Has anyone done a lease?

[Huskerfan69]

You are spot on with this post. I did the math on leasing first and then buying when I bought my Tacoma, and I would have paid over $4,000 more than the sticker price.

Like I mentioned in my above post.. Ford is currently running 10K discounts and based on the numbers I have been given so far, I would be under the MSRP by a decent amount, even if I financed the buyout. Obviously, that option does cost more, but I am leaning on working for father-in-law on his farm to make extra money then just pay the whole thing off.

Father-in-law has well over 3k acres of farm ground down in my neck of the woods and it is only him and two sons farming it. He keeps mentioning that since I work from home I could start helping him. haha

 

[Huskerfan69]

I was moving forward with the lease, had everything set, was going to run up tomorrow to sign on the dotted line, then something came over me, so I called and canceled.

The feeling that came over me was just weird, but I knew it meant I shouldn't go through with it.!

 

[CrabHusker]

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.

 

[Goal-line]

Too many restrictions with leasing.

 

[BigNed]

I have never looked at leasing, so would it really be wasting money, or just taking longer to pay it off? Obviously, the lease payment includes some finance charge, but how much could that really be?

EDIT: Just asking what the extra costs are. I mean, the total price is the total price, and buying has finance charges, too, so would the finance charges from buying be that much less than a lease?

You will pay sales tax on the payment, which includes interest, and if you purchase the vehicle at the end, you pay sales tax on the purchase price.

 

[BigNed]

The general rule is that, if it flies, floats or F**ks, lease it.

 

[CO4NU]

The mileage restrictions are brutal.

 

[CrabHusker]

The mileage restrictions are brutal.

That alone makes a lease pretty restrictive for MOST Americans.

It works for second cars or cars at second homes that don't get much use, but last time I checked the average for US Drivers is 13,500 miles a year. That's above most leases I've seen. Granted, within that number are people who drive well under that level, so it might make financial sense to them.

I'm typically in the 30,000 range with spikes upward of 50,000 happening occasionally.

Not a chance I'd lease anything, unless it was to leave it in another city I had to travel to for three or four years. Might makes sense then.

 

[Huskerfan69]

That alone makes a lease pretty restrictive for MOST Americans.

It works for second cars or cars at second homes that don't get much use, but last time I checked the average for US Drivers is 13,500 miles a year. That's above most leases I've seen. Granted, within that number are people who drive well under that level, so it might make financial sense to them.

I'm typically in the 30,000 range with spikes upward of 50,000 happening occasionally.

Not a chance I'd lease anything, unless it was to leave it in another city I had to travel to for three or four years. Might makes sense then.

Covid has changed things, though (for some).. Like me, the reason I was even considering it was because I work from home now, for good, otherwise, yeah, that would not have been a good option. I was driving 140 miles a day just to get to work and back

 

[CrabHusker]

Covid has changed things, though (for some).. Like me, the reason I was even considering it was because I work from home now, for good, otherwise, yeah, that would not have been a good option. I was driving 140 miles a day just to get to work and back

Fair point. I forget that some people have been largely working from home for a year. I get to answer emails from home...most evenings.

 

[Huskerfan69]

Fair point. I forget that some people have been largely working from home for a year. I get to answer emails from home...most evenings.

I was like you until this happened, I drove 30+k miles a year, just to get to work and back home, so yeah, that would not of been a good option for me either.

 

[Skerfan]

I leased a brand new Range Rover sport once. 39 payments of $1100, and had nothing to show for it when I was done. Talk about stupid.

Not any more stupid then buying a car with a 6 year loan then trading it in after 3 years either owing the same or more then what you got on trade.

 

[Skerfan]

If you are leasing with plan to buy afterwards all you are doing is buying a car you can’t afford.

If you lease and something changes in the next three years your lease is very hard to get out of in most cases without substantial financial penalties.

Leases are for people with unblemished credit. Without a 700+ credit score it is unlikely a customer will be approved.

Some manufacturers lease 15000 miles plus per year with mixed value at over 12k. If you drive more then 12k I would just not consider leasing.

If you do lease something every three years and are within the mileage restrictions then with manufactures warranties you know exactly what your vehicles will cost since all repairs will be handled by manufacturers.

If you wreck a leased car and it is totaled most leases have gap insurance so you won’t be responsible for paying off a balance if you are upside down.

 

[Skerfan]

One more thing. Not all dealerships are out to screw everybody as one of you said. If that is the type of dealer they are then they won’t be in business very long. Most dealerships want to make a fair profit on every deal but in today’s competitive market and the information available to customers the days of screwing customers as an effective business model are long gone.

 

[WestTexasHusker]

One more thing. Not all dealerships are out to screw everybody as one of you said. If that is the type of dealer they are then they won’t be in business very long. Most dealerships want to make a fair profit on every deal but in today’s competitive market and the information available to customers the days of screwing customers as an effective business model are long gone.

agreed. I owned a used car lot once, and it seems like many customers were bent on screwing US. Another thread for another day. But car dealers are just like any other business out there: You buy things at wholesale and sell them at retail.