Has anyone done a lease?

[Huskerfan69]

My experiences with car dealerships have been similar to yours. And it is one of the reasons I try to hang on to my cars for as long as possible, so I don't have to go through the b.s. of buying from dealers that always try to screw me.

It is always nickel and dime stuff, but it is still sleazy and I hate doing business with sleazy business people. That is what car dealers are in my experience, every last one of them.

The last car I bought was from a dealership that trumpets no haggle pricing and their straightforwardness. I found the car I wanted, the price was reasonable based on my research, so I agreed to buy it. Got the contract and found the price was $75 higher than what I had agreed to. The extra $75 was for nitrogen in the tires. I started to walk out and so they said they wouldn't charge me for that.

Cockroaches.

Doc Fee's are another dealer scam.. They try to sell you that these are a must, that is a lie, they are nothing but adding more money to the deal. Dealers are the most corrupt I have come across. I have seen some that are not horrible, but more often than not they lie like it is no big deal.

KBB, cars.com and the other car sites, are all sites created to deceive the public about true car prices.

Check out youtube, there are more and more ex-sales managers posting videos about the tricks and lies

 

[huskermike]

KBB, cars.com and the other car sites, are all sites created to deceive the public about true car prices.

Years ago, before the internet, KBB was a good place for info about true car prices. I think they tried to do the right thing. I haven't used them for years though so, I'm not sure what they're like now. :Smile:

 

[WestTexasHusker]

You don't need KBB these days to figure out car values. Just go to cargurus.com and you can get a pretty good idea of what a good deal is for your specific model. And dealers don't make nearly as much on selling a car as folks think they do. I used to own a used car lot. If you think dealers are dishonest, you ought to meet the customers. Customers were mostly rude, condescending, boorish. Tell me what my car is worth, when I am the one who bought it. Telling me how crappy my car is, as if I'm going to go down on the price, while they build their piece of crap up to be a Rolls Royce. Telling me they always get the better end of the deal (like I care). Oh and they lie about everything too. And doc fees? Have you ever tried to sort paperwork for some idiot that has $15,000 negative equity? Those fees are earned, trust me.

Cars are just like any other business. There are good businesses, and bad businesses.

 

[Huskerfan69]

You don't need KBB these days to figure out car values. Just go to cargurus.com and you can get a pretty good idea of what a good deal is for your specific model. And dealers don't make nearly as much on selling a car as folks think they do. I used to own a used car lot. If you think dealers are dishonest, you ought to meet the customers. Customers were mostly rude, condescending, boorish. Tell me what my car is worth, when I am the one who bought it. Telling me how crappy my car is, as if I'm going to go down on the price, while they build their piece of crap up to be a Rolls Royce. Telling me they always get the better end of the deal (like I care). Oh and they lie about everything too. And doc fees? Have you ever tried to sort paperwork for some idiot that has $15,000 negative equity? Those fees are earned, trust me.

Cars are just like any other business. There are good businesses, and bad businesses.

cargurus, just like all the others, are created to give a false sense of what a good deal actually is. They are all created for the dealer, not you average joe. Most cars are very over priced today...

 

[WestTexasHusker]

cargurus, just like all the others, are created to give a false sense of what a good deal actually is. They are all created for the dealer, not you average joe. Most cars are very over priced today...

Inflation. Dealers are paying more for cars today than a year ago. Much more. Manheim Auction data clearly demonstrates this. If you want data on a particular model or two, let me know.

If you don’t think there’s significant inflation, check your grocery bills year over year.

And when minimum wage goes to $15, look for your gallon of milk to be around 10 bucks, etc.

 

[Huskerfan69]

Inflation. Dealers are paying more for cars today than a year ago. Much more. Manheim Auction data clearly demonstrates this. If you want data on a particular model or two, let me know.

If you don’t think there’s significant inflation, check your grocery bills year over year.

And when minimum wage goes to $15, look for your gallon of milk to be around 10 bucks, etc.

time to buy a cow..

My daughter had her car T-boned by a drunk driver the other day (she is fine), so I need to find her a car. I was thinking about an EV, but not sure what is good and what isn't..the EV world is all new to me.

 

[WestTexasHusker]

time to buy a cow..

My daughter had her car T-boned by a drunk driver the other day (she is fine), so I need to find her a car. I was thinking about an EV, but not sure what is good and what isn't..the EV world is all new to me.

I think all of the EVs are so over-engineered that you can’t go wrong. Glad you’re daughter is OK. The Highlander hybrid is a great option.

 

[Husker In Oklahoma]

If you know you are going to buy it, leasing it first is a waste of money.

No it’s not. It’s cheaper to get into. I bought a new Chevy Silverado on a lease. Paid for the entire 3 years up front, about 16k, with a residual of 26k on the back end. I only put 9k miles on the truck in 3 years so then I bought it outright in 2018. I’m about to sell the truck now, mint, 2015 Z71 and only 30,000 miles now. Truck is still worth 34k.

If you’re going to lease, I suggest having another car to run around in. In my case, I have a work vehicle that I drive around and also use it to run errands. If you don’t, you could quickly surpass the mileage limit.

 

[WestTexasHusker]

So what do you guys think about trading in for new every 3 years and just writing a check for the difference? It’s expensive yes, but you still have a chunk of equity and your car is always in warranty. Thoughts?

 

[PasadenaHusker]

No it’s not. It’s cheaper to get into. I bought a new Chevy Silverado on a lease. Paid for the entire 3 years up front, about 16k, with a residual of 26k on the back end. I only put 9k miles on the truck in 3 years so then I bought it outright in 2018. I’m about to sell the truck now, mint, 2015 Z71 and only 30,000 miles now. Truck is still worth 34k.

If you’re going to lease, I suggest having another car to run around in. In my case, I have a work vehicle that I drive around and also use it to run errands. If you don’t, you could quickly surpass the mileage limit.

Sorry for the delayed response, but yes, taking longer to pay it off is paying more in interest which is in my opinion wasting money. Any time I have financed a vehicle, I always paid more than the monthly minimum towards the principal in order to pay it off in a shorter time frame, thus saving money in long run. For me, the goal is to NOT have the monthly payments. My brother in law looks at leasing just the opposite. He figures he is going to have monthly car payments in his budget forever. He leases his vehicles and gets a new one every three years. I guess its up to each individual on if they want endless car payments or not.

In general leasing is only a good fit for a limited set of circumstances.

I leased several vehicles for a business in the past and that worked because I drove them a limited number of miles a year and only needed the vehicle for a limited amount of time. It's renting, plain and simple.

If you buy it out at the end of the lease, you'll pay more than you did buying it outright.

It's not usually a good idea for most people looking for a new vehicle.

Maybe you missed these 2 posts from Crab and myself in this thread, but these sum up my position in more detail than my initial post you quoted.

 

[Scarlet Ripper]

I’m against leasing for the most part. Now it might make sense in certain cases. For example, if you are into luxury cars and want something brand new every two years. Or if you are interested in a tight spot, there’s a good deal, and you want to unload the equity in your current car. Never, ever buy your lease though.

 

[Huskerfan69]

I’m against leasing for the most part. Now it might make sense in certain cases. For example, if you are into luxury cars and want something brand new every two years. Or if you are interested in a tight spot, there’s a good deal, and you want to unload the equity in your current car. Never, ever buy your lease though.

Why is that? TO me that is the smartest thing to do.. You know the car, you know how good it was cared for.. no brainer, if the buy out price is right.

 

[hskrdavey]

Why is that? TO me that is the smartest thing to do.. You know the car, you know how good it was cared for.. no brainer, if the buy out price is right.

This is true. Watch that closed end lease buy-out price. Get that negotiated right and it can be a good deal to buy it at lease end.

 

[Blue Howl]

So what do you guys think about trading in for new every 3 years and just writing a check for the difference? It’s expensive yes, but you still have a chunk of equity and your car is always in warranty. Thoughts?

My philosophy is to pay cash for a new car and then keep the car for as long as possible until maintenance and repairs start to become a problem. I don't buy used because I don't want to take the chance of getting a lemon someone is trying to unload. I take pretty good care of my cars so buying new models that have good reliability ratings works out well for me. I also don't put huge amounts of miles on my cars.

My last car was a Saab that I had for 17 years. My current car is a Subaru Outback that I have had now for over 7 years and have no thought of getting rid of it anytime soon.

 

[Power of Corn]

Theres only one reason the auto companies came out with a lease…. Its because THEY can make more money from you that way.