Question on Car Leasing

[RabidMongoose]

Is there any place online where I could go and customize my choices for a car lease (like any extras that I may want, the length of the lease, etc.) and show me how much the monthly payment will be? Any help would be appreciated!

 

[GRAFiZ]

No... leasing a car is the worst thing you can do. Basically all you do is pay interest every month, then after 5 years they stick you with a $10,000 bill! Get it financed.

 

[RabidMongoose]

But I only want something for about 2 years and don't want a piece of junk (which is what I have right now). Is it just as easy to get financed as it is to get a lease?

Still, does anyone know the answer to my first question?

 

[Ameesh]

<< No... leasing a car is the worst thing you can do. Basically all you do is pay interest every month, then after 5 years they stick you with a $10,000 bill! Get it financed. >>



your a dip$hit, leasing is a very viable option for alot of people, it basically transfers the cost of the car to the end of the lease instead of buying it now and paying a bunch of money up front!, you'll get a 10k bill now in stead at the end of 3 years if you buy, besides you neglect to mention that if you want to get rid of the car at the end of the lease and get something different you can.

 

[gygheyzeus]

leasing is just like paying rent. you're basically paying for something you dont ultimately own.

its a great option if you want a new car every few years.

on the other hand, you dont build up any equity from it.

i'd say the big plus to leasing is a lower monthly payment.

 

[Ameesh]

there arent any good sites for leasing payments you just have to go to the dealrship and haggle, its the same as buying a car, i spent 6 hours but i got exactly what i want.

 

[RabidMongoose]

OK, thanks. To anyone that leases and doesn't mind saying: can you tell me what kind of car you got, how much your monthly payments are &amp; how many years you have?

I'm assuming that since I want a 2 year lease, it's going to be a little more expensive. The only person that I know that leases currently pays about $320 per month over 3 years.

 

[amnesiac]

My parents have never bought a car except for the 2 that I've owned.

Most of their cars have been mercedes/Jaguar/Lexus.

To give you an idea of how a 3 year lease is a LOT better than a 2 year one:

2 year lease on Mercedes 500SL - $1200/month, $5000 down.

3 year lease - $990/month, $3000 down.

Save a lot of money that way.

 

[RabidMongoose]

Yikes, that's a huge difference. But I'm not looking at anything like a Lexus or Jag...this is for me, a college student. I want to pay for it on my own &amp; not use my parent's money.

Did they haggle the price down any?

 

[goldboyd]

<< Is there any place online where I could go and customize my choices for a car lease (like any extras that I may want, the length of the lease, etc.) and show me how much the monthly payment will be? Any help would be appreciated! >>



You can do that on most car manufacturers websites. They usually let you build the car you want with the options you want. Then customize the lease agreement, you choose length, $$ down.

 

[RabidMongoose]

Great, thanks. I'll look into it.

 

[kranky]

It's pretty hard to understand all the ins and outs of a lease. Plus they are designed that way - to make sure you have a hard time figuring everything out. You can get some good information on leasing at about.com

Apparently you are set on getting a new car - why not a used one?

Leasing is the right choice for very few people - those who are going to get a new car every three or four years. Most people who do buy a new car every three or four years aren't managing their money very well, from looking at the people I know personally who do this.

 

[Jfur]

if you're a student, why not just buy a cheaper, used car? you can get soething decent for under 5k. I've never paid more than 2k for a car while in school and have had no problems. Also, if you do lease, remember that you have to pay for the most over-protective insurance and keep the car in pristine shape or you'll get more charges... :disgust:

 

[EXman]

Two words &quot;Capitalized Cost&quot; this is the price of your vehical. if you do not negociate the cost of the vehical first they'll stick you full sticker! Most lesee's do not even bargain on the price of the car.

Also anything more than 3 year lease is silly and you shouldn't buy that car. If you ever want to get out a long term lease 4-5 years well you cannot. You are so upsidedown no cardealer wants to touch you! And the nicer the car those worse it is. that needs an example; anytime I saw people roll up in a Newer 4runner/Cherokee/montero (or other overpriced vehicals) i'd just go the opposite direction when I sold cars. Why? %90 of the time they were people leasing that didn't want to lease @ $369 a month anymore. and since there vehical was worth $25,000 wholesale/trade and their payoff was $33,000 still nearly sticker price after nearly a year. I just told them to keep driving and come visit me after they turn in their lease. well unless they had ten grand to blow, 8 grand for upsidedownness and 2grand for downpayment to get a reasonable payment.

don't get me wrong though. if you like a new car every 2-3 years leasing is a good deal. As long as you don't mind payments for the rest of your life and no equity ever.

Pay cash for a car and buy it 1-2 years old at least! New car buyers are foolish with there money IMHO.

 

[EXman]

bump

 

[RabidMongoose]

Hmmm..maybe leasing isn't right for me then. Thanks for bumping my thread

 

[vi edit]

Lease rate calculator