I have 2 cars leased that are up in the summer. These are both my first cars and obviously my first lease so I'm a not sure what to expect. I'm a little torn on whether to buy the cars and keep them or get something new, and would like some of your feedback. I really like the cars, but obviously getting something new is always fun and exciting. However, I'm worried if I just let them go then I will be hit with the "wear and tear" fees. The cars are in good shape, but over 3 years a minor scratch or dent does occur. On the flip side, I'm worried that if I keep the cars then my understanding is they will no longer have any warranty and if something happens its all out of pocket for me correct? Any thoughts?
Starting Score: No Credit History (11/12)
@Creditaddict wrote:what are the cars?
how long was your lease?
39 month leases, '12 Chevy cruze and '12 Chevy camaro.
@Anonymous wrote:Every company is different, but..
In general unless the car is really beat up you don't have to worry. I was told by Nissan that they consider 2 small scratches and 1 small dent to be normal wear and tear. On top of that every car I've leased has offered me an extra $500 in wear and tear damage if I leased another car of the same brand. I've had 4 leases, 2 Nissans, 1 Acura and 1 Toyota and I never had to pay anything for wear and tear.
Again, this can vary by make, but I was also able to have one of them send someone to my house to inspect the car before I made the decision. When the inspection was done I was told whether there were going to be any extra charges or not. I had a good hand car wash done including the interior, but not a full detail before the inspector came out. I think she spent less than 5 minutes looking at it.
Yeah at most a scratch or extremely minor ding here and there, if I got them detailed they would probably look brand new. The insides are great too, I don't have any animals or kids so the cars are in very good shape lol. But like I said, after 3 years normal wear and tear does occur and I have heard stories where they upcharge you through the roof to fix minor stuff. If I do get something new, that would have to be another decision I make, whether I buy or lease again.
Also had another thought -If I wanted to keep the cars, wouldn't it be smarter just buy them now instead of waiting until the lease is up in a few months? It would lower my monthly payment if I am running the numbers correctly.