Leasing Vehicle Question

[SizzlininIN]

Ok............I'm considering this but need some sound advice. I'm tierd of purchasing vehicles and when the years pass I only get out of them what I owe still. I really don't like to keep a vehicle that has over 60,000 miles. And it never fails when the warranty is up something goes wrong.

Do any of you lease a vehicle or can you tell me how it works. I'd rather have all your sound advice then call a salesman........... no offense to you sales people though

 

[GB]

I leased a car once and it was a great experience. I lived about 2 miles from my office so I did not put a lot of miles on the car. That is where they can really get you. I was able to get a nicer car than if I had bought. When I was working out the details the salesman (who was a family acquaintance so I trusted him more than a stranger) told me that If I opted to put nicer wheels on the car then my payments would be less. I didn't understand that until he told me that the resale value of the car would be greater when I turned it back in.

When it was time to turn the car back in I was a bit nervous because there were some deep scratches in the paint and also a puncture in the door handle that was right into the foam and very obvious. I thought for sure I would need to shell out some $$$ for those, but I didn't. I would lease again if I knew I could stay within the mileage limit.

 

[Raine]

Need to determine if your driving habits fit in the mileage restrictions.

I would not lease one, as I don't want to be forced into how many miles I can drive. Most cars today will last 150,000 miles or so if taken care of. Drove my last one almost 10 years. 5 years without a car payment. With leasing you will always have a car payment, and then in the end it still won't be yours.

 

[kitchenelf]

JMHO but ditto what Rainee said.

 

[SizzlininIN]

Thanks! Its a big decision and I plan to take some time before deciding and get all the information I need to make the right decision.

 

[GB]

One thing to keep in mind...If you are planning on leasing again and again, don't worry about the mileage limits. If you lease from the same dealer the next time they will happily waive all your extra miles just to have your business again. If they say they won't then tell them you will just take your business to the dealer down the street and watch how fast they make those extra miles go away!

 

[kitchenelf]

On one upside to leasing - a friend of mine was in an accident leaving her car undriveable (it was not her fault btw) and all she had to do was go the next day and pick up a new car.

 

[SizzlininIN]

Boy that would of came in handy last year Kitchenelf when some kid totalled my car. Not only did it leave me without a vehicle I had to scramble to find something else. And to top it off I only got out of the car what I owed on it and I took really good car of that car. Thanks for those tips!

 

[mish]

Hi SizzlinIn. Maybe this will help.

http://www.cars.com/go/advice/Story.jsp?section=lease&subject=buy_lease&story=buyLease&referer=advice

 

[SizzlininIN]

Thanks Mish.....I'll check it out

 

[mish]

A friend I knew leased. Don't recall the details, but he was pretty p.o'd. Seemed like he could never be done with the payments or own the thing outright. Perhaps see if you can opt/get out of the contract (if you sign the "deal" ) & what the ramifications might be.

Thinking out loud, might be a good idea if it's a write-off for business expenses/miles? (i.e. if you're a realtor, or use the vehicle for legit business clients.)

Personally, I'd pay it off/buy it, & be debt free. If I understand it correctly, it's like renting vs mortgage, in that if you pay a mortgage, someday it will be yours & you own it. When you rent, you just keep on paying & never own it.

 

[SizzlininIN]

Lots of things to ponder.....thanks everyone!