Luxury Car Lease (leasing, buying, maintenance)

[rome99]

I leased a German luxury car 3 years back. I gave $6K down and monthly payment is $625. New car price is about $55K. My lease is going to end soon. As per the lease agreement allowed mileage per year is 12K. It has only done 14K miles so far. The condition of the car is excellent.
My question is what should I do with this car?

1. Return the car - if I choose to return will they come up with any other charges to draw more money?
2. Buy the car - As per KBB, the used car value is $35K. I have already spent about $30K. If I buy it, I ended up paying about $65K!

Thanks.

[Eagle4Life]

Only fools lease cars. And you can negotiate the buy out for #2. You can negotiate anything.

[boyd888]

Given the low mileage I'd take it to Carmax and see if they offer you more than the residual (unlikely, but it only takes 30 minutes). If you turn the car in I don't see there being any additional charges. Not a fan of buying the leased car outright s you see you often end up paying way too much.

If you decide to lease again, consider putting as little down as possible (like $0) and/or a lower mileage allowance. 14K miles in three years isn't much so I don't know as though leasing is the right move for you. You're aren't "using" most of the car you are paying for (i.e. you paid for 36K miles and used 14K). Perhaps consider a cheaper car given your driving habits as you paid over $2 a mile for this thing.

[rome99]

wow! As per CNBC "Record number of Americans leasing autos". Are we fools? Anyways. I wouldn't buy this car if they quote for more than $25K. If I return the car can they come up with any hidden charges?

[FCNova]

Originally Posted by rome99

wow! As per CNBC "Record number of Americans leasing autos". Are we fools? Anyways. I wouldn't buy this car if they quote for more than $25K. If I return the car can they come up with any hidden charges?

It's because Americans are terrible at managing their money. You scoffed at having to pay 65k on a 55k car. Well thats what financing does to you. You will end up paying more than the car is worth in interest or lease payments unless you purchase the car with cash.

[hertfordshire]

Originally Posted by rome99

wow! As per CNBC "Record number of Americans leasing autos". Are we fools?

Do you want the honest answer? Just because a lot of people are doing it doesn't mean that it's a wise decision. People are looking for the lowest monthly payment, without considering the big picture cost. And I say that as someone who is currently driving a car that was originally leased and then purchased outright. It was a dumb move that I regret all the time. I definitely would never lease again.

[stan4]

Originally Posted by Eagle4Life

Only fools lease cars. And you can negotiate the buy out for #2. You can negotiate anything.

Only fools talk about sh** they don't understand.

Op, you can negotiate the price of the car if you want to keep it.
Personally, I'd dump it. The point of leasing was to keep a new, maintenance-free, under-warranty new car with all the latest features, etc.

If your car is under mileage and has no obvious scars, you just turn it in and either get another lease or shell out a ~$200 disposal fee and move on with your life.

[rome99]

Please let's not drag this thread to different direction. Thank you so much.

[stan4]

Originally Posted by hertfordshire

Do you want the honest answer? Just because a lot of people are doing it doesn't mean that it's a wise decision. People are looking for the lowest monthly payment, without considering the big picture cost. And I say that as someone who is currently driving a car that was originally leased and then purchased outright. It was a dumb move that I regret all the time. I definitely would never lease again.

That's cuz you did it wrong. Or you were the wrong person to lease/it didn't fit your lifestyle.

I enjoy people who do things incorrectly and then damn the whole process.

They're hilarious.

[Eagle4Life]

Originally Posted by stan4

Only fools talk about sh** they don't understand.

What don't I understand?