J.J. McCorvey

speaker

619 appearances 13 recordings 1 series first heard May 2021 last heard Jul 2022

J.J. McCorvey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Car Prices Too Steep to Buy? How About Leasing? · 30 Aug 2021 podcast

So there's things like that, that you really have to think about when you take out a lease. matched

And that's a good reason to pay really close attention to the fine print when you take out a lease. matched

So if you want to lease a car, it might be beneficial because typically at the end of your lease, your car is worth around what you have contracted it for. matched

So you end up paying that amount. matched

But what's happening right now is you might get at the end of your lease and you've already contracted to pay a certain amount based on your car being worth less because you've driven it. matched

But, you know, in this market, you might get to the end of your lease and the car is actually worth more, which means you can then buy it from the dealer and sell it for a higher price or roll that equity into another car. matched

So the pandemic has actually upended this equation where you get a new car, whether buying or leasing, you know, you expect for it to depreciate and be worth much less at the end of your ownership of the vehicle. matched

And that's just often not the case anymore. matched

In addition to consumers, this is a tough time for dealers, too, because of the lack of vehicle inventory. matched

And so if you're selling a car or at the end of your lease, you're likely in a stronger negotiating position because that dealer really wants your car back on the lot. matched

There is, especially right now, again, because of the environment, you know, you might see a lot of regional dealership incentives. matched

Experts told me that you might even see some automaker backed specials at dealerships when it comes to leasing. matched

So, yeah, you know, you should really do your research and, you know, don't be afraid to kind of, you know, ask for what you want. matched

Incentives for a leasing agreement range from a minimal down payment to zero to minimal APR. matched

Those are some of the incentives. matched

So if you expect that your car has actually appreciated in value, that might be a good reason to buy at the end of the lease. matched

And also, experts said that it was kind of like buying a used car from someone you know because it's you. matched

You own the car before you've been driving it. matched

And so you don't have to worry about if the person is lying or if you might find something out about the vehicle later on. matched

So there's a degree of trust because you have the vehicle. matched

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