Question about leasing a car

[azev]

Well, I just realized that I was robbed. Last year I lease a car because the sales manager said that it will be a better deal than getting loan. I had a 6% loan already approved by my bank at that time. Well now I've decided to sell my car, and I still owed $23750 after paying 14 payments of $460 for a $26k vehicle.
Just a rough calculation; I will be paying $10k interest in my 4 years least period. I must be smoking crack or something when I decided to go with a lease . Can somebody here explain how lease work?? it has to do with money factor or something, but I forgot already.

Thanks

 

[fyleow]

When you lease you should never buy the car after it's over. Lease another or finance a new one.

 

[kermalou]

you weren't smoking crack, you were looking at the bottom line.first, how long is your lease term and look at the contract it will tell you everything.

technically, you can't sell the car because its not yours. you will have to buy it out from the leasing company then sell the car and in most cases, the residual is so high(that is why you got a low lease rate) it doesn't make any sense for you to buy them out.

 

[nsafreak]

Leasing is not a good idea if you're looking to keep or sell a vehicle. Like kermalou said you would have to buy the car from the dealership, because it is not yours, before you can even sell it. Even if you do that you will be losing money because you will be paying to acquire the car (look at paying around $22,000) and then you have the lease payments you have made. With a 6% loan you would've been better off in the long run if you had just bought the car.