Young Hackrs? // What got you into lease hacking?

Anyone here like fairly young. Looking for my first car, cross shopping some EV’s right now. Decided that leasing just works out better for me instead of buying a used car.

I’ve been genuinely learning so much about leasing over the past year I’ve been a member. It just really interests me how all the numbers play together and I’m just a sucker for a good deal.

Just wondering if there’s anyone equally as insane as me in these forums. :joy:

I’m 20, but only got into the forum because I’ve been working in the industry since I was 16. Discovered this magical forum through someone trying to get a new Escalade in 2019 for “1%.” When asked how he came up with that number he replied that according to LH that was a good deal.

I jumped down the rabbit-hole and never looked back.

@HersheySweet is the only other younger person I know on the forum off the top of my head

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Closing this thread because I didn’t log onto Leasehackr to feel old

:wink:

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Yep! The older guys and gals don’t let me forget it :confused:.

For me, it was to get out of the hell hole of a Nissan cvt, and into ANYTHING else.

FTFY, probably? :wink:

Wow 16? What did you do in this industry.

(16) Inventory Photography —> (17) Product Specialist —> (18) Floor Sales —> (18) Internet Sales —> (19) Internet Sales Director —> (19) Used Car Manager —> (20) Internet Sales Director—> (20) New Car Sales Manager

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Wow that’s amazing. Totally forgot to mention I was 17. I’ve seriously interested in entering the automotive industry but I’ve been on the fence. I’ve recently been trying reaching out to local dealers to see if I can gain any type of experience. The plan was to go to college, major in business something, and then hopefully after intern then get a full time position working corporate at some car company. Recently I’ve been seriously contemplating skipping it all together and just diving into sales and working my way up. I just don’t know if it’s right for me or if I want to “take the risk.” Any tips?

Don’t!

I have been in your shoes. I get where you are coming from … opportunity cost of college felt very high but then 08 financial crisis hit and I realized I was wrong. I went back to finish the school in my late 20s.

Get yourself STEM degree from decent school.
Free advise from stranger on internet :slight_smile:

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Piggybacking on this, I would suspect that a career trajectory like @ethanrs is the exception, not the rule. Unless you’re firmly on a path to success like that, definitely go to school if you can afford to do so. There are numerous benefits to a university and even CC degree, and the experience is worth every penny.

I’m 26 and got into cars as a hobby, though never really considered working in the industry. Cars can be a passion or a career, and you’ll decide whether you really want a career in auto or not.

If you’re like me, I’m sure you saw the benefits of leasing (and hacking) because you wanted to be able to drive a nicer car and realized that leasing / hacking is the best way to get into a car that’s “out of your price range” or “unreasonable to drive at your age” (yes I ignored these wise words from my dad and his recommendation to buy CPO) I opted instead for a 2019 lease on my “dream car” and had way more fun doing so.

There’s tons to read on this site and you will learn a TON… good luck and happy hacking!

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DONT for all that is holy.

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Please follow up with that… 5-10 years down the road, you’re going to wish you had it. Regardless of where you get it, a higher education actually does reap a ton of benefits. Even in late career situations, many find a grad (or post-grad) degree immensely beneficial.

nah grad school made sense only because I didn’t want to work after college :rofl:

The odds are maybe 1,000:1 that it won’t work out that way.

So let’s say you’re 8 years out of HS and it’s not working out. What are your options then?

Not young, but I started lease hacking when I was 28 and the $160/mo Fiat 500e deals were a plenty. It was the perfect car for me at the time — I didn’t need anything bigger and the paltry 80 mile range was just fine. As my car needs evolved, I’ve leased a Volt ($190/mo), Prius ($270/mo), e-Golf ($160/mo), and XC60 ($360/mo) since. The flexibility is a huge reason why I love leasing.

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Speak for yourself.

I’ve seen both sides, my sister just graduated from business school at UW and now works for PWC as an accountant. We’re both polar opposites but here are some of the pros and cons from my perspective.

I absolutely love my job, but as @Rsantoro12 stated above I moved up the ladder much faster than most. The majority spend years upon years in sales before ever moving up to finance and the desk. While this isn’t necessarily a bad thing given that most sales jobs are six-figures, it does wear down on you. The one huge positive to starting young vs going to college is you’ll be making a six-figure income with no living expenses, so while your peers are busy burying themselves in debt you’re rapidly growing your savings. Many people don’t know how much money people in the industry make but it is rather impressive considering no degree is required (just skill). At the lowest point in your career (sales) you can make anywhere from 80-150k on average depending on the store and payplan. At the top end you have general managers making +500k - +1m annually.

One of the major cons is the lack of work/life balance. You’ll likely work 50-70 hours a week. You’ll most likely work on a lot of your days off. You’ll get sick of dealing with customers 24/7. And you’ll have to grind to get to finance. If you put your head down and work your ass off it is possible to move into finance within 1-2 years depending on the store. The vast majority of the population sees the industry as a dead end were people with no career choices end up (which is true in some cases) but those that got into the industry with the intention of making a career out of it usually climb the ladder quickly and the dead end people stay in sales.

The big thing to take into consideration is that if it doesn’t work out you don’t have many options aside from other sales careers (real estate, mortgage, recruiting, and insurance). I got into the industry without going to college, but I knew what I wanted and was successful right off the bat so I decided not to go.

Here are some of the pros and cons from my perspective.

Pros
Opportunity to make great money
No student debt
Excellent career path if you do well
Geniunely fun / enjoyable job once you get to management

Cons
No backup plan if you fail (this is a big one)
No “college experience”

Part of me regrets not going to college / growing up too fast but everything happens for a reason and I’m happy with where I’m at in life. The chances you make it in the industry are likely 1 in 30 if I had to guess. I would probably recommend going to college but giving sales a shot in the Summer before you go, worst case you’ll get a nice start to your savings.

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At the end of the day, remember one thing:

It’s always going to be significantly harder to go back to school in your 30s then it will be to get into car sales.

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I believe I’m a similar age to @HersheySweet, currently a HS senior. Been into leasing for the past 18 months, began when I was looking for my first car. I saw my dad get burned when we bought our first car here after moving to the states about 6 years ago. A 2015 C300 the month they started hitting dealer lots, purchased at sticker + 4k in add ons—paintless dent, rim protection, windshield protection, nitrogen, etc. Didn’t want that to happen to me, ended up w my Civic EX for 0 DAS 260/month. Wish I’d known Volvo loaners and scored one like @HersheySweet.

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It’s a $hit job sorry for those industry folks on here. I have several friends in the business and the money sounds great until you breakdown the hours it took to get there. I would say trade school or College (only if your degree has a job title in it). If College is your option and you plan on a business degree then your looking at guaranteed masters degree to go with it. If you have an aptitude for sales then work your way up, cars is a great place to learn rejection/rebuttals then transition into tech. Your going to again start at the bottom but you have a solid base (life lesson degree) and you will be far ahead of some schmuck who dropped 120k to get a piece of paper that says he trustworthy. I’m not opposed to college but if your uncertain or chasing a general “business degree” plan on decent debt for below par pay.

I agree with everything you said, but it’s 1/30, as you told me “sucks you in”. Putting it all in, landing a GM or anyone that believes in you is difficult at least, when applying/walking in to seek work for a dealer locally, I was scoffed at even for photography or porter jobs. I love the idea of working at a dealer before starting school, it’s a great way. I’m definitely not against joining the industry If I got the opportunity in the right market.

The two cons you cited are basically the entire reason I still plan on going to school for business or medicine or something, a fall back to say the least. Terrible work life balance is a friend to me, but you are right, working as a broker has been non stop phone calls and texts from 7am-3am. You definitely need one hell of a work ethic in this industry.

I think you need the credential.
I am older and I remember my college days as the best. It is worth it and not just for the education but the connections and the social aspects. I would go when you are young and enjoy the full experience.

Even if you are successful like @ethanrs because you are young you really never know, stay in school. If you already left and had to work to pay for school I would recommend getting a degree anyway, even if you do it online or at night (well everyone is in zoom school now anyway!) from someplace that will give you credit for life experience so you do not need the full 4 years or time.

I have a European friend who started working in the City of London at 18 for a broker.Ended up making a nice living in Europe working as for a broker dealer, had an expertise in his area. Fast forward 20 years, his wife is American and she wants to move back. He could not get a job only because he did not have the credential of a college degree. Finally worked for a foreign dealer that eventually closed its US operations. He ended up moving back to Europe but the market had changed and his old job was no longer the same. At 40 he was seriously considering going back to school to get a degree so he could get a job in the US

You have no idea how the car market will change over the next 20 years and I think it is important to have the credential of a college degree from an accredited college