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Leasing a new car?

Discussion in 'Members' Lounge' started by FLounder, Mar 21, 2010.

  1. FLounder

    FLounder power hungry VIP

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    been thinking about leasing a new vehicle. My xterra is past its prime, and i need something more powerful for towing anyways. the mileage is not an issue, i dont drive far to work and i have my integra to split time with as well. id really love a new tundra with the 5.7l.

    anyone here lease new vehicles before, or know much about it? from the research ive done it seems like a viable option for me at this point in my life. opinions/ thoughts?
     
  2. Briansol

    Briansol Admins Admin VIP

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    leasing is usually the biggest waste of money ever. you pay for 70% of the car and then have to give it back.

    they usually require a big chunk down too, 3k+ sometimes, and then xxx a month for x months.
    then, there's mileage (a non issue) damage that you have to pay for, wear and tear that you have to pay for (ie, you need to turn it in with good tires, etc or they hit you with fees)...


    They wouldn't offer leases if they weren't profitable for the dealership.
     
  3. Drake

    Drake Well-Known Member VIP

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    It seems like the only up shot to leasing is the chance to upgrade to the latest and greatest hot new car every couple of years. I just don't see the value in it.
     
  4. FLounder

    FLounder power hungry VIP

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    yeah but if im going to buy another car in a few years anyways then i might as well have a lower monthly payment. i dont want to end up upside down in a financed car.

    i dont want to modify it, i dont put many miles on my vehicles, it will be kept in good condition like all my vehicles are, so turning it back in shouldnt be a problem, ill just lease something else.

    i have always bought and sold used cars for cash, no financing or leasing, so this is a little new to me. i just feel like maybe its time i get myself something brand new. knowing my history i never keep vehicles for more than a few years before i get bored and want a change, thats why leasing seems to make sense if i want something brand new.
     
  5. Briansol

    Briansol Admins Admin VIP

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    It makes sense, but know that you're not playing with cars that have lost most of their release. Instead of buying used cars, you're the one eating the resale drop right out the door.
     
  6. D16Civic

    D16Civic Matt

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    We've leased our last 3 vehicles and have had a good experience each time. The biggest issue with a lease is the mileage factor. If you can keep that in check, you'd probably be happy. You always have a car under warranty and if you get tired of vehicles after 3 or so years it's nice to be able to switch it up.

    Keep in mind all leases don't require several thousand dollars up front either. Your payments would be 20 or 30 bucks a month lower for every grand you pay up front.

    Having said all that, when our current lease is up we're gonna buy something in cash and save ourselves the few hundred a month we pay now.
     
  7. ricksautomotive

    ricksautomotive honda dealer tech

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    personally i have found that buying a 2 year old vehicle is better than leasing. and if you want a full size truck you will probably find them cheaper this time of year because when summer gets here the gas prices will rise. and full size trucks dont get the gas mileage savings that people want. sure gas mileage might be close -compact car verses full size truck...depending on the make and models but youll see the savings in the reduced price on a full size used truck. and if it was a previously leased truck it will most likely be in good shape and have okay mileage since someone else leased it and had to worry about mileage and vehicle condition that you know already is expected of leased vehicle users. in my opinion i would buy a previously used vehicle instead of a brand new one. have fun with your new truck when you get it
     
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  8. jeffie7

    jeffie7 Wrong Whole! VIP

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    I'm all about buying anything older then 1 day old.
     
  9. FLounder

    FLounder power hungry VIP

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    im going to go to the toyota dealer and explore my options. a slightly used new model is not out of the question. if i dont like what i see/hear at the dealer ill just buy something a few years older with cash (like i usually do).
     
  10. Taco15

    Taco15 I wear stretchy pants VIP

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    If you rarely drive it and plan to let it go in 2 or 3 years.....lease it.

    if you dont like it when your done...give it back and be done with it. Many people offer specials so just look around at the deatails on what's needed.
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    leasing is only good for businesses that need the tax deduction

    for everyone else, unless you have unlimited disposable income, they are a bad choice

    very much the same as renting vs buying a home
     
  12. EGProject

    EGProject YEEEEAAHHHHH

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    Leasing only makes sense if you drive a small amount each year, enjoy brand new vehicles and generally have some way to write off the lease payment.

    German cars, generally are great to lease since they depreciate so hard if you buy them new. Additionally, the lease terms usually last up to or around either the end of factory warranty, or up to a major service mileage. 50% of the customers that buy brand new cars at my dealer generally lease vehicles.

    On other cars, if you drive a lot more you won't see much of a return on investment if you lease/versus buying a vehicle.

    My mother is going to be leasing a 2010 A4 next month, due to the fact she drives less than 10k a year, and takes care of her vehicles - I suggested leasing.
     
  13. FLounder

    FLounder power hungry VIP

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    well i found out that my 690 credit score is not enough to be able to lease a new tundra anyway. they do want to sell me one, at 1.9% for a 5 year loan. the truck i want came out to $451 a month with $6k down. pushing my limits for sure.

    i think im just going to hold off for now. im not really sure what i want to do, so im not going to do anything... if that makes any sense. i may end up just buying another used truck for $10k or so. or maybe just keep my xterra and run it into the ground lol.
     
  14. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Man in the future they take your organs if you have bad credit, no lie
     
  15. EGProject

    EGProject YEEEEAAHHHHH

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    If you don't feel comfortable with the terms DO NOT let them talk you into buying. No matter what they tell you.

    Set a monthly payment number, a down payment number, and a an APR rate. Stick with it.
     
  16. Jeef

    Jeef NO MA'AM Moderator VIP

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    Right now I would lease anything Toyotaaaaaaaaaaaaaaaaaaaaaaaaa if going with a Toyotaaaaaaaaaaaaa I would be worried about buying anything Toyota right now with all the problems showing up and possible resale values. I would also get gap insurance if you buy a Toyota, if the values tank enough and your truck gets totalled you don't want to be out any $$$$.
     
  17. TommyTheCat

    TommyTheCat Gonzo Scientist

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    Did you just have a stroke?
     
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