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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Tell me why you love leasing a car instead of financing?
We will be getting a new car this year and we have ever only owned. I drive about 8,000 miles a year and DH suggested leasing. I hate the thought of always having a payment. I am also fearful of damage happening to the car and us owing money in the end. Tell me what made you decide to lease rather than buy.
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Posted 5/21/12 7:54 AM  |
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Re: Tell me why you love leasing a car instead of financing?
When we were looking to buy, a lot of the prices to finance was super high and we didn't have a lot to put down.
Also at the time, I had a ton of problems with my last car (which had been paid off for several years) so I loved the idea of only having something for a few years before major stuff went wrong.
We looked at leasing as an option towards buying anyways, which I am strongly leaning towards at this point.
I leased for the first time in 2010, a Mazda CX9.
Knock on wood, I've had no issues with my leased vehicle.
Because I have some dings and anticipate being over the mileage at the end of the lease, if we can get a good deal on it, will make total sense to purchase. I too am nervous of owing $$$ for these reasons.
I do love the idea of having a brand new vehicle as well, and no payment in a couple years, but I gotta weigh the cost when we turn in the Mazda ;).
I am sure a car payment is not going away anytime soon for us, as long as we continue to live on Long Island with a DC.
Message edited 5/21/2012 8:09:14 AM.
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| Posted 5/21/12 8:07 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Tell me why you love leasing a car instead of financing?
I am glad you asked this. We were thinking of leasing for the first time too.
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| Posted 5/21/12 8:17 AM |
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maybemommy10
Big Brothers to Be !
Member since 2/10 3868 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
I get bored easily
Not sure what our family situation will be in a few years, so we can always get bigger.
We got a realllllly good deal.
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| Posted 5/21/12 8:35 AM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Tell me why you love leasing a car instead of financing?
Leases allow you to have a new vehicle without the large repair bills that start to come in after a few years. Your vehicle is always under warranty. You can get a really good deal on leasing. When we leased my current truck I liked it so much that I negotiated a great deal so if we want to buy it at the end it wouldn't be crazy to (most of the time it doesn't make sense financially).
Needs change, so it's nice to have the option to change your vehicle every 3 years. DH also gets bored easily, so leasing keeps him happy as well.
We've returned a few leases and never had an issue with charges for damage. And even if you did have charges at the end, often you can get them waived if you go into another vehicle from that company.
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| Posted 5/21/12 9:00 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tell me why you love leasing a car instead of financing?
Posted by JenMarie
Leases allow you to have a new vehicle without the large repair bills that start to come in after a few years. Your vehicle is always under warranty. You can get a really good deal on leasing. When we leased my current truck I liked it so much that I negotiated a great deal so if we want to buy it at the end it wouldn't be crazy to (most of the time it doesn't make sense financially).
Needs change, so it's nice to have the option to change your vehicle every 3 years. DH also gets bored easily, so leasing keeps him happy as well.
We've returned a few leases and never had an issue with charges for damage. And even if you did have charges at the end, often you can get them waived if you go into another vehicle from that company.
Same here. We are buying one of our cars off lease when it's up. Super deal, great car, we don't drive a ton. It will be a cream puff.
We have always leased. Having a payment is not great but we like the new cars. We don't lease luxury vehicles and we try to get them to throw in some regular maintenance packages.
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| Posted 5/21/12 9:25 AM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Tell me why you love leasing a car instead of financing?
Posted by maybemommy10
I get bored easily
Not sure what our family situation will be in a few years, so we can always get bigger.
We got a realllllly good deal.
Just wondering about your answer as it seems to be what a lot of people say when ask why they leased. Wouldn't it be more advantages to purchase a car with a 3 year payment then to lease for 3 years? This way you can just trade in your paid car for a newer car? I too am trying to understand why leasing would be better.
TIA
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| Posted 5/21/12 11:08 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Tell me why you love leasing a car instead of financing?
Posted by Blu-ize
Posted by JenMarie
Leases allow you to have a new vehicle without the large repair bills that start to come in after a few years. Your vehicle is always under warranty. You can get a really good deal on leasing. When we leased my current truck I liked it so much that I negotiated a great deal so if we want to buy it at the end it wouldn't be crazy to (most of the time it doesn't make sense financially).
Needs change, so it's nice to have the option to change your vehicle every 3 years. DH also gets bored easily, so leasing keeps him happy as well.
We've returned a few leases and never had an issue with charges for damage. And even if you did have charges at the end, often you can get them waived if you go into another vehicle from that company.
Same here. We are buying one of our cars off lease when it's up. Super deal, great car, we don't drive a ton. It will be a cream puff.
We have always leased. Having a payment is not great but we like the new cars. We don't lease luxury vehicles and we try to get them to throw in some regular maintenance packages.
What are some of the regular maintenance packages you get thrown in?
I have also heard you should never put money down on a lease. How do you go about this?
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| Posted 5/21/12 11:11 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Tell me why you love leasing a car instead of financing?
Posted by Cheeks24
Posted by Blu-ize
Posted by JenMarie
Leases allow you to have a new vehicle without the large repair bills that start to come in after a few years. Your vehicle is always under warranty. You can get a really good deal on leasing. When we leased my current truck I liked it so much that I negotiated a great deal so if we want to buy it at the end it wouldn't be crazy to (most of the time it doesn't make sense financially).
Needs change, so it's nice to have the option to change your vehicle every 3 years. DH also gets bored easily, so leasing keeps him happy as well.
We've returned a few leases and never had an issue with charges for damage. And even if you did have charges at the end, often you can get them waived if you go into another vehicle from that company.
Same here. We are buying one of our cars off lease when it's up. Super deal, great car, we don't drive a ton. It will be a cream puff.
We have always leased. Having a payment is not great but we like the new cars. We don't lease luxury vehicles and we try to get them to throw in some regular maintenance packages.
What are some of the regular maintenance packages you get thrown in?
I have also heard you should never put money down on a lease. How do you go about this?
Regualr maintenance beign oil changes, belts etc. I have never had them thrown in other than a few oild changes or with my MINI BMW maintenance is standard with any car.
With a lease it is normal not putting miney down so you just tell them when you go in. All putting money down does is lower the monthly lease payment. But know that if you put money down and you total the car before your lease is up that extra money you put down is gone. Since you do not own the car you do nto get insurance proceeds on a totaled car.
I always lease my cars. I like havign a new car and knowing that as my life situation changes I will not be stuck tryign to get rid of a car I own. Generally major issues do not happen to car in the first 3 years so all you usually have to do is oil changes.
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| Posted 5/21/12 11:31 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Tell me why you love leasing a car instead of financing?
Posted by LeShellem
Posted by maybemommy10
I get bored easily
Not sure what our family situation will be in a few years, so we can always get bigger.
We got a realllllly good deal.
Just wondering about your answer as it seems to be what a lot of people say when ask why they leased. Wouldn't it be more advantages to purchase a car with a 3 year payment then to lease for 3 years? This way you can just trade in your paid car for a newer car? I too am trying to understand why leasing would be better.
TIA
I know dealers offer many more perks with leasing as opposed to financing. The lease payment is also lower than a finance payment.
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| Posted 5/21/12 11:31 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Tell me why you love leasing a car instead of financing?
Posted by Cheeks24
Posted by LeShellem
Posted by maybemommy10
I get bored easily
Not sure what our family situation will be in a few years, so we can always get bigger.
We got a realllllly good deal.
Just wondering about your answer as it seems to be what a lot of people say when ask why they leased. Wouldn't it be more advantages to purchase a car with a 3 year payment then to lease for 3 years? This way you can just trade in your paid car for a newer car? I too am trying to understand why leasing would be better.
TIA
I know dealers offer many more perks with leasing as opposed to financing. The lease payment is also lower than a finance payment.
A lease payment is lower than a finance payment because witha finance payment you are financign the entire cost of the car where a lease payment it is just a portion of the car depending on the residual value of the car.
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| Posted 5/21/12 11:38 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Tell me why you love leasing a car instead of financing?
We leased b/c we suddenly found ourselves in need of a car and didn't want the larger monthly payments that come with financing a vehicle, especially since the need was so sudden.
Plus, we were interested in the Prius but didn't want to commit long term in case we didn't like it. Well, as soon as our lease is up, we will be getting another Prius but still not sure if we will lease or buy.
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| Posted 5/21/12 11:47 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Tell me why you love leasing a car instead of financing?
When negotiating a lease you negotiate on the price of the car like you would when financing or buying outright.
The lower the price of the car, the lower your payments either way.
Get some info on Edmunds.com to find out what others are paying, invoice price and incentives. If your credit is good they will offer the best lease programs.
I would not put any money down on a lease. You are only "financing" a part of the value that's why the payments are much lower. If you look for cars toward the end of the model year you have the most negotation leverage. Dealers want to get rid of last year's cars to make room for the new model year. Many times the newer model year cars don't have anything really different in them. If they totally change the cars fron one year to the next the older model year will be even cheaper.
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| Posted 5/21/12 12:03 PM |
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snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
when we got my ast car we debated between leasing or buying.
the interest rate was lower for the lease through the dealer. Plus the payment was less because it was only on a portion of sale price
we were planning on buying out
But then I got rear ended badly - so there is a major mark against car - because it had frame damge - it has been repaired but it lowers the cars value. so now we will most likely get another lease next time
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| Posted 5/21/12 2:34 PM |
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DSLaff
Team One of Each
Member since 10/09 2150 total posts
Name:
Dana
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Re: Tell me why you love leasing a car instead of financing?
i work full time and choose to lease for the luxury of not having to worry about car maintenance. i drive below the lease mileage and enjoy the new car smell every 3 years.
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| Posted 5/21/12 2:55 PM |
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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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Re: Tell me why you love leasing a car instead of financing?
How do you get no money down leases? Down here in NC it always says X amount of money down and $159 per month, etc? 
Unfortunately, we drive A LOT, like 20K+ miles a year so I don't think a lease would work for us. 
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| Posted 5/21/12 3:04 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Tell me why you love leasing a car instead of financing?
Are you obligated to take the car and pay out of pocket for routine services, as you would your own car?
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| Posted 5/21/12 3:12 PM |
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hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
I have a Toyota and they offer free for 2 years oil changes and tire rotation.
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| Posted 5/21/12 5:34 PM |
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Re: Tell me why you love leasing a car instead of financing?
Posted by CaidensMommy
How do you get no money down leases? Down here in NC it always says X amount of money down and $159 per month, etc?
Unfortunately, we drive A LOT, like 20K+ miles a year so I don't think a lease would work for us.
I also think credit is sometimes brought into play.
Plus, they will advertise a cheap price to rope you in. Like other posters mentioned, you will need to put $$$$ down if you want that low payment.
I know I've seen my crossover advertised at around $200 a month but I am paying way more than that. I put no money down at the signing.
You can also get higher mileage lease packages but they charge you a lot more for them in your monthly payment, as well.
Message edited 5/21/2012 6:22:17 PM.
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| Posted 5/21/12 6:21 PM |
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bklyngirl
COULD THIS BE MY YEAR??
Member since 6/05 15758 total posts
Name:
Gail
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Re: Tell me why you love leasing a car instead of financing?
our salesperson told us not to put money down. he gave us an example, if god forbid u get into an accident and the car is totaled, th money u put down, u wouldn't get back. we get free oil changes for the first 2 yrs
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| Posted 5/21/12 6:30 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
I've leased several cars in the past. It was perfect since I like change and it was easy to move to a bigger vehicle when I needed to. I was a SAHM mom for the past several year and when I did work, it was part-time a few miles away. I never went over mileage and was able to get a low lease price for staying under 10K miles a year instead of the standard 12K. Never had a single issue turning in either, but it helps my DH was in the business at the time.
3 years ago I went to my 7-passenger CUV (Crossover) and we actually got it paid for outright, so we have no payments, which made it nice at the time to have no more payments. At this point, I love the car and am more than happy with it and not looking for a change. It's still under the 4-year warranty, so anything we've had fixed has been covered. We'll see what the years after that bring!
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| Posted 5/21/12 6:48 PM |
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newbie00
LIF Adult
Member since 3/11 1191 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
DH and I both financed our last two cars so when it was time for a new one, DH really wanted to lease. He doesnt want to be bothered with the maintenance issues once the cars get older.
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| Posted 5/21/12 7:02 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Tell me why you love leasing a car instead of financing?
Posted by CaidensMommy
How do you get no money down leases? Down here in NC it always says X amount of money down and $159 per month, etc?
Unfortunately, we drive A LOT, like 20K+ miles a year so I don't think a lease would work for us.
You just go it and tell them you want no money down. The adds always have money down so the monthly cost looks so great but you never have to put money down. Just like financing you could put $5 down if you wanted.
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| Posted 5/22/12 7:16 AM |
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FirstMate
My lil cowboy
Member since 10/10 7790 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
Posted by CaidensMommy
How do you get no money down leases? Down here in NC it always says X amount of money down and $159 per month, etc?
Unfortunately, we drive A LOT, like 20K+ miles a year so I don't think a lease would work for us.
That's what all the ads say. When I see ads for my car, it says $299/month. If you read the fine print, that's with $5,000 down and a 10K mile/year lease. I pay not quite double that for the car. I put zero down and have an 18K mile/year lease.
We lease for a few reasons. Most cars are always a depreciating asset. It's not worth it to purchase because you will never get the value back in addition to the mounting repair costs as the vehicle ages. Most leased vehicles are under warranty for the majority of the lease so major repair work is covered. As the leasee, you have the obligation of doing the wear and tear maintenance (i.e. oil, tires, filters) but some of the higher end companies will even add that into the lease agreement.
It also depends on what you are looking to drive. IMO, if you are going for a luxury vehicle, it is better to lease. The repair costs are exorbitant whereas costs are a bit more reasonable with a non-luxury vehicle. My co-worker owns an Audi. Every time she takes it for repairs, it costs a minimum of $500. Oil changes are $120. In addition, unless you have a great mechanic familiar with the high end vehicle components, you will have to take it to the dealership which is $$$$ in labor costs alone. This is why leasing makes a better option.
Whereas my DH's station car is a Nissan Maxima. We can take it to any mechanic and to repair it will not break the bank. Also, that car has 180K+ miles on it and has required some major repairs over the years but for the most part runs fine. We have definitely gotten our money's worth with that car.
We like having a new car every 3 years. I like that I'm not "stuck" with something that won't suit my needs. I used to have a 2 door coupe (that I miss desperately) but knowing a baby was on the way, I was able to get my boring old lady sedan in anticipation of that. We are talking about SUV's for the next lease in anticipation of DC2.
I know people like not having a car payment. My personal experience with purchasing vehicles was that by the time the payments were done in 4 or 5 years, I was bored and wanted a new car anyway.
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| Posted 5/22/12 8:10 AM |
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Lannasmama
Love my girls
Member since 7/10 3580 total posts
Name:
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Re: Tell me why you love leasing a car instead of financing?
For us it's just cheaper. We didn't have much to put down. I like to have a new car every 3 years too! I had a Jetta for the first couple of months I had my DD. While it was an awesome car, it just wasn't practical size wise. Plus I wanted somethiing bigger and better on the road as far as bad weather. I got rid of it just weeks before I was about to be over the mileage as well, so we didn't have that penalty at the end.
Every company will offer different packages as far as leases. As many other people said, the more you put down the less your monthly payment is. DH says it's silly to put alot of money down for a lease, unless you plan on buying it out at the end.
We checked many places for deals. We finally found the best deal at Westbury Jeep. Good luck!
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| Posted 5/22/12 8:49 AM |
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