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Be careful to understand what that model 7188 actually has on it. I am in the same situation as you, driving an older paid for car, that I am handing off to a teen driver. Want a small-ish pick up to drive, and really need 4 doors. But the model 7188 is showing with an I-4 engine, at 159 hp. Seems weak for a vehicle of this size and weight. Also, check closely on that truck's sticker before you lease it, and get that ADM removed or negotiated out of the price. Just because you've agreed on a monthly lease payment, doesn't mean that other unnecessary costs weren't rolled into the price of the vehicle for you at the end of the trucks lease term.
ADM is DEALER MARK UP. The regional distributor is already paying them to sell trucks.....
Be careful to understand what that model 7188 actually has on it. I am in the same situation as you, driving an older paid for car, that I am handing off to a teen driver. Want a small-ish pick up to drive, and really need 4 doors. But the model 7188 is showing with an I-4 engine, at 159 hp. Seems weak for a vehicle of this size and weight. Also, check closely on that truck's sticker before you lease it, and get that ADM removed or negotiated out of the price. Just because you've agreed on a monthly lease payment, doesn't mean that other unnecessary costs weren't rolled into the price of the vehicle for you at the end of the trucks lease term.
ADM is DEALER MARK UP. The regional distributor is already paying them to sell trucks.....
Very good advice! I haven't ever leased a vehicle myself. I always assumed whatever the price is, you settle on the monthly payment and that's it. Which I guess is basically how it's supposed to work if you don't plan on purchasing it. I was reading up on possible equity that one could actually get out of selling their leased vehicle. I never imagined actually selling a lease and getting money back to put down on another car. Might make me have a change of heart about leasing.
If you're thinking about a Tacoma, buy it, don't lease it. The general rule of thumb my car friends follow: Always BUY a reliable vehicle (such as the Tacoma), and try to LEASE an unreliable vehicle that you love but know the maintenance costs are too much after a few years.
Leasing's only advantage is you puts more car in the driveway for a smaller payment. The finances for total cost of ownership are always in favor of buying.
If leases weren't financially more attractive for automakers, they wouldn't push them like crazy.
This simply isn't true. Manufacturers subsidize leases on some vehicles to move inventory or to better manage return volume for certified resales. Because of this, some leases end up being more lucrative for the consumer than outright purchasing.
Whether you buy or lease, the biggest cost is depreciation and that's going to happen regardless of how you pay for the vehicle. With leases, however, there is sometimes an opportunity to have the finance company eat some of the depreciation (subsidy) and that does not exist with a cash purchase or finance.
Go with the Colorado. Its a better truck overall, and you should be able to find some nice leasing options somewhere.
Wrong, the Colorado is new and has yet to be proven whereas the Tacoma is a proven good truck. To the OP, they are giving out good deals on the 2015's because an all new Tacoma is coming out this fall with a new engine and tranny.
If you're thinking about a Tacoma, buy it, don't lease it. The general rule of thumb my car friends follow: Always BUY a reliable vehicle (such as the Tacoma), and try to LEASE an unreliable vehicle that you love but know the maintenance costs are too much after a few years.
That's actually, sort of, what Clark Howard says about leasing. Otherwise he hates leases, but encourages people to lease cars that are cutting edge technology - for instance, the electric vehicles.
Well, the BUY on this truck, with little down, maybe 10%, is 500 to 600 per month for 60-72 months. That's a long time with a bigger payment. Uggghhh....I have never had a car note that much, and putting down 10k on a car feels like lighting the 10k on fire.
And we wonder why banks have the biggest buildings in every city...
Leasing's only advantage is you puts more car in the driveway for a smaller payment. The finances for total cost of ownership are always in favor of buying.
If leases weren't financially more attractive for automakers, they wouldn't push them like crazy.
Leasing allows you to drive more car than you can afford.....check.
Finances for total cost of ownership is NOT always in favor of buying. If the lease is subsidized by the manufacturer the cost to own easily could be more money if you buy it. I had an Audi A8, leased $1054 mo. incl tax. X 39 months. Buyout was almost 50K at the end. Real life buyout was 30K. If I bought it, that extra 20K in depreciation came out of my pocket, by leasing they lost the 20K!
Leases get new cars sold, off the lot. It allows more people to get into their dream car vs. the reality of what they can afford to buy.
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