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10-26-2021 03:20 PM - edited 10-26-2021 03:24 PM
Why lease when you could take out a car loan? Then in a few years, the vehicle would be owned by you! Never to return to the dealership for another leased vehicle.
I've never understood why anyone would want to continue with that cycle of payments forever. Once you have one vehicle paid for, save the money and you'll be able to pay cash for the next vehicle, rather than those annoying payments! It's also great negiotating power.
Use your financial sense and become savvy with your money. I only pay cash for my vehicles. Always have; always will.
10-26-2021 03:23 PM
Leasing payments can be higher than buying keeping in mind your credit score and the down payment on buying. With the price of cars today you need much more of a down payment to keep monthly cost affordable. A lot of people cannot afford to pluck down thousands of bucks so they lease and get a new lease every 3 yrs and don't have to worry about any maintenance costs which get you eventually.
10-26-2021 03:23 PM
@Mindy D Be sure to work at getting the right price for a new car before you start to work out the monthly payments. What brand, what model, what extras all determine the price whether you buy or lease.
I am driving a leased car right now. I know I pay more than the numbers in their ads, but I drive a different model, at a higher level than any they use when they are lowballing to pul in customers. I also know I walked away from a salesman who insisted on giving me a monthly figure without telling me the price of the car.
While he talked and talked and went to see his manager, I figured my total cost for the 3-year lease we had been discussing - told him he was too high for me.
He came down a few dollars and then came the salesman's push "But I don't know if that price will be here tomorrow."
I left, did more investigating and within the week found the car I wanted and was able to subtract a few thousand dollars from my total costs over the life of the lease. That cost minus whatever downpayment you use determines your monthly.
Whatever you do -
10-26-2021 03:25 PM
@BirkiLady @I have always paid cash, but right now, I'd like to keep my cash.
10-26-2021 03:28 PM
@Mindy D I know you're just starting to investigate, but I've read many places that leasing a car is a very bad idea. Here is something from realcartips dot com.
Leasing a car may sound like a good idea - after all, the monthly payments are significantly lower than purchasing a car, but the reality is that leasing is not recommended for most people.
Let's take a look at some of the major pitfalls.
1. Expensive in the Long Run
When you lease, you're basically paying for the use of the vehicle for the first 2 or 3 years of its life - when the car depreciates the most. When your lease is over, you either have to lease another car or purchase one - either way you're going to have monthly payments for a long time, whereas if you purchased a car to begin with, you would essentially drive it payment-free after you've paid off the loans.
2. Limited Mileage
Most leases have driving limits of between 10,000 and 15,000 miles per year. Anything over this amount will be penalized at a very high rate.
3. High Insurance Cost
Many people are surprised to learn that insuring a leased car can be way more expensive than they thought. Most leasing companies require you to get a higher level of insurance coverage on the vehicle - usually up to $300,000 in liability coverage. This can make your insurance payments a lot higher than if you had purchased a car instead.
4. Confusing
Dealers love leasing because most people don't understand how it works. There are many ways dealers can pad their profits when you lease a car. Unless you're extremely careful and thorough, you could end up paying a lot more than you should.
5. Hard to Cancel
Leasing is like signing a rental agreement. You can't just walk away from it - there are stiff penalties if you do. If you purchased a vehicle instead, you could always sell it if you don't want it anymore. With a lease, it's practically impossible to terminate, although there are some options available.
6. Requires Good Credit
If you have bad credit, don't even think about leasing. Overall financing costs during a lease are always higher than a loan because you never pay off any principal. Besides, most leasing companies require you to have a decent level of credit and a stable financial situation.
7. Lots of Fees
There are many fees associated with leasing that you won't find anywhere else. In order to lease, you'll need to pay an acquisition fee of at least $400, and a disposition fee of at least $200 at the end of the lease. In addition, there are an assortment of excessive "wear and tear" fees that you could be liable for when you turn in the vehicle. Leasing companies are notorious for charging high fees for small dings and scratches - so you need to be extra careful taking care of the vehicle as you drive.
8. No Customizations
10-26-2021 03:29 PM
@MaverDaver My late DH was at one time a new car salesman. He always said never lease when you can buy because at least at the end of the contract you have a car of your own. Leasing many times requires a down payment and you are responsible for maintenance. When you turn in a leased car you have fees to pay if the mileage is high or vehicle not in good condition.
10-26-2021 03:31 PM
If you look at the small print on the adds the low prices require you to put a lot of money down and are low milleage leases (10K per year). They give you a starting point but if you need more miles or don't want to put money down your cost will be higher.
10-26-2021 03:38 PM
I have leased for years! I'm on my 7th lease. NO, the price is not as advertised- You will see in the small print that the price shown is with money down.
$1000 is equal to $30
Get the price without money down and then decide how much, if anything, that you want to put down-
If you put $3000 down, your payment will be reduced by $90 a month
Leasing is expensive in the long run because you ALWAYS have a car payment. I like having a different car every 3 years and, I'm not interested in putting $ into an older car- It's all preference.
10-26-2021 03:44 PM
@Tinkerbell3 @Good information to know. Thank you.
10-26-2021 03:46 PM
We have the top credit score possible. Many leasing programs demand several thousands up front, regardless of credit score. If they don't require any down payment, it is just added to your monthly payment. DH and DD both leased cars a few years ago. Expensive, and the costs when you turn it is is more than you expect or are told up front. Would not recommend leasing if you can avoid it, especially right now when the price of cars, new and used, has skyrocketed. DH leased an Infiniti and DD leased a Corolla. Also check with your car insurance policy. Some have different prices for leased vehicles.
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