Leasing a vehicle - Chicagoland Sportbikes
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post #1 of 34 (permalink) Old 04-09-2005, 07:25 PM Thread Starter
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Leasing a vehicle

What are the pro's & con's? Is it a good deal or not?

Are there mileage restrictions??

Thinking about this but totally in the dark on this alternative to buying...

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post #2 of 34 (permalink) Old 04-09-2005, 07:29 PM
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I don't see any pro's for getting a leased vehicle unless it's for a company... and even than i don't know. Everyone i know that got a leased vehicle ended up hating it. The mileage extra $, and payoff blow lol Plus can't really do much mods to a leased vehicle...

Insurance tends to be little bit more too...
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post #3 of 34 (permalink) Old 04-09-2005, 08:57 PM
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Typicaly there are mileage limitations, usually around 10k-12k per year. Considering I put on 30-35K, I've never looked into leasing.

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post #4 of 34 (permalink) Old 04-09-2005, 09:12 PM
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Depends. If you like getting a new car every couple years and don't drive a lot, it's not a bad idea. Downside is if you keep leasing vehicles every couple years you will always have a monthly payment. Typically lease monthly payments are less than a car loan. They seriously get you if you go over the mileage limit too. And if you like the vehicle and want to keep it, you typically don't get even half of what you've put into it. I know some people who have leased their cars for the last ten years, getting one every three or so years.

I probably won't lease a vehicle anytime soon because I put about 25,000 miles on my vehicle a year.

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post #5 of 34 (permalink) Old 04-09-2005, 09:19 PM
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Leasing would be good if ya wanted an expensive car with a cheaper payment and don't go over the usual miles aloud(10-12,000). Also as stated if you like to have a new car every 3 years.

Just seen the commercial for a 5series BMW for something like $499 month. Hell if you bought it outright you would probably be looking at a $600+ payment dependng on how much put down.


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post #6 of 34 (permalink) Old 04-09-2005, 09:36 PM
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Quote:
Originally Posted by CHeYeNNe
Leasing would be good if ya wanted an expensive car with a cheaper payment and don't go over the usual miles aloud(10-12,000). Also as stated if you like to have a new car every 3 years.

Just seen the commercial for a 5series BMW for something like $499 month. Hell if you bought it outright you would probably be looking at a $600+ payment dependng on how much put down.
take a look at the required downpayemnt to get the lease at $499
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post #7 of 34 (permalink) Old 04-09-2005, 09:56 PM
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leasing is right there with renting...pissing money away
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post #8 of 34 (permalink) Old 04-10-2005, 12:33 AM
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I think unless your company is paying for it, leasing is too much like renting... the payments never go away and it's not yours, you need to give it back in about 3 years to lease again, although you get to drive a LOT more car then you really can afford.

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post #9 of 34 (permalink) Old 04-10-2005, 03:17 AM
 
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Let's put one myth behind us ok? You may THINK there are mileage limitations but that's FAR from the truth. You can get ANY mileage/yr with a leased vehicle.....here's the small catch, the payment goes up from what is advertised. So..........the the typical lease is say 36months/36k miles @ $300/month and you drive more than that. Tell them you want a 36mon/45k mile lease and the price goes to $350/month and so on. Hell, I leased one vehicle with a 17k/yr mileage clause.....because that's the miles I drove/ yr. It was still cheaper than buying it outright.

BTW, you can mod the car all you want.......just make sure you return it to stock when you turn it in(if that's what ya wanna do come the end of the lease) or be prepared to buyout the lease at the end and keep the car.
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post #10 of 34 (permalink) Old 04-10-2005, 05:12 AM
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Quote:
Originally Posted by CRAZe Inc
leasing is right there with renting...pissing money away

Not really, it's totally different from renting property. If your self employed it's a great thing If you don't drive over 12K a year. Leasing is attractive option, my wife has only owned one car, the rrest she has leased, and she's a total car s__t, and knows how to choke a penny.

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post #11 of 34 (permalink) Old 04-10-2005, 05:14 AM
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Quote:
Originally Posted by taziscool
Let's put one myth behind us ok? You may THINK there are mileage limitations but that's FAR from the truth. You can get ANY mileage/yr with a leased vehicle.....here's the small catch, the payment goes up from what is advertised. So..........the the typical lease is say 36months/36k miles @ $300/month and you drive more than that. Tell them you want a 36mon/45k mile lease and the price goes to $350/month and so on. Hell, I leased one vehicle with a 17k/yr mileage clause.....because that's the miles I drove/ yr. It was still cheaper than buying it outright.

BTW, you can mod the car all you want.......just make sure you return it to stock when you turn it in(if that's what ya wanna do come the end of the lease) or be prepared to buyout the lease at the end and keep the car.

+1 Taz gets a gold star.

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post #12 of 34 (permalink) Old 04-10-2005, 06:01 AM
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ok, what's been said is that you get fucked for extra mileage money wise... and guess what Taz, what you're talkin about is exactly that.

I'm not even gonna touch the mod issue, cause that was just plain retarded.
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post #13 of 34 (permalink) Old 04-10-2005, 06:08 AM
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post #14 of 34 (permalink) Old 04-10-2005, 07:14 AM
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Quote:
Originally Posted by bwa
ok, what's been said is that you get fucked for extra mileage money wise... and guess what Taz, what you're talkin about is exactly that.

I'm not even gonna touch the mod issue, cause that was just plain retarded.

I've got better thinks to do with my time and money than mod a perfectly good car To me a car, I change the oid.......and I change the oil, wait......I don't even do that Jaguar maintenance program does that Hell I don't even wash the fucker, Fast Eddies does that I just sit there scope out the MILF's and their pretty cars. A car is a point A to point B mod of transportation, I ain't spending time nor energy doing mods to a freaking car.

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post #15 of 34 (permalink) Old 04-10-2005, 07:56 AM
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If you have money to piss away do a lease..... the 3500 plus tax lic and all the other BS they throw in... goes right down the toilet.....then you RENT it for 2-3 years...... then they really try to sell it to you after the lease is up .
Mileage and the down payment is where they stick it to ya.

Kelly tell us what your considering leasing so we can help look up the deals.

This is gonna hurt!
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post #16 of 34 (permalink) Old 04-10-2005, 09:00 AM
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Quote:
Originally Posted by HooliganZX6
If you have money to piss away do a lease..... the 3500 plus tax lic and all the other BS they throw in... goes right down the toilet.....then you RENT it for 2-3 years...... then they really try to sell it to you after the lease is up .
Mileage and the down payment is where they stick it to ya.

Kelly tell us what your considering leasing so we can help look up the deals.
Isn't most of that 'downpayment' really a security deposit and fees for title/registration? Don't you get most of that back?

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post #17 of 34 (permalink) Old 04-10-2005, 04:11 PM
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I've leased more cars than I can count. Its great i you want a new car every four years. there no point in buying one if your gonna replece it in 4 years, If you keep cars longer than that, buy it. with a lease you can walk out of the dealer without a dime coming out of your pocket, spend less per month for the 4 year term than traditional financing and not have to worry about the hassle of selling it at the end, to get your money out of it that your never gonna see anyway since its just gonna dump into a nother car.

Now do I reccomend leasing, yes and no, first of all you are STUCK with that vehicle for 4 years, there is no getting rid of it since you are way upside down till the last day of the lease. but as long as you have the proper milage in your lease that you need and the warrenty is good for 4 years and that milage, your good to go.

Right now I am leasing my infiniti, and what sucks is I cat sell it and get rid of it, and since I drive my company car now my car just sits in the garage collecting dust and costing me money and theres nothing I can do about it.

so if your life style is gonna be the same for the next four years and you only want he car for that long leasing will save you money. personally I am going to start buying mine since I dont use my cars that much right now.




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post #18 of 34 (permalink) Old 04-10-2005, 04:31 PM
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I have done it. I leased when I went to grad school-- I did a pay up front lease for two years, because I knew I would only need the car for that long. It's a great alternative to buying since cars do not hold their value at all. I think that leasing is particularly attractive to those who want (1) a little more car than they can typically afford and (2) like to drive the latest newest car and then get rid of it after the fun has worn off.

As for mileage restrictions and all that-- you can have anything you want built into your contract. I mean, withint reason.
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post #19 of 34 (permalink) Old 04-10-2005, 06:59 PM Thread Starter
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I am not really looking at leasing any particular vehicle.......i was just thinking would it be cheaper to lease than buy is all. Do you take care of the maintenance or is all that on them?

Just looking at the value is all.

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post #20 of 34 (permalink) Old 04-10-2005, 07:43 PM
 
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Quote:
Originally Posted by bwa
ok, what's been said is that you get fucked for extra mileage money wise... and guess what Taz, what you're talkin about is exactly that.

I'm not even gonna touch the mod issue, cause that was just plain retarded.
Actually you pay LESS up front when you figure the mileage in than if you were to go over at the end...this is per mile and don't try to tell me different, I've been THROUGH IT.

As far as the mods....my family has leased cars longer than most of you have been driving.....and made plenty of mods to those vehicles(mostly trucks)...and guess what, we actually got more back than the residual at the end of the lease than what was there at the beginning. It can and has been done.
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post #21 of 34 (permalink) Old 04-10-2005, 09:02 PM
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This is an interesting subject and simply depends on what works best for you. I've leased close to 10 cars over the years and they have all been positive experiences. You have to be in tune with how many miles you drive...but you can contract for as many as you want...10K, 12K, 15K, ...etc...etc. A car is a depreciating asset...plain and simple. I dont care to invest major coin in a depreciating asset (aka automobile).

If you look to buy it you have to come up with a down payment and a pay the balance of the cost of the car over some amount of time...or pay cash. the other thing to consider is what is the value of having the down payment or the cash value of a car in the bank to invest or have for emergency? Once paid for there is up keep and $$ to maintain it...nothing is for free. To me a lease allows me to drive the automobile of my choice for 24,36,42 months (no longer than that) at a time. I always have a car expense...but I always have a car under a warrenty...and the downpayment I would have used to buy a vehicle in the bank or in an other investment(s).

On the flip side...the cheap money out there is very enticing for financing. 0% for 60 is a pretty good deal. Still have payment and a depreciated asset at the end...which more than likely is never worth what you think it is. As for me...leasing works...good luck.

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Last edited by Hotwheels; 04-10-2005 at 09:06 PM.
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post #22 of 34 (permalink) Old 04-10-2005, 09:41 PM
pfft.
 
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Quote:
Originally Posted by Labdog
I am not really looking at leasing any particular vehicle.......i was just thinking would it be cheaper to lease than buy is all. Do you take care of the maintenance or is all that on them?

Just looking at the value is all.
you take care of routine maintenance-- oil, filters, wipers, tires.... but since the life of the lease is typically under warranty, you don't have to worry about much. you won't even drive it enough to replace the tires. hell, my exploder needed so much engine work they ended up giving me a new one 8 months into the 2 year lease.

calculate your avg. weekly mileage and then see how it compares to yearly mileage allowances on leases. then also consider and additional long distance traveling you do. i dirve a LOT and I didn't get over my lease mileage-- and I drove 5 trips between houston and chicago, two from houston to new orleans, and numerous trips to dallas and san antonio.
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post #23 of 34 (permalink) Old 04-10-2005, 09:44 PM
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post #24 of 34 (permalink) Old 04-10-2005, 10:00 PM
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I never did
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post #25 of 34 (permalink) Old 04-11-2005, 08:41 PM
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And when you're done doing that, shop some more!

I sold cars for a few years while going to school and saw people getting screwed hardest on leasing. There were many different variables and hidden costs. Different dealers could increase or decrease value by playing with miles, accessories and "terms". Our dealers finance manager somehow added a sunroof and top of the line stereo to EVERY Intrepid (1994 model year. . . I'm soooo old! ) whether the vehicle had one or not! Learn about miles, rebates, programs, gap insurance etc.
The best way I've seen (and I use it today) to get the best price is to call and/or fax a pricing request to only the manager. [[Managers get paid on the monthly till. If one sales person is having a poor month or a few autos need to be "given away" the manager usually cares the least. His pay is based upon gross profit and on total number of units delivered that month, among other particulars.]] Give the manager a break down of the exact vehicle including any/all options down to color (this way you're comparing apples to apples) and ask for his best/lowest/rock bottom out the door price. If you want an extended warranty, special wheels, rust proofing or anything else, now is the time to shop it. Let him know what a loyal customer you will be . . . how all of your service will be preformed at his dealership only (because "it's right next to my home/office") and that you or your significant other or children or parent will be needing a new vehicle within the year! All this is best preformed at the end of the year but great results can be had at the end of a model year or even last week of a month.

Good luck!


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post #26 of 34 (permalink) Old 04-11-2005, 10:02 PM
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Quote:
Originally Posted by tWisTEd
The best way I've seen (and I use it today) to get the best price is to call and/or fax a pricing request to only the manager. [[Managers get paid on the monthly till. If one sales person is having a poor month or a few autos need to be "given away" the manager usually cares the least. His pay is based upon gross profit and on total number of units delivered that month, among other particulars.]] Give the manager a break down of the exact vehicle including any/all options down to color (this way you're comparing apples to apples) and ask for his best/lowest/rock bottom out the door price.
That is exactly how I buy my cars, I fax every dealer's manager in the area exactly what I want, down to every last detail. usually at least 3 call back, lowest bid has my business. then of course I tear down the price more form there.




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post #27 of 34 (permalink) Old 04-12-2005, 07:39 AM
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Labdog,

I have leased and it is a great thing. Like Taz said you can get more mileage if you need it, I got 15k per year just in case and was under by the end of the lease. It was a great option and it did save me money. There is always the option of buying the car at the end (if you get in trouble with milage, or if the car was just an awesome car). Some dealers also offer other incentives like free oil changes which was a convenience. I say it is a good option, explore, get the best deal on the vehicle you want.

The only downside I ever saw was the milieage, I could never lease my primary vehicle because I just drive too much.

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post #28 of 34 (permalink) Old 04-12-2005, 08:10 AM
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On another note, anyone know of any tricks for getting out of a lease, besides selling it or that swap-a-lease site.




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post #29 of 34 (permalink) Old 04-12-2005, 08:17 AM
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Most dealers will buy out their own lease to get you into something else.

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post #30 of 34 (permalink) Old 04-12-2005, 08:27 AM
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Quote:
Originally Posted by HDTony
On another note, anyone know of any tricks for getting out of a lease, besides selling it or that swap-a-lease site.
a lake, gas can, leave the keys on the seat and go to lunch in a crowded part of chicago? stop paying for it, the bank will come looking for it, just a few ideas...

seriously Logtar was right, SOME dealerships will buy out the end of the lease, but it's never a good deal, because all they do is take the extra cash onto the back end. the sole exception is a pull ahead program that might be offered by the captive lender.

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