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Leasing?
Posted: Sat Mar 09, 2019 6:08 pm
by mattcantwin
I did a quick search and didn't find a topic devoted to leasing.
I have NEVER leased a car.
In a separate thread I shared my plan to buy a 3-row (8 passenger) SUV later this year.
Several new vehicles due out this year that look promising.
I worry that it might be a bad idea to jump on a new model and then regret the decision for years to come.
If I leased something, I would have time to see how the new SUV's pan out.
I could even lease one of the new releases and turn it in at the end of the lease if it disappoints.
I have a lot of grunt work ahead to get a sense of the ins-and-outs of leasing, but thought I'd ask for some insight.
Re: Leasing?
Posted: Sat Mar 09, 2019 7:47 pm
by ericf4
I only lease. Always drive a new car, never have a repair bill....I have no interest in a car for 5 years losing value rapidly that I then get to keep. Not for me. I'm happy having a car payment and a new car all the time.
Re: Leasing?
Posted: Sat Mar 09, 2019 8:14 pm
by tattoo chef
We lease. We turn one in next year and will lease again.
Biggest thing with a lease is to know how many miles you are planning on using in a year. Most only start at 10k, some 12. If you think you ate going to be using more, but more at signing.
Another thing to keep in mind is damage to the vehicle. If you re-lease with the same company, they tend to overlook many of the wear and tear, dents, scratches etc. If you want to go elsewhere, they go over it with a fine tooth comb.
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Re: Leasing?
Posted: Sun Mar 10, 2019 3:39 am
by jimyritz
Do you put money down on the lease?
Re: Leasing?
Posted: Sun Mar 10, 2019 4:14 am
by ericf4
As little as possible. Usually I'm out of pocket a few grand up front.covers first and last payment, taxes And license.
Re: Leasing?
Posted: Sun Mar 10, 2019 12:23 pm
by toxicavenger
fuck that. i hate car payments
Re: Leasing?
Posted: Sun Mar 10, 2019 12:44 pm
by jtbenson
we lease our "new" car. it's too expensive to maintain rolling computers once out of warranty.
fwiw, i own all three of our other older cars, but re-up a new lease for our (my wife's) daily every 3 years. i work from home so have no daily commute.
most leases these days require no money down and have reasonable residuals. leases used to make 0 fiscal sense, but the terms have swung way in the favor of the lessee in the last decade.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:13 pm
by jeckyll
toxicavenger wrote:fuck that. i hate car payments
Same here.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:22 pm
by nweash
I only lease. I’ve accepted having a car payment the rest of my life. New car every 3 years. Never worry about shit except basic services. Lexus is great about not charging for returns with dings and bald tires. As long as you lease another. I usually put 3-5k down because I lease in March when I make the majority of my money and it helps me coast in December when I’m broke.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:36 pm
by mattcantwin
nweash wrote: ↑Sun Mar 10, 2019 1:22 pm
...charging for returns with dings and bald tires.
Those charges are my biggest concern with leasing.
Tires won't be an issue, I don't drive many miles each year.
Always the threat of bumps and bruises using a car over a three year period; not an issue if I own, might be an issue at lease-end.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:45 pm
by Selym
toxicavenger wrote: ↑Sun Mar 10, 2019 12:23 pm
fuck that. i hate car payments
Me too. I tend to keep cars for a long time, so I get good value for money.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:49 pm
by mattcantwin
nweash wrote: ↑Sun Mar 10, 2019 1:22 pm
I only lease. I’ve accepted having a car payment the rest of my life.
New car every 3 years. Never worry about shit except basic service.
I could buy into that.
Bought my '03 Suburban new and have had it for almost 16 years.
I hate to think about the money I've spent keeping it running once the extended warranty ended; way too much.
Currently, the passenger side window is broken and so is the speedometer*.
Not critical issues, portable GPS unit has a speedometer and I don't care if my wife can't open her window.
However, the tires are new and I keep up with recommended services.
New car every 3 years sounds inviting.
* I have to admit my surprise in passing state inspection two years in a row with a broken speedometer; but I'm not complaining.
Re: Leasing?
Posted: Sun Mar 10, 2019 1:54 pm
by jeckyll
Selym wrote: ↑Sun Mar 10, 2019 1:45 pm
toxicavenger wrote: ↑Sun Mar 10, 2019 12:23 pm
fuck that. i hate car payments
Me too. I tend to keep cars for a long time, so I get good value for money.
That's really the main difference. I tend to keep my cars a very long time and have saved enough to pay for all my other hobbies simply by paying them off and not having a car payment.
If I wanted a new car every 3 or 4 years, leasing would definitely be something to consider. Buy & hold or lease & update often seem to be the two paths that make sense, depends on preferences
Re: Leasing?
Posted: Sun Mar 10, 2019 2:00 pm
by Selym
mattcantwin wrote: ↑Sun Mar 10, 2019 1:49 pm
* I have to admit my surprise in passing state inspection two years in a row with a broken speedometer; but I'm not complaining.
How would they know? Granted, I haven't lived in NY for going on 8 years. Is a road test part of the safety inspection these days?
Re: Leasing?
Posted: Sun Mar 10, 2019 2:11 pm
by mattcantwin
Selym wrote: ↑Sun Mar 10, 2019 2:00 pm
mattcantwin wrote: ↑Sun Mar 10, 2019 1:49 pm
* I have to admit my surprise in passing state inspection two years in a row with a broken speedometer; but I'm not complaining.
How would they know? Granted, I haven't lived in NY for going on 8 years. Is a road test part of the safety inspection these days?
I'm guessing they noticed driving it into the service bay at "90 miles an hour".
Re: Leasing?
Posted: Sun Mar 10, 2019 2:27 pm
by Selym
mattcantwin wrote: ↑Sun Mar 10, 2019 2:11 pm
Selym wrote: ↑Sun Mar 10, 2019 2:00 pm
mattcantwin wrote: ↑Sun Mar 10, 2019 1:49 pm
* I have to admit my surprise in passing state inspection two years in a row with a broken speedometer; but I'm not complaining.
How would they know? Granted, I haven't lived in NY for going on 8 years. Is a road test part of the safety inspection these days?
I'm guessing they noticed driving it into the service bay at "90 miles an hour".
Gotcha. The place I used to use in LIC required me to drive the car in myself, because the guy couldn't drive manual transmission.
Re: Leasing?
Posted: Sun Mar 10, 2019 2:49 pm
by HapaHapa
Good feedback. I'm not in the market but need to stay up to date on these things. Both our Acura RDX's are 10 years old and things are starting to fail. Mostly door locks oddly enough, plus AC on my wife's. Need to get that AC fixed before it warms up.
Re: Leasing?
Posted: Sun Mar 10, 2019 3:46 pm
by toxicavenger
mattcantwin wrote: ↑Sun Mar 10, 2019 1:49 pm
I hate to think about the money I've spent keeping it running once the extended warranty ended; way too much.
In the 10 years I have owned my Saab I have not put in more than what I would be paying in payments for repairs. If the payments are on the low end at $300 a month, which is 3,600 year I think I might have done that in repairs for the whole 10 years I have owned it.
But I get people wanted the extra assurance of driving a new car. I do believe it is unwarranted though. Those mofo's break down also.
Re: Leasing?
Posted: Sun Mar 10, 2019 4:12 pm
by 59yukon01
Leasing isn't for me. Kind of like renting instead of being a homeowner. You have nothing to show for it after the payment ends other than rinse and repeat. Bought my Yukon SLT brand new in 2001. Paid it off in 2004. So this April it will be 15 years without a car payment. Doesn't get any better than that in getting a bang for your buck. 244K miles and all I've had to do to it is the routine maintenance things that come with age, nothing major.
I never intended on keeping it beyond 10 years, but it's been such a great vehicle, and I've kept it in great shape, that it's become a challenge to see how long it can go without becoming a money pit.
Re: Leasing?
Posted: Sun Mar 10, 2019 4:41 pm
by mattcantwin
My other issue with leasing is that I'm always on the lookout for stockade fencing laying at the side of the road.
Throw a tarp in the back of the Suburban, load it up and drive away.
Best kindling around and free.
I doubt I would continue that with a leased vehicle.
Looks like I just talked myself out of the leasing market.
Re: Leasing?
Posted: Sun Mar 10, 2019 5:46 pm
by BacoNoir
jeckyll wrote:toxicavenger wrote:fuck that. i hate car payments
Same here.
Same. Still driving my 2005 F150 and keep it well maintained. Low insurance, no payments, and low tags.
Re: Leasing?
Posted: Sun Mar 10, 2019 6:20 pm
by ericf4
59yukon01 wrote: ↑Sun Mar 10, 2019 4:12 pm
Leasing isn't for me. Kind of like renting instead of being a homeowner. You have nothing to show for it after the payment ends other than rinse and repeat. Bought my Yukon SLT brand new in 2001. Paid it off in 2004. So this April it will be 15 years without a car payment. Doesn't get any better than that in getting a bang for your buck. 244K miles and all I've had to do to it is the routine maintenance things that come with age, nothing major.
I never intended on keeping it beyond 10 years, but it's been such a great vehicle, and I've kept it in great shape, that it's become a challenge to see how long it can go without becoming a money pit.
the key difference though is that every single car is guaranteed to depreciate while a home goes the opposite direction.
Re: Leasing?
Posted: Sun Mar 10, 2019 6:59 pm
by BacoNoir
ericf4 wrote:59yukon01 wrote: ↑Sun Mar 10, 2019 4:12 pm
Leasing isn't for me. Kind of like renting instead of being a homeowner. You have nothing to show for it after the payment ends other than rinse and repeat. Bought my Yukon SLT brand new in 2001. Paid it off in 2004. So this April it will be 15 years without a car payment. Doesn't get any better than that in getting a bang for your buck. 244K miles and all I've had to do to it is the routine maintenance things that come with age, nothing major.
I never intended on keeping it beyond 10 years, but it's been such a great vehicle, and I've kept it in great shape, that it's become a challenge to see how long it can go without becoming a money pit.
the key difference though is that every single car is guaranteed to depreciate while a home goes the opposite direction.
But you are also in a constant state of car payments, higher insurance and higher tags.
Re: Leasing?
Posted: Sun Mar 10, 2019 7:01 pm
by ericf4
BacoNoir wrote:ericf4 wrote:59yukon01 wrote: ↑Sun Mar 10, 2019 4:12 pm
Leasing isn't for me. Kind of like renting instead of being a homeowner. You have nothing to show for it after the payment ends other than rinse and repeat. Bought my Yukon SLT brand new in 2001. Paid it off in 2004. So this April it will be 15 years without a car payment. Doesn't get any better than that in getting a bang for your buck. 244K miles and all I've had to do to it is the routine maintenance things that come with age, nothing major.
I never intended on keeping it beyond 10 years, but it's been such a great vehicle, and I've kept it in great shape, that it's become a challenge to see how long it can go without becoming a money pit.
the key difference though is that every single car is guaranteed to depreciate while a home goes the opposite direction.
But you are also in a constant state of car payments, higher insurance and higher tags.
True on payments. But I don't mind in order to always have a nice new car. . Tags not true. In IL all tags are same price.
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Re: Leasing?
Posted: Sun Mar 10, 2019 7:09 pm
by streetracer101
ericf4 wrote: ↑Sun Mar 10, 2019 6:20 pm
59yukon01 wrote: ↑Sun Mar 10, 2019 4:12 pm
Leasing isn't for me. Kind of like renting instead of being a homeowner. You have nothing to show for it after the payment ends other than rinse and repeat. Bought my Yukon SLT brand new in 2001. Paid it off in 2004. So this April it will be 15 years without a car payment. Doesn't get any better than that in getting a bang for your buck. 244K miles and all I've had to do to it is the routine maintenance things that come with age, nothing major.
I never intended on keeping it beyond 10 years, but it's been such a great vehicle, and I've kept it in great shape, that it's become a challenge to see how long it can go without becoming a money pit.
the key difference though is that every single car is guaranteed to depreciate while a home goes the opposite direction.
That's not always the case...as millions of Americans found out around 2008.
In some areas, you can make an argument for renting a dwelling. I've sunk more than $50k (and still easily have another $100k left to bring it up to date) into my house in the past yr in maintenance and would lose a fortune if I was considering labor costs, mortgage interest, and real estate commissions if I were selling soon.