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YACT: Who leases?

Kristi2k

Kristi2k

Golden Member
I'm thinking about leasing. I own a car, well, I'm paying off my loan.

I have never leased before. What should I expect if I decide to lease?
 
I lease, you never own the car, at the end of the lease make sure the car is in good condition or you have to pay for the repair, i get a 1000 credit of damages.

besides that its all good
 
I want to lease the Toyota Prius. Do you get x amount of miles per month or is it per lease term? Who takes care of oil changes (if this car even needs one) or maintenance?
 
Leasing questions get responses that usually get real heated here. I'll jump in before that happens.

It's X miles per term. Although if you were to turn it in early it would come down to a month by month basis. Maintenance is your responsibility, unless it comes as part of the package. Some auto manufacturers include routine maintenance for free for a period of time as part of the purchase. I would suspect you would be entitled to that also. Only the dealer could answer that for certain.

I should also say that the warranty terms are in effect regardless of whether you are leasing or buying.

 
I've been leasing for 15 years. I have no problems with it.

A lot of folks think not owning the vehicle is some kind of crime. Me, I'm not interested in owning an older vehicle with high miles and associated repair costs.

Give me a 24 month lease with full warranty during the entire time I own it. I'll turn it in at the end and get me a new one.

I would suggest you consider the term of the lease. 24 months is ideal. 36 is iffy, and anything longer does not make sense. You would be better off to buy the car than lease any longer than 36 months. Add up the sum of the payments on a 48 month lease. You've almost bought the car, yet you do not own it.
 
I leased my SRT-4.

Why? Because in 3 years, I'm not going to want the thing... I'll be getting married, kids, etc... I dont want to have to worry about selling the thing... not many people are going to want to buy a 3 year old car that you -know- has been beat on, with no warranty anymore... so instead of dealing with that... I just leased it... now I can walk into the dealership, say "Here's your car back... thanks for the good times!" and get a new one... not that big of deal for me...
 
Leasing you pay for all maintenance.

If you don't drive much and you're a whore for new cars, then it can make sense. If you have a semblance of financial savvy and/or you drive more than 12-18k/year, then leasing is not for you. I drive only used cars, which costs far less than leasing, but even if I bought new leasing would not be an option for me because I drive far too much. My dad only leases, because he gets tax benefits with it.

Watch out for balloon payments at the end of a lease.
 
Originally posted by: boomerang
Me, I'm not interested in owning an older vehicle with high miles and associated repair costs.
Click to expand...

That's about the long and the short of it. If for some reason you just want to have a new car every couple of years, you don't want to worry about maintaining your car other than the occasional oil change (which is included in a lot of leases now) and you are okay with the idea that from a financial perspective you are paying the depreciation on the car, leaving a dealer to reap the benefits by reselling it when you are done with it, go for it.

Also, if you are self-employed and can write off your car, it's probably the best bet.

As with buying vs. renting a home:
For some people leasing is a sucker bet. Some people are OK with that. If you are one of them, go for it.
For some people, leasing actually makes financial sense. If you are one of them, go for that, too.

There's no one-size-fits-all.
 
I just moved into the city where I work, and I live a mile from my org. I used to live 45 miles away, so 90 miles a day, leasing was not an option.
 
Just so you know, Any info here is not written in stone. It really depends on your dealership's lease terms. I had a lease, and turned it in with five payments left, and 6000 miles over. I wanted to get another car from the same dealership, so they wiped all of that clean. I am currently in a lease type deal. It's called an RCO its similar to a lease, but has better options.

A Lease:
36 month term (or 24, 46 what have you)
Need to be concerned about mileage (only if planning to turn in)
Higher insurance + Gap insurance
Car/Registration is in dealer's name
When buying car after lease term, taxes are still added to total.

RCO (Ford):
Still 36 month term (or 24, 46 what have you)
Still need to be concerned about mileage (only if planning to turn in)
Normal insurance (cheaper) Still need Gap
Car/Registration is in your name
After term is up if you choose to buy, no tax is added to rest of price.

All in all a Lease/RCO has many benifits especially if you like to get a new car every three years or so. Most dealers will give a break on miles if you plan to drive away with something new.
 
I wanted to get another car from the same dealership, so they wiped all of that clean
Click to expand...
My dad has frequently been able to get damage to the vehicle or miles over ignored at the end of his lease terms, or a lease term shortened, if he'd sign a new one.
So who pays for the car registration every year? I assume I do, right?
Click to expand...
Yeah, you don't need to own a car to still pay for tags, unfortunately!
 
Originally posted by: Kristi2k
So who pays for the car registration every year? I assume I do, right?
Click to expand...


You pay for the registration, obviouly if you get a 24 lease you will pay it once after you get it.


Edit: our last lease we had was for 39 months, a little to long, anyways one week before it was due the breaks started making really bad sounds, so we had to get that fixed.

After we return the car we had to pay an extra 250$ for the miles over.

The new lease we have i made sure we got 15,000 miles a year instead of 12k
 
Originally posted by: Skoorb
Any lease owners here drive their cars like they're stolen?
Click to expand...


😀 that is the main reason why i lease... so i don't have to deal with the problems that WILL show up in a few years
 
My brother is a financial advisor, and he leases because it makes a good impression on his clients. He says that when you are in charge of large sums of peoples money it gives them a bit of comfort to see you driving up in the latest bling instead of a four year old Civic.

 
Originally posted by: boomerang
I've been leasing for 15 years. I have no problems with it.

A lot of folks think not owning the vehicle is some kind of crime. Me, I'm not interested in owning an older vehicle with high miles and associated repair costs.

Give me a 24 month lease with full warranty during the entire time I own it. I'll turn it in at the end and get me a new one.

I would suggest you consider the term of the lease. 24 months is ideal. 36 is iffy, and anything longer does not make sense. You would be better off to buy the car than lease any longer than 36 months. Add up the sum of the payments on a 48 month lease. You've almost bought the car, yet you do not own it.
Click to expand...

I'll probably lease my next car. Right now I own two cars but one of them has had so many problems lately that leasing would have been a better option than buying and having to repair it all the time.
 
Originally posted by: Skoorb
Any lease owners here drive their cars like they're stolen?
Click to expand...

I drive mine the same I would if I owned it. I change the oil and rotate the tires as scheduled. I used to do mechanical work on cars (until these danged computers became an obsession) and I just don't feel right thrashing my cars around.

I still do any and all repairs I have the tools and equipment to do. But for a 24 month lease, oil, filters and tire rotations is all I have to worry about.
 
Originally posted by: DougK62
My brother is a financial advisor, and he leases because it makes a good impression on his clients. He says that when you are in charge of large sums of peoples money it gives them a bit of comfort to see you driving up in the latest bling instead of a four year old Civic.
Click to expand...

I always hated that around people that deal with money all day. Realtors are another one. I picked my last realtor based on his car. He drove a couple year old Ford Taurus. You can go f*ck yourself if you are going to try to sell me a house and you drive a Lexus or Mercedes. I want nothing to do with you. I will give that 3% or 6% to a person that truly deserves it, not someone who just uses it to show off.
 
Originally posted by: radioouman
Originally posted by: DougK62
My brother is a financial advisor, and he leases because it makes a good impression on his clients. He says that when you are in charge of large sums of peoples money it gives them a bit of comfort to see you driving up in the latest bling instead of a four year old Civic.
Click to expand...

I always hated that around people that deal with money all day. Realtors are another one. I picked my last realtor based on his car. He drove a couple year old Ford Taurus. You can go f*ck yourself if you are going to try to sell me a house and you drive a Lexus or Mercedes. I want nothing to do with you. I will give that 3% or 6% to a person that truly deserves it, not someone who just uses it to show off.
Click to expand...
I kind of have the same impression. It depends on the job, I guess. With a realtor, if I've got some woman who can barely spell properly driving around in a brand new full size lexus, and people like me are paying for that, I'd rather not.

 
I lease. I should've bought though, because I do a lot of driving. I'll pay for it in the end, but whatever.

My dad leases also, right now he's in a G35 coupe. He is a commercial realtor and he's planning to keep the g35 when the lease is up. (he'll probably give it to me, my mom will take my car and he'll get an M45 or something)

Anyways, like Doug said, some people see a nice car and get weak at the knees. I could personally care less what car someone drives.
 
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