I've never leased a vehicle but from everything I've read/heard, it's a waste of money.

We always buy used cars, the first and last NEW car I had was a 73 Trans Am. LOL We recently bought a '97 Suburban with 108,000 miles and now our '05 Yukon is a secondary vehicle, since it has over 320,000 miles.

I've always heard that leasing is the most expensive way to drive a car. The least expensive is saving up for one and paying cash. I was able to do this by continuing to make a car payment to my savings account after the car loan was paid off. I was able to put a very large down payment on my next car with that savings account. The car after that I was able to pay completely with cash. I haven't had a car payment in decades.

I never buy new because there is too much depreciation after the car leaves the lot. I don't always have a choice of my favorite color this way, but I'm not willing to pay a premium for that.

Now I'm worried reading all these posts. We leased a car last July after an accident totaled our car. It's a 3 year lease and I'm worried now that we might be stuck with a huge payment for mileage, repairs, etc. when the lease ends.

I wouldn't lease one; isn't that like having a perpetual car payment? The only upside would be the leasing company pays for all the repairs, but do you get a loaner while they do it? I'd NOT like having a constant car payment. And I'd never buy a new car either; too much depreciation loss the minute you drive it off the lot - 30%. An auto mechanic told me to buy a program car (what the rental companies use - they have to maintain them and turn them in at 25,000 miles and there is usually warranty till on them) OR buy a dealer car. Both places have already eaten the depreciation costs. I've gotten 2 that way and loved them. I'll do it again.

I think the best you can do at this point is to review all conditions of your lease so you can be prepared for whatever is to come.

We ended up being responsible for elderly Aunt and a leased car...what a mess. The lease was only about 6 months into the contract - to clear the lease responsibility we had to sell the car - and buy out the remainder of the lease. This made the cost of the car half again as much as when it was new. It also took a good 6 months of fighting with the leasing company to put this thing to sleep. We did not sell the car independently - it went back to the dealer from whom she originally purchased the car......Never again - when I hear lease I have recurring nightmares. I realize there are situations where it can be an ok thing - but if you are responsible for an older person who has a leased car ---my advice - Run away very fast!!!

Leasing is soooo tricky, you have to keep the mileage low. They charge for every scratch, ding or imaginary issues. Inside of car has to stay perfect, sun damage is charged for. God forbid someone who has smoked sits in the car & the smell of smoke costs $1000.00. We ended up paying $4000 at the end of the lease, every mile was charged for. Living in AZ everything is spread out!!

I frequently add 200k miles to the used cars I buy. I would never lease. but then again I am a gear head and can do much of the maintenance myself.

If you customarily buy a new car every couple of years, then leasing might be worthwhile, especially if you keep your car in a garage and are very tidy and don't have kids with muddy feet eating fries and ketchup in the backseat. Otherwise, probably not. It might take some time with a calculator and a list of all the costs. We have never leased, because we don't drive much and tend to keep cars for 10 years. One of our sons, who has a well-paying job and a wife who is similarly successful, has leased one or two. They both have to commute into the city and they don't have time to deal with car problems. He went back to buying his current one, however. I haven't asked him why, but they do have a kid who once threw up in the car. I can guarantee that they do the math. Also, he is a lawyer who would definitely read the contract and understand the trade-offs. The car companies count on most people to not do that.

I agree! I talked to my CPA when we bought my car about whether I should buy or lease since we were buying it thru the company. His take on it was that he never recommended leasing. The mileage limitations and balloon payments always get you. Dealerships build the depreciation into the equation when they figure out what to charge you. Its kind of like gambling. The odds are stacked. The casino always wins. I buy. Pay it off and have an asset at the end of the day.