In this episode of the Sound Financial Bites podcast, host Paul Adams and co-host Cory Shepherd talk about the basics of debt and pull back the curtain of the automobile leasing industry to help you make wiser purchases for your long-term financial health.
In this conversation, Cory breaks down the myth of a zero percent car loan and Paul explains the full disclosure of the 2019 BMW i8 car lease.
What Was Covered
- 1:08 - Borrowing: A Beginner’s Guide
- 2:15 - Borrowing money on the car or the potential income?
- 4:10 - Hypothetical: The immutable tank of money
- 6:30 - Should you buy new or used cars?
- 9:08 - 2018 Lexus RX 350 & mathematical sleight of hand
- 10:20 - The lie of zero percent MSRP
- 15:10 - The moving parts of a car lease
- 15:30 - 2019 BMW i8 Roadster
- 16:44 - Full disclosure on the BMW Lease
- 17:40 - Breaking down the particular fees and real costs
- 20:35 - Always do the math!
- 23:00 - The benefits of buying used
“What we want to reflect on is... optimism oftentimes is what these other institutions, these large corporations use to market to get you to make decisions that may not be good for your long-term future.”
“There’s no debate. None. Nobody ever said that... you should buy new because its a good financial decision. It’s always a better idea to buy used because the second you drive an expensive car off the lot you’ve lost money.”
“You’re not in a buying decision for a car, you’re in a transaction that affects the rest of your financial life, and the bank is not lending you money on the car. What are they lending you money on? It’s a lean against all of your future income.”
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