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What advantages are there to leasing a car? I've always thought leases were for people that couldn't afford to buy a car, and that they aren't a smart financial decision. But almost every successful person I know leases a car, vs buying it, so there has to be some sort of financial advantage to it, and I am not smart enough to figure it out. I've also always assumed I drive too much to lease a car (18,000 or so a year), but I've found out you can structure leases for that amount of mileage.
Do a forum search, this topic has been raised, debated, beaten half to death, hung, drawn and quartered, tortured, run over, backed up and run over again, and then beaten some more.
Do a forum search, this topic has been raised, debated, beaten half to death, hung, drawn and quartered, tortured, run over, backed up and run over again, and then beaten some more.
Typically leasing a car allows you to drive a more expensive vehicle than you could otherwise afford, since you're just paying for the depreciation on the car, instead of actually owning it. It also means you get a new car every three years or so.
Which is great, if driving a nice new car is important to you. If not, it's usually a better financial move to buy a car.
For example, my neighbor who is a Realtor leases a new Infinity SUV. He needs to exude success to his clients and he can write off the expense on his taxes.
For most individuals, they lease once and then never again.
For example, my neighbor who is a Realtor leases a new Infinity SUV. He needs to exude success to his clients and he can write off the expense on his taxes
I want my wife to be in the latest car with the latest safety equipment or tech, with a warranty so *I* don't have to work on it. One that is still something that she enjoys driving and can use for her business so the lease costs can at least partially be written off on taxes. So we've leased her last two cars (MINI Coopers) and will probably lease again when this lease is up (she wants an EV next).
EVs are another good lease candidate as they will be "interesting' to work on out of warranty, and the tech is advancing so rapidly that they become outdated pretty quickly and thus harder to resell later. It's why I leased my Volt.
I've leased, financed, and purchased outright various cars over the years, depending on what was the best option at the time. There is no one answer that works in every situation unless you are wealthy enough to pay cash for ANY car on the market.
Maybe more successful people lease because of the ridiculously high down payment.
Doesn't make sense to me. Put down a lot of money, pay almost as much every month, and then you don't own the car after 3 years
If you're paying a down payment, you're doing it wrong.
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