Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
All these 2019 or 2020 new model lease deals are asking for money down. Some have decent payments after 3000.00 down but DONT DO IT....the most important being that you can lose the money you put down if your vehicle is stolen or totaled, especially during the first few months of your lease.
Insurance companies pay the actual market value of a vehicle in the event that it's stolen or totaled.
Even if you have GAP insurance, your down payment is still not fully protected.
Imagine putting $3,000 down on a car you don't own, it gets stolen and you lose that amount! That's a huge hit, and it's not as uncommon as you think.
You're just paying up front. Which is stupid. Why be invested in a long term rental?
It’s not anymore of an investment than a car loan is. It’s all about total cost of ownership when you add it all up at the end of the term. You don’t really rent the car, you just pay the depreciation.
Can someone explain why leasing a car is ever a good idea? (unless your company is paying for it). Serious question here.
Leasing has been debated endlessly here.
Some just want a new car every 3 years and really don't care about what they are actually paying.
In other words, money does not matter. They just want a new car with what they think is a reasonable monthly payment.
It is a lifestyle approach. Not a financial approach.
Can someone explain why leasing a car is ever a good idea? (unless your company is paying for it). Serious question here.
If you plan to keep a car for just three years, the total cost of ownership after those three years almost always favors leasing.
You have a guaranteed resell value as opposed to leaving it up to chance. You also have the option to buy your car used at the end of the lease.
It’s not anymore of an investment than a car loan is. It’s all about total cost of ownership when you add it all up at the end of the term. You don’t really rent the car, you just pay the depreciation.
Which would you choose?
A - $199/month for 36 months with $3k down
B - $282/month for 36 months with $0 down
The cost is the same. But you've lost investment interest on that $3k in option A. And if the car is totaled or stolen you won't see it back. Option B has no downside in comparison.
Some just want a new car every 3 years and really don't care about what they are actually paying.
In other words, money does not matter. They just want a new car with what they think is a reasonable monthly payment.
It is a lifestyle approach. Not a financial approach.
It’s an extremely financial approach. Every time I’m looking for a car, I run the numbers on lease vs finance and pick the lowest one.
Which would you choose?
A - $199/month for 36 months with $3k down
B - $282/month for 36 months with $0 down
The cost is the same. But you've lost investment interest on that $3k in option A. And if the car is totaled or stolen you won't see it back. Option B has no downside in comparison.
If it keeps cash in my bank I’m all for it. A lot of times some down payment might be required as part of the deal. If it’s a free loan to the leasing company, then I’ll keep it thank you.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
