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Leasing a vehicle

Discussion in 'BBS Hangout' started by swilkins, Jun 29, 2006.

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Do you lease?

  1. Yes

    7 vote(s)
    10.6%
  2. No

    59 vote(s)
    89.4%
  1. swilkins

    swilkins Member

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    This is LOOOONG overdue. I bought a Sieraa C3 in 2001. This truck gets about 12 mpg :eek: . It was nicer when gas prices were under a million bucks a gallon.

    I need to rearrangement my finances and I was think about trading in the truck and lease a new Pre-Runner. I live a few miles from work. I'm the perfect candidate. My truck is 5 years old and has 35000 miles.

    How many of you lease? Pros/Cons? Where'd you go?

    They look in the 350 per month range and with the better gas mileage, I could save 400 bucks a month. :) :) :)

    Has anyone test drove the Toyota Pre-Runner. I'm going to test drive one this weekend.

    This is the 2006 Pre-Runner.
    [​IMG]
     
  2. JunkyardDwg

    JunkyardDwg Member

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    I have an '04 Tacoma PreRunner and it's a awesome ride (sporty with power under the hood). Get's decent gas mileage for a truck and is a prototypical toyota (reliable, good quality, etc). It's not a particular smooth ride, but it is a truck after all.
     
  3. Kam

    Kam Member

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    Ford F-150's are the best selling trucks or some saying like that.



    Anyhoo, I have a '99 Tacoma with 160,000 miles and still running fine. (Knock on Diamond)

    It's a Toyota, so all that good stuff that comes with it, like it not being a piece of crap.

    I'd personally like a Tundra, but I don't feel like hurting my wallet.
     
  4. Invisible Fan

    Invisible Fan Member

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    If you lease, don't keep the intention of buying.
     
  5. Uprising

    Uprising Member

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    I never really understood the intention of some people in leasing. A lot of people then look to buy the vehicle, after you paid all that why not just buy it in the begining?

    I have an F150 (2002) and have had no problems with it. I love it.
     
  6. MadMax

    MadMax Member

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    i lease all the time. i live less less than a mile from my office. i put very few miles on a car in a year. if i lease a car for 36 months, by month 24 or so, i usually have equity already...in that my payoff is less than what i could sell the car for. i use that equity as "down payment" on my next lease to keep payments as low as possible.

    during the lease, i'm always under warranty. i never worry about how much it would cost me to replace the transmission in month 37.

    when we travel, for the most part, we fly. my wife's puts very few miles on her car as well.

    i just see no reason to purchase an asset that depreciates the moment i sign the papers for it. if i drove a ton and was worried about going over allocated mileage limits, i would absolutely buy. but i don't.
     
  7. MadMax

    MadMax Member

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    sorry..can't edit...

    i use prolease, by the way. i tell them what they want. we agree to terms over the phone...they bring the car to my house. end of story. it's a great service.
     
  8. Faos

    Faos Member

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    They don't call it "fleecing" for nothing.
     
  9. MadMax

    MadMax Member

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    depends on whether or not you know what you're doing. it certainly can be...because if you're only concerned about your monthly payment than they'll find a way to nail you elsewhere, particularly on the agreed upon resale value at the end of the lease.
     
  10. bnb

    bnb Member

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    I keep my cars for a long time. So I buy.

    I recognize that the lease companies are better at estimating a car's value, depreciation and other costs than I am. They factor that into the lease rates, add a risk premium, admin costs, and profit component. I don't see the lease companies going out of business so I know they're pretty good at that. I'd rather just pay for the car.

    My Jeep's been payment free for ten years!

    (If I wanted a new car every 3-5 years, I would consider leasing for the convenience and security though).
     
  11. MadMax

    MadMax Member

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    you should, then.

    i own one of our cars, actually. it's a car i've had for 5 years now. it still has less than 45K miles on it. it's sorta, "my car." i'll drive it till it dies. but it will be the last car i own unless the distance from home to work gets much larger.
     
  12. mc mark

    mc mark Member

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    shame shame! You should be walking...


    ;)
     
  13. swilkins

    swilkins Member

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    I am in the exact situation as you. Short distance to work. Never having to worry about things after warranty.

    I look into Prolease.

    I plan on trading my truck in just prior to the payment as well. :)

    Thanks a bunch.
     
  14. MadMax

    MadMax Member

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    email me
     
  15. MadMax

    MadMax Member

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    i would during the cooler months....but i take my son to school in the morning during those months.

    maybe i should have a shower installed in my office so i can walk to work in the summer! :)
     
  16. Lil Pun

    Lil Pun Member

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    Well said Max. I wish I could lease but unfortunately I drive a ton so I am buying my car. You listed all the good reasons to lease, especially the depreciation part because that is the one thing that really gets to me about automobiles, the rapid depreciation. Another good thing about leasing is you can pretty much have a late model car all the time, that's what my aunt does anyway.
     
  17. Harrisment

    Harrisment Member

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    I've always bought, because in the past me and the wife both lived really far from work and put a ton of my miles on our cars. I have a 2003 Altima that has 85,000 miles. Now I only live about 10 miles from the office though, so I might end up leasing my next car.
     
  18. ROCKETS1972

    ROCKETS1972 Member

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    I don't agree
    the cheapest way to get a car is to buy it with cash
    even a new one leasing is the worst way to go it is like buying
    a car then giving it back to them for nothing after three years

    Something to think about this is from Dave Ramsey book The Total Money Makeover

    "Most people carry a car note for their entire lives, paying about
    $378 a month. That same amount invested from age 25 to retirement
    would be on average, amount to more then 4 million by age 65"

    A few other things to think about
    the best way to buy a car is to drive a used car around for 36 months and pretend your buying a new car and put the money in a savings account or a CD when the 36 months is up you will have the money to buy your new car outright or buy a used car that is less then 2 years old a much nicer modal probably from someone young who realizes they can't afford the car payment
    positives you can save thousands of dollars by doing this no long term interest on a loan to pay no debt and no one to repot your car if you lose your job
    also if you loose your job before the 36 months you have a nest egg to survive the lean months until you get another job the negative thing about
    it is you have to wait but the old saying is good things come to those who wait.
     
  19. Harrisment

    Harrisment Member

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    It's either time to invest in a new keyboard, or learn how to use your period (.) key. That was brutal to read.
     
  20. swilkins

    swilkins Member

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    That's a good point. Unfortunately, I am still paying on a new vehicle from 5 years ago. Between the hefty payments and the increase in gas prices, it is impossible to pay it off outright. The equity in the truck exceeds the balance. By leasing I have more to put in as down payment and will get an immediate relief on gas and monthly payments. The down side is a new commitment.

    The bottom line is that I am living in a house that I cannot afford on a single income (separate issue) and I swore to never rent an apartment again. I did this for the first 12 years and can't think of a single positive thing. Even the nice places allow noisy pets and have parking problems. I'm in a pickle dipped in iron.

    I think I'll go to a CPA and see if he can help me out.

    My debt is pretty big and perhaps consolidating at a reasonable rate would be the best solution. I do have a very good credit rating, thank God.

    Any CPA's out there? I do have one name that my mom uses for her business.

    I'll keep researching this. Thanks for another very good suggestion.
     

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