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When is leasing a car a good idea?


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#1 Kurb

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Posted 21 January 2014 - 01:13 PM

Thinking about getting a different ride soon.

Considering a lease.

 

Discuss



#2 Frash Brastard

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Posted 21 January 2014 - 01:31 PM

Is work close?

A lot of these deals have mileage restrictions

#3 cookinwithgas

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Posted 21 January 2014 - 01:33 PM

I lease, benefit is if you like a new car on a regular basis and don't put a ton of miles on the vehicle. Sometimes you can get really good lease deals on cars that are not moving all that great on the lot. Leasing means you get more car for the money but you have no real equity in it.

If you keep you cars for 4 years or more don't do it as a general rule. I lease my VW and like the process

#4 h0llywood

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Posted 21 January 2014 - 01:35 PM

Thinking about getting a different ride soon.

Considering a lease.

 

Discuss

 

I have 2 car leases. But the answer depends on the following:

 

What kind of vehicle are you trying to lease? Make, Class

How far do you live from work? (This can be rectified)

How much are you willing to put down?

Are you self employed?



#5 Panthro

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Posted 21 January 2014 - 02:23 PM

Thinking about getting a different ride soon.

Considering a lease.

 

Discuss

 

Depends on how often this feeling hits you



#6 Panthro

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Posted 21 January 2014 - 02:24 PM

That being said I prefer to buy a nice car that is 2-3 years old with low miles. Not sure I'll ever buy new again



#7 h0llywood

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Posted 21 January 2014 - 02:36 PM

That being said I prefer to buy a nice car that is 2-3 years old with low miles. Not sure I'll ever buy new again

 

That's my thing, I would much rather have a new car every 3 years.



#8 pstall

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Posted 21 January 2014 - 02:41 PM

I like not having a payment. I view that as a gained opportunity to put my money to work instead of a car payment. But you have to be smart and dont be a penny wise and a pound foolish either and keep throwing good money after bad by upkeep on a car.
The mileage can be tricky. You might stay under the miles but then you are paying to park your car. Which is umm odd.
Our next car I keep debating to lease or not. I hate payments but I have now crossed the threshold of too many repairs.

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#9 Mother Grabber

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Posted 21 January 2014 - 02:55 PM

I own my car.  $400 more per month in the hooker fund for me.



#10 Brooklyn Bully

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Posted 21 January 2014 - 02:57 PM

Leases are great if you have money, like having something new every 2-3 years, and if something happens the money you have will take care of it.

 

Before I moved up to non-car land, I leased a BMW 135i. Fuggin LOVED that thing. But there's no way I'd want to own it nor drive it for more than a few years.



#11 thefuzz

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Posted 21 January 2014 - 03:21 PM

Thinking about getting a different ride soon.

Considering a lease.

 

Discuss

 

What do you want?



#12 Kurb

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Posted 21 January 2014 - 03:26 PM

What do you want?

 

 

Small SUV, like an Edge or similar.

 

Need to not be bogged down by big payment.

 

I'll likely get something gently used, might even be forced to trade in the ole Jeep :( :( :(



#13 Panthro

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Posted 21 January 2014 - 03:27 PM

Also leases allow you to get more car for a lower monthly payment as you are financing what the car is worth between now and 3 years. So you have a $50k car and it is worth 30k after 3 years. You finance the 20k/36 `plus a higher interest rate and the monthly rate is around $600. Purchase over 5 years is close to $800.

 

Often times people feel the need to compensate by having a slightly better car than they would normally afford through a purchase.

 

 



#14 h0llywood

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Posted 21 January 2014 - 03:50 PM

Wait for year end deals.Volkswagen, Honda and others will have zero down deposit deals. You pretty much drive off with the previous years vehicles that they cannot sell. As to the mileage, you can negotiate having a total allotted 12k-15k miles/year by paying an extra $40/month. 

 

http://web.vw.com/te...n&zipcode=28203

Here's a lease deal for a Tiguan for $219 a month. Granted you can lower the deposit by having a larger payment.

 



#15 thefuzz

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Posted 21 January 2014 - 03:52 PM

Small SUV, like an Edge or similar.

 

Need to not be bogged down by big payment.

 

I'll likely get something gently used, might even be forced to trade in the ole Jeep :( :( :(

 

Going to do this in easy terms here, it will not be exact but close.

 

 

Toyota Highlander, stripped model for lease is 2700 down and 289 per month, 12k miles per year max.

 

Using rough numbers after all is said and done you will have about 14K in this car over the first 3 years, and hope that you don't have to pay excessive wear and tear when turning it in.  You can chose to purchase the truck at that point for 17,250, or walk while getting nothing back.

 

 

Buy a 2012 version, with far more options, and you will be in about 16,500 at the end of 3 years, but will have about 7-8 k in equity when you sell the car.  In essence, walk away with cash in your pocket, but be out a little more per month than with the lease.

 

14k vs. 16,500, but nothing or 7K when walking from the deal.

 

 

Rough calculations the lease will cost you about 388 per month and the purchase will cost about 263 after the equity.




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