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Leasing a car??

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cmego posted 6/16/2013 13:17 PM

I have always bought my cars, but now that I am single, and on my own, I don't like my cars to get very old. My current one is 2.5 years old and I am ready for a new one.

Someone mentioned leasing to me as an option since I have no intention of ever driving a car into the ground again.

Does anyone do this? Positives and/or negatives, please!

MovingUpward posted 6/16/2013 13:23 PM

Leasing comes with its own issues like what is normal wear and tear and what is excessive. They are probably milage limited and if you go over there are additional fees.

As for buying or leasing cars tend to drop a higher percentage of value in the first couple of years. With that in mind you might find buying a two year old car and keeping it for two or three more years as you could still be under warranty but not having to pay such a premium.

hitbyatruck posted 6/16/2013 13:38 PM

I never really understood leasing. It seems like you are just renting a car for a few years with the option to buy it when you are done with the lease.

For me I will always run a car into the ground. Having a new car is great but I also enjoy the no payment after it is paid off. Twds the end of the car's life is when you have to decide if it is worth putting big money into it.

Dreamboat posted 6/16/2013 13:55 PM

It is tempting to lease because the monthly payments are less than buying a new or even fairly new car. However, you still have to pay regular maintenance (oil change, tire rotation, tire replacement, 15,000 and 30,000 mile "check up",...). And if you go over mileage it is VERY expensive (I speak from experience here). The plus side is that you do not have to worry about major problems with the car because they will almost always be covered by the dealer warranty. and you will perpetually be in a new car. The down side is that you will perpetually be making a car payment and you are basically eating the first year depreciation for the dealer.

There are pros and cons both ways.

I recently bought a 2 yr old car with ~28,000 miles. It was much less than a new car, but the monthly payments are way more than if I lease. However, I plan to keep this car 10 years or more (assuming I don't wreck it).

cmego posted 6/16/2013 14:27 PM

I guess I view cars differently because I don't drive them into the ground. I have always sold them at about the 3 year mark anyway. I am used to that monthly car payment.

I have no family close, no SO, no one to "help" (besides friends) if something goes wrong/I get stranded/ have to leave car in the shop. I do have AAA for flat tires and such. But I just don't want to have to worry about my car.

Leasing the car I want is the same monthly amount that I am paying on a car I currently hate. I don't put a ton of miles on my car either, I live close to shopping and such/school. My current car is 2.5 years old and still doesn't have 30K miles on it yet. I think I can stay within the mileage requirement.

Keep em coming! thanks, guys!

Dark Inertia posted 6/16/2013 14:33 PM

Yeah, there are people out there who have accepted a car payment as being a bill that they will always have. I hate car notes and leases, so leasing is definitely not something for me. I am also one who will drive a car into the ground. Buuuut, if I do not go on many long distance drives and like to trade up every 3 years or so then I would look into leasing. My SO's mom leased cars for decades, and just recently financed her first car. She fucked up with her last leased car, though, by going over the mileage. Anyway, I think the idea behind leasing a car is similar to renting an apartment.

[This message edited by Dark Inertia at 2:34 PM, June 16th (Sunday)]

sisoon posted 6/16/2013 19:05 PM

With leasing, you pay for the car, you're responsible for the car, but you don't own the car. In return, you get to use it at a lower monthly cash outlay than if you actually held title.

Cars are pretty reliable now. The best financial bet is what Moo suggests.

Whatever approach you choose, I hope you get a super-reliable car.

Lionne posted 6/16/2013 19:18 PM

I too, am considering leasing, after always driving cars into the ground. I love my current car, which I bought, but I am seriously considering trading out in and leading the same car. My reason? Despite the fact that it is a high end car, and relatively expensive, it's not NEARLY as well made as my previous cars. I just don't think it's going to hold up. I drive very little, and, frankly, I dont ever want to drive a clunker again...

cmego posted 6/17/2013 05:45 AM

Yeah, well, I need a car with a 3rd row seat. I HAD a car with a 3rd row when D-day happened. As soon as we S, I sold it because I knew I couldn't afford it any longer. I bought a much lower end, smaller SUV that I have hated ever since. The kids are now almost 3 years older, soccer playing is taking over my life and I need to get ds to practice/games 3 days a week!! A car pool has started, which I can't participate in because...I don't have a car large enough to take other kids. Plus, I can't take my nieces and nephews with me....because I don't have a 3rd row, I can't take kids friends with me...because I don't have a third row.

I still can't afford the monthly payment on my old dream car...which I loved. Did I mention I loved that car? But, I can afford it as a lease.

I am going to call the dealership today and see how this works. My current car still has ex's name on it. My only income is Spousal Support...but, ex is willing to sign off to sell the car, but I want the lease in my name only (although still technically married). I have excellent credit and a legal document stating my Spousal...just hope they are willing to let me do this!

swizzlestick03 posted 6/17/2013 11:33 AM

I am a huge fan of leasing and would much rather do that all day then be stuck with negative equity and an aged automobile.

I like to trade cars frequently. There are leases that include maintenance, etc.

I just leased a Ford Edge Limited for a great price and it had everything I wanted. The rates for leasing (Money Factor) were actually better than purchasing with a better payment, so it made more sense on that particular car to lease.

I am a former Saab owner (4 in 5 years between my husbands cars and mine) and I got burned badly by them going out of business with negative equity, unavailable parts and an invalid warranty. I never want to be in that situation again, so I think leasing is a great way to go.

MoreThanMe posted 6/17/2013 13:56 PM

I read somewhere-that you never, ever, do anything but get ripped off when you lesase a car. Buy one silightly used and then trade them in every few years.

gahurts posted 6/18/2013 05:56 AM

Don't you have to pay a large, non-refundable up front fee every time you lease? To me that fee is a deal breaker. I can deal with a monthly payment but not making a large outlay all at once.

wifehad5 posted 6/18/2013 07:56 AM

Don't you have to pay a large, non-refundable up front fee every time you lease? To me that fee is a deal breaker. I can deal with a monthly payment but not making a large outlay all at once.

No you don't. If they try to make you put a large amount down, walk away. If you're careful, it can be a good deal. Just watch the fine print on the contract

cmego posted 6/18/2013 12:44 PM

I did a lot of reading last long as I negotiate well, I think it will work. I am familiar with the jargon and terms now...and understand I can negotiate the contract and terms!

Now the issue is wether they will consider a Separation Agreement as financial standing.

To be continued....

LoveActually posted 6/18/2013 16:27 PM

My husband just leased a car and it was nothing down--and I mean nothing down--exactly like it was advertised. He signed the papers and drove off in it-it's gorgeous. He also negotiated the mileage and had them bump it up--payment is less then mine which is 5yrs old and it's covered under full bumper to bumper warranty for the term of the lease--plus free oil changes. We leased one other car before and at the end of the lease bought it and in the end, after all was said and done, we actually paid less for it than if we had purchased it instead. My husband grows bored of cars before we have ever ended up paying them off so this is a nice alternative for that sort of person I think.

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