Buy or lease a vehicle
 

We have always bought vehicles but am considering leasing one. I need some feedback on leasing instead of buying, the pros and cons. I understand the basic differences but would like other opinions from those of you who lease.

No way would I lease a vehicle. One late Sister did, at end of lease she had to pay $4000.00 - $5000.00. Their circustances had changed and she couldn't borrow the money. I don't know what the outcome was.

Lots of factors to consider, and only you will know if it's the right decision for you.... but I had a friend who's husband was a car salesman - his words on the topic were "the car company wouldn't be doing it if they didn't make money on it"
There are a lot of terms and conditions, and if you drive a lot of miles/kilometers, it can be very expensive at end of lease. Of course, if you are able to write the expense off on a business basis that makes the decision much different.

Lease is a fleece !

It really depends on what you can afford. If you lease, you will be given a set number of miles per year, if you go over that amount there is a cost per mile. That can be 15 cents to 25 cents - depending on the agreement. You also have to have a certain amount of liability insurance (usually a minimum is $300,000 CSL but it could be more) and Comprehensive and Collision insurance. A lease can keep the monthly amount down by quite a bit. If you intend to buy the car at the end of the lease make sure you have the amount of the buy-out cost before you sign on the dotted line. Also, there is maintenance requirements - no idea what those are - sometimes it is built into the cost of the lease sometimes not. If you drive a lot of miles a year - a lease is not a great idea because the cost per mile over the agreement can really add up fast. If you need to keep the cost down right now and do plan to buy out at the end - may be a way to go.

Also, if you do plan to turn it in at the end of the lease know they will charge you for every little ding and dent in the car. So you need to take very good care of the car.

We did a lease back in 1984 because it was the only way we could afford the van we wanted - and it worked out very well for us. But my SIL recently leased a car and she is racking up the miles on it and is worried that she will have a mega amount due so will have to buy it at the end no matter what.

I would consider a lease due to few miles I drive a year - the last few years I have driven less that 10,000.

we've never leased--we live on a gravel road and until we retired, both drove about 80-90miles daily with our commutes, so too many miles and too 'rough" of conditions to leae a car that has to be returned. We also rarely buy brand new for the same reasons--we buy ones that are a couple of years old with low mileage.

Never met anyone with a positive lease experience. so I will keep reading this thread hoping to find one, and maybe why it was a positive experience. I might learn something. Don't forget to call your insurance agent and your county personal property tax office. In Virginia, I know both rates are higher for leases.

My friend has leased a Nissan for years and now has a Mazda. She keeps the car in a garage, has no one in it but her and never drives it much. She loves it. Says it’s hassle free for her. I think the cost is terrible but she likes driving a new car every few years.

My opinion - if you like new cars every few years and don't drive overly much...it can certainly be a way to keep initial costs down. But as others have said - if you plan to buy at the end of the lease, essentially you are paying at the end for the initial cheaper costs. Don't know about additional insurance costs.

We tend to keep our cars and drive them until the wheels fall off, lol. Just replaced a 20 yr old vehicle with 230,000 miles - which we bought new - with another new one of the same make/model. Figured if we got that kind of life out of the previous one at 62 I won't need another one!

My sister leased her car and then bought it when the lease was up. She was happy with the whole thing. She doesn't put a lot of miles on her cars.