December 31, 2025 • 13 mins
In this video, we discuss the benefits of leasing a car. We also discuss buying a new car vs buying a used car and how to get the best deal when purchasing a car. #cars #leasing #usedcar Full Interview: • LEASING VS BUYING A CAR
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Episode Transcript
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Speaker 1 (00:01):
This episode is brought to you by P and C Bank.
A lot of people think podcasts about work are boring,
and sure they definitely can be, but understanding a professionals
routine shows us how they achieve their success little by little,
day after day. It's like banking with P and C Bank.
It might seem boring to save, plan and make calculated
(00:21):
decisions with your bank, but keeping your money boring is
what helps you live or more happily fulfilled life. P
and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
Boring since eighteen sixty five is a service mark of
the PNC Financial Service Group, Inc. P and C Bank
National Association Member FDIC.
Speaker 2 (00:43):
The difference between leasing and buying a car. What are
some key differences in leasing a car and buying a car?
Speaker 3 (00:50):
Well, on a least most people you'll hear that a
lot people say, well, you don't own the car, right.
The truth is, do you want to own a vehicle
that's going to lose value? Right? Very rarely do cars
go up in value. So that's why leasing is so prevalent.
Seventy eighty percent, like you said, of people leased the
vehicles when you're financing the vehicle, you do. You technically
(01:10):
own it, but the bank owns and while you're financing,
so until you pay it off, the vehicle still belongs
to the bank title the titles held by the bank.
You're not the owner of that vehicle.
Speaker 2 (01:20):
That's something that's that's a common misconception. You don't own
the car the way until you finally pay it off.
And then when you do pay it off more people
want to trade it in.
Speaker 4 (01:28):
They want to trade it right away old by the
time you own it now it's old exactly.
Speaker 2 (01:32):
But another thing with the leasing that people don't fully
understand is like for me personally, right, the reason why
at least is that I'm a business owner yep, right,
So I get better tax treament for lease in the
car exactly, Whereas like with the least I can write
off the insurance, the gas, and the least payment formula percentage.
We won't get too complicated in it, but I can
write that off on my taxes. If I own the car,
(01:55):
then I could only I have to go about the
depreciation correct because it's own, I get less of a
tax benefit for owning a car, so it's in my
benefit to lease the car because it's pretty much a
right off for me, and I don't have to worry
about maintenance, right, So I never haven't gotten I haven't
paid for oil change and I can't remember when because
(02:15):
or at least everything is paid for the warranties too, yes,
and then I get a new car every three years.
Now I always sell, like if you want to. Everybody's
personal preference is different. You can't foresh your views on somebody, right, Like,
if you want to keep a car for ten years,
that's shit, right, you can do that. I don't want
to do that. I want to get a new car,
so I know it's going to cost me a lot
(02:36):
more money to buy a car and then buy a
new car every three years as opposed to leasing a
car and then getting a new car every three years.
Speaker 3 (02:43):
And the upfront is less yep, right, yeah, absolutely. On
a lease, you only pay let's say the taxes right
when you're financing in the vehicle. You pay tax on
the whole price of the car, or at least you
only pay tax unlets's say the monthly payment depending on
the state and where you're registering the car, Let's say
like New York you're only paying tax on the monthly payment.
Speaker 2 (03:03):
Right, So I think that that's something that people could
And as far as for me, I don't drive a lot,
so twelve thousand miles. I never go with twelve thousand miles.
I usually hit like eleven ten to five, So it's
perfect for me. But you were saying, even if you
do go with twelve thousand, that's.
Speaker 3 (03:19):
A big misconception. Also, it's a lot of people think
that if I drive a lot of mileage, I shouldn't
be leasing. You know, you'll hear a lot of people
come in and they say, you know, I do fifteen
twenty thousand miles a year, I shouldn't you know? Leasing
is not for me. I think the contrary. The way
I look at it is when you're leasing the vehicle,
even if it's a high mileage, least you know your
true cost of ownership. Like you said with maintenance, right,
you know that you're gonna have this car three years,
(03:40):
you're gonna put fifteen thousand miles a year, You'll have
forty five thousand miles. Most warranties are let's say, four year,
fifty thousand miles. Bumper to bump a warranty, so you'll
still covered under your warranty, you see what I mean.
So you'll be able to look at it and say, hey,
you know what, I know exactly what I'm gonna be
paying every month for this car as long as I
have my lease. Now, when you're financing a car and
you're putting high mileage on the car, the two things
(04:01):
that lower the value of the car quickest is the
amount of mileage you put on it and the condition
of the car. So let's save the vehicle is in
an accident. So if I'm leasing my car and someone
that my next door neighbor's buying their vehicle and they're
financing their car in three years, I have a lot
more flexibility of what I can do. I don't have
to worry about if my car was in an accident,
(04:22):
or did somebody key my car? Did a garbage truck
come down the street to hit my car? Because their
value is dropped now. So now you're playing this guessing
game of well, wait a minute, what is my car
now worth? And you run into a situation where you
finally pay off your car. You've put money into the
vehicle trying to fix it, and they turn around and say, hey,
your car's worth six thousand dollars. Now. The other thing
that we talked about was that technology is moving so fast,
(04:45):
so things get antiquated quick. So that's why leasing is
nice because in three years you may not need a
small sedan right now, in three years, your life changes,
You have a family, you have kids. Now I want
to ask your V my lease is up? I come
out of the leasing, go into the brand new SUV
if I want to can't cord anymore?
Speaker 2 (05:03):
Exactly?
Speaker 5 (05:04):
Yeah, Now that's true.
Speaker 4 (05:04):
Technology changes even like the few if I have now,
like I sold the two thousand, twenty twenty Mode, I'm like, wait, yeah,
that is ridiculous, Like I need that technology now. So
it's like you can just come in every three years. Man,
that's a that's a huge benefit in leasing. One of
the things that is important when you're leasing all finances
is the credit.
Speaker 3 (05:22):
Yep, how does that work?
Speaker 1 (05:24):
Is there a specific bureau that car dealerships use or
the bank?
Speaker 3 (05:29):
So it varies between manufacturers, so different banks. So let's
say if you're going to Honda Honda Financial, Toyota has
Toyota Motive Credit. Mercedes Benz has Mercedes Benz financial They
all have different criterias, right, so it's not it's not
a blanket as far as what they use. Some people
use transunions, some people use echo facts. Other manufacturers use
what's called the auto score. So an autoscore means your
(05:51):
automotive history. So even if you had some trouble on
your credit, but they saw, let's say, for whatever reason,
you had some medical bills or something happened, but you
always paid your car node on time. The bank may
look at that and say, hey, well wait a minute,
they miss some payments over here, but they always pay
their car on time. So that means that, hey, you
know what, this person needs that car. They need to
(06:11):
get to work, they need to provide for their family.
So no matter what happens, they're going to take care
of that monthly payment.
Speaker 2 (06:16):
And another thing I want people to think too. A
lot of times people will look at it like, Okay,
well I'm not a business owner and we're talking about
luxury cars just because we have luxury cars. But it's
the conversations for any type of cass doesn't matter. But
also people have to realize is that you don't have
to be a full time entrepreneur to be an entrepreneur
because the tax system. I can't stress this. The tax
(06:36):
system is set up for entrepreneurs and investors. It's not
set up for employees. Right, So as an entrepreneur, you
get all kinds of benefits. You can write off meals,
you can write off travel, you can write off almost
anything realistically as long as it makes sense. Don't get
what it is. And cars is one of the things
that you can write off.
Speaker 3 (06:56):
Right.
Speaker 2 (06:56):
So if you work in a regular job, and you
might have a side, so why not get that incorporated,
get an LLC, get a seat, whatever you want to do,
and get a tax id, opening up bank account. Now
you have a business. So now you can lease that
from your side hustle business, and you can deduct the
same deductions like if you work the regular job. Right,
Like now that that goes against any money that you
(07:18):
make on that. And so I say that to say
we have to think like business people. And you don't
even have to actually be a full time business owner.
Salespeople as well, right, if you're a ten ninety nine
or if you are in some former sales where you
can take deductions like real estate and stuff like that.
Insurance you sell insurance the same thing. So a lot
(07:40):
of times people, you know, they have negative views towards
things because they don't they have a lack of understanding.
There Once you have a lack of understanding, and like
I said, now, if you still choose to do that,
then it's it's your decisions free country. But a lot
of times we make decisions based out of ignorance not knowledge, right,
So exactly. So one of the things I want to
ask you was you said MSRP versus price, right, what's
(08:03):
the difference towards.
Speaker 5 (08:04):
The selling price?
Speaker 3 (08:04):
All right? So yeah, so you have MSRP, right, that's
what's on the windowsticker, right, So the manufacturer suggests the
retail price of the vehicle. That's MSRP. Manufacturer suggests the
retail price. That's what they recommend you should be selling
that car for now. The selling price is what you negotiate,
right or whatever. However you can reduce the selling price
of the vehicle. That's what that comes down to. Is
that the same thing as a cap cost. So no
(08:26):
cap cost. Let's say you're leasing or your finance in
the vehicle. The final cap cost is the selling price
plus anything else. So whatever money the bank is lending you.
Whatever it's a leaset or finance, they're still lending a
certain amount of money. So let's sayd the lease, if
you rolled your taxes into your payment, that's going to
add to your cap cost. If you negotiated a fifty
thousand dollars selling price and then you rolled your taxes
(08:48):
of two thousand dollars into the lease, that's fifty two
thousand dollars cap cost. And is that negotiable. Well, it's
based on what you negotiate as far as you let's
say you're selling price. So whatever fees you put into it,
those aren't those let's say taxes and DMV fees, things
like that.
Speaker 2 (09:03):
So all right, we talked about okay, talk about leasing
a car, but buying a car. Somebody wants to buy
a car, right, and you were saying, most of the time,
if you do want to buy a car, it makes
more sense to buy a used car.
Speaker 3 (09:12):
I always recommend people, if you are going to buy
a car, buy a certified pre on.
Speaker 2 (09:16):
Now.
Speaker 3 (09:16):
Listen, there's vehicles you can find out these lots that
are not authorized the same Mercedes Benz dealerships or Toyota
dealership me personally, I think you're better off going to
You may pay a couple of dollars more, but you're
getting it from the manufacturer, so you have the backing
of manufacturers. And just give you an idea, most companies,
when they certify a vehicle, the vehicle goes through let's say,
(09:37):
you know, one hundred and fifty point one hundred and
sixty point inspection. So not only will they inspect a
vehicle to make sure that it's in a certain conditions,
so they'll eliminate things like let's say this frame damage
to the car. If the car is frame damage doesn't
qualify for a certification, so it's eliminated. Most dealerships won't
even take that car. They'll send that car out, and
that's what you'll see the vehicles on these other side
(09:57):
lots right and they're selling those vehicles. So this really
no recourse when it comes to something happened to the car.
Not to mention the fact that once that car goes
through the certification, a lot of manufacturers will put new
car interest rates on those cars. So typically pre owned
cars are used cars will have a higher interest rate
than a new car. But if it's certified, you get
(10:17):
a better interest rate. So like right now, like let's
say you have one point nine nine percent, you can't
get one nine nine percent on a used car, you know,
anywhere else, you know what I mean? If the vehicles certified,
that's the way to do it me personally, the vehicles.
As you guys have all heard this, people say, oh, well,
the vehicle loses value as soon as you drive it
off the lot. Now what happens is really it's once
it's registered the vehicle loses value. That's when that's when
(10:40):
the vehicle loses value. That's normally when you're driving off
the lot.
Speaker 4 (10:42):
That's when you got it brand new.
Speaker 3 (10:43):
So yeah, when you're buying the car brand new, it
initially loses its value when you drive it off a
lot or the vehicle is titled. So now you're buying
a vehicle, who's going to that's gonna depreciate in value.
That's what a car does. It's going to go down
in value. So you're financing a car that's losing value.
It already took a big hit. When you're buying a
new opposed to a certified pre on that the initial
depreciation has already happened. It's already taking place, but you
(11:06):
knew that car was taking care of The manufacturer of
the dealership, you know, is putting themselves behind that vehicle, saying, hey,
we know this vehicle, We've inspected this vehicle, we know
this vehicle's in good shape. We're willing to even put
a new car rate on it, so you have some
more confidence when they're buying that type of vehicle.
Speaker 5 (11:22):
Okay, all right, earners, what's up?
Speaker 1 (11:42):
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This episode is brought to you by P and C Bank.
A lot of people think podcasts about work are boring,
and sure they definitely can be, but understanding a professionals
routine shows us how they achieve their success little by little,
day after day. It's like banking with P and C Bank.
It might seem boring to save, plan and make calculated
(00:21):
decisions with your bank, but keeping your money boring is
what helps you live or more happily fulfilled life. P
and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
Boring since eighteen sixty five is a service mark of
the PNC Financial Service Group, Inc. P and C Bank
National Association Member FDIC.
Speaker 2 (00:43):
The difference between leasing and buying a car. What are
some key differences in leasing a car and buying a car?
Speaker 3 (00:50):
Well, on a least most people you'll hear that a
lot people say, well, you don't own the car, right.
The truth is, do you want to own a vehicle
that's going to lose value? Right? Very rarely do cars
go up in value. So that's why leasing is so prevalent.
Seventy eighty percent, like you said, of people leased the
vehicles when you're financing the vehicle, you do. You technically
(01:10):
own it, but the bank owns and while you're financing,
so until you pay it off, the vehicle still belongs
to the bank title the titles held by the bank.
You're not the owner of that vehicle.
Speaker 2 (01:20):
That's something that's that's a common misconception. You don't own
the car the way until you finally pay it off.
And then when you do pay it off more people
want to trade it in.
Speaker 4 (01:28):
They want to trade it right away old by the
time you own it now it's old exactly.
Speaker 2 (01:32):
But another thing with the leasing that people don't fully
understand is like for me personally, right, the reason why
at least is that I'm a business owner yep, right,
So I get better tax treament for lease in the
car exactly, Whereas like with the least I can write
off the insurance, the gas, and the least payment formula percentage.
We won't get too complicated in it, but I can
write that off on my taxes. If I own the car,
(01:55):
then I could only I have to go about the
depreciation correct because it's own, I get less of a
tax benefit for owning a car, so it's in my
benefit to lease the car because it's pretty much a
right off for me, and I don't have to worry
about maintenance, right, So I never haven't gotten I haven't
paid for oil change and I can't remember when because
(02:15):
or at least everything is paid for the warranties too, yes,
and then I get a new car every three years.
Now I always sell, like if you want to. Everybody's
personal preference is different. You can't foresh your views on somebody, right, Like,
if you want to keep a car for ten years,
that's shit, right, you can do that. I don't want
to do that. I want to get a new car,
so I know it's going to cost me a lot
(02:36):
more money to buy a car and then buy a
new car every three years as opposed to leasing a
car and then getting a new car every three years.
Speaker 3 (02:43):
And the upfront is less yep, right, yeah, absolutely. On
a lease, you only pay let's say the taxes right
when you're financing in the vehicle. You pay tax on
the whole price of the car, or at least you
only pay tax unlets's say the monthly payment depending on
the state and where you're registering the car, Let's say
like New York you're only paying tax on the monthly payment.
Speaker 2 (03:03):
Right, So I think that that's something that people could
And as far as for me, I don't drive a lot,
so twelve thousand miles. I never go with twelve thousand miles.
I usually hit like eleven ten to five, So it's
perfect for me. But you were saying, even if you
do go with twelve thousand, that's.
Speaker 3 (03:19):
A big misconception. Also, it's a lot of people think
that if I drive a lot of mileage, I shouldn't
be leasing. You know, you'll hear a lot of people
come in and they say, you know, I do fifteen
twenty thousand miles a year, I shouldn't you know? Leasing
is not for me. I think the contrary. The way
I look at it is when you're leasing the vehicle,
even if it's a high mileage, least you know your
true cost of ownership. Like you said with maintenance, right,
you know that you're gonna have this car three years,
(03:40):
you're gonna put fifteen thousand miles a year, You'll have
forty five thousand miles. Most warranties are let's say, four year,
fifty thousand miles. Bumper to bump a warranty, so you'll
still covered under your warranty, you see what I mean.
So you'll be able to look at it and say, hey,
you know what, I know exactly what I'm gonna be
paying every month for this car as long as I
have my lease. Now, when you're financing a car and
you're putting high mileage on the car, the two things
(04:01):
that lower the value of the car quickest is the
amount of mileage you put on it and the condition
of the car. So let's save the vehicle is in
an accident. So if I'm leasing my car and someone
that my next door neighbor's buying their vehicle and they're
financing their car in three years, I have a lot
more flexibility of what I can do. I don't have
to worry about if my car was in an accident,
(04:22):
or did somebody key my car? Did a garbage truck
come down the street to hit my car? Because their
value is dropped now. So now you're playing this guessing
game of well, wait a minute, what is my car
now worth? And you run into a situation where you
finally pay off your car. You've put money into the
vehicle trying to fix it, and they turn around and say, hey,
your car's worth six thousand dollars. Now. The other thing
that we talked about was that technology is moving so fast,
(04:45):
so things get antiquated quick. So that's why leasing is
nice because in three years you may not need a
small sedan right now, in three years, your life changes,
You have a family, you have kids. Now I want
to ask your V my lease is up? I come
out of the leasing, go into the brand new SUV
if I want to can't cord anymore?
Speaker 2 (05:03):
Exactly?
Speaker 5 (05:04):
Yeah, Now that's true.
Speaker 4 (05:04):
Technology changes even like the few if I have now,
like I sold the two thousand, twenty twenty Mode, I'm like, wait, yeah,
that is ridiculous, Like I need that technology now. So
it's like you can just come in every three years. Man,
that's a that's a huge benefit in leasing. One of
the things that is important when you're leasing all finances
is the credit.
Speaker 3 (05:22):
Yep, how does that work?
Speaker 1 (05:24):
Is there a specific bureau that car dealerships use or
the bank?
Speaker 3 (05:29):
So it varies between manufacturers, so different banks. So let's
say if you're going to Honda Honda Financial, Toyota has
Toyota Motive Credit. Mercedes Benz has Mercedes Benz financial They
all have different criterias, right, so it's not it's not
a blanket as far as what they use. Some people
use transunions, some people use echo facts. Other manufacturers use
what's called the auto score. So an autoscore means your
(05:51):
automotive history. So even if you had some trouble on
your credit, but they saw, let's say, for whatever reason,
you had some medical bills or something happened, but you
always paid your car node on time. The bank may
look at that and say, hey, well wait a minute,
they miss some payments over here, but they always pay
their car on time. So that means that, hey, you
know what, this person needs that car. They need to
(06:11):
get to work, they need to provide for their family.
So no matter what happens, they're going to take care
of that monthly payment.
Speaker 2 (06:16):
And another thing I want people to think too. A
lot of times people will look at it like, Okay,
well I'm not a business owner and we're talking about
luxury cars just because we have luxury cars. But it's
the conversations for any type of cass doesn't matter. But
also people have to realize is that you don't have
to be a full time entrepreneur to be an entrepreneur
because the tax system. I can't stress this. The tax
(06:36):
system is set up for entrepreneurs and investors. It's not
set up for employees. Right, So as an entrepreneur, you
get all kinds of benefits. You can write off meals,
you can write off travel, you can write off almost
anything realistically as long as it makes sense. Don't get
what it is. And cars is one of the things
that you can write off.
Speaker 3 (06:56):
Right.
Speaker 2 (06:56):
So if you work in a regular job, and you
might have a side, so why not get that incorporated,
get an LLC, get a seat, whatever you want to do,
and get a tax id, opening up bank account. Now
you have a business. So now you can lease that
from your side hustle business, and you can deduct the
same deductions like if you work the regular job. Right,
Like now that that goes against any money that you
(07:18):
make on that. And so I say that to say
we have to think like business people. And you don't
even have to actually be a full time business owner.
Salespeople as well, right, if you're a ten ninety nine
or if you are in some former sales where you
can take deductions like real estate and stuff like that.
Insurance you sell insurance the same thing. So a lot
(07:40):
of times people, you know, they have negative views towards
things because they don't they have a lack of understanding.
There Once you have a lack of understanding, and like
I said, now, if you still choose to do that,
then it's it's your decisions free country. But a lot
of times we make decisions based out of ignorance not knowledge, right,
So exactly. So one of the things I want to
ask you was you said MSRP versus price, right, what's
(08:03):
the difference towards.
Speaker 5 (08:04):
The selling price?
Speaker 3 (08:04):
All right? So yeah, so you have MSRP, right, that's
what's on the windowsticker, right, So the manufacturer suggests the
retail price of the vehicle. That's MSRP. Manufacturer suggests the
retail price. That's what they recommend you should be selling
that car for now. The selling price is what you negotiate,
right or whatever. However you can reduce the selling price
of the vehicle. That's what that comes down to. Is
that the same thing as a cap cost. So no
(08:26):
cap cost. Let's say you're leasing or your finance in
the vehicle. The final cap cost is the selling price
plus anything else. So whatever money the bank is lending you.
Whatever it's a leaset or finance, they're still lending a
certain amount of money. So let's sayd the lease, if
you rolled your taxes into your payment, that's going to
add to your cap cost. If you negotiated a fifty
thousand dollars selling price and then you rolled your taxes
(08:48):
of two thousand dollars into the lease, that's fifty two
thousand dollars cap cost. And is that negotiable. Well, it's
based on what you negotiate as far as you let's
say you're selling price. So whatever fees you put into it,
those aren't those let's say taxes and DMV fees, things
like that.
Speaker 2 (09:03):
So all right, we talked about okay, talk about leasing
a car, but buying a car. Somebody wants to buy
a car, right, and you were saying, most of the time,
if you do want to buy a car, it makes
more sense to buy a used car.
Speaker 3 (09:12):
I always recommend people, if you are going to buy
a car, buy a certified pre on.
Speaker 2 (09:16):
Now.
Speaker 3 (09:16):
Listen, there's vehicles you can find out these lots that
are not authorized the same Mercedes Benz dealerships or Toyota
dealership me personally, I think you're better off going to
You may pay a couple of dollars more, but you're
getting it from the manufacturer, so you have the backing
of manufacturers. And just give you an idea, most companies,
when they certify a vehicle, the vehicle goes through let's say,
(09:37):
you know, one hundred and fifty point one hundred and
sixty point inspection. So not only will they inspect a
vehicle to make sure that it's in a certain conditions,
so they'll eliminate things like let's say this frame damage
to the car. If the car is frame damage doesn't
qualify for a certification, so it's eliminated. Most dealerships won't
even take that car. They'll send that car out, and
that's what you'll see the vehicles on these other side
(09:57):
lots right and they're selling those vehicles. So this really
no recourse when it comes to something happened to the car.
Not to mention the fact that once that car goes
through the certification, a lot of manufacturers will put new
car interest rates on those cars. So typically pre owned
cars are used cars will have a higher interest rate
than a new car. But if it's certified, you get
(10:17):
a better interest rate. So like right now, like let's
say you have one point nine nine percent, you can't
get one nine nine percent on a used car, you know,
anywhere else, you know what I mean? If the vehicles certified,
that's the way to do it me personally, the vehicles.
As you guys have all heard this, people say, oh, well,
the vehicle loses value as soon as you drive it
off the lot. Now what happens is really it's once
it's registered the vehicle loses value. That's when that's when
(10:40):
the vehicle loses value. That's normally when you're driving off
the lot.
Speaker 4 (10:42):
That's when you got it brand new.
Speaker 3 (10:43):
So yeah, when you're buying the car brand new, it
initially loses its value when you drive it off a
lot or the vehicle is titled. So now you're buying
a vehicle, who's going to that's gonna depreciate in value.
That's what a car does. It's going to go down
in value. So you're financing a car that's losing value.
It already took a big hit. When you're buying a
new opposed to a certified pre on that the initial
depreciation has already happened. It's already taking place, but you
(11:06):
knew that car was taking care of The manufacturer of
the dealership, you know, is putting themselves behind that vehicle, saying, hey,
we know this vehicle, We've inspected this vehicle, we know
this vehicle's in good shape. We're willing to even put
a new car rate on it, so you have some
more confidence when they're buying that type of vehicle.
Speaker 5 (11:22):
Okay, all right, earners, what's up?
Speaker 1 (11:42):
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tipping is a breeze, and you're out the door before
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(12:04):
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just thinking about launching something soon, Square is hands down
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