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What do you guys think about leasing cars?

Leros

Leros

Lifer
I'm getting to ready to get my first new (or very lightly used) car (I have a junky 11 year old car, at the moment). I'm considering leasing as well.

What do you guys think about leasing vs buying? If I buy, I intend to get a new car in 4-5 years.
 
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4-5 years? No. 2-3 yes. And totally depends on your state and how they handle sales tax and registration. Also just really depends on the deal. Special lease rates are effectively 0% loans for the length of the lease or sometimes even better.

There's good leases and there's bad leases. You just need to do the math on your own based on the deal, your state, and your driving habits.
 
vi edit said:
4-5 years? No. 2-3 yes. And totally depends on your state and how they handle sales tax and registration. Also just really depends on the deal. Special lease rates are effectively 0% loans for the length of the lease or sometimes even better.

There's good leases and there's bad leases. You just need to do the math on your own based on the deal, your state, and your driving habits.
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I don't really know the details about how leases work. Will I got reamed on extra fees for minor damages when I turn the car in?
 
DominionSeraph said:
Leasing's fine if you can get the deal and live with the mileage/customization restrictions.
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That's what got me on to the idea. I was looking around at various ads and it seems like I can lease for cheaper than I can buy. It seems like if I plan on getting a new car relatively soon, then leasing would be cheaper.
 
Leros said:
I don't really know the details about how leases work. Will I got reamed on extra fees for minor damages when I turn the car in?
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I've had two leases, one through Mazda and one through Toyota and both were very forgiving about minor dents and scratches. Toyota made me get a new set of tires before turning in my Highlander. But otherwise they didn't care much for basic stuff.
 
vi edit said:
I've had two leases, one through Mazda and one through Toyota and both were very forgiving about minor dents and scratches. Toyota made me get a new set of tires before turning in my Highlander. But otherwise they didn't care much for basic stuff.
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That sounds reasonable.
 
leasing encourages you to consume cars at a faster rate than you might otherwise do.

leasing usually doesn't have as good interest rates as purchasing.

leasing hides the interest rate by dividing it by 2400.
 
manimal said:
I dont like borrowing toys, I like to own them.
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I prefer the idea of owning as well, but if leasing works out better financially, then I'd rather do that. Also, if I buy, I'd be more likely to keep it for as along as I could before buying a new car. Leasing would force me to spoil myself with a new car every few years.
 
I had a scratched to death windshield and a chip the size of a dime, and VW forgave it. They usually don't ding you much for wear and tear. Like vi edit said, they want usable tires when you give it back.

I wouldn't lease again. Even though I don't put much mileage, I still used to count the miles whenever I drove. It's annoying enough to make me not want to touch a lease again.
 
amdhunter said:
I had a scratched to death windshield and a chip the size of a dime, and VW forgave it. They usually don't ding you much for wear and tear. Like vi edit said, they want usable tires when you give it back.

I wouldn't lease again. Even though I don't put much mileage, I still used to count the miles whenever I drove. It's annoying enough to make me not want to touch a lease again.
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How restrictive are they on mileage? I currently do about 15k a year.
 
Leros said:
How restrictive are they on mileage? I currently do about 15k a year.
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if you go to a leasing company (D&M leasing down here in houston advertises a lot, i'm sure there are some in austin) you can write a lease to whatever specification you want.
can probably do that with a dealer as well.
 
ElFenix said:
if you go to a leasing company (D&M leasing down here in houston advertises a lot, i'm sure there are some in austin) you can write a lease to whatever specification you want.
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I see. So basically, I can get whatever deal I want as long as I'm wiling to pay for it and they're willing to offer it to me.
 
ElFenix said:
P=(Cr(1+r)^N -Fr)/((1+r)^N -1)

guess what r is?
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It has nothing to do with the customer.
If the leasing company loses millions because they finance that Veyron at 500% while offering it to you at $100/mo it doesn't change that you're getting a Veyron at $100/mo.
 
I would think less.

That Altima I linked to couldn't have cost more than $25000 new, and here it sits, five years later at $19,000.

You'd get all that cash back, making your driving cost $6000 over 5 years. Can you lease for that?
 
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