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Location: In a little house on the prairie - literally
10,202 posts, read 7,926,708 times
Reputation: 4561
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Quote:
Originally Posted by Tiffer E38
We use the leased vehicles in the business, and write it off on the taxes. And it keeps my wife in a newer car with the latest safety equipment and a low, fixed monthly expense that's easier to plan for than occasional large repairs that could take the daily driver down for extended periods of time.
Huh?
I have not bought a new vehicle in over 40 years... never will in the future either.
My repairs on my vehicles have NEVER exceeded what someone buying new is required to pay just for normal maintenance at the dealership. Oh, and no monthly payments is a bonus. My current 2003 Montana van has 172,000 miles on it. I spent $175 in maintenance in the past year, and it makes a twice yearly trip from Montana to Florida and back.
Because I'm a weirdo who doesn't need a brand new vehicle every 3 years. It's just getting broken in at 3 years! Brace yourself....I've regularly driven vehicles 10+ years old. I drive them until the monthly repairs start becoming close to a car payment.
To each their own. Which is the point I've been saying all along. What works for you doesn't work for me, and vice-versa. That's why these lease versus purchase debates as an abstract concept are stupid and worthless. There is no right or wrong answer without a concrete set of facts and circumstances to consider.
Location: In a little house on the prairie - literally
10,202 posts, read 7,926,708 times
Reputation: 4561
Quote:
Originally Posted by LeagleEagleDFW
To each their own. Which is the point I've been saying all along. What works for you doesn't work for me, and vice-versa. That's why these lease versus purchase debates as an abstract concept are stupid and worthless. There is no right or wrong answer without a concrete set of facts and circumstances to consider.
I really like to buy new cars. Leasing is too expensive.
Last car I sold had 285k miles. Paid 22k cash new, sold for 2k, put $800 worth of fixes in it, not counting regular maintenance that any car would have like fluids, filters, tires, brakes, plugs etc..... I had to replace the alternator, tie rods, sway bar link and a sensor for the steering.
20k/285,000 miles = about 7 cents per mile.
If I leased a car for 12,000 miles a year, swapped out at the end of the lease etc.. I would have to get a lease for $70/month if I wanted it to cost the same amount.
There isn't a question, and that statement makes no sense. When you buy groceries, do you only buy things on clearance sale? After all, grocery stores prefer you to buy things not on sale.
I have not bought a new vehicle in over 40 years... never will in the future either.
My repairs on my vehicles have NEVER exceeded what someone buying new is required to pay just for normal maintenance at the dealership.
Maintenance on my leased car is free at the dealership, as it's part of the total care package that most new cars come with. And of course warranty work is free, as well. Ever pay for a timing chain repair on a used car out of warranty? That can cost upwards of $2k out of pocket and usually happens at the most inopportune time, leaving you without a car for a week or two even if you DIY.
Quote:
Oh, and no monthly payments is a bonus. My current 2003 Montana van has 172,000 miles on it. I spent $175 in maintenance in the past year, and it makes a twice yearly trip from Montana to Florida and back.
And it's a POS that I wouldn't be caught dead in nor let my wife drive.
Again, a fixed, low cost (no more than a cell phone plan) is a good way to ensure that my wife is in the safest car possible with no out of pocket expenses for maintenance and repairs ever. And if it does need warranty work, she's in a loaner car for the duration so she's never out of a way to work.
You're missing something huge.....at the end of the payments which you can pay off early and save money, you OWN the vehicle. It's yours! At the end of a lease, you own the paperwork that says you had a lease. You don't own a vehicle. You don't have a car. You have paperwork....Wahooo!!!
Exactly. Some of the numbers being thrown around make it seem like a LEASE is a no brainer, and its not even close!
There are plenty of cars I could buy for $30,000 that hold there value fairly well and I can flip in 7-8 years with some decent value on it....... if I'm only driving 10,000-12,000 miles a year like a lease.
Dealers make no more money off a lease than they do a sale. You negotiate the price beforehand, just like any other sale. THEN you discuss lease terms (which are not underwritten by the dealership. They make no money off the lease). As you can see by the earlier link I posted, you can negotiate any part of the lease terms, just like loan terms. Money factor is the same as interest rate and you can get it down to under 1% if you are so inclined.
Dealers make 85% of their money on service, especially on warranty work. So how they sell the car (lease, cash, traditional financing through a bank) makes no goddamn difference to them.
You really have no idea what you're talking about and should probably not talk about it any more.
The reason dealers prefer a lease is because that means the person has to do something with a new car in 24-39 months, as opposed to the longer traditional finance terms. With a lease pull-ahead program, that could be another sale in potentially 2 years.
I love those low monthly lease payments. Until I take the down payment they want and divide by 36 and add that into the monthly payment. That's when I see a lease is just as expensive as buying.
...or more expensive!
Quote:
Originally Posted by Tiffer E38
We use the leased vehicles in the business, and write it off on the taxes. And it keeps my wife in a newer car with the latest safety equipment and a low, fixed monthly expense that's easier to plan for than occasional large repairs that could take the daily driver down for extended periods of time.
THIS is the only logic to lease a car. Otherwise leasing is virtually always a more expensive option to driving a new car.
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