Posted by MarkB_MI on October 30, 2015 at 03:31:34 from (70.194.26.174):
In Reply to: truck leases posted by Nick167 on October 29, 2015 at 16:46:52:
You need to understand the concept of deferred gratification. It is the SINGLE MOST IMPORTANT CHARACTERISTIC of successful people. Deferred gratification mean not having what you want right now so you can have something better at a later date. People who get it wrong are doomed to a life of poverty, or at the best perpetual indebtedness. Although deferred gratification usually refers to purchases, it can mean other decisions such as whether to stay in school or what sort of jobs you take.
In the past forty years, the US economy has shifted from one based on manufacturing to one based on finance. The finance industry needs to get folks hooked on credit as early as possible so they can have them in debt their entire adult lives. You don't have to succumb to the enticements of the financial sector any more than you have to try that first snort of heroin. Credit is a powerful tool if used wisely, but it takes maturity to handle it.
You should realize that it's not really possible to drive a new $50K 3/4 pickup for 200 bucks a month. Those ads are teasers; they assume high down payments, short lease terms, very low mileage and excellent credit. (Despite the name, leases are just a different way to make a purchase on credit.) The real cost for a typical buyer will be much higher, although even if you double the monthly payment that's still pretty cheap compared to a four or five year loan. But what do you do at the end of the lease term? You either need to buy the vehicle outright (you would have been better to buy it up front instead of leasing), or you have to lease another vehicle and repeat the cycle.
Of course, since you're not yet 18, you can't buy or lease anything. You have to get your parent or other adult to sign for you. Is it fair to put them on the hook if you can't afford the expense of a new vehicle? And since you have little driving experience, full coverage insurance will be astronomical.
Save your money, stay in school and buy a used vehicle you can afford WHEN you can afford it.
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