? Vehicle Leasing Or Purchase One

[Baby Blessing]

Has anyone leased a vehicle over several years and if so what is your opinion on doing so instead of buying a new vehicle? We need to do something this year and have been giving some thought to maybe leasing. Don't know anything about what a leasing consists of. For instance repairs that may need to be done, would they be covered under a lease???? The new vehicles are sooooo expensive now. If we were in our younger years I'd go for a HUMMER, next best thing to me similar to driving a tank we have always been into the heavy larger trucks, in sitting higher and visibility ahead better, appreciate others inputs. Thanks. Patti and Jack

[LuvMySissy]

We have been leasing for years. This is a great option if you know you want to get a new vehicle every 3-4 years. Not necessarily a good option if you drive a lot. Most leases come with 10-12000 miles per year. More than that, you have to add to the lease price to buy them. If you don't buy more miles up front and go over it is REALLY expensive to pay for them after the fact. Repairs are handled based on the warranty that comes with the vehicle, just like you were purchasing it. You are required to keep a minimal deductible insurance plan on most leases.

We have always been happy with leasing and if you get a car you are less than excited about, you know it is only for a couple years. The less years you lease for, usually the more expensive the lease it. There are great lease deals for employees (and family members) of the automakers. Lease payments are always much less than the cost of actually buying the car.

Good luck with your decision.

[FlDebra]

I put way too many miles on a vehicle as Taxi Mom. I am funny about the idea too -- I want it to be all mine. LOL! I also keep vehicles a long time. I had my van 10 years and only gave it up under duress. Hubby said repairs are too expensive, get a new vehicle. So, he bought me a GMC Envoy and I have now had that for 5 years. He has been making noise like he wants to trade it in on a new one, but I am dragging my feet. I like to keep a vehicle I am comfortable with. Weird, huh? My DH ought to lease his! Low mileage, they look like brand new when he trades. Mine take a beating what with all the football and baseball cleats and sand. Not so gently used.

[soneal]

We have leased for years, at least my vehicle. We buy my husbands because he drives too much for a lease. Since I don't work, I don't put too many miles on a leased vehicle. I love leasing, you can get a nicer vehicle with the same payment as buying and you can get a new car every couple years. We have leased for 4 yrs,3yrs and the latest 2 1/2 years. The 4 yr. was too much because we had to buy tires, if you lease 3 or under you stay under the warranty, the tires last and shouldn't have any repairs. You do have to do regular maintanence like oil changes and such. Like Jodi said be careful on the mileage, don't go over, it can be very expensive. Buy extra miles if you think you will go over, I do believe they reimburse you at end if you don't use the ones you bought. Any other questions just ask, Ill try and help.

[ARCHIE]

I only put about 8 thousand miles a year on my car so leashing would be
good for me. However, I can't reticfy loosing that money at the end of the
lease and not having anything to show for it. I turn my car in after the warranty is off (5yrs) and get a new one. I will get a new one this May.

My kids lease all their cars.

Carol & Buddy

[TatumsMom]

Doesn't work for us because I put about 5-6000 miles on mine each year commuting 2 hours round trip for work plus any weekend trips. We did have to lease a vehicle one time (long time ago), thinking it was THE way to go. The only thing that saved us in the end was that the salesman failed to fill out the space on the contract that states how much per mile we would have to pay in the end over a certain odometer reading. We SHOULD have owed about $4-5000 but got out of it scott free! Pure luck! The salesman was a bit ticked but it was his fault!

I believe all repairs work as if it's your vehicle - covered until the warranty until it runs out or you extend it.

[TeddyBear]

We are leasing right now and this is our first car to lease. We keep thinking we'll buy it after the lease. I put only 8000 mile on it the first year. My question is when you turn it in and want to get another car what do you usually have to put down on it? We traded our other vehicle in when we got this lease. Our payments are pretty low. Only 200.00 a month for a VW Jetta turbo 2006, loaded. I am thinking I may or may not want something else, not sure I like the stick shift. LOVE THE SPEED AND POWER!

[genie]

We just leased for the first time. We were very nervous about it because all the negative things we have heard over the years about leasing. We leased for 38 months, 15,000 miles a year, they fix any repairs, after the 38 months we can trade it back in on a new one, sell it, or turn it back in, or keep it and pay what is owed on it. If you go over your milage then it is .15 cents a mile, but if you trade it back in on a new one at the same place then there is no milage fee if you go over. After the time is up you can also sell it to someone else for what you owe or if it is worth more you can sell it and make a profit. We didn't have to pay any payment up front, we just walked out the door with a new pathfinder, they made the first payment for us. This was through nissan so I don't know if every place does it this way. They made it so easy. The payment is lower than if we had just bought it. Also if you buy it you pay all the intrest up front, but with the lease the intrest is spread out. LIke we pay $470.00/month -$30.00 of this is the intrest, if we had bought it would have been $635.00/month for 60 months. After the 38 months we can finance what we owe for up to 60 months. I think I am going to like this lease deal.

[genie]

Originally Posted by TeddyBear

We are leasing right now and this is our first car to lease. We keep thinking we'll buy it after the lease. I put only 8000 mile on it the first year. My question is when you turn it in and want to get another car what do you usually have to put down on it? We traded our other vehicle in when we got this lease. Our payments are pretty low. Only 200.00 a month for a VW Jetta turbo 2006, loaded. I am thinking I may or may not want something else, not sure I like the stick shift. LOVE THE SPEED AND POWER!

The people at nissan told me that if I wanted to trade back in after the lease is over that I just pick out what I want and drive away, no money down.

[Shadow]

hmmm, Maybe this will be my next option.I love the Jettas and have forever wanted one.
Ok, A question,Don't you have the option at the end of the lease to buy the car? If so what is usually the cost to do this. Do you get a loan for the lease.

[TatumsMom]

Originally Posted by Shadow

hmmm, Maybe this will be my next option.I love the Jettas and have forever wanted one.
Ok, A question,Don't you have the option at the end of the lease to buy the car? If so what is usually the cost to do this. Do you get a loan for the lease.

If I remember right, our lease was for 6 years. At the end of 3 years, you're given the option to turn it in (and pay any damage and mileage penalties) OR you can re-finance the next 3 years. We chose to turn it in and then bought something else.

[stephluvsangel6]

im not to sure how all dealers or areas do it but around here we have great leasing options, but we havent leased because there are certain things you can and cannot do. my husband wanted an entertainment system for the kids and on leases you cant do things like that they told us, but if you are lke me i like to get a new car every couple of years, i mean my tahoe is 2 years old and i want a new vehicle. but im thinking of leasing a bmw when we get back on our feet, but talk to your local dealer and see what they have for you.

[SweetCuteness]

If you go over on the mileage of a lease, it can be anywhere from $0.15-$0.30/mile. VERY expensive. Some manufaturers will pay for maintenance, some will not.

I was looking at a lease for a 2007 Acura TSX, fully loaded with 15,000 miles/year at about $350/month with tax - but I decided not to go with that as I drive WAY to much being in sales.

[Baby Blessing]

Thanks everyone, finding all your posts really interesting. We don't go much and no longer travel nor make long trips so I really am going to look into the leasing.
Debi (Shadow) our daughter bought a Jetta last year she loves it.
Patti

[Breeze]

Originally Posted by Shadow

hmmm, Maybe this will be my next option.I love the Jettas and have forever wanted one.
Ok, A question,Don't you have the option at the end of the lease to buy the car? If so what is usually the cost to do this. Do you get a loan for the lease.

I don't know about in the US, maybe its works the same as in Canada. Here you can lease or buy, when you lease the monthly payments are about half of what they would be when you buy. Say the vehicle cost $30,000 if you buy your car the payments are divide to the cost equally each month. More expensive payments but at the end of the contract the car is yours.

But if you lease they usually base your monthly payment to only half of the cost of the vehicle, reducing the amount of the monthly payments in half usually. The other half of the amount due of the car is due the end of the lease eg. $15000. You can refinance at the dealer again or lender of your choice.

The problem is that when it comes to the end of the lease, you owe on your car way more than it is worth so most people end of taking that money and trading it in for a newer nicer car. Why owe so much on an older car, when you can have new again? But after years of leasing you spend tens of thousands of dollars and have nothing to show for it except a new car you are still making payments on.

I think of all the money my family has spent on leases and trading cars in to have newest and lastest ones and it is such a waste. We now buy only and have decided to invest our money on other more important things.