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it depends on your comfort level. some people like to purchase because they feel "safer" with their name on the title. money wise, well honestly unless that particular car has a killer lease rate on it, purchasing vs leasing costs you reasonably the same in the end. i've done the math... i actually used to be a finance manager at a volvo store. lease residual rates are figured by the expected depreciation of the car, so if they figured it right...
to answer your question the benefit of leasing is a lower monthly payment. oh, and when it comes time to trade it in, you don't actually own it so you don't have to fight with the salesman over what its worth, lol. (but if there is damage, wear, etc, you can be charged for that when you turn the car in at the end of the lease).
Also with a lease, you don't want to go over your mileage allotment. And there is no benefit to paying any payment ahead of time. Because if you wreck the car, you won't get credit for being ahead of your lease payment schedule.
Are any of you guys leasing a car? What are the benefits to leasing verses buying a car? If you are leasing a car would you do it again?
Thanks
When you lease, you basically pay for the depreciation on the car. You don't have any equity, so after 2 years and $14,000, you have nothing, and then you go and lease another new car! It's a way for car company to get people into more expensive cars, when they would otherwise choke on the thought of buying a $41,000 vehicle...
Are any of you guys leasing a car? What are the benefits to leasing verses buying a car? If you are leasing a car would you do it again?
Thanks
I lease all my cars and I love it. I get a new car every two to three years. The benefit to leasing a vehicle is having lower monthly payments, driving a new vehicle more often, and dont forget about that new car smell. Also, when you lease, your vehicle will usually always be under warranty. I also love leasing vehicles instead of buying because I never have problems with my cars because they are always almost new. When they got four or five years old, I would be having all kinds of problems with them, that's how today's cars are. Sure you have got to watch how much you drive, but 15,000 miles is about the average milage a person drives per year anyway.
^ those are the good benefits. but there are downfalls. for instance you are stuck with the car for an exact period of time. so you have to be ready to get a new one exactly when the lease is up (you can turn it in early, but sometimes that can cost you). and when you do there could be a chance that there's no good lease plans available to suit you.
also it isnt easy to get out of a lease early (as in early, not right before the end of a term). i've seen it happen where people sign a lease, then lose their job a couple months down the road and lose their ass buying out of the lease cause they cant afford it.
^ those are the good benefits. but there are downfalls. for instance you are stuck with the car for an exact period of time. so you have to be ready to get a new one exactly when the lease is up (you can turn it in early, but sometimes that can cost you). and when you do there could be a chance that there's no good lease plans available to suit you.
also it isnt easy to get out of a lease early (as in early, not right before the end of a term). i've seen it happen where people sign a lease, then lose their job a couple months down the road and lose their ass buying out of the lease cause they cant afford it.
Actually, at the end of a lease, most of the time I have an option to keep the car another month or two after the lease is supposed to be over to decide if I want to go ahead and buy the vehicle or just lease another one.
is there any way to sell the car or trade it for something else while you still owe payments on a car?
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A very terrible con to leasing ....
