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Old 10-04-2013, 01:01 AM
 
3,183 posts, read 7,182,491 times
Reputation: 1818

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I have always thought I would never want to lease a car. Now that I am getting older and will get to the point that I will not do my own repairs and we dont need to drive much a lease has some appeal. I believe it may be the most practical thing to do.I plan to keep my old truck for local driving and then another car for road trips and vacations. I will not be interested in buying it after the lease. I will just want to get another lease and a NEW car ...Is this smart?
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Old 10-04-2013, 01:11 PM
 
Location: Here
11,574 posts, read 13,918,459 times
Reputation: 6983
We've never considered leasing a car but finally gave in a few weeks ago. The wife only puts about 6-8K a year on a car so we opted to give leasing a try this time around.
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Old 10-04-2013, 01:14 PM
 
Location: Denver, CO
3,135 posts, read 11,852,833 times
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Don't ask for advice from people who have never leased. They don't know what they are talking about 90% of the time. Take the first response for example who says "leases require more down payment." Most people also don't know you have a buyout just like you do with regular financing. I've traded in leases after driving them for 10 months.

In a nutshell, if you don't keep a car for more than 5 years, leasing is usually the best route.

Some simple math will show you. I love leasing, as I budget a monthly car allowance, and don't have to worry about expensive maintenance (tires, etc) and repairs.
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Old 10-04-2013, 05:44 PM
 
Location: new yawk zoo
8,649 posts, read 11,025,938 times
Reputation: 6307
Quote:
Originally Posted by Inkpoe View Post
For some, it's a status thing (nice, newer auto).
not true. its almost a pet peeve when people say that.

I paid all cash for my bmw m3 and bmw 5 series...all bought new. I own it with no liens

I am on my 2nd lease on my Honda minivan. I can easily afford to pay cash to buy it as well but I don't. here is why

-I drive very low miles since I already own two other cars. My 1st least I pulled 27k miles when I turned it in at 36 months.
-I like the latest & greatest safety features for my kids.
-Lease car is still under manufacture warranty
-Low maintenance...just scheduled oil changes in 3 years.
-I seem to enjoy having a new car every 3 yrs
-I take car of my cars & it almost looks new in the whole life of the lease.
-I don't really want 3 older cars aging...all with low miles...and I love my bmws
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Old 03-16-2024, 03:27 PM
 
2,765 posts, read 5,130,504 times
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An old post, but given the drop in value of EVs, I think they should be consider for lease.
Nobody wants to be left with tens of thousands in battery replacement.
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Old 03-17-2024, 07:30 AM
 
17,149 posts, read 21,813,281 times
Reputation: 29378
Quote:
Originally Posted by CityDealsLynn View Post
When deciding between buying and leasing a car, consider factors like insurance costs, the level of luxury you desire, the type of vehicle you need, and whether you're looking at a 2014 model or newer. Each option has its pros and cons, so choose based on your specific preferences and circumstances.
Thank you for resurrecting a 11 yr old thread with an AI like post!

You clearly can't be a real person talking about leasing a 2014 car.
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Old 03-17-2024, 07:37 AM
 
17,149 posts, read 21,813,281 times
Reputation: 29378
Quote:
Originally Posted by 28173 View Post
An old post, but given the drop in value of EVs, I think they should be consider for lease.
Nobody wants to be left with tens of thousands in battery replacement.
Any vehicle with high depreciation will have a huge lease payment FYI.......

The battery replacement issue is moot for most people. Why? They don't keep their cars long enough for that issue to be theirs. My neighbor bought a Prius, put 100K miles on it then passed it on to their kids. About 230K miles the battery started being an issue but by now the car was 12-13 years old. A junk yard gave them $500 for it. Even an older gas powered car with 230K miles on it might need substantial repairs that exceed the value of the car. So in the end, gas/electric/hybrid they all will probably end up in the same junkyard.

I've bought 50+ new cars/trucks for the last 35 years (+3 used ones in there that I couldn't find new). I've kept them as long as 11 years, kept one almost 180K miles and none of them ended up in the junk yard. I did have a fleet truck get damaged, I took the insurance check but sold the wrecked truck to a guy that was going to fix it. So check+truck sale = downpayment into a new one.

So based on my ownership pattern, a electric/hybrid would get used and sold while it was still a viable vehicle.
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Old 03-17-2024, 05:02 PM
 
Location: Sunnybrook Farm
4,362 posts, read 2,535,632 times
Reputation: 12646
If you drive 4000 miles a year, then you don't need a new car every 3 years.

If you do need a new car every 3-4 years, you're putting 75k a year on the car, and you'll WAY exceed the mileage limits on a lease.

Leasing is a chump's game.
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Old 03-19-2024, 03:00 PM
 
10,215 posts, read 6,761,591 times
Reputation: 11319
Leasing only makes sense in two scenarios:

1. Its a car that you must have with very high depreciation, and you're able to beat the very high depreciation vs. purchase in a lease.
2. Especially in a high tax state, a vehicle with very low depreciation, might come cheaper to do than financing it.

The idea with the lease is you're paying for depreciation on the vehicle. You're also not paying taxes on the full sale of the vehicle, just the lease payments.
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Old 03-19-2024, 04:15 PM
 
1,870 posts, read 2,214,128 times
Reputation: 3032
Quote:
Originally Posted by 28173 View Post
An old post, but given the drop in value of EVs, I think they should be consider for lease.
Nobody wants to be left with tens of thousands in battery replacement.
Sometimes it pays to be a contrarian. Our first EV was an off-lease 2013 Fiat 500e w/ 20K miles on it that we bought a used car dealership for $7,300 out the door. I'm positive they paid about $5K just a day earlier at auction. My wife had free EV charging at her work garage 45 miles away in Downtown Los Angeles. We generate about 20kWh a day from our rooftop solar which is good for about 100 miles in the Fiat. We also had a net-metering and time of use arbitrage that would pay us $.41 per kWh generated during the day, then they would charge us $.11 per kWh we used during 10pm-8am. On top of that the Fiat had a solo-HOV lane access that got free use of the toll lanes saving my wife about 50 minutes of commute time and $12 a day in tolls. So the car paid for itself in less than 15 months compared to the 28mph Lexus Rx400h she used to drive.

Originally we thought to lease the Fiat when they had was seemed like an amazing deal which was like $2K down and $50 a month for 2 years (there was some deal that allowed the EV credit to effectively lower the downpayment), but the insurance was $1,800 a year which killed the deal for me. Insuring the used 500e is only $800 a year.

Car now is 11 years old with 92K miles on it with no problems. We're on our 3rd set of tires, 2nd set of wiper blades, changed a few taillight bulbs, and added HIDs to replace the halogens in the projectors. Car is still on the original 12V battery and the HV battery range has degraded about 20%. Not sure if that's a natural degradation or if there's a cell imbalance causing the drop but it doesn't really matter to us because we mostly use the car for local driving.

2 years after getting the Fiat, we bought a CPO 2013 Tesla Model S85 with just under 60K miles on it. We have 138K miles on it now along with about $10K of warranty work done including a drive unit, rear window defroster, HV contactors, pyro fuse, 12V battery, and TPMS retrofit. Car showed 256 miles of range when we bought it and it was software limited to 244 miles a few months later, then down to 236 a few years later. Tesla and other 3rd party garages have battery upgrades for ~$20K that will give about 60 miles of extra range and cut my fast-charging sessions in half. it's tempting.
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