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I don't see how most people feasibly lease a vehicle with 10K-12K/yr mileage restrictions unless they:
- Work from home.
- Are a retiree who just uses a vehicle to go to the grocery store every weekend.
- Live in a city with public transportation and just use the vehicle for short trips.
I drive 2K miles a month and feel as if I barely go anywhere. 10K a month used to be the norm for me.
I don't work from home and only drive 3k (at most) a year. Just because you spend all your time on the road doesn't mean even most people do. Many people also work from home these days, quite a few in my neighborhood do including my wife.
10,000 miles a month at an average speed of even 50 mph yields a time of 200 hours per month spent on the road, or >8 DAYS just in your car. I'm so incredibly happy that isn't our lives.
We don't believe in leasing vehicles, we buy them outright, but if we wanted to lease a vehicle with mileage restrictions that would be pretty easy for us as I do work from home most days and when I go into the office it's only 5 miles away. Wife is a SAHM, so her errands are the only things that put miles on a car for her.
Plus, when you have 3 cars for two drivers, splitting the mileage up so none of them rack up the miles is easy.
I don't see how most people feasibly lease a vehicle with 10K-12K/yr mileage restrictions unless they:
- Work from home.
- Are a retiree who just uses a vehicle to go to the grocery store every weekend.
- Live in a city with public transportation and just use the vehicle for short trips.
I drive 2K miles a month and feel as if I barely go anywhere. 10K a month used to be the norm for me.
You pretty much answered your own query.
Persons lease vehicles for a variety of reasons that suit themselves.
Here in NYC many lease because it allows them to drive more car than they can afford (not all those Mercedes-Benz, Audi, BMW, Infinity, etc.... are outright owned). Also leasing such vehicles allows persons to "walk away" after three years or whatever and not deal with depreciation and or having go trade-in/resale value. Leasing also works for those who feel they *must* have a new vehicle every three or four years.
This being said, yes, NYC is rather a compact place with overall good public transportation. Some only drive on weekends/holidays, others drive every day (to and from work, running errands, etc...).
When we were working, we would drive 27K a year and that's just back and forth to work.
We could never afford to lease a car (to many miles over the lease).
Now that we are retired, I have considered leasing, but I also understand that if I start leasing then I would be stuck leasing for the rest of our lives. A constant monthly payment where as now I have none.
So even in retirement, leasing may not be the best idea. If I buy a new car, at least in 5 years or so I'll still have a new car with very few miles on it, but I will not be making payments any more. And the advanmtage is that we have built some asset value in the car.
So, no I will never lease.
BTW I know several people that have filed for bankruptcy at some point in their lives and leasing was the only why to get a new car. So when I hear some one thinking about leasing I first thing, oh their having money problems.
BTW I know several people that have filed for bankruptcy at some point in their lives and leasing was the only why to get a new car. So when I hear some one thinking about leasing I first thing, oh their having money problems.
Unless something has changed in recent years, leasing was something limited to those with good or better credit ratings.
Unless something has changed in recent years, leasing was something limited to those with good or better credit ratings.
Actually bankruptcy may not cause such a huge hit on ability for some to get credit again as you may think. In fact to the eyes of some creditors someone who has recently declared bankruptcy may be a very good candidate; this is because having used that get out of jail card said option is off the table for a long time.
A recent bankruptcy might trigger higher lease rates/down payment, and or certain vehicles may be off limits. That an or the thing may come with a remote "kill switch" and tracker in case payments are late..
I used to put 30k/year on my cars. Then I moved. Now I'm looking more like 4K/year. Having a long commute is such a waste.
I recently quit a company because I couldn't stand the long commutes. Not only is it a waste of time, but you're shelling out way more money on not just gas and tolls but maintenance as well. My commuter car has also been my project car, but instead of putting that money into performance parts it's been on lots of maintenance, oil changes, tires, brakes, rotors, axles, coolant flushes, etc.
I could've had a 500hp built motor put in the car with the amount of money I blew commuting the past few years.
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