Leasing a car...

Lease cars are cheaper. However, in your case, I would stay away because of the amount of miles you drive. Lease programs typically limit you to 12K-15K per year, which means you have to pay money back to the lease company at the end of term if you go over that limit.

 

I am not totally for certain, but the vehicle will probably be covered by the manufacturer's warranty, unless you purchase additional coverage.

YOu might want to check with the leasing department at the dealer you are considering leasing from.

 

Leasing a car is overall the most expensive way to operate a vehicle.

 

Leasing a car is good if you are the type of person that like to trade in cars every 3 years, because you would take a big hit if they were bought. It's cheaper to just get a car, pay it off, and keep it as long as you need to.

 

I just got my 1992 Mustang GT out of the body shop and it looks as good as new. I managed to pay for the bodywork and pay for a new interior as well as purchase some performance upgrades for $3000. Basically, I have a brand new owned car for $3000, and I am still the only owner it has seen. Aside from me, only 3 other people have ever driven my car. My older brother, my dad, and my mom.

I vowed that I never again pay a car payment and full coverage. Way too expensive for my taste. 6 months worth of a $16,000 car payment/full coverage insurance is what I invested in this 11 year old brand new car.

 

Leasing is a scam!

The point is to make the monthly payment seem lower than buying (but in the long run you pay much more).

 

The financial decision boils down to what are your upfront/backend charges on the lease and what rate you think the vehicle will depreciate at. Don't be fooled by lower monthly payments -- that's only part of the equation. Resale value on a car you buy can make up for the higher monthly payments on a loan. In this interest rate environment, I would look to buy not lease.

 

Dude, so many people get burned on leasing its not funny. Not only do you have to keep in the milage range, you have to pretty much keep up with every suggested manufacturer maintainence requirement and if you don't, you have to pay the difference of what the car is valued and the value you agreed to maintain. This can be a lot of money even on moderately priced cars.

I just do not see the value of leasing, unless you really never your drive your car. Leasing is just a way to get people who can't afford the cars they want into the cars they want, and if you can't afford the car, you shouldn't be buying or leasing period.

 

One last thing against leasing. When the lease is up, you either buy the car, or lose it...right then. No shopping around, waiting for incentives, or timing your buy. You have a very short window to replace the car.

It does let you get more car for your monthly payment and often lets you get credit where you might not otherwise qualify -- but cash wise -- usually not the better deal.

50,000 miles in 2 years...man...my wife and i do 6,000 miles a year combined -- including at least one 1000 mile road trip!

 

That has been true in my experience. My insurance agent explained it to me when I leased a truck once, but I don't remember the reason.

 

I usually average about 30,000 miles per year in my car. I've got 45,000 miles on my Altima that I've had for roughly 18 months.

That's why leasing isn't good for me. I'd need to lease two cars and trade off driving each one just to stay below the mileage limit. And even then, I'd be cutting it awfully close.

 

Seriously, now id one of the best times to buy a car. Low interest rates, soft economy, check out edmunds.com for what others are paying in your area for a spefic model and do not pay more than that. If you are worried about a warranty and repairs there are a couple of ways to go, the economy route, or the "you get what you pay for" route.

1. Economy- Hyundai offers a 100,000 mile power train warranty and a 5 year 60,00 mile bumper-to-bumper coverage. It is one of the best warranties you can find that is included. Hyundai was also ranked as one of the highest in customer satisfaction. You can extend that bumper to bumper for an extra charge.

2. Get what you pay for - BMW. ALL maintenance is included when you buy the car. ALL. This, the prestge factor, plus the fact that they are such damn good cars is why they are so pricey.

Good luck in your car search and don't forget to ask your credit union, if you have one, for their new car loan rate.

 

I've had my truck for 2 1/2 years. It started out at 29,000 miles (after my father-in-law had it for 6 1/2 years... he had to drive it from Louisiana to New Mexico and back at least once; guess he never did much else with it). It's now more like 75,000 - or maybe higher. It keeps going up so fast. I like road trips, and don't fly much.

 

Leasing only makes sense, imo, if you're self employed and you use/claim your vehicle as a business expense.

 

My truck is on lease.

I leased for two reasons:

1) I don't want to deal with the hassles of servicing a car as it gets older.

2) I like driving something new every three years.

I've had my truck for almost three years now, I'm at 24k miles. Owning a vehicle for more than 3 years seems to be such a huge committment to me.

Dang, I just realized the way I go about cars, is the way I go about relationships.

 

This is the ONLY scenario in which it is smart to lease a car. I, on the other hand, put 24K miles on my car every year. I would get RAPED on a lease.

 

I would say dumb idea for several reasons:
1. if you buy a good car, it will last at least 10-12 years, like a Honda/Toyota/Nissan with regular maintennance.
2. Why would you want to have car payments for a car you will never own and have to trade back in at the end of the lease for another set of infinite car payments.
3. You have mileage restrictions and minimum insurance requirements that can be quite costly, both in terms of penalities for miles and increased insurance costs.

Just buy a nice used car. Last January, I bought a 99 Maxima GXE for only 12 grand as a commuter car with only 38,000 miles on it. It was barely even broken in and I got it for a lot cheaper than I could have ever bought a new car. Now it has 58,000 miles on it because I've been driving the wheels off it on a 150 mile round trip commute every night. Shop around and find a nice, used import. You won't regret it.