7. Save $300+ per month – Carpooling with family and share purchase of expensive car with family
There can be many savings when you carpool with the family. Suppose you don’t use a car, saving you $600+ per month in lease payments and car insurance, but instead, ask to drive your parents car like twice per week for $20 per time (or for free or in exchange for a service), the other time you use public transport (or bike), stay at home or carpool with strangers/friends. You will thus be spending less than $200 per month and don’t need to worry for car payments.
A much greater solution is to convince someone (like your parents) to get a more luxurious car, like a Corvette, these personal car lease payments and insurance may be $1,000 per month, so too much for either you and your parents, however, you agree to close your current car lease and insurance (saving you $600 per month), and instead drive your parents car for free (one of their 2 cheaper cars), and propose to pay $500 per month of your money towards the Corvette, while your parents pay the remainder $500 per month, and so, it does not cost you anything more, while you and your parents drive a luxurious (sports) car, like for during the weekend.
Same way, you could also allow other family members to use your car, like drive the Corvette for $100 per day. Do that 4 times per month, and you have $400 per month that covers the cost of the car.
Be careful however, if someone drives drunk and crashes the car, your insurance may deny coverage (always look for the fine print in the insurance contract), and preferable sign a personal car lease and not a finance, so chances are less likely you may have to cover the remainder of the car payments even if the insurance company drops the liability. It is preferable not to loan out an expensive car to strangers, only to close relatives at most, your car may get stolen, may get damaged or someone may drive it drunk and crash it, btw where is the contract and are those people allowed to drive the car based on the insurance contract details?
Always make sure you get the insurance for an expensive (sports) car. People under 25 are very unlikely to get insurance on a powerful sports car, statistics show that youngsters cannot handle such car. Therefore, your father may get the insurance cheaply, and the payments are on his credit record, while you somewhat help him cover the cost of the new car, like $500 per month.
There are many websites for car leasing companies that offer deals to take over the remainder of a lease or to choose a lease on a second-hand owned car, the maintenance costs of these leased cars are not your responsibility either. You may find a Corvette, 1 or 2 earlier models for half the car lease payments than a new one and giving you the same amount of fun. Why? Car looses half its value in 5 years time, that means 1 or 2 earlier models are half as costly.
It could be even better, some lease contracts are only for 3 years with second-owned cars rather than the standard 5-year lease. Always get an attorney check the new lease contract, because these lease contracts are modified, not the usual ones.
You can get a more affordable, faster and greener commute if you simply use Carma – a site that enables you to find a match and share the driving costs: https://www.carmacarpool.com/