I only tip the carhop if she knows whether the airplane will take off and owns a pit bull.

Bayside Tiger Ag said:

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Pros and cons of leasing a vehicle?

Thinking about getting a vehicle lease. Tell me what I should be wary of in leasing agreements and what popular negotiating points are.

I think I'm done buying vehicles. They are to get me from point A to B. Completely a utility thing for me.

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Should just ask the Automotive Board.

On my second lease and planning on it being my last.

Pros:

• No large hit to finances
• Never have to worry about maintenance costs
• Rarely, if ever, needs service beyond oil changes
• Car is never older than 2-3 years

Cons:

• You'll never "finish" paying
• Over the long term, you'll pay more than if you'd bought a car
• Staying within your mileage limit
• Once lease is up, you have no car

Hello there said:

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On my second lease and planning on it being my last.

Pros:

• No large hit to finances
• Never have to worry about maintenance costs
• Rarely, if ever, needs service beyond oil changes
• Car is never older than 2-3 years

Cons:

• You'll never "finish" paying
• Over the long term, you'll pay more than if you'd bought a car
• Staying within your mileage limit
• Once lease is up, you have no car

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^Can you elaborate? Have mileage limits been the worst experience for you?

We're going to be moving soon and I don't have plans to anchor where we're moving to, so buying a new car (or a used one with questionable history) sounds like a bad move IMO.

The mile limit hasn't been an issue for me so far, but I lived pretty close to work for a majority of that time, and rarely took long roads trips.

It's a factor worth considering if your commute is long or if you plan on using it to travel.

BenFiasco14 said:

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LOLpoors who lease vehicles

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I buy but leasing can definitely make sense for someone who never wants a car over two years old.

Hello there said:

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The mile limit hasn't been an issue for me so far, but I lived pretty close to work for a majority of that time, and rarely took long roads trips.

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so why even have a car?

Save the $$$ for hookers and blow.

Quote:

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• You'll never "finish" paying
• Over the long term, you'll pay more than if you'd bought a car
• Staying within your mileage limit
• Once lease is up, you have no car

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* You never finish paying for a purchased car either. As soon as you're done, you need to keep your payment for the next one.

* Over the long term, of course you pay more. You also have a new car every 3 years.

* Mileage limits are a thing.

* "Once lease is up, you have no car" - you have this in the wrong category. A lease is attractive because you don't have to sell your car to realize the value of "only paying for what you use".

You can usually buy the leased car at the end of the term if you like it at blackbook value, so you have some flexibility in that regard. Going over mileage limits or causing damage to the vehicle that you don't want to bother to fix are only problems if you return the vehicle once the lease is due.

I think most people end up leasing because they can get much more car for the same monthly payment than they could if financing a purchase. If you never want to own a car that isn't under warranty, then leasing makes sense.

The more financially responsible decision is to purchase a car that's been used for a year or two and finance over a few years if need be, and then save what you were paying monthly towards financing so that when the car needs to be replaced in 5-7 years you are in the position to pay cash if that makes sense.

I drive lots of miles, so leasing is impossible for me.

I buy a decent new car with all the comforts that I want, and then drive it for 6-10 years until it's worth nothing more than salvage value and the upkeep costs more than a payment on a new one.

At that time, I donate the car to habitat for humanity and claim $500 giving.

Now that CS is getting a Mercedes dealership, I'm really itching for one, but I'm just going to drive the **** out of it, so doesn't make any sense.

If the lion's share of your income is from a salary, then I would generally say that buying is the correct option. If your income is from draws, distributions, etc., the tax implications of a lease may make it the more attractive option.

If you like having a new car every 2-3 years than I would go with a lease.

Can you elaborate? I want to understand but that makes no sense to me.

We lease then buy. I think it's quite smart to be honest.

Starting with a lease means:
Get a nice, well equipped car with a very low down payment and low monthly payment.

After 3 years, you get a used vehicle in which you already know the price, and you know the maintenance on it and how well it was cared for because, well, it was yours. The last one we did, I literally purchased the vehicle over the phone through USAA. Never had to go to the dealer. Price is fixed so they just send a check to lease company.

So now you buy it as a 3 year old vehicle, so again you don't need a large down payment and monthly is still low because you're dealing with a car in a much lower price range than when you got it new.

Buy it with 36 month or less. Pay it off, drive for 2 more years, now it's 8 years old and still worth something, maybe $10k.


When you buy the lease, you don't have to worry about over mileage or condition. The dealer can't charge you for anything if you buy it. If you have really low miles and great condition, you can actually sometimes buy lease then sell right away and make money, since residual price is fixed and is based on average condition.


Repeat cycle and pocket some of trade in for future down payment for lease buyout.
We've done it twice. Works for us. We've gotten really low money factors. Equivalent to 2% or less.

bac said:

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Notice how the sales people have hardons for you to lease rather than buy.

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i pity the car salesmen in chiken's area...

BlueDeviledAg said:

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bac said:

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Notice how the sales people have hardons for you to lease rather than buy.

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i pity the car salesmen in chiken's area...

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What, you thought she was leasing every year because she wanted a new car?

Tecolote said:

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BlueDeviledAg said:

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bac said:

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Notice how the sales people have hardons for you to lease rather than buy.

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i pity the car salesmen in chiken's area...

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What, you thought she was leasing every year because she wanted a new car?

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she has 12 cars though

62strat said:

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We lease then buy. I think it's quite smart to be honest.

Starting with a lease means:
Get a nice, well equipped car with a very low down payment and low monthly payment.

After 3 years, you get a used vehicle in which you already know the price, and you know the maintenance on it and how well it was cared for because, well, it was yours. The last one we did, I literally purchased the vehicle over the phone through USAA. Never had to go to the dealer. Price is fixed so they just send a check to lease company.

So now you buy it as a 3 year old vehicle, so again you don't need a large down payment and monthly is still low because you're dealing with a car in a much lower price range than when you got it new.

Buy it with 36 month or less. Pay it off, drive for 2 more years, now it's 8 years old and still worth something, maybe $10k.


When you buy the lease, you don't have to worry about over mileage or condition. The dealer can't charge you for anything if you buy it. If you have really low miles and great condition, you can actually sometimes buy lease then sell right away and make money, since residual price is fixed and is based on average condition.


Repeat cycle and pocket some of trade in for future down payment for lease buyout.
We've done it twice. Works for us. We've gotten really low money factors. Equivalent to 2% or less.

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If that's what you're going for why not just finance the initial purchase over 72 months?

I have averaged 18000 per year the last 10 years with my car. Minimal issues other than oil changes, brakes and normal maintenance. Could lease but would be worried about mileage and I like not having a car payment the last 6 years.

I can't speak for other models but on a Toyota Tundra the difference between leasing versus buying isn't much at all. To lease the truck with 0 down was going to be around. $463 a month for 36 months. Purchasing the same truck with 0 down and O % for 72 months was $527 a month. So $2,304 cheaper to lease for 36 months except for one small detail. After 36 months financed payoff is around $19,000 and trade in is ~$24,000 so $5,000 equity for paying $2,304 more versus 0 equity if you lease. Still a net gain $2,696 and this based on trade in numbers which are lower than if you sold it retail. Also you don't have to worry about mileage overage and deductions for paint and body work of someone decides to run into you.

take 'drive it like a rental' to the next level

Exactly what I'm doing with my leased Jetta next year. It's still in like new condition with low mileage and absolutely zero maintenance issues. Planning on buying it (~$10k residual), maybe testing the waters to see if I can get $12k+ for it on the market, but more than likely keeping it.

Stealing from out of state is cheaper.

Those of you claiming leasing is absolutely stupid at all times don't know what your talking about.

Leasing makes sense for people in certain situations, especially those that don't put a whole lot of miles and their cars and like to have a newer vehicle and not have high monthly payments and don't want to worry about maintenance costs.

It's a much better option than people who finance a vehicle for five years, pay it off and are left with a car with not much value, then trade it and take the full depreciation on another expensive vehicle.