People who have leased a vehicle

[67Terror]

Im looking at getting rid of the mustang and getting into a lease for awhile. After some recent life changes it makes more sense buy a house than to keep making payments on a car i only drive half the year. Im just wanting some input from people who have leased a new vehicle before. Is it worth it? Would you do it again?

Thanks
Jeff

[cstreu1026]

We did it once and I wouldn't touch another lease with a 10 ft pole. It no different than renting. In the end you have nothing but a pile of canceled checks.

[redfirepearlgt]

Leasing is not for everyone. If you plan on driving he wheels off the car it is not a good plan. If the car is being used for business purposes there may be some advantages. My previous employer leased all of their vehicles for field service on a 3 year 100K lease. We averaged 30-35K per year driving. Tax wise for them it was an advantage. Beyond my tax knowledge so don't ask questions. I am just relaying information.

For me knowing I have my wife in a new vehicle at a price she is willing to pay gives me peace of mind. that is something you cannot put a price on. We did a lot of research and chose a car that has a very reasonable buyout at the end of the terms. Cars of the make/model are currently selling for well above what our buyout will be in three years. Some cars will have buyouts way above their resale value. Don't ask me how mfgr's are able to make money on cars with negative equity against end of lease buyout values but they tell me they do. I don't ask why, I just repeat what I have been told. So you may wish to be careful on what you lease IF you plan on buying it outright at the end of the terms. We plan to do this if this car works out for us. Our buyout in three years is much lower than the price we would have to pay to purchase a three year old version of the same car today with less options. So needless to say we will likely purchase in the end.

Do you research. Don't buy on passion. Take your time. Do your homework. You may find that a used car may be a better alternative for now. Hope that this helps.

Oh remember when leasing that you are paying taxes only on the portion of the car you are leasing. Your lease payment also includes your plates for the lease period as well. So calculate that in when figuring as well. Good luck. Hope this helps.

[67Terror]

Thanks guys. I think I'd rather buy something a few years old just looking at all my options at this point.

[heatmup]

If you like a new car every so often and like the peace of mind of having something new and reliable its a good deal. I actually just leased a new Civic for my daughter last week. I looked at cars in the $5 to $6k range for months. I couldn't find much out there with less than 125K miles and not trashed already by who knows who. At $129 a month I couldn't beat the Civic. Its safe reliable has connectivity and I won't have to make any repairs in the middle of a winter night somewhere. In three years when she goes away to college I don't have a pos i have to get rid of either. I'll have $6000 in it when its all said and done and I didn't have to hand that over all at once.