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Thread: About auto leasing..

  1. #1
    Super Member ljptexas's Avatar
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    Post About auto leasing..

    I'm looking for a little larger SUV than have now (cute Kia Soul-- I don't think it quite fits a short, grey haired, plump Nanna image?). I'll sell it to 1 of my DGDs.
    I'm thinking about leasing a new car (there'd be no worry about maintiance, etc)....Could you share experiences?
    Last edited by ljptexas; 04-29-2019 at 07:02 AM.
    ~ I'm a Blessed Nanna to 2 Grandsons & 5 Granddaughters & 1 grandson in law ~
    ~ I'm a Blessed Mom to DS & DDIL, DD & DSIL ~
    ~ Mom to 1 black beauty now ~ Daisy ~
    ~ God Bless the USA ~ God Bless Our Troops ~

  2. #2
    Super Member leonf's Avatar
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    How long are you planning on keeping the vehicle? How many miles will you drive it per year? Do you keep a car spotless?

    I've never tired it. I keep my cars way too long for it to make any sesne for me. But I' have heard lots of horror stories about unexpected costs when one tries to turn it back in. Horrendous charges for over mileage, disagreement and chages about overall condition. and the deck is stacked in the dealer's favor. I will be watching this thread for more opinions.
    "Sacrifices must be made." Otto Lilienthal

  3. #3
    Super Member Watson's Avatar
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    My friend leased for all the reasons you mentioned and had a very bad experience and said she would never do it again.

    I'm not sure why you wouldn't be better off with a newer car off of a dealer's lot that still had some warrantee. That way you'd own the car at the end but still have support from the dealer throughout the time you owned it.

    I bought a 2018 Ford Escape directly from a Ford dealer, used and it still has almost full warrantee. It will be paid off before the warrantee expires and I will own the car to do whatever I want with. I will keep it until it starts to cost me money in repairs and then I'll sell it and have a good down payment on another used car.

    Maybe I'm missing something about the leasing thing?

    Watson

  4. #4
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    I know my SIL leases her vehicles because she can write it off on her taxes but I like owning my own vehicles. In the end of a lease you still have a bundle of money to pay (if I understand a lease right). Hope you get some good advice on this issue.

  5. #5
    Super Member Stitchnripper's Avatar
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    We have never leased because we drive our cars a long time. My son used to lease because he liked a new car every few years. But now he buys too. I think it can work out if the person leasing does a lot of research and reads the contract very carefully.
    Alyce

  6. #6
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    I leased once, never again for all the unpleasant reasons already listed. Read carefully, ask questions and hope you get honest answers if you decide to go that direction.
    jackie

  7. #7
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    I would be sure to add up the total costs over the time frame of the lease with any additional charges at turn in. My brother leased when he traveled in sales. It made sense for him because he could deduct almost the entire thing. I think you are much better paying for a car with the low interest rates than leasing.

  8. #8
    Senior Member Ginaky's Avatar
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    We leased once, but we were still responsible for repairs and insurance. Never again!
    Regina in Richmond, KY

  9. #9
    Super Member leonf's Avatar
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    Regina, have you ever seen a Regina pre record player music box?
    "Sacrifices must be made." Otto Lilienthal

  10. #10
    Power Poster Jingle's Avatar
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    I could never see an advantage in leasing versus buying. We would never lease. We keep trucks a long time, don't buy cars anymore.
    Another Phyllis
    This life is the only one you get - enjoy it before you lose it.

  11. #11
    Super Member Nanny's dollface's Avatar
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    I leased once . Although payments were lower than if I purchased the car - I was still responsible for the maintainan e and repairs. You need to drive within a certain number of miles. You can purchase additional mileage. Then at the end when you turn the car in there is still a final payment and that payment is due if you turn it in sooner. I was told I would have no penalty at the dealership but they were wrong. Never again will I lease. Look for a good used car if you can’t afford a new one.
    "I may not believe in what you say but will defend your right to say it"- Voltaire

  12. #12
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    I've never leased a car, and one of the reasons is that I consider it a waste of time, especially where I live, 100 miles from no where, lots of deer, etc.

  13. #13
    Super Member cashs_mom's Avatar
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    I talked to my accountant years ago about leasing thru our business. He mentioned some very good points. 1) You have no idea what interest rate you are paying for the vehicle 2) you aren't really free to drive wherever/whenever because of mileage limitations. Those 2 plus paying for years and having nothing to show for it were enough to convince me not to lease. I'm a buy an expensive care and drive it for 10 or 12 years type. I buy.
    Patrice S

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  14. #14
    Super Member quiltingshorttimer's Avatar
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    Those that are able to take major tax deductions for their travel due to work, maybe it makes sense. But you are responsible for repairs and things like tires, etc. while the lease payments are lower, the balloon payment to own it when your lease ends are bigger. We drive our cars until they have at least 200,000 miles on them, so lease makes absolutely no sense. If you are worried about cost and repair costs, a better deal may be purchasing from a dealer a SUV that is 2-3 yrs old, so that all that significant depreciation has already happened, and ask about warranty with dealer.

  15. #15
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    I bought a car on October 25, 2001 -- it was a 2002 model. Kept it until May 5, 2018 and it has 178,400 miles when I traded it in on a 2018 model. Am planning on keeping my current car until 2034 if I live that long. Am 81 years old. Never leased a car because you end up with paper at the end of the lease and not a car.

  16. #16
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    I've always wondered who pays the taxes, and license fee when a car is leased.

  17. #17
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    Put the pencil to it. If you use it for personal then “a lease is a fleece”.

  18. #18
    Super Member luvstoquilt's Avatar
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    Susie Orman says it isn’t cost effective. I agree unless you can write it off. I drive an SUV and I keep my car for years. I keep it well maintained and I love it. Secret for me is a good service center and 5000 mile oil changes. My car has over 80,000 miles on it and runs like new. I don’t want to trade her..this gran drives her with pride!
    "You must do the thing you think you cannot do"....E. Roosevelt

    Sharon
    Yorkville, IL

  19. #19
    Super Member rryder's Avatar
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    Another buy a 1 to 3 year old used truck/suv and drive it forever person here. Current vehicles are 16 yo nissan truck and 20 year old tahoe. Bought both from used selection on new car dealer’s lot when they were 2 years old- way cheaper than new but still under warranty. Wouldn’t touch a lease, heard too many horror stories.
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  20. #20
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    Many years ago I leased a minivan ��- since I only drove locally I turned it in with very low mileage - what a bargain for the dealer. Now buy new and keep for 7-8 years and then pass car on to one of my adult children.

  21. #21
    Power Poster Onebyone's Avatar
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    I never buy a brand new vehicle and drive the one I buy until it's on its last leg. The only thing I do insist on is the vehicle be a luxury model. Those have the most comfortable and best built seats.
    I believe giving what I can will never cause me to be in need.
    Being cheap is not a badge of honor.
    My heroes are working people, paying their own way, taking care of their children and being decent human beings.

  22. #22
    Power Poster Boston1954's Avatar
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    I have never leased, so I do not know about disadvantages. However, I think I would not want to pay for years and at the end, still not have a car.
    Life is not a movie. No one is going to yell "CUT" when you make a mistake. - Anne L. Fulton

    I am from the South....39 miles south of Boston.

  23. #23
    Senior Member Donnamarie's Avatar
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    I have never leased. You have to read the fine print and be careful. When turning in the car they go over it intensely and will find something to charge you for. I listen to Dave Ramsey (the financial expert) and he definitely advises against it. Also, you do have to worry about the maintenance. You have to have it repaired just like your own car.
    Last edited by QuiltnNan; 05-01-2019 at 09:24 AM. Reason: shouting/all caps
    Donnamarie

  24. #24
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    I have and I am. I have no issues with it. My vehicle right now is leased for 42 months so I have 100% coverage for that time. Then at the end I have the option of finish paying for it or turn it in which includes trading it in if wanted. The one thing I noticed is that my personal property taxes here go to Chrysler so I don't have to all of a sudden pay a big bill, I can just add some to my payment each month. Plus, they are cheaper than my previous car was and it was 7 years old.

    Plus, I pay close to no interest each month.
    Judy

  25. #25
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    I've never leased either. I would also never but a brand new vehicle either. Get a program car (the rental people; like Hertz or Avis; they have to turn them in when they hit 25,000). Most still have warranty on them and they have to keep them maintained while in use OR get a dealer car; same thing; most of the depreciation is gone with either type purchase. Sometimes you can't always get the color you like, but sure is a Lot cheaper than new. And most have had the 'bugs' fixed in them by the time they are being sold. Good luck.
    Last edited by QuiltnNan; 05-01-2019 at 09:25 AM. Reason: shouting/all caps

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