a car, he was driving 118 00:05:46,120 --> 00:05:49,080 Speaker 3: everybody's car, Like, SHO need your car, So he was 119 00:05:49,160 --> 00:05:51,480 Speaker 3: driving cars and he I brought it with me when 120 00:05:51,520 --> 00:05:54,560 Speaker 3: I got my second car was a BMW and we 121 00:05:54,600 --> 00:05:58,040 Speaker 3: had a crazy story there at the dealership, but I was. 122 00:05:58,160 --> 00:06:00,320 Speaker 3: I financed it and I got the payment out. They 123 00:06:00,320 --> 00:06:01,640 Speaker 3: were like, I never forget. 124 00:06:01,520 --> 00:06:03,920 Speaker 2: When you crash your car before I got it off 125 00:06:03,920 --> 00:06:04,360 Speaker 2: the line. 126 00:06:04,480 --> 00:06:07,120 Speaker 3: Yeah, we crashed it right, Yeah, as soon as I 127 00:06:07,200 --> 00:06:08,640 Speaker 3: drove they were like, ah, now just leave it will 128 00:06:08,680 --> 00:06:10,440 Speaker 3: come back another day. So I crashed it, well, they 129 00:06:10,440 --> 00:06:12,640 Speaker 3: crashed it as soon as I got it. It was 130 00:06:12,640 --> 00:06:14,240 Speaker 3: like five hundred and sixty two dollars for the payment. 131 00:06:14,279 --> 00:06:15,400 Speaker 3: I was like twenty four years old. 132 00:06:15,640 --> 00:06:17,320 Speaker 4: I was like, man, you were financing that car. 133 00:06:17,400 --> 00:06:18,800 Speaker 3: I was like, well that's a lot. Yeah, I said, 134 00:06:18,800 --> 00:06:20,840 Speaker 3: that's a lot. But you know what let's just go 135 00:06:20,920 --> 00:06:23,400 Speaker 3: for it. And like you said, we was cruising it. 136 00:06:23,400 --> 00:06:27,120 Speaker 3: It was a nice car and year four or five, 137 00:06:27,240 --> 00:06:30,000 Speaker 3: like those BMW's, they had just changed the body. It 138 00:06:30,040 --> 00:06:31,640 Speaker 3: was like two thousand and four. It had just changed 139 00:06:31,680 --> 00:06:33,760 Speaker 3: the body. I got in two thousand and six, and 140 00:06:34,520 --> 00:06:36,640 Speaker 3: every time something was wrong in the car, like it 141 00:06:36,720 --> 00:06:38,960 Speaker 3: was the center would go off and censors would go off. 142 00:06:39,000 --> 00:06:40,800 Speaker 3: I was just like, this is just getting annoying. And 143 00:06:40,839 --> 00:06:42,680 Speaker 3: every time you fix the sensor it was like three 144 00:06:42,760 --> 00:06:45,400 Speaker 3: hundred sixty dollars. I was like, this is crazy. Finally 145 00:06:45,440 --> 00:06:48,160 Speaker 3: I paid it off. It was like twenty twelve, and 146 00:06:48,480 --> 00:06:50,240 Speaker 3: I'm like, what am I gonna do with this car? 147 00:06:50,279 --> 00:06:52,200 Speaker 3: Like it was a fifty thousand dollars car. I looked 148 00:06:52,240 --> 00:06:54,359 Speaker 3: at the value of it because I was driving it everywhere. 149 00:06:54,440 --> 00:06:55,440 Speaker 3: The miles was crazy. 150 00:06:55,960 --> 00:06:56,200 Speaker 2: I was. 151 00:06:56,279 --> 00:06:57,960 Speaker 3: They were like, we'll give you six thousand dollars for 152 00:06:58,000 --> 00:07:01,000 Speaker 3: this thing, and I was like what right after six 153 00:07:01,160 --> 00:07:05,640 Speaker 3: years of pain? And then like the parts, like I said, 154 00:07:05,880 --> 00:07:08,159 Speaker 3: the parts themselves. Like that's one thing that I learned 155 00:07:08,279 --> 00:07:10,560 Speaker 3: is like no matter how old the car is, the 156 00:07:10,560 --> 00:07:13,360 Speaker 3: parts don't depreciate. So like if you bought it in 157 00:07:13,480 --> 00:07:16,400 Speaker 3: nineteen eighty six, and you need new parts. The parts 158 00:07:16,440 --> 00:07:19,560 Speaker 3: still cost the same, and I was like, you know what, 159 00:07:19,640 --> 00:07:23,000 Speaker 3: this is it man? And the final straw. My son 160 00:07:23,120 --> 00:07:27,000 Speaker 3: was born and I had the BMW five twenty five. 161 00:07:27,320 --> 00:07:28,800 Speaker 3: At that time, it was still coming in real world. 162 00:07:28,800 --> 00:07:31,040 Speaker 3: They didn't have four wheel driving all the cars. And 163 00:07:31,080 --> 00:07:33,720 Speaker 3: I was coming up the hell in my house and 164 00:07:33,760 --> 00:07:36,400 Speaker 3: the car started rolling back. It was snowing aground and 165 00:07:36,440 --> 00:07:38,600 Speaker 3: literally the third day, like, that's what you bring your 166 00:07:38,640 --> 00:07:42,360 Speaker 3: kid home? And we like went into oncoming traffic and 167 00:07:42,400 --> 00:07:43,440 Speaker 3: I was like, this is it. 168 00:07:43,640 --> 00:07:44,080 Speaker 2: I'm done. 169 00:07:44,080 --> 00:07:47,280 Speaker 3: I'm never driving his car again. I'm never buying a 170 00:07:47,320 --> 00:07:49,560 Speaker 3: car again. That's the end of the story. And I 171 00:07:49,600 --> 00:07:51,040 Speaker 3: literally walked them up the hill and left the car 172 00:07:51,040 --> 00:07:53,800 Speaker 3: down the street. We never got back back in wild. 173 00:07:54,040 --> 00:07:57,320 Speaker 2: So, yeah, so we're gonna go into the details of 174 00:07:57,560 --> 00:08:00,480 Speaker 2: leasing versus buying. I'm gonna say it for my standpoint 175 00:08:00,520 --> 00:08:02,560 Speaker 2: as far as owner before. But first I want to 176 00:08:02,560 --> 00:08:04,360 Speaker 2: give you the floor, right, all right, So can we 177 00:08:04,400 --> 00:08:08,480 Speaker 2: talk about the difference between leasing and buying a car? 178 00:08:08,680 --> 00:08:11,080 Speaker 2: What are some key differences in leasing a car and 179 00:08:11,080 --> 00:08:11,680 Speaker 2: buying a car? 180 00:08:12,160 --> 00:08:15,600 Speaker 4: Well, on at least most people, you'll hear that a 181 00:08:15,640 --> 00:08:17,400 Speaker 4: lot people say, well, you don't own the car, right, 182 00:08:17,600 --> 00:08:19,720 Speaker 4: But the truth is, do you want to own a 183 00:08:19,800 --> 00:08:21,080 Speaker 4: vehicle that's going to lose value? 184 00:08:21,160 --> 00:08:21,320 Speaker 2: Right? 185 00:08:21,920 --> 00:08:24,440 Speaker 4: Very rarely do cars go up in value. So that's 186 00:08:24,440 --> 00:08:27,280 Speaker 4: why leasing is so prevalent, seventy eighty percent, Like you said, 187 00:08:27,440 --> 00:08:30,040 Speaker 4: of people lease the vehicles. When you're financing the vehicle, 188 00:08:30,080 --> 00:08:33,840 Speaker 4: you do, you technically own it, but the bank owns 189 00:08:33,880 --> 00:08:36,360 Speaker 4: it while you're financing. So until you pay it off, 190 00:08:37,000 --> 00:08:39,520 Speaker 4: the vehicle still belongs to the bank title the titles 191 00:08:39,520 --> 00:08:41,760 Speaker 4: held by the bank. You're not the owner of that vehicle. 192 00:08:42,320 --> 00:08:44,679 Speaker 2: That's something that's that's a common misconception. You don't own 193 00:08:44,679 --> 00:08:48,040 Speaker 2: a car the way until you finally pay it off. 194 00:08:48,080 --> 00:08:49,680 Speaker 2: And then when you do pay it off, most people 195 00:08:49,720 --> 00:08:50,320 Speaker 2: want to trade it in. 196 00:08:50,320 --> 00:08:52,440 Speaker 4: They want to trade it right away old by the 197 00:08:52,480 --> 00:08:53,280 Speaker 4: time you own it now. 198 00:08:53,160 --> 00:08:56,360 Speaker 2: It's old exactly. But another thing with the leasing that 199 00:08:56,400 --> 00:08:58,560 Speaker 2: people don't fully understand is like for me personally, right, 200 00:08:58,640 --> 00:09:02,920 Speaker 2: the reason why at least is that I'm a business owner, right, 201 00:09:03,280 --> 00:09:05,280 Speaker 2: so I get better tax treatment for least in the car. 202 00:09:05,720 --> 00:09:08,360 Speaker 2: Whereas like with the least I can write off the insurance, 203 00:09:08,400 --> 00:09:12,280 Speaker 2: the gas and the least payment formula percentage, we won't 204 00:09:12,280 --> 00:09:14,320 Speaker 2: get too complicated in it. But I can write that 205 00:09:14,400 --> 00:09:17,199 Speaker 2: off on my taxes. If I own the car, then 206 00:09:17,240 --> 00:09:19,320 Speaker 2: I could only have to go a by the depreciation 207 00:09:19,760 --> 00:09:22,320 Speaker 2: because it's a own I get less of a tax 208 00:09:22,400 --> 00:09:25,640 Speaker 2: benefit for owning a car, So it's in my benefit 209 00:09:25,800 --> 00:09:28,760 Speaker 2: to lease the car because it's pretty much a write 210 00:09:28,760 --> 00:09:32,760 Speaker 2: off for me, and I don't have to worry about maintenance. Right, 211 00:09:32,880 --> 00:09:35,760 Speaker 2: So I never haven't gotten I haven't paid for oil 212 00:09:35,840 --> 00:09:38,360 Speaker 2: change and I can't remember when because all least everything 213 00:09:38,440 --> 00:09:41,959 Speaker 2: is paid for, yes, and then I get a new 214 00:09:42,000 --> 00:09:44,840 Speaker 2: car every three years. It's not I always sell, like 215 00:09:44,880 --> 00:09:47,480 Speaker 2: if you want to. Everybody's personal preference is different. You 216 00:09:47,480 --> 00:09:50,640 Speaker 2: can't foreshew views on somebody, right, Like if you want 217 00:09:50,679 --> 00:09:52,920 Speaker 2: to keep a car for ten years, that shit right, 218 00:09:53,440 --> 00:09:55,440 Speaker 2: you can do that. I don't want to do that. 219 00:09:55,520 --> 00:09:57,840 Speaker 2: I want a new car. So I know it's going 220 00:09:57,880 --> 00:09:59,720 Speaker 2: to cost me a lot more money to buy a 221 00:09:59,720 --> 00:10:01,839 Speaker 2: car and then buy a new car every three years 222 00:10:02,120 --> 00:10:04,080 Speaker 2: as opposed to leasing a car and then getting a 223 00:10:04,080 --> 00:10:07,000 Speaker 2: new car every three years. And the upper front is 224 00:10:07,080 --> 00:10:08,360 Speaker 2: less yep, right. 225 00:10:08,240 --> 00:10:11,800 Speaker 4: Yeah, absolutely yeah. On a lease, you only pay let's 226 00:10:11,800 --> 00:10:13,960 Speaker 4: say the taxes right when you're financing in the vehicle 227 00:10:14,000 --> 00:10:15,880 Speaker 4: you pay tax on the whole price of the car, 228 00:10:16,200 --> 00:10:17,960 Speaker 4: or on a lease you only pay tax and let's 229 00:10:17,960 --> 00:10:19,719 Speaker 4: say the monthly payment. Depending on the state and where 230 00:10:19,720 --> 00:10:22,160 Speaker 4: you're registering the car, Let's say like New York, you're 231 00:10:22,160 --> 00:10:24,080 Speaker 4: only paying tax on the monthly payment. 232 00:10:25,000 --> 00:10:27,440 Speaker 2: Right. So I think that that's something that people could 233 00:10:27,840 --> 00:10:29,839 Speaker 2: And as far as for me, I don't drive a lot, 234 00:10:30,160 --> 00:10:33,560 Speaker 2: so twelve thousand miles. I never go with twelve thousand miles. 235 00:10:33,559 --> 00:10:37,440 Speaker 2: I usually hit like eleven ten to five, So it's 236 00:10:37,440 --> 00:10:39,480 Speaker 2: perfect for me. But you were saying, even if you 237 00:10:39,520 --> 00:10:40,920 Speaker 2: do go with twelve thousand. 238 00:10:40,960 --> 00:10:42,880 Speaker 4: That's a big misconception. Also, it's a lot of people 239 00:10:42,920 --> 00:10:44,880 Speaker 4: think that if I drive a lot of mileage, I 240 00:10:44,880 --> 00:10:45,680 Speaker 4: shouldn't be leasing. 241 00:10:45,720 --> 00:10:45,880 Speaker 2: You know. 242 00:10:45,920 --> 00:10:47,400 Speaker 4: You hear a lot of people come in and they say, 243 00:10:47,480 --> 00:10:49,320 Speaker 4: you know, I do fifteen twenty thousand miles a year, 244 00:10:49,360 --> 00:10:51,200 Speaker 4: I shouldn't you know? Leasing is not for me. I 245 00:10:51,240 --> 00:10:53,600 Speaker 4: think the contrary. The way I look at it is 246 00:10:54,320 --> 00:10:57,160 Speaker 4: when you're leasing the vehicle, even if it's a high mileage, 247 00:10:57,280 --> 00:10:59,360 Speaker 4: least you know your true cost of ownership, Like you said, 248 00:10:59,400 --> 00:11:01,600 Speaker 4: with maintenance, right, you know that you're gonna have this 249 00:11:01,679 --> 00:11:03,920 Speaker 4: car three years you're gonna put fifteen thousand miles a year, 250 00:11:03,960 --> 00:11:07,920 Speaker 4: you'll have forty five thousand miles. Most warranties are let's say, 251 00:11:07,920 --> 00:11:10,120 Speaker 4: four year, fifty thousand mile bumper to bump a warranty, 252 00:11:10,200 --> 00:11:13,040 Speaker 4: so you'll still covered under your warranty, you see what 253 00:11:13,080 --> 00:11:14,120 Speaker 4: I mean. So you'll be able to look at it 254 00:11:14,160 --> 00:11:15,800 Speaker 4: and say, hey, you know what, I know exactly what 255 00:11:15,800 --> 00:11:17,800 Speaker 4: I'm gonna be paying every month for this car as 256 00:11:17,800 --> 00:11:20,480 Speaker 4: long as I have my lease. Now, when you're financing 257 00:11:20,480 --> 00:11:22,120 Speaker 4: a car and you're putting high mileage on the car, 258 00:11:22,240 --> 00:11:24,960 Speaker 4: the two things that lower the value of the car 259 00:11:25,040 --> 00:11:27,040 Speaker 4: quickest is the amount of milege you put on it 260 00:11:27,160 --> 00:11:29,319 Speaker 4: and the condition of the car. So let's save the 261 00:11:29,400 --> 00:11:32,160 Speaker 4: vehicle was in an accident. So if I'm leasing my 262 00:11:32,280 --> 00:11:36,199 Speaker 4: car and someone that my next door neighbors buying their 263 00:11:36,280 --> 00:11:39,200 Speaker 4: vehicle and they're financing their car in three years, I 264 00:11:39,240 --> 00:11:41,280 Speaker 4: have a lot more flexibility of what I can do. 265 00:11:41,360 --> 00:11:43,400 Speaker 4: I don't have to worry about if my car was 266 00:11:43,440 --> 00:11:45,760 Speaker 4: in an accident or you know, does somebody key my car? 267 00:11:45,800 --> 00:11:47,480 Speaker 4: Did a garbage truck come down the street to hit 268 00:11:47,520 --> 00:11:49,800 Speaker 4: my car? Because their value is dropped now, So now 269 00:11:49,800 --> 00:11:52,520 Speaker 4: you're playing this guessing game of well, wait a minute, 270 00:11:52,559 --> 00:11:54,400 Speaker 4: what is my car now worth? And you run into 271 00:11:54,400 --> 00:11:57,080 Speaker 4: a situation where you finally pay off your car. You 272 00:11:57,200 --> 00:11:59,360 Speaker 4: put money into the vehicle trying to fix it, and 273 00:11:59,400 --> 00:12:01,680 Speaker 4: they turn around to hey, your cards worth six thousand dollars. 274 00:12:02,200 --> 00:12:02,440 Speaker 2: Now. 275 00:12:02,520 --> 00:12:05,480 Speaker 4: The other thing that we talked about was that technology 276 00:12:05,520 --> 00:12:09,880 Speaker 4: is moving so fast, so things get antiquated quick. So 277 00:12:09,960 --> 00:12:12,520 Speaker 4: that's why leasing is nice because in three years you 278 00:12:13,000 --> 00:12:15,880 Speaker 4: may not need a small sedan right now, In three years, 279 00:12:15,960 --> 00:12:18,080 Speaker 4: your life changes. You have a family, you have kids. 280 00:12:18,280 --> 00:12:20,800 Speaker 4: Now I want to suv. My lease is up. I 281 00:12:20,840 --> 00:12:23,040 Speaker 4: come out of the lising, I go into the brand 282 00:12:23,040 --> 00:12:25,360 Speaker 4: new suv if I want can't fit quarding anymore? 283 00:12:25,440 --> 00:12:25,840 Speaker 2: Exactly. 284 00:12:25,920 --> 00:12:28,440 Speaker 3: Yeah, Now that's true. Technology changes even like the few 285 00:12:28,440 --> 00:12:30,880 Speaker 3: if I have now, like I saw the two twenty 286 00:12:30,920 --> 00:12:33,440 Speaker 3: twenty mode, I'm like, wait, yeah, that is ridiculous, Like 287 00:12:33,480 --> 00:12:35,920 Speaker 3: I need that technology now. So it's like you can 288 00:12:36,080 --> 00:12:38,079 Speaker 3: just come in every three years. Man, that's a that's 289 00:12:38,120 --> 00:12:41,480 Speaker 3: a huge benefit in leasing. One of the things that 290 00:12:41,640 --> 00:12:43,600 Speaker 3: is important when you're lease in all finances is the 291 00:12:43,679 --> 00:12:47,160 Speaker 3: credit Yep, how does that work? Is there a specific 292 00:12:47,200 --> 00:12:50,240 Speaker 3: bureau that car dealerships use, or the bank. 293 00:12:51,000 --> 00:12:54,600 Speaker 4: So it varies between manufacturers, so different banks. So let's say, 294 00:12:54,720 --> 00:12:57,560 Speaker 4: if you're going to Honda Honda Financial, Toyota has Toyota 295 00:12:57,559 --> 00:13:01,079 Speaker 4: Motive Credit, Mercedes Benz has Mercedes Benz Financial. They all 296 00:13:01,120 --> 00:13:05,600 Speaker 4: have different criterias, right, So it's not a blanket as 297 00:13:05,640 --> 00:13:07,599 Speaker 4: far as what they use. Some people use transunions, some 298 00:13:07,600 --> 00:13:11,079 Speaker 4: people use echo facts. Other manufacturers use what's called an autoscore. 299 00:13:11,360 --> 00:13:14,640 Speaker 4: So an autoscore means your automotive history. So even if 300 00:13:14,640 --> 00:13:17,120 Speaker 4: you had some trouble on your credit, but they saw, 301 00:13:17,280 --> 00:13:19,240 Speaker 4: let's say, for whatever reason, you had some medical bills 302 00:13:19,320 --> 00:13:22,400 Speaker 4: or something happened, but you always paid your car node 303 00:13:22,440 --> 00:13:24,719 Speaker 4: on time. The bank may look at that and say, hey, 304 00:13:24,720 --> 00:13:27,520 Speaker 4: well wait a minute, they missed some payments over here, 305 00:13:28,120 --> 00:13:30,439 Speaker 4: but they always paid their car on time. So that 306 00:13:30,520 --> 00:13:32,559 Speaker 4: means that, hey, you know what, this person needs that car. 307 00:13:32,600 --> 00:13:34,280 Speaker 4: They need to get to work, they need to provide 308 00:13:34,280 --> 00:13:36,480 Speaker 4: for their family. So no matter what happens, they're going 309 00:13:36,520 --> 00:13:37,800 Speaker 4: to take care of that monthly payment. 310 00:13:37,840 --> 00:13:39,520 Speaker 2: And another thing I want people to think too. A 311 00:13:39,520 --> 00:13:41,480 Speaker 2: lot of times people will look at it like, okay, well, 312 00:13:41,840 --> 00:13:44,360 Speaker 2: I'm not a business owner and we're talking about luxury cars. 313 00:13:44,400 --> 00:13:47,040 Speaker 2: Just because we have luxury cars, but it's the conversations 314 00:13:47,040 --> 00:13:49,560 Speaker 2: for any type of cass it doesn't matter. But also 315 00:13:49,960 --> 00:13:52,760 Speaker 2: people have to realize is that you don't have to 316 00:13:52,840 --> 00:13:55,880 Speaker 2: be a full time entrepreneur to be an entrepreneur because 317 00:13:55,920 --> 00:13:58,280 Speaker 2: the tax system. I can't stress this up. The tax 318 00:13:58,320 --> 00:14:01,480 Speaker 2: system is set up for entrepreneur and investors. It's not 319 00:14:01,520 --> 00:14:05,480 Speaker 2: set up for employees. Right, So as an entrepreneur, you 320 00:14:05,559 --> 00:14:08,480 Speaker 2: get all kinds of benefits. You can write off meals, 321 00:14:08,600 --> 00:14:11,199 Speaker 2: you can write off travel, you can write off almost 322 00:14:11,200 --> 00:14:14,280 Speaker 2: anything realistically as long as it makes sense. Don't get 323 00:14:14,360 --> 00:14:17,439 Speaker 2: order and cars is one of the things that you 324 00:14:17,480 --> 00:14:19,480 Speaker 2: can write off. Right. So if you work in a 325 00:14:19,480 --> 00:14:22,320 Speaker 2: regular job and you might have a side hustle, why 326 00:14:22,360 --> 00:14:25,280 Speaker 2: not get that incorporated, get an LLC, get a sea court, 327 00:14:25,320 --> 00:14:28,120 Speaker 2: whatever you want to do, and get a tax id, 328 00:14:28,240 --> 00:14:30,480 Speaker 2: opening up bank account. Now you have a business. So 329 00:14:30,640 --> 00:14:33,520 Speaker 2: now you can lease that from your side hustle business, 330 00:14:33,840 --> 00:14:36,760 Speaker 2: and you can deduct the same deductions like if you 331 00:14:36,800 --> 00:14:39,000 Speaker 2: work the regular job. Right, Like now that that goes 332 00:14:39,000 --> 00:14:41,040 Speaker 2: against any money that you make on that end. So 333 00:14:41,360 --> 00:14:44,120 Speaker 2: I say that to say we have to think like 334 00:14:44,440 --> 00:14:46,960 Speaker 2: business people and you don't even have to actually be 335 00:14:47,520 --> 00:14:51,240 Speaker 2: a full time business owner salespeople as well. Right if 336 00:14:51,280 --> 00:14:54,240 Speaker 2: you're a ten ninety nine or if you are in 337 00:14:54,320 --> 00:14:57,280 Speaker 2: some form of sales where you can take deductions like 338 00:14:57,280 --> 00:15:00,680 Speaker 2: real estate, stuff like that, insurance you show insurance the 339 00:15:00,680 --> 00:15:03,840 Speaker 2: same thing. So a lot of times people you know 340 00:15:03,920 --> 00:15:06,520 Speaker 2: they have negative views towards things because they don't they 341 00:15:06,520 --> 00:15:08,880 Speaker 2: have a lack of understanding it. Once you have a 342 00:15:08,920 --> 00:15:09,760 Speaker 2: lack of understanding. 343 00:15:10,760 --> 00:15:13,000 Speaker 3: This episode is brought to you by P and C Bank. 344 00:15:13,400 --> 00:15:16,160 Speaker 3: A lot of people think podcasts about work are boring, 345 00:15:16,400 --> 00:15:20,240 Speaker 3: and sure they definitely can be, but understanding of professionals 346 00:15:20,320 --> 00:15:23,560 Speaker 3: routine shows us how they achieve their success little by little, 347 00:15:23,960 --> 00:15:27,600 Speaker 3: day after day. It's like banking with P and C Bank. 348 00:15:28,080 --> 00:15:30,880 Speaker 3: It might seem boring to safe plan and make calculated 349 00:15:30,920 --> 00:15:34,000 Speaker 3: decisions with your bank, but keeping your money boring is 350 00:15:34,040 --> 00:15:37,360 Speaker 3: what helps you live or more happily fulfilled life. 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And now, for a limited time, 378 00:17:19,200 --> 00:17:23,000 Speaker 5: save up to sixty dollars on select blowers, chainsaws and 379 00:17:23,119 --> 00:17:27,440 Speaker 5: pull sauce shop Ego today it loves offers dollar to 380 00:17:27,560 --> 00:17:31,640 Speaker 5: ten to one while supplies last selection varies by location standing. 381 00:17:31,720 --> 00:17:33,439 Speaker 2: And like I said, now, if you still choose to 382 00:17:33,480 --> 00:17:36,320 Speaker 2: do that, then it's your decision. It's free country. But 383 00:17:36,520 --> 00:17:39,000 Speaker 2: a lot of times if you make decisions based out 384 00:17:39,000 --> 00:17:42,200 Speaker 2: of ignorance not knowledge, right exactly. So one of the 385 00:17:42,200 --> 00:17:45,080 Speaker 2: things I want to ask you was you said MSRP 386 00:17:45,280 --> 00:17:47,520 Speaker 2: versus price, right, what's the difference? 387 00:17:47,720 --> 00:17:50,119 Speaker 4: It's selling price, all right? So yeah, so you have MSRP. Right, 388 00:17:50,440 --> 00:17:53,560 Speaker 4: that's what's on the windowsticker, right, So the manufacturer suggests 389 00:17:53,680 --> 00:17:56,840 Speaker 4: the retail price of the vehicle. That's MSRP. Manufacturer suggests 390 00:17:56,840 --> 00:17:59,280 Speaker 4: the retail price. That's what they recommend you should be 391 00:17:59,320 --> 00:18:01,760 Speaker 4: selling that car for now. The selling price is what 392 00:18:01,800 --> 00:18:04,560 Speaker 4: you negotiate, right or whatever. However you can reduce the 393 00:18:05,400 --> 00:18:07,280 Speaker 4: selling price of the vehicle. That's what that comes down to. 394 00:18:08,040 --> 00:18:09,320 Speaker 3: Is that the same thing as a cap cost. 395 00:18:09,640 --> 00:18:12,239 Speaker 4: So no cap cost. Let's say you're leasing or your 396 00:18:12,280 --> 00:18:15,320 Speaker 4: finance in the vehicle. The final cap cost is the 397 00:18:15,400 --> 00:18:18,800 Speaker 4: selling price plus anything else. So whatever money the bank 398 00:18:18,920 --> 00:18:21,200 Speaker 4: is lending you, whatever it so least or finance, they're 399 00:18:21,200 --> 00:18:23,240 Speaker 4: still lending a certain amount of money. So let's sayd 400 00:18:23,240 --> 00:18:25,679 Speaker 4: the lease, if you rolled your taxes into your payment, 401 00:18:26,080 --> 00:18:27,720 Speaker 4: that's going to add to your cap cost. If you 402 00:18:27,760 --> 00:18:30,840 Speaker 4: negotiated a fifty thousand dollars selling price and then you 403 00:18:31,000 --> 00:18:32,919 Speaker 4: rolled your taxes of two thousand dollars into the lease, 404 00:18:32,960 --> 00:18:37,680 Speaker 4: that's fifty two thousand dollars cap cost. And is that negotiable. Well, 405 00:18:37,760 --> 00:18:39,840 Speaker 4: it's based on what you negotiate as far as you 406 00:18:39,880 --> 00:18:42,560 Speaker 4: let's say you're selling price. So whatever fees you put 407 00:18:42,600 --> 00:18:45,000 Speaker 4: into it, those aren't negotiable. Those let's say taxes and 408 00:18:45,119 --> 00:18:46,360 Speaker 4: DMV fees, things like that. 409 00:18:46,560 --> 00:18:49,560 Speaker 2: So all right, we talked about okay, talk about leasing 410 00:18:49,560 --> 00:18:51,200 Speaker 2: a car, but buying a car. Somebody wants to buy 411 00:18:51,200 --> 00:18:53,000 Speaker 2: a car, right, and you were saying most of the time, 412 00:18:53,040 --> 00:18:54,439 Speaker 2: if you do want to buy a car, it it 413 00:18:54,480 --> 00:18:55,920 Speaker 2: makes more sense to buy a used cost. 414 00:18:56,200 --> 00:18:58,000 Speaker 4: I always recommend people, if you are going to buy 415 00:18:58,000 --> 00:19:01,679 Speaker 4: a car, buy a certified prince. Now, listen, there's vehicles 416 00:19:01,680 --> 00:19:04,440 Speaker 4: you can find out these lots that are not authorized, 417 00:19:04,600 --> 00:19:08,520 Speaker 4: let say Mercedes Benz dealerships or Toyota dealership. Me personally, 418 00:19:08,600 --> 00:19:11,200 Speaker 4: I think you're better off going to You may pay 419 00:19:11,200 --> 00:19:13,480 Speaker 4: a couple of dollars more, but you're getting it from 420 00:19:13,480 --> 00:19:16,560 Speaker 4: the manufacturer, so you have the backing of manufacturers. Just 421 00:19:16,560 --> 00:19:19,000 Speaker 4: give you an idea. Most companies, when they certify a vehicle, 422 00:19:19,000 --> 00:19:21,399 Speaker 4: the vehicle goes through let's say, you know, one hundred 423 00:19:21,400 --> 00:19:25,080 Speaker 4: and fifty pointe hundred and sixty point inspection. So not 424 00:19:25,160 --> 00:19:27,399 Speaker 4: only will they inspect the vehicle to make sure that 425 00:19:27,400 --> 00:19:29,880 Speaker 4: it's in certain conditions, so they'll eliminate things like let's 426 00:19:29,880 --> 00:19:32,320 Speaker 4: say this frame damage to the car. If the car 427 00:19:32,359 --> 00:19:35,560 Speaker 4: is frame damage doesn't qualify for certification, so it's eliminated. 428 00:19:35,600 --> 00:19:38,320 Speaker 4: Most dealerships won't even take that car. They'll send that 429 00:19:38,359 --> 00:19:40,119 Speaker 4: car out. And that's what you'll see the vehicles on 430 00:19:40,160 --> 00:19:43,000 Speaker 4: these other side lots, right, and they're selling those vehicles. 431 00:19:43,000 --> 00:19:45,960 Speaker 4: So there's really no recourse when it comes to something 432 00:19:46,040 --> 00:19:48,199 Speaker 4: happened to the car. Not to mention the fact that 433 00:19:48,240 --> 00:19:51,119 Speaker 4: once that car goes through the certification, a lot of 434 00:19:51,119 --> 00:19:55,440 Speaker 4: manufacturers will put new car interest rates on those cars. 435 00:19:55,440 --> 00:19:58,320 Speaker 4: So typically pre owned cars or used cars will have 436 00:19:58,359 --> 00:20:00,280 Speaker 4: a higher interest rate than a new car. But if 437 00:20:00,320 --> 00:20:02,280 Speaker 4: it's certified, you get a better interest rate. So like 438 00:20:02,359 --> 00:20:04,040 Speaker 4: right now, like let's say you have one point nine 439 00:20:04,119 --> 00:20:06,280 Speaker 4: nine percent, you can't get one nine nine percent on 440 00:20:06,400 --> 00:20:08,600 Speaker 4: a used car, you know, anywhere else, you know what 441 00:20:08,600 --> 00:20:11,639 Speaker 4: I mean, If the vehicle's certified, that's the way to 442 00:20:11,680 --> 00:20:14,119 Speaker 4: do it. Me personally, the vehicles, as you guys have 443 00:20:14,240 --> 00:20:16,760 Speaker 4: all heard this, people say, oh, well, the vehicle loses 444 00:20:16,840 --> 00:20:18,320 Speaker 4: value as soon as you drive it off the lot. 445 00:20:18,800 --> 00:20:21,520 Speaker 4: Now what happens is really it's once it's registered the 446 00:20:21,600 --> 00:20:24,440 Speaker 4: vehicle loses value. That's when that's when the vehicle loses value. 447 00:20:24,480 --> 00:20:25,800 Speaker 4: That's normally when you're driving off the lot. 448 00:20:25,880 --> 00:20:27,000 Speaker 3: That's when you got it brand new. 449 00:20:27,480 --> 00:20:29,240 Speaker 4: So yeah, when you're buying a car brand new, it 450 00:20:29,600 --> 00:20:32,480 Speaker 4: initially loses its value when you drive it off a 451 00:20:32,520 --> 00:20:34,840 Speaker 4: lot or the vehicle is titled. So now you're buying 452 00:20:34,840 --> 00:20:37,479 Speaker 4: a vehicle, who's going to that's going to depreciate in value. 453 00:20:37,560 --> 00:20:39,160 Speaker 4: That's what a car does. It's going to go down 454 00:20:39,160 --> 00:20:42,040 Speaker 4: in value. So you're financing a car that's losing value. 455 00:20:42,080 --> 00:20:44,120 Speaker 4: It already took a big hit right when you're buying 456 00:20:44,200 --> 00:20:46,840 Speaker 4: new opposed to a certified pre own that the initial 457 00:20:46,840 --> 00:20:50,399 Speaker 4: depreciation has already happened. It's already taking place that you 458 00:20:50,480 --> 00:20:53,320 Speaker 4: knew that car was taking care of the manufacturer. The dealership, 459 00:20:53,560 --> 00:20:55,719 Speaker 4: you know, is putting themselves behind that vehicle, saying, hey, 460 00:20:55,800 --> 00:20:58,560 Speaker 4: we know this vehicle, We've inspected this vehicle, we know 461 00:20:58,600 --> 00:21:01,680 Speaker 4: this vehicle's in good shape. We're willing to even put 462 00:21:02,400 --> 00:21:04,080 Speaker 4: a new car rate on it. So you have some 463 00:21:04,160 --> 00:21:06,560 Speaker 4: more confidence when they're buying that type of vehicle. Okay, 464 00:21:06,680 --> 00:21:07,040 Speaker 4: all right. 465 00:21:07,040 --> 00:21:09,359 Speaker 3: There was another thing that we saw when we were 466 00:21:09,359 --> 00:21:12,080 Speaker 3: reading it was gap insurance. Now that's something that doesn't 467 00:21:12,119 --> 00:21:14,040 Speaker 3: come on a finance, but it does come on the lease. 468 00:21:14,119 --> 00:21:16,760 Speaker 4: Yeah, New York State leases all have gap insurance. Now 469 00:21:18,040 --> 00:21:20,080 Speaker 4: what happens. People don't realize that if a vehicle is 470 00:21:20,480 --> 00:21:24,239 Speaker 4: let's say total or stolen, any negative equity. So if 471 00:21:24,240 --> 00:21:26,960 Speaker 4: your insurance company says, hey, your car was worth ten 472 00:21:27,000 --> 00:21:29,640 Speaker 4: thousand dollars, but you owe the bank twelve or thirteen. 473 00:21:29,960 --> 00:21:34,080 Speaker 4: Without gap insurance, you're responsible for that negative equity. Okay, 474 00:21:34,160 --> 00:21:36,639 Speaker 4: you're a negative balance, you're responsible for that amount. So 475 00:21:36,640 --> 00:21:39,200 Speaker 4: that's why all New York State leases will have gap insurance. 476 00:21:40,080 --> 00:21:42,720 Speaker 2: All right, So for people that go into the dealership 477 00:21:43,160 --> 00:21:45,720 Speaker 2: and they don't really know what questions. It's iluent to 478 00:21:45,800 --> 00:21:47,480 Speaker 2: me because you don't really know if you're gett ripped 479 00:21:47,520 --> 00:21:50,520 Speaker 2: off or not. You just call me, So like what 480 00:21:50,680 --> 00:21:53,000 Speaker 2: questions should they ask? Like, how do you know if 481 00:21:53,000 --> 00:21:54,919 Speaker 2: you're getting a good deal? How can you get the 482 00:21:54,920 --> 00:21:57,920 Speaker 2: best deal? Everything negotiable, everything's negotiable, So how can you 483 00:21:57,960 --> 00:21:58,520 Speaker 2: get the best deal? 484 00:21:58,600 --> 00:22:02,679 Speaker 4: So here's what it is I mean, and it's the 485 00:22:02,760 --> 00:22:06,600 Speaker 4: car business has this bad reputation, right, sometimes we make 486 00:22:06,640 --> 00:22:08,840 Speaker 4: it harder than it has to be as a consumer. Now, 487 00:22:08,880 --> 00:22:10,440 Speaker 4: if you know there's a vehicle you want, there's so 488 00:22:10,520 --> 00:22:12,479 Speaker 4: much information out there. You can go online, you can 489 00:22:12,520 --> 00:22:14,280 Speaker 4: do research, you can find out what the cost of 490 00:22:14,320 --> 00:22:15,960 Speaker 4: the vehicle is. But at the end of the day, 491 00:22:16,080 --> 00:22:19,080 Speaker 4: I always recommend trying to buy local. Try to buy 492 00:22:19,560 --> 00:22:22,120 Speaker 4: where you're going to be servicing your vehicle and they 493 00:22:22,160 --> 00:22:24,400 Speaker 4: want to take care of you when you have a problem. Yes, 494 00:22:24,440 --> 00:22:25,840 Speaker 4: you can go to any matter of fact, you can 495 00:22:25,880 --> 00:22:28,199 Speaker 4: go to any dealership and try to get help or 496 00:22:28,200 --> 00:22:30,440 Speaker 4: have your vehicle serviced. But a lot of times when 497 00:22:30,480 --> 00:22:33,679 Speaker 4: you buy local, they have more of an interest in 498 00:22:33,720 --> 00:22:35,800 Speaker 4: taking care of you because you know what you purchase 499 00:22:35,840 --> 00:22:37,320 Speaker 4: from them, They're going to take care of you first. 500 00:22:37,440 --> 00:22:37,600 Speaker 2: Right. 501 00:22:37,600 --> 00:22:39,960 Speaker 4: If you came to my dealership and you bought the 502 00:22:40,000 --> 00:22:43,880 Speaker 4: car in Jersey, right, or another dealership, but another customer 503 00:22:43,920 --> 00:22:46,320 Speaker 4: came in and he bought his car here, who would 504 00:22:46,359 --> 00:22:48,280 Speaker 4: you expect me to take care of better? 505 00:22:48,400 --> 00:22:49,000 Speaker 2: Or first? Right? 506 00:22:49,040 --> 00:22:50,680 Speaker 4: If I have one loaner car left, I'm going to 507 00:22:50,720 --> 00:22:52,399 Speaker 4: give it to the guy who's little to me and 508 00:22:52,400 --> 00:22:55,080 Speaker 4: he say he's buying cars. As far as the price goes, listen, 509 00:22:55,080 --> 00:22:56,359 Speaker 4: there's a lot of information online. 510 00:22:56,400 --> 00:22:56,760 Speaker 2: You can go. 511 00:22:56,840 --> 00:22:58,640 Speaker 4: You can look up what the costs of the vehicles are. 512 00:22:59,480 --> 00:23:01,600 Speaker 4: I do reckon Comen. Listen. You want to shop around, 513 00:23:01,800 --> 00:23:03,159 Speaker 4: but at the end of the day, once you have 514 00:23:03,240 --> 00:23:06,120 Speaker 4: a bottom line number, go into your local dealership say hey, 515 00:23:06,119 --> 00:23:08,159 Speaker 4: this is what I got. Can you guys match it, 516 00:23:08,200 --> 00:23:10,280 Speaker 4: get close to it, beat it, whatever it is. 517 00:23:10,600 --> 00:23:12,600 Speaker 3: What sites do you recommend, like Kelly Bluebook or. 518 00:23:12,640 --> 00:23:14,760 Speaker 4: Kelly Bluebook's great. You know, there's a lot offormation. If 519 00:23:14,760 --> 00:23:16,960 Speaker 4: you go to Google, you can search, you know, car gurus, 520 00:23:17,160 --> 00:23:18,600 Speaker 4: they'll give you all types of information. 521 00:23:18,880 --> 00:23:21,000 Speaker 2: What about what's the residual value? All right? 522 00:23:21,040 --> 00:23:24,040 Speaker 4: Residual values what the bank? The bank sets what's called 523 00:23:24,080 --> 00:23:27,240 Speaker 4: the residual value. A residual value is the estimated value 524 00:23:27,240 --> 00:23:29,359 Speaker 4: of the vehicle at the end of the lease. Okay, 525 00:23:29,400 --> 00:23:32,199 Speaker 4: so that's what the bank is assuming or hoping that 526 00:23:32,240 --> 00:23:34,560 Speaker 4: the vehicle is going to be worth once your lease 527 00:23:34,640 --> 00:23:37,840 Speaker 4: is over. Now, that's determined by the mileage, right, how 528 00:23:37,840 --> 00:23:39,720 Speaker 4: many miles. The less miles you put on a car, 529 00:23:39,840 --> 00:23:42,280 Speaker 4: the higher residual value is going to be a good. 530 00:23:42,320 --> 00:23:44,119 Speaker 4: Thing about the residual is that you want to have 531 00:23:44,160 --> 00:23:47,880 Speaker 4: a high residual value. The higher the residual value means 532 00:23:47,920 --> 00:23:49,800 Speaker 4: that the vehicle is going to depreciate less. So you're 533 00:23:49,880 --> 00:23:52,480 Speaker 4: paying a smaller monthly payment because your monthly payment is 534 00:23:52,520 --> 00:23:56,399 Speaker 4: based on the depreciation. Okay, So let's give you mathematics. Right, 535 00:23:57,080 --> 00:24:00,720 Speaker 4: If the car has a selling price, let's say fifty 536 00:24:00,760 --> 00:24:03,520 Speaker 4: thousand dollars, Right, Let's say's an MSRP of fifty thousand dollars, 537 00:24:03,560 --> 00:24:06,159 Speaker 4: just to use round numbers, and the residual value is 538 00:24:06,160 --> 00:24:08,960 Speaker 4: fifty percent, So it's twenty five thousand dollars. It's what 539 00:24:08,960 --> 00:24:10,720 Speaker 4: the vehicle's going to be estimated to be worth at 540 00:24:10,760 --> 00:24:13,560 Speaker 4: the end of the lease. Right, So you're going to 541 00:24:13,600 --> 00:24:16,160 Speaker 4: pay that difference between the fifty thousand and the twenty 542 00:24:16,160 --> 00:24:18,800 Speaker 4: five thousand, that's depreciation. But let's just say you just 543 00:24:18,840 --> 00:24:22,240 Speaker 4: negotiated your price down to forty five thousand, So now 544 00:24:22,280 --> 00:24:24,879 Speaker 4: you're shrinking the depreciation because it's between forty five and 545 00:24:24,920 --> 00:24:27,320 Speaker 4: twenty five a post to the forty five and fifty, 546 00:24:27,480 --> 00:24:30,040 Speaker 4: so you're paying on that depreciation. Do you know what 547 00:24:30,080 --> 00:24:30,320 Speaker 4: I mean? 548 00:24:30,440 --> 00:24:33,560 Speaker 2: Okay? And what about the cap reduction? All right? 549 00:24:33,600 --> 00:24:36,280 Speaker 4: Cap cost reduction, that's the money down. That's what your 550 00:24:36,280 --> 00:24:39,320 Speaker 4: initial investment to bring your payments down. So you'll see 551 00:24:39,400 --> 00:24:41,000 Speaker 4: a lot of times people come in they say, well, 552 00:24:41,040 --> 00:24:43,240 Speaker 4: I saw an ad that said three forty nine a month, 553 00:24:43,960 --> 00:24:46,440 Speaker 4: but in that fine print it said thirty two ninety 554 00:24:46,560 --> 00:24:50,119 Speaker 4: nine cap cost reduction or money down. So a lot 555 00:24:50,119 --> 00:24:51,400 Speaker 4: of times people come in they say, well, I don't 556 00:24:51,400 --> 00:24:53,760 Speaker 4: want to put any money down. That means you're still 557 00:24:53,760 --> 00:24:56,240 Speaker 4: giving your taxes, your first month's payment, your bank fee, 558 00:24:56,280 --> 00:24:58,240 Speaker 4: your plates upfront. It's not mean doesn't mean you're not 559 00:24:58,240 --> 00:25:00,360 Speaker 4: coming up with anything out of pocket. That just means 560 00:25:00,359 --> 00:25:02,720 Speaker 4: you're not putting on a cap quest reduction. So to 561 00:25:02,720 --> 00:25:04,200 Speaker 4: give you an idea, let's say in a thirty six 562 00:25:04,240 --> 00:25:07,840 Speaker 4: month lease, one thousand dollars cap quest reduction is equivalent 563 00:25:07,840 --> 00:25:10,280 Speaker 4: to roughly thirty dollars in your monthly payment. So if 564 00:25:10,320 --> 00:25:13,639 Speaker 4: you're at you know, let's say four, you're at four 565 00:25:13,680 --> 00:25:15,080 Speaker 4: to fifty a month, and you want to get down 566 00:25:15,320 --> 00:25:17,720 Speaker 4: to four to twenty, you put a next thousand dollars 567 00:25:17,760 --> 00:25:19,400 Speaker 4: down to get you done to that monthly payment after 568 00:25:19,440 --> 00:25:22,560 Speaker 4: you've negotiated your best deal. Now, some people are opposed 569 00:25:22,560 --> 00:25:25,560 Speaker 4: to putting money down. It's all a personal preference. Some people, 570 00:25:25,640 --> 00:25:28,040 Speaker 4: let let's say they know they want this particular car, 571 00:25:28,400 --> 00:25:30,879 Speaker 4: and maybe their company gives them an allowance for their vehicle, 572 00:25:31,040 --> 00:25:32,720 Speaker 4: or they just want to keep the payment below a 573 00:25:32,760 --> 00:25:34,639 Speaker 4: certain budget because they want to you know, work their 574 00:25:34,680 --> 00:25:37,600 Speaker 4: numbers in there for their monthly payments, right, they may 575 00:25:37,640 --> 00:25:39,520 Speaker 4: put that money down. Me personally, I don't put money 576 00:25:39,560 --> 00:25:41,959 Speaker 4: down on the lease because I'm okay with my monthly 577 00:25:41,960 --> 00:25:43,760 Speaker 4: payment and I'd rather have the money in my pocket. 578 00:25:43,800 --> 00:25:44,400 Speaker 4: That's the way I think. 579 00:25:44,520 --> 00:25:48,080 Speaker 3: And sometimes the dealerships have things built in, right, specials 580 00:25:48,080 --> 00:25:48,520 Speaker 3: like that, Like. 581 00:25:48,480 --> 00:25:50,800 Speaker 4: Yeah, there are specials where they have incentives from the 582 00:25:50,840 --> 00:25:54,000 Speaker 4: manufacturer if they're trying to move particular products. You know, 583 00:25:54,040 --> 00:25:55,720 Speaker 4: some people come in and say, well, wait a minute, 584 00:25:55,880 --> 00:25:58,000 Speaker 4: why is this car fifty five thousand dollars and this 585 00:25:58,040 --> 00:26:00,000 Speaker 4: car is fifty five thousand dollars. Let's say two differ 586 00:26:00,080 --> 00:26:02,960 Speaker 4: and bran to different models, right, Or maybe an SUV 587 00:26:03,040 --> 00:26:05,919 Speaker 4: wants a sedan and the prices are different, right. And 588 00:26:05,960 --> 00:26:09,199 Speaker 4: what happens is we may have a lot more sedans 589 00:26:09,240 --> 00:26:11,960 Speaker 4: in inventory and there's not a lot of these SUVs around. 590 00:26:12,000 --> 00:26:15,560 Speaker 4: Everybody's buying SUVs. So the manufacturer says, hey, let's help 591 00:26:15,600 --> 00:26:18,840 Speaker 4: the dealership move these vehicles by putting additional incentives on 592 00:26:18,880 --> 00:26:19,960 Speaker 4: it so they're payment below. 593 00:26:20,119 --> 00:26:21,960 Speaker 3: Is that specific time of year that that happens like 594 00:26:22,000 --> 00:26:26,320 Speaker 3: I always see, like it's like a summer sale or winter. 595 00:26:27,240 --> 00:26:29,400 Speaker 4: Every manufacturer has different sales events, like let's just say 596 00:26:29,400 --> 00:26:31,560 Speaker 4: from Mercedes normally, then the end of the year is 597 00:26:31,600 --> 00:26:33,760 Speaker 4: a big time. Also in June and July you'll see 598 00:26:33,760 --> 00:26:36,399 Speaker 4: some nice sales events. But the way I look at it, 599 00:26:36,400 --> 00:26:38,639 Speaker 4: it's all based on what you need, right, Depending on 600 00:26:38,680 --> 00:26:41,080 Speaker 4: when you need your car is when you want to 601 00:26:41,119 --> 00:26:43,440 Speaker 4: work your best deal. Do the payments fluctuate to a 602 00:26:43,440 --> 00:26:46,199 Speaker 4: point where it's hundreds of dollars difference between those sales events? 603 00:26:46,320 --> 00:26:49,560 Speaker 4: Not necessarily Normally it's a thirty forty fifty dollars difference 604 00:26:49,800 --> 00:26:52,160 Speaker 4: in the monthly payment. So if you need a car, listen, 605 00:26:52,200 --> 00:26:53,680 Speaker 4: you want to go into the dealership. You want to 606 00:26:53,680 --> 00:26:56,840 Speaker 4: build a good relationship with your dealership, and if you 607 00:26:56,880 --> 00:26:58,920 Speaker 4: spend some time work the deal obviously make sure that 608 00:26:59,000 --> 00:27:01,040 Speaker 4: you're there for a reason. A lot of times people 609 00:27:01,080 --> 00:27:02,560 Speaker 4: come in they go, you know what, just give me 610 00:27:02,600 --> 00:27:05,879 Speaker 4: your best price. I'm leaving that. That makes it a 611 00:27:05,920 --> 00:27:07,520 Speaker 4: little bit more difficult, And I get it. 612 00:27:07,600 --> 00:27:08,000 Speaker 2: I get it. 613 00:27:08,040 --> 00:27:10,480 Speaker 4: People get focused as far as the numbers go. I 614 00:27:11,080 --> 00:27:13,040 Speaker 4: totally understand it. You want, but my thing is this, 615 00:27:13,480 --> 00:27:15,399 Speaker 4: we want to give people great deals. We want you 616 00:27:15,440 --> 00:27:17,960 Speaker 4: to buy cars. Right, It's not about the car business 617 00:27:18,240 --> 00:27:21,080 Speaker 4: has this you know persona of being like, oh, they're 618 00:27:21,080 --> 00:27:23,359 Speaker 4: gonna rip me off. That's not the case anymore. Listen. 619 00:27:23,359 --> 00:27:25,240 Speaker 4: I'm sure there are people out there who take advantage 620 00:27:25,240 --> 00:27:27,760 Speaker 4: of people, but that's not the case. And most highline dealerships, 621 00:27:27,760 --> 00:27:30,359 Speaker 4: al most you know mom and pop, you know organizations 622 00:27:30,359 --> 00:27:31,840 Speaker 4: where they really love to take care of people. 623 00:27:32,119 --> 00:27:34,159 Speaker 2: And then you could buy a car at the end 624 00:27:34,200 --> 00:27:35,200 Speaker 2: of the lease, right if you want. 625 00:27:35,400 --> 00:27:37,119 Speaker 4: Now, you can buy your vehicle out at the end 626 00:27:37,119 --> 00:27:38,920 Speaker 4: of the lease. That's one thing people ask me a lot. Look, 627 00:27:38,920 --> 00:27:40,280 Speaker 4: I want to lease this car and I want to 628 00:27:40,320 --> 00:27:40,720 Speaker 4: buy it. 629 00:27:41,680 --> 00:27:43,520 Speaker 3: That was a big fun right went out least with 630 00:27:43,560 --> 00:27:45,760 Speaker 3: the option to buy. 631 00:27:46,760 --> 00:27:48,560 Speaker 4: So my thing is this, if you're going to buy 632 00:27:48,600 --> 00:27:51,160 Speaker 4: the car, buy the car now, all right. Now, here's 633 00:27:51,160 --> 00:27:53,399 Speaker 4: the thing. We go back to that residual value. You 634 00:27:53,440 --> 00:27:55,800 Speaker 4: want that residual value to be high. You almost want 635 00:27:55,840 --> 00:27:58,520 Speaker 4: it to be unrealistically high, because that means your monthly 636 00:27:58,520 --> 00:27:59,960 Speaker 4: payment on you're going to your lease is going to 637 00:28:00,040 --> 00:28:01,960 Speaker 4: be lower. Now here's the thing. Now, at the end 638 00:28:02,000 --> 00:28:03,239 Speaker 4: of the lease, all of sudden you say, well I'm 639 00:28:03,240 --> 00:28:05,600 Speaker 4: gonna buy it. You're buying it at that very high 640 00:28:05,600 --> 00:28:08,400 Speaker 4: residual value. You have the option to buy it at 641 00:28:08,440 --> 00:28:11,919 Speaker 4: that price. Okay, So now you're basically any savings that 642 00:28:11,960 --> 00:28:14,040 Speaker 4: you took advantage of because that residual value is high, 643 00:28:14,080 --> 00:28:15,120 Speaker 4: you're basically giving it right. 644 00:28:15,000 --> 00:28:16,879 Speaker 2: Back to the bank. That's the other thing too, as 645 00:28:16,920 --> 00:28:19,040 Speaker 2: far as with leasing a car, the monthly payments are 646 00:28:19,119 --> 00:28:20,359 Speaker 2: usually lower than if you buy that. 647 00:28:20,440 --> 00:28:21,080 Speaker 4: Yeah, call normally. 648 00:28:21,280 --> 00:28:22,919 Speaker 2: That's another thing people have to understand too. It's like 649 00:28:23,560 --> 00:28:25,600 Speaker 2: it's okay not to own everything. For me personally, I 650 00:28:25,640 --> 00:28:27,440 Speaker 2: don't necessarily want to own a car. Because I'm gonna 651 00:28:27,440 --> 00:28:29,280 Speaker 2: lose money on it, right, So I don't want to 652 00:28:29,280 --> 00:28:32,120 Speaker 2: own something that I'm gonna lose value in. So that's 653 00:28:32,160 --> 00:28:33,680 Speaker 2: like owning a house that you know is going to 654 00:28:33,720 --> 00:28:35,600 Speaker 2: go down and value of what's the point of owning it. 655 00:28:35,680 --> 00:28:36,399 Speaker 4: I'd rather in it. 656 00:28:36,880 --> 00:28:39,000 Speaker 2: I have to have somewhere to live. I don't want 657 00:28:39,040 --> 00:28:40,840 Speaker 2: to own a house where I know if I'm gonna 658 00:28:40,840 --> 00:28:42,640 Speaker 2: pay one hundred thousand and then ten years it's gonna 659 00:28:42,640 --> 00:28:43,360 Speaker 2: be worth twenty thousand. 660 00:28:43,360 --> 00:28:45,320 Speaker 4: Well that's what I tell people. If let's say there's 661 00:28:45,320 --> 00:28:47,040 Speaker 4: an area that you want to live in. Well, for 662 00:28:47,080 --> 00:28:49,520 Speaker 4: whatever reason, the views or whatever is, the schools, whatever 663 00:28:49,480 --> 00:28:51,719 Speaker 4: it keeps, you want to live there. But let's say 664 00:28:51,760 --> 00:28:53,600 Speaker 4: the real estate agent said, hey, great news. This house 665 00:28:53,680 --> 00:28:55,760 Speaker 4: is x amount of this apartment is X amount of dollars, 666 00:28:56,000 --> 00:28:57,920 Speaker 4: and every year it's going to go down in value. 667 00:28:58,640 --> 00:28:59,959 Speaker 4: You're gonna say, well, wait a minute, I don't why 668 00:29:00,040 --> 00:29:02,720 Speaker 4: what I buy that that you better? You're better off 669 00:29:02,760 --> 00:29:04,800 Speaker 4: renting it, right, you say, listen, I want to live 670 00:29:04,880 --> 00:29:06,880 Speaker 4: here for three years, but guess what in three years 671 00:29:06,880 --> 00:29:08,680 Speaker 4: from now, I want to go move to the suburbs. 672 00:29:08,920 --> 00:29:10,280 Speaker 4: You know, I like the views where I am but 673 00:29:10,280 --> 00:29:12,880 Speaker 4: I can't see myself raising a family here, right, you'd 674 00:29:12,960 --> 00:29:15,640 Speaker 4: rather rent that apartment, And renting is like that that 675 00:29:15,640 --> 00:29:18,240 Speaker 4: that case, like, it's like leasing where you have the 676 00:29:18,240 --> 00:29:19,680 Speaker 4: option to walk away from it at the end of 677 00:29:19,720 --> 00:29:20,400 Speaker 4: those three years. 678 00:29:20,440 --> 00:29:22,720 Speaker 3: Now, there's something called a lease end calls. That's like 679 00:29:22,760 --> 00:29:25,000 Speaker 3: something that's like a hidden court that I actually found 680 00:29:25,040 --> 00:29:27,719 Speaker 3: out about. So like, if I have a Mercedes and 681 00:29:27,800 --> 00:29:29,320 Speaker 3: I lease it, but at the end of the lease, 682 00:29:29,360 --> 00:29:31,960 Speaker 3: I decide, you know what, I want to go to BMW. 683 00:29:32,520 --> 00:29:34,800 Speaker 4: There's a price for that. So they have what's called 684 00:29:34,800 --> 00:29:37,240 Speaker 4: the disposition fee. All right, there's basically a fee to 685 00:29:37,320 --> 00:29:39,200 Speaker 4: turn in the vehicle. Now, here's the thing. If you 686 00:29:39,200 --> 00:29:41,120 Speaker 4: go with another BMW, a lot of times they'll just 687 00:29:41,120 --> 00:29:43,880 Speaker 4: wave that fee. Right Now, there is a reason why 688 00:29:43,920 --> 00:29:45,800 Speaker 4: they charge it. It's not just a penalty for leaving 689 00:29:45,840 --> 00:29:48,040 Speaker 4: the brand. They have to keep in mind, once you 690 00:29:48,080 --> 00:29:51,000 Speaker 4: surrender that vehicle, they have to pick up that vehicle, 691 00:29:51,040 --> 00:29:53,560 Speaker 4: they have to condition it for resale, so things like 692 00:29:53,600 --> 00:29:55,160 Speaker 4: that that they go through this paperwork that has to 693 00:29:55,200 --> 00:29:57,320 Speaker 4: be processed in order to do it. And obviously it 694 00:29:57,360 --> 00:29:59,040 Speaker 4: does give you some sort of incentive to stay with 695 00:29:59,040 --> 00:29:59,360 Speaker 4: the brand. 696 00:29:59,440 --> 00:30:02,120 Speaker 3: Right, So if I say, there's that course, obviously they 697 00:30:02,120 --> 00:30:02,640 Speaker 3: waved that for you. 698 00:30:02,720 --> 00:30:03,560 Speaker 4: Most manufacturers wave. 699 00:30:03,680 --> 00:30:05,040 Speaker 2: I learned that. I didn't know that. I learned that 700 00:30:05,080 --> 00:30:06,120 Speaker 2: when I was trade my car. 701 00:30:06,280 --> 00:30:07,680 Speaker 4: Yeah, that's why I have to stay with Mercedan. 702 00:30:08,520 --> 00:30:09,880 Speaker 3: Were trying, man, we are trying. 703 00:30:09,960 --> 00:30:12,440 Speaker 2: I got But before we go, I have one other question. 704 00:30:12,560 --> 00:30:15,920 Speaker 2: I just saw recently online where somebody said that they 705 00:30:16,880 --> 00:30:19,120 Speaker 2: they sold their car back to a dealership after they 706 00:30:19,200 --> 00:30:20,520 Speaker 2: leased it. How does that? How does that work? 707 00:30:20,840 --> 00:30:21,000 Speaker 3: With that? 708 00:30:21,200 --> 00:30:26,000 Speaker 4: So very rarely does it happen where the vehicle has 709 00:30:26,000 --> 00:30:29,360 Speaker 4: a higher value than the residual value. Okay, so let's 710 00:30:29,360 --> 00:30:31,520 Speaker 4: say the visual value, like we talked about twenty five thousand, 711 00:30:31,560 --> 00:30:33,520 Speaker 4: the guy kept it in great shape. You hardly drove it. 712 00:30:33,800 --> 00:30:36,280 Speaker 4: You want to put minimum knowledge on the vehicle. Car's 713 00:30:36,320 --> 00:30:38,520 Speaker 4: garage keptain. All of a sudden, for some reason, there's 714 00:30:38,520 --> 00:30:41,480 Speaker 4: a there's a high demand for that particular vehicle. Let's 715 00:30:41,480 --> 00:30:43,680 Speaker 4: say this thirty thousand dollars actually the book value for 716 00:30:43,720 --> 00:30:45,840 Speaker 4: that car, and he was twenty five. He can turn 717 00:30:45,880 --> 00:30:47,200 Speaker 4: out to the dealers and said, hey, I know my 718 00:30:47,240 --> 00:30:49,440 Speaker 4: buyout is X amount of dollars. Would you be willing 719 00:30:49,480 --> 00:30:52,120 Speaker 4: to buy that car from me? In order for me 720 00:30:52,160 --> 00:30:52,680 Speaker 4: to trade. 721 00:30:52,440 --> 00:30:52,840 Speaker 2: It back to you. 722 00:30:52,880 --> 00:30:54,760 Speaker 4: Now they have some money that they could put towards 723 00:30:54,760 --> 00:30:57,080 Speaker 4: another vehicle. Also, yeah, said. 724 00:30:56,920 --> 00:30:59,800 Speaker 2: That, No, it was it was Matthew knows. 725 00:31:00,040 --> 00:31:03,360 Speaker 3: Oh, and that pulled the t pain bought the one million. 726 00:31:03,440 --> 00:31:05,720 Speaker 2: He didn't. He lost. He lost thousand. 727 00:31:06,080 --> 00:31:08,160 Speaker 3: He blew the engine or something like that, and he 728 00:31:08,240 --> 00:31:10,480 Speaker 3: sold it back to the dealership. He lost one thousand. 729 00:31:10,520 --> 00:31:12,320 Speaker 2: Other years, well, he brought the car and then sold 730 00:31:12,320 --> 00:31:13,360 Speaker 2: it six months later. 731 00:31:13,840 --> 00:31:17,360 Speaker 4: Yeah, I mean, it's rare that that happens, you know, 732 00:31:17,800 --> 00:31:20,040 Speaker 4: Like I said, cars are depreciating assets. It's very rare 733 00:31:20,080 --> 00:31:26,680 Speaker 4: that that'll happen. My graduates from my school being forced bad. 734 00:31:26,840 --> 00:31:31,480 Speaker 2: Drop bag drop Mike, drop bag drop drop. 735 00:31:42,360 --> 00:31:46,240 Speaker 1: You just realized your business needed to hire someone yesterday. 736 00:31:46,760 --> 00:31:50,960 Speaker 1: How can you find amazing candidates fast? Easy? Just use 737 00:31:51,040 --> 00:31:54,280 Speaker 1: Indeed stop struggling to get your job post seen on 738 00:31:54,440 --> 00:31:58,320 Speaker 1: other job sites. 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