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Hi Guys, I am in the market for a new vehicle. I have never leased before.
I am looking at a new 5 series and the lease amount is almost close to my current car payment.
My main concern is the mileage restrictions, I do triple if not more for what is allowed, do dealers tend to negotiate miles in the deal?
Hi Guys, I am in the market for a new vehicle. I have never leased before.
I am looking at a new 5 series and the lease amount is almost close to my current car payment.
My main concern is the mileage restrictions, I do triple if not more for what is allowed, do dealers tend to negotiate miles in the deal?
SOME dealers will offer high mileage leases. It's not common. But you need to understand that if you go over those mikes, you're gonna pay. Big time.
With such low intetest rates on car loans, unless you demand a new car every 3 years, leasing rarely leaves you financially ahead these days. (I'm an Ex accountant who has leased more vehicles than purchased vehicles, who is married to an ex car finance/sales manager. We currently own both our vehicles - a 2013 and a 2015 - with loans at less than 2%. They both replaced leased vehicles. Did the math.)
I never leased, but I've heard that it's better to go through a commercial leasing firm who deals with businesses, instead of going through the dealer.
I never leased, but I've heard that it's better to go through a commercial leasing firm who deals with businesses, instead of going through the dealer.
That would be accurate if you were leasing multiple vehicles. I doubt it for ine vehicle.
An additional issue is that, in most cases, the lease prices are currently set by the manufacturer. The dealerships have very little, if any, ability to negotiate. The dealers have far more negotiating room in a vehicle purchase transaction. The limited noegotiating on leases is a fairy new phenomenon and may reverse itself sometime in the future.
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,435,786 times
Reputation: 1378
I lease 15,000 a year. I'm almost halfway through the term and I'm way fine. Owned 2 cars prior and wasn't really in a good position to possibly buy at that time. The extra 2500 miles a year was only 7 a month more so totally worth it.
I lease 15,000 a year. I'm almost halfway through the term and I'm way fine. Owned 2 cars prior and wasn't really in a good position to possibly buy at that time. The extra 2500 miles a year was only 7 a month more so totally worth it.
I find it doubtful that 15,000 miles per year would be adequate for most full time, active Realtors. At least, not in my current area (Raleigh/Durham) or prior area (Phoenix metro). And, evidently, the OP has similar concerns.
Location: Danbury CT covering all of Fairfield County
2,636 posts, read 7,435,786 times
Reputation: 1378
15,000 is plenty for me. I am active. Everybody that leases in my office does 15,000. The main service area is 166 mile square miles, which an overwhelming portion of the business being in the main city of 42.1 (population 85,000). My home is in the far Western Portion of the region, so I would be traveling less if I more closer to the center of town. Other areas which I service but not as often, but still feel comfortable and knowledgeable enough working in total another 223 square miles. If you add those up together, it's as large as the city of Denver
I drive about 12K per year. Most of my business is very close to home (<5 miles) but some is across town or out in the boonies. And yes, I'm full time and sell quite a bit.
I just went through the lease vs. buy question for myself. In the end, I chose to buy because I typically pay off a car pretty quickly, but drive it forever. You are NEVER without payments when you lease, but you can drive a car for years without a payment if you purchase. If you get a new car every 3 years, you might find it easier/cheaper to lease.
I think leasing has a slight tax advantage but not enough to change the full equation for me.
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