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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
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..being a mommy and being a wife!
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
I agree with you. It's not a bad thing as long as you can afford it.
While having one less bill a month is nice, so is having a brand new car with no problems and that peace of mind.
We were once in NJ on vacation when DH's old truck started POURING out fluid. He wasn't even sure if he could get it to a shop- on a weekend- on the Jersey shore and how we'd get home.
And this is a car that he maintained well- it was just old and things started to go at the most inopportune times.
We love not having to worry about that anymore.
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Posted 5/21/19 3:50 PM  |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
It's not necessarily a bad thing, but for me, I'd rather have that monthly payment money to do other things with. I paid off my car in 3 years and not having a monthly payment has allowed me to do home projects and travel that I probably wouldn't have done if I had that payment. Yes, I will have a car payment again, when I decide to get a new car, but for the past 3 years, I have enjoyed not having a payment. And my car has been amazingly trouble free - yes, I'ave had to pay for regular maintenance, but other than that, almost nothing in the way of repairs
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| Posted 5/21/19 4:01 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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pros and cons of leasing a car-why do you or dont you
I’ve leased every car I’ve had since 1996. I’ve never had a repair bill other than oil changes and I’ve never been charged for excessive wear and tear. If it’s bad enough I would get it fixed but I would do the same with an owner car....I wouldn’t want to drive a banged up car.
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| Posted 5/21/19 4:05 PM |
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blu6385
Member since 5/08 8351 total posts
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Re: pros and cons of leasing a car-why do you or dont you
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
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| Posted 5/21/19 5:19 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: pros and cons of leasing a car-why do you or dont you
Depends on the dealer and the lease deal.
Infiniti offered 10K for the deal my DH had.
For our Nissans they offered 12K.
Message edited 5/21/2019 5:39:51 PM.
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| Posted 5/21/19 5:31 PM |
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ChilisWife
God Bless America
Member since 5/05 3572 total posts
Name:
A.K.
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Re: pros and cons of leasing a car-why do you or dont you
We had always leased until I got tired of having a car payment so we bought (financed) a car. And then, just as I was warned, as soon as the warranty expired things started to go wrong and we kept sinking money into the car, so now I had a finance payment AND had to pay to fix the car. So we went back to leasing. It's really a personal decision. But in my opinion, they don't make cars like they used to back in the day when you could buy a car and it would last forever with minor repairs. Now if one single thing goes wrong its thousands to fix!
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| Posted 5/21/19 6:29 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
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Re: pros and cons of leasing a car-why do you or dont you
Posted by blu6385
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
We have 15k on each. I drive to work (about 25 miles a day) but we drive A LOT on weekends. None of our family/friends are on LI so it’s a hike to see anyone.
I think you can finance the buyout. I’ve never done it but I would imagine an expense that high would allow for financing.
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| Posted 5/21/19 7:06 PM |
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thewinterone
You make me happy
Member since 5/05 2474 total posts
Name:
cause you are gray.
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Re: pros and cons of leasing a car-why do you or dont you
Posted by blu6385
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
We get 25,000 miles per year but pay more for it obviously.
You definitely can finance the buy out.
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| Posted 5/21/19 9:15 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
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Re: pros and cons of leasing a car-why do you or dont you
Posted by LuckyStar
Posted by blu6385
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
We have 15k on each. I drive to work (about 25 miles a day) but we drive A LOT on weekends. None of our family/friends are on LI so it’s a hike to see anyone.
I think you can finance the buyout. I’ve never done it but I would imagine an expense that high would allow for financing.
I financed the buyout on one of my leases.
I’ve leased a couple of times. Once when i was younger and it was more affordable monthly and once a few years ago. We currently own - it was a better deal for us for the car we wanted.
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| Posted 5/21/19 9:38 PM |
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jlm2008
LIF Adult
Member since 1/10 5092 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by alli3131
I’ve leased every car I’ve had since 1996. I’ve never had a repair bill other than oil changes and I’ve never been charged for excessive wear and tear. If it’s bad enough I would get it fixed but I would do the same with an owner car....I wouldn’t want to drive a banged up car.
This. Except my first lease was 1997 when i started driving. I personally like not having to put money into a car for maintenance or repairs ( except for oil changes) To each heir own.
Message edited 5/21/2019 10:04:09 PM.
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| Posted 5/21/19 10:03 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: pros and cons of leasing a car-why do you or dont you
Posted by NervousNell
Posted by MrsT809
Posted by Diane
You will always have a car payment....
How so?
We just paid off our second car. Our cars are 5 and 8 years old with no issues and i'm very glad to have no car payments.
She meant if you lease you will always have a car payment
yes, that is what I meant...thank you.
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| Posted 5/22/19 7:34 AM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by blu6385
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
My DH just went through a lease buyout process. The place charged us the residual value of the car, plus a $500 "buyout" fee, plus tax/title fees. Also gave option to buy an extended warranty. They gave us the option of financing it. And yes when you lease the car tell them the allotted mileage you want- My DH had a 12k a year allowance.
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| Posted 5/22/19 10:38 AM |
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gdd317
LIF Zygote
Member since 5/19 6 total posts
Name:
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pros and cons of leasing a car-why do you or dont you
I think it depends on what you are comfortable with. I don't like surprises. I don't mind having a monthly lease payment. I can account for it every month in my budget, it's always the same amount and I know what to expect. We've owned cars in the past that have had major mechanical issues that have wound up costing us thousands of dollars unexpectedly. I like knowing that if anything goes wrong with my leased car the dealership with send a towtruck at their cost and provide me with a loaner while it is being fixed.
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| Posted 5/22/19 4:38 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by blu6385
Thanks for all the feedback.
What’s the max miles you can get. I definitely would go over 10K miles. I am thinking I probably need closer to 12K.
Also if you wanted to buy the lease out do you have to have all the cash at once?
our rogue SV is 12k miles, $291/month, and the buyout is like 16k
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| Posted 5/22/19 5:02 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: pros and cons of leasing a car-why do you or dont you
The only thing I would say about a buy out is it's probably a bad deal.
If you calculate all your monthly payments for however long you were leasing, plus anything you might have put down, then add in that buy out payment it always comes out to way more than what you would have paid for the car if you had financed it from the start.
If you want to own it, buy it right out or buy a used one.
I never find lease buyouts to be a good deal.
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| Posted 5/22/19 5:05 PM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: pros and cons of leasing a car-why do you or dont you
I don’t like restrictions and I get attached to my cars. I can not switch every 3 yrs, that is too short a time frame for me. I also like to reduce any monthly payments regardless of whether I can afford it. I’m about to pay off my 2012 Honda because we bought my husband a new work truck. The car will last several more years and has no issues.
Also for leasing I don’t like the mileage limitations and I would always feel nervous about accidents, dings, scratches etc.
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| Posted 5/22/19 5:10 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Sash
Also for leasing I don’t like the mileage limitations and I would always feel nervous about accidents, dings, scratches etc.
I felt the same about the accidents etc but accidents are covered by insurance and as long as you get it fixed- as you would if you owned it and got in an accident- you are fine. DH got backed into and his front end destroyed. $6k worth of damage. The body shop fixed it better than new and it wasn't even a question when we returned it.
Dings only have to be fixed if they are bigger than a golf ball and scratches longer than a credit card.
The had said to us- in 3 years we are not expecting a showroom new car back- we are expecting a 3 year old car back with the normal wear and tear of 3 years on it.
So I feel better now about that part of it.
The other stuff- I hear ya. I was very against it for a long time myself.
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| Posted 5/22/19 5:19 PM |
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Dolphinsbaby
My 3 little guys!
Member since 12/10 2943 total posts
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Re: pros and cons of leasing a car-why do you or dont you
We financed our 2013 minivan and we just paid it off last month. I am so happy not to have that car payment each month (and we had a 1.9% rate)!! I felt like doing a happy dance. Lol. We are not lease people. We drive our cars till we can’t and I hate having the monthly payments. I feel like such a burden is lifted. DH was like wow wait till our mortgage is paid off, you will want a big party. I said hey that’s not a bad idea
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| Posted 5/22/19 7:22 PM |
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Jennifer
Happy
Member since 5/05 4230 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Mrs213
I drive way too much for work, and would almost always owe on mileage.
Me too... I drive just to work 250 miles per week and that doesn't include errands...
When I was 17, I didn't have a care i the world. I would drive to Montauk, PA, where ever. Now, I am like, if I don't need it, I don't get it.
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| Posted 5/22/19 7:31 PM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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pros and cons of leasing a car-why do you or dont you
We have done both.
I used to buy my cars… Then keep it for 5 years and then get a new one.
Then, we decided to lease 2 cars at the same time. We got the best deal and payments for two cars would be about 415 tops. We did this for 6 years.
This past Spring, it was time to turn in the cars. It stressed me out to no end. I did not want to waste time in a dealership for 8 hours playing games. I said F it. I ended up buying. I work in finance. People I work with who make like 1.5 million that can afford crazy cars buy used. I asked them why? Because you end up saving about 10K. So I did just that. I bought a used car right off a lease. Car looks brand new. Inside still smells new. I bought it out right, no payments. My plan is to keep it for 5 years. My husband is a mechanic so that issue is taken care of. Cars still last long if they are maintained. DH had a Dodge pickup that was 16 years old that was our 3rd car. When the car was sold, it had 200K miles on it and probably could go for even longer.
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| Posted 5/23/19 12:36 PM |
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twix4kids
LIF Zygote
Member since 12/16 42 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
I agree with everything you said. I'm still driving my 20 year old car and looking to buy or lease next year. My boss has been leasing cars for the last 25 years and trying to convince me to lease. I just can't do it LOL. I'm leaning towards buying a 3 yr old pre-owned certified vehicle. Good luck!
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| Posted 5/23/19 12:52 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by NervousNell
The only thing I would say about a buy out is it's probably a bad deal.
If you calculate all your monthly payments for however long you were leasing, plus anything you might have put down, then add in that buy out payment it always comes out to way more than what you would have paid for the car if you had financed it from the start.
If you want to own it, buy it right out or buy a used one.
I never find lease buyouts to be a good deal.
Yes. Everything I've ever heard/read from financial "experts" says that buying out a lease is usually the worst way (financially) to buy a car
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| Posted 5/23/19 1:00 PM |
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LuckyStar
LIF Adult
Member since 7/14 7274 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by chilltocam
Posted by NervousNell
The only thing I would say about a buy out is it's probably a bad deal.
If you calculate all your monthly payments for however long you were leasing, plus anything you might have put down, then add in that buy out payment it always comes out to way more than what you would have paid for the car if you had financed it from the start.
If you want to own it, buy it right out or buy a used one.
I never find lease buyouts to be a good deal.
Yes. Everything I've ever heard/read from financial "experts" says that buying out a lease is usually the worst way (financially) to buy a car
I’ve heard the same. The only time I’ve ever heard of anyone doing it was when my FIL was so over on mileage and the car was so dinged up that it was cheaper to buy the thing.
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| Posted 5/23/19 1:04 PM |
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lightblue
LIF Adult
Member since 1/17 2249 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by LuckyStar
Posted by chilltocam
Posted by NervousNell
The only thing I would say about a buy out is it's probably a bad deal.
If you calculate all your monthly payments for however long you were leasing, plus anything you might have put down, then add in that buy out payment it always comes out to way more than what you would have paid for the car if you had financed it from the start.
If you want to own it, buy it right out or buy a used one.
I never find lease buyouts to be a good deal.
Yes. Everything I've ever heard/read from financial "experts" says that buying out a lease is usually the worst way (financially) to buy a car
I’ve heard the same. The only time I’ve ever heard of anyone doing it was when my FIL was so over on mileage and the car was so dinged up that it was cheaper to buy the thing.
This was basically the reason why bought it. Because they would have charged us thousands in repairs to fix all the dings/scratches. The leasing company that the dealership used for this lease also has horrible reviews on yelp on how they charge people (even those who just had detailed their car and have it in good condition), obscene amounts of money at turn-in.
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| Posted 5/23/19 2:10 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
Wouldn’t everyone prefer not to have debt? Why owe more money to more people if you don’t have to?
We have one newer car (still paying off) and a 10yr old car that very rarely needs repairs. It has been paid off for 5 years...that’s $12,000+ we would’ve paid into a monthly lease.
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| Posted 5/23/19 2:23 PM |
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