did you pay Cash Finance or Lease - Page 4 - Rennlist - Porsche Discussion Forums

Notices
991
Sponsored by:
View Poll Results: did you pay Cash Finance or Lease
Paid cash
62
53.91%
Financed
28
24.35%
Leased
25
21.74%
Voters: 115. You may not vote on this poll

did you pay Cash Finance or Lease

 
Old 03-17-2014, 10:48 PM
  #46  
Jay13
User
 
Join Date: Apr 2011
Posts: 21
Default

Originally Posted by Mercel View Post
In most instances, the excess miles charged under the terms of the lease costs LESS than the mileage penalty from the guide books that deduct for high miles.

If you have unlimited cash, it's fine to purchase a car. It just doesn't make much sense given the advantages of leasing:

1. Cash flow
2. Factory guarantee against excessive depreciation (through the residual)
3. OPTIONS: You can buy at the end of the lease or walk
4. Credit rating gets a boost from leasing (more than financing)
5. Avoid negative equity in your vehicle.
6. In many states, you'll pay less in sales tax (at least in those states without a trade-in credit). On a cash or finance, you pay UPFRONT the sales tax. Not so in the case of leasing.

If you went to Vegas, would you like the casino to accept these terms of yours: Heads I win, Tails we tie? THAT is leasing. How? If you have equity in the vehicle (FMV > residual) at the end of the lease term, you buy the car and capture the equity. If not, you're not obligated to eat the deprecation (FMV < residual).
Couldn't agree more. Manufacturers are subventing the lease rates to a point where you're better off leaving the cash in your investment acccount and buying out the lease. Should I have an accident or it gets stolen and the insurance company won't total it, I'm not holding the bag with a flaming red carfax and I've saved a bunch of sales tax. Also, never, ever, ever put down a cap cost reduction paymemt down on a lease.

That said, if you can't afford to buy the car, you shouldn't be leasing it either.
Jay13 is offline  
Old 03-18-2014, 02:38 AM
  #47  
fester
Addict
Rennlist Member
 
fester's Avatar
 
Join Date: Mar 2012
Location: CA, SF Bay Area
Posts: 635
Default

Originally Posted by Jay13 View Post

That said, if you can't afford to buy the car, you shouldn't be leasing it either.
Not in favor of leasing (let alone financing) but what he said jives.
fester is offline  
Old 03-18-2014, 03:27 AM
  #48  
Cuda911
Addict
Rennlist Member
 
Cuda911's Avatar
 
Join Date: Jun 2013
Location: Oceanside/Vista (N. San Diego County), CA
Posts: 9,708
Default

Know what bugged the crap out of me? A few weeks after buying the car, I get a form in the mail that my purchase was reported to the Federal Government because I paid cash using U.S. currency.

So, now I'm probably on some sort of Federal "watch list" for committing the crime of using money to buy something.
Cuda911 is offline  
Old 03-18-2014, 08:56 AM
  #49  
jlanka
Super User
 
jlanka's Avatar
 
Join Date: Oct 2012
Location: Merrick, Long Island NY (Jeff)
Posts: 3,018
Default

Originally Posted by Cuda911 View Post
Know what bugged the crap out of me? A few weeks after buying the car, I get a form in the mail that my purchase was reported to the Federal Government because I paid cash using U.S. currency.

So, now I'm probably on some sort of Federal "watch list" for committing the crime of using money to buy something.
I believe that is standard procedure for money laundering. They make us take web based courses on that stuff at my job, even though I'd never get near that end of the business (I'm in IT)
jlanka is offline  
Old 03-18-2014, 09:50 AM
  #50  
mtbscott
User
 
Join Date: Oct 2006
Location: Houston
Posts: 820
Default

Originally Posted by Cuda911 View Post
Know what bugged the crap out of me? A few weeks after buying the car, I get a form in the mail that my purchase was reported to the Federal Government because I paid cash using U.S. currency.

So, now I'm probably on some sort of Federal "watch list" for committing the crime of using money to buy something.
ANY cash transaction of $10K or more (pretty sure that's the limit) has to be reported in the US, it's been that way for a long time now. Most people wouldn't consider it very safe to be carrying around $100K in cash either, my last automotive "cash" purchase was with a personal check.
mtbscott is offline  
Old 03-18-2014, 12:40 PM
  #51  
grkmec
User
 
Join Date: Feb 2008
Posts: 34
Default

I did PenFed Payment Saver on 100k loan at 1.74%. I could have paid cash, but sub 2% is tough to beat. This loan is cheaper than my mortgage (2% for 5yr ARM). I take some solace in that the mortgage is tax deductble... for now anyway
grkmec is offline  
Old 03-18-2014, 12:56 PM
  #52  
Cuda911
Addict
Rennlist Member
 
Cuda911's Avatar
 
Join Date: Jun 2013
Location: Oceanside/Vista (N. San Diego County), CA
Posts: 9,708
Default

Originally Posted by mtbscott View Post
ANY cash transaction of $10K or more (pretty sure that's the limit) has to be reported in the US, it's been that way for a long time now. Most people wouldn't consider it very safe to be carrying around $100K in cash either, my last automotive "cash" purchase was with a personal check.
Oh, I'm not blaming the dealer at all for reporting it. He was just doing what he was ordered to do by the government. I'm just pointing out that this is yet another sick government intrusion into our lives. I saved up for my Porsche by putting some cash into a safe every month, for years, until I had enough to buy the car.

It was sort of a mental thing for me: since I didn't see the money on my bank statements, it almost felt like it wasn't there. Since it was cash locked up in a safe, it was easier to make sure it didn't get frittered away on something else. And, for a little "boost" now and then, I could take a quick look at it to see how close I was to my goal.

So, for all of my hard work, the US government says "Hmmm... that looks like some mighty suspicious activity going on there. We better watch this guy."

Government scum.
Cuda911 is offline  
Old 03-18-2014, 01:19 PM
  #53  
jlanka
Super User
 
jlanka's Avatar
 
Join Date: Oct 2012
Location: Merrick, Long Island NY (Jeff)
Posts: 3,018
Default

Originally Posted by Cuda911 View Post
this is yet another sick government intrusion into our lives.... Government scum....
Blame Bin Laden
jlanka is offline  
Old 03-18-2014, 02:15 PM
  #54  
Zohan
User
Thread Starter
 
Zohan's Avatar
 
Join Date: Jan 2014
Location: You Don't Mess with the Zohan
Posts: 487
Default

All cash transactions over 10k are reported to to make sure you are not londering your drug or fill in blank money and paying taxes on it. Try makeing a cash diposit in to your personal account for anything over $10,000.00
Originally Posted by jlanka View Post
Blame Bin Laden
Zohan is offline  
Old 03-18-2014, 02:36 PM
  #55  
Porsche 25th
Addict
Rennlist Member
 
Porsche 25th's Avatar
 
Join Date: Feb 2007
Location: Musik Stadt
Posts: 1,186
Default

I believe $10k is the law but most financial institutions report less. I have had $5k cash deposit reported by my bank.
Porsche 25th is offline  
Old 03-18-2014, 04:34 PM
  #56  
Bacura
User
 
Bacura's Avatar
 
Join Date: Sep 2013
Posts: 1,710
Default

I traded in my 2009 C2S(which I paid cash for) for my 2014 911/50. The trade meant that ~60k was tax free. I leased the difference. I leased because if the car was in an accident it was loose most of its collectibility. So if the car is not in an accident and runs without any issues I'll buy it out as a collectible. If it is in an accident or has "issues" it's bye bye.
Bacura is offline  
Old 03-18-2014, 04:47 PM
  #57  
fast1
Super User
 
Join Date: Oct 2004
Posts: 3,227
Default

I didn't take "paying cash" literally. I'm assuming that virtually everyone wrote a check for their cars. On the other hand I did see a couple of young gentlemen purchase an Audi R8 a couple years ago, and they did pay cash. I don't think the dealer was happy having to receive all of that cash.
fast1 is online now  
Old 03-18-2014, 04:48 PM
  #58  
LexVan
Addict
Rennlist Member
 
LexVan's Avatar
 
Join Date: Jan 2013
Location: Chicagoland Area
Posts: 19,306
Default

Originally Posted by Bacura View Post
I traded in my 2009 C2S(which I paid cash for) for my 2014 911/50. The trade meant that ~60k was tax free.
Not really "free". Since you paid the tax the first time around.
LexVan is offline  
Old 03-18-2014, 04:52 PM
  #59  
fast1
Super User
 
Join Date: Oct 2004
Posts: 3,227
Default

Originally Posted by LexVan View Post
Not really "free". Since you paid the tax the first time around.
Yes but in many States you must pay taxes again on that $60K trade in. So in that sense it is tax free for those States that grant that exclusion.
fast1 is online now  
Old 03-18-2014, 05:01 PM
  #60  
LexVan
Addict
Rennlist Member
 
LexVan's Avatar
 
Join Date: Jan 2013
Location: Chicagoland Area
Posts: 19,306
Default

Originally Posted by fast1 View Post
Yes but in many States you must pay taxes again on that $60K trade in. So in that sense it is tax free for those States that grant that exclusion.
I understand that. I wonder if more States double dip, or give the exclusion?
LexVan is offline  

Thread Tools
Search this Thread
Quick Reply: did you pay Cash Finance or Lease


Contact Us About Us Advertising Cookie Policy Privacy Statement Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: