I'm not entirely sold. Curious to hear everyone's point of view on this.
I have a cousin who does that. she leases cars. idk why. from what I understand you have to sign an agreement on keep up and how much mileage you have to have, then you have to have full coverage insurance. I personally have NEVER owned a car that is less than 10yo. however, I also buy good used cars. this way I don't have to have a car note, or full coverage insurance
I've have been leasing cars since 2011. At first, it was a good idea for me as I was not driving that much and I would be able to get a new car within 3 years but as my family work structure has changed, it does not fit me anymore.
I definitely plan on bringing my current lease back next month and get a slightly used car (2015 or 2016). This should be more economical for me in the long run.
I just said that I personally do not agree w/ leasing cars. I tend to feel that it's to expensive to lease. MarcDJones, I agree w/ you. my dad just bought my mama a new to us, new minivan. it's 6 years old
I have not personally leased a car and have always been told it is not the best idea.
I am not entirely sure how exactly it works but from what it sounds like, if there are restrictions to how much you can drive it, it would be a terrible idea for me as my wife and I love to take road-trips and I also drive for delivery. (We put in over 1K miles this weekend alone!)
So far, I have bought a used car from a private seller and paid cash and also bought a used car from a dealership on a loan and by far the first one was a much better decision.
If you can afford to pay cash for a used car, that is the best way to get the most value for your money in my opinion.
Years ago I read that people lease cars so they can ensure they have a new card every five years or so. So essentially renting the car over time. I have heard about the bells and whistles that go with it though, so I don't know exactly how it works, but I know I couldn't do it.
I am a divorced and retired person who has been leasing a vehicle for some time. I do not think that it is a good financial move, however, for me it works. I do not put many miles on a vehicle and I enjoy driving a new car which I don't have to deal with maintenance. For these reasons it works for me.
I've been in the car industry and can tell you there are many pros to leasing if you are the right candidate. I typically lease my vehicles because I enjoy always having the newest model that typically has the best fuel economy with all bells and whistles at a fraction of a traditional loan payment. I'm also not one to work on my vehicles or want to pay a mechanic so always being under warranty affords me the luxury of only putting gas in it and doing my regular oil changes. Leasing CAN be a great option if the following applies to you: 1) If you are Self Employed you can write off your lease 2) If you can stay at or below the miles on the program (you can pick 7,500, 12,000, 15,000 miles per year) 3) If you don't want to be bother coming our of pocket for issues as you are always under warranty in a lease 4) You enjoy having the latest and greatest on the road. 5) You typically take pretty good care of your vehicle. 6) If you want to pay less for more vehicle since you are only paying tax and license on the 3 years you are leasing vs. all of the tax and license for a 5 year financed loan.
The biggest misconception of leasing is that you don't own your car, you're just "renting". The reality is most people are in a 5 year loan when financing so your vehicle isn't truly yours until it's paid off anyway. More than 60% of people end up trading in their vehicles before their loan is paid so technically it's not yours until that final payment is made. The flip side is, if you are a person that holds on to your vehicles for 6 + years, enjoys not having a car payment (once paid off), can work on your own vehicle and might be a little rough on the cosmetics then a lease won't make sense.
I personally feel that leases are not a good idea. In my family, I have a cousin who does that, but no one else. That cousin likes to always have a new car. However, for the average person, it's not a good idea. Think ab it this way. When you lease a car, the same way as buying a car and having a car note, you are required to have full insurance, that means that you are requiring a lot of extra expense and the average person is not capable of this.
You are correct! A lease does require full coverage. I was raised that insurance is for the "I hope I never need it, but in the event I do.. I'm covered" mindset so whether I lease or not, I always carry full coverage. Keep in mind a lease payment on a car vs. the same car financed is roughly $100 less a month. What I was trying to get at on here was that, it was always frustrating when someone was a great candidate for a lease and would save more money, but was always told it was "bad" and ended up paying more for a vehicle. Not everyone is a good candidate. That is for sure! But there are more people that would benefit and don't simply because they were told not to do it vs. doing the research on why their personal situation could save them tons of $$.
Okay. I wasn't aware that a lease payment was less than a car payment. I personally drive old cars and take care of them. for instance next week I've gotta go get the oil changed bc it's due. the first 4mos of the year, I did deliveries out of my car, but as it is 100 degrees here in the shade w/ the heat index, I personally have stopped doing deliveries
Yes, they are considerably less. That said; owning a vehicle outright like you do and taking great care of it is a perfect example of someone who wouldn't benefit from a lease. It's all about finding out what's right for YOU!
My husband leased a truck a few months ago and I have to say I've really enjoyed having a backup camera and the noise that comes on when I'm drifting out of my lane.
@lismox, I look forward to this in my next vehicle! I drove a rental that had the blind spot detector and thought that was the best invention.