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Hovanes Margarian
Attorney
Hovanes Margarian is the Founder and the Lead Attorney at The Margarian Law Firm, a boutique automotive litigation law firm in Los Angeles, California. Hovanes specializes in automobile dealer fraud, automobile defects (aka Lemon Law), and consumer class action cases. He holds a BS in Biology from the University of Southern California (USC). Hovanes obtained his Juris Doctor degree from the USC Gould School of Law, where he concentrated his studies in business and corporate law, real estate law, property law, and California civil procedure. Concurrently with attending law school, Hovanes founded a nationwide automobile sales and leasing brokerage which gave him insights into the automotive industry. Hovanes Margarian legal achievements include successful recoveries against almost all automobile manufacturers, major dealerships, and other corporate giants.
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Forum Comments (1)
Tips and tricks for buying a used car?
I am generally a proponent of new cars. That might sound like I'm talking about people spending more money than they can afford, but in my practice, I've seen that used cars actually end up costing more. Say you're looking for a $15,000 car and you buy this car, you can only drive it for two or three years, and during those two or three years, you will spend money fixing the car, and then you'll end up selling the car. You will pay tax on the entire price because you had to purchase the car, and if you average it out, you might end up having spent just as much as if you had leased an affordable car.
There are leases right now that are $200, sometimes even $150 a month. So if you do the math, you will come out ahead leasing the new car, in my opinion, a lot of times. The other common mistake I see is people on a budget try to buy high-end used cars. So for example $15,000 on a Porsche or a Mercedes is going to get you a nightmare. You're going to be at the shop all the time, you're just asking for a disaster. If you spend the same $15,000 on a Honda or a Toyota, you're going to get a safe, reliable car and you're not going to have to spend money fixing it while you own this car.
There are leases right now that are $200, sometimes even $150 a month. So if you do the math, you will come out ahead leasing the new car, in my opinion, a lot of times. The other common mistake I see is people on a budget try to buy high-end used cars. So for example $15,000 on a Porsche or a Mercedes is going to get you a nightmare. You're going to be at the shop all the time, you're just asking for a disaster. If you spend the same $15,000 on a Honda or a Toyota, you're going to get a safe, reliable car and you're not going to have to spend money fixing it while you own this car.
Q&A Comments (22)
Does it matter when I buy my leased car?
Not necessarily. You can purchase the car at the very start of the lease or at the very end. The benefit of buying the car later on in the lease is that the finance company will be more willing to give you a lower price.
Where is the best place to sell a used car?
I suggest making ads on websites like Craigslist or Autotrader. For an even easier option, you can sell your car to an appraisal company like Carmax. Just keep in mind, you may get less money going this route than you would through a private sale.
How does a lease option to purchase work?
This just means that at the end of the lease on your car, you'll have the option to purchase the car at a certain price. This price is normally decided when you first sign your lease agreement.
