@youngandcreditwrthy wrote:
Interesting...
Or I could...
Keep the title to the car I own...
And lease a brand new car for <$400 a month! Haha
Idk... I'll worry about it when the time comes.
Otoh,
A friend of mine recently told me that when his lease was up on his Jag, he was able to negotiate the price low enough that it was a great idea for him to buy it at the end of the lease!!!! So, in theory... I could accomplish something such as that!!! :-)
And if I could get favorable enough terms that purchasing would make more sense, I would.
What attracts me to leasing is of course the affordability of a luxury vehicle, but also the prepaid maintenance packages that are includes with many leases. Only experience and time will allow me to make those decisions appropriately :-)
You can get the prepaid maintenance with a new car, just as much of a rip off either way.
Getting a discount at the lease end can be a good deal too. Either way, just make sure the numbers are right all around. Be sure to negotiate no matter what you buy. Don't pay MSRP whether leasing or buying. You can negotiate the deal for a purchase, and then get them to use that number for the lease. As long as your starting number is low, go whichever way you choose. It will end up costing the same amount no matter which way you do it, as long as you are able to negotiate.
Leasing doesn't save you any more, you just simply pay for depreciation over a set term. So, you could buy it and do the same. Or lease it and buy it out at the end. Whatever you prefer. I'd rather own my car than be bound to returning it at a set time after paying on it.
@Dustink wrote:
@youngandcreditwrthy wrote:
Interesting...
Or I could...
Keep the title to the car I own...
And lease a brand new car for <$400 a month! Haha
Idk... I'll worry about it when the time comes.
Otoh,
A friend of mine recently told me that when his lease was up on his Jag, he was able to negotiate the price low enough that it was a great idea for him to buy it at the end of the lease!!!! So, in theory... I could accomplish something such as that!!! :-)
And if I could get favorable enough terms that purchasing would make more sense, I would.
What attracts me to leasing is of course the affordability of a luxury vehicle, but also the prepaid maintenance packages that are includes with many leases. Only experience and time will allow me to make those decisions appropriately :-)You can get the prepaid maintenance with a new car, just as much of a rip off either way.
Getting a discount at the lease end can be a good deal too. Either way, just make sure the numbers are right all around. Be sure to negotiate no matter what you buy. Don't pay MSRP whether leasing or buying. You can negotiate the deal for a purchase, and then get them to use that number for the lease. As long as your starting number is low, go whichever way you choose. It will end up costing the same amount no matter which way you do it, as long as you are able to negotiate.
Leasing doesn't save you any more, you just simply pay for depreciation over a set term. So, you could buy it and do the same. Or lease it and buy it out at the end. Whatever you prefer. I'd rather own my car than be bound to returning it at a set time after paying on it.
Is leasing a good deal if you just want a sweet ride to use every now and then?? I plan on PIF my truck but I definitely wouldnt mind riding a bad ass camaro 5 yrs from now.
Leasing works like this. You want to lease a $50,000 car for 2 years. The dealer assumes the car will still be worth $30,000 in two years, so they charge you $20,000 to lease the car for those two years. You can pay the $20,000 up front, or pay it over time throughout the lease.
At the end of the two years you can turn the car back in and pay for any damage/excess mileage, or you can pay the $30k and keep it.
You don't end up ahead either way. If you would have purchased the car, you would still only have a $30,000 asset. It just depends whether you think the dealer is giving you a fair deal. If they thought it would only be worth $30k, and it is actually worth $40k then you got overcharged for the lease. On the flip side, it could only be worth $20k and you got a good deal on the lease.
A generally clear benefit of leasing is that at the start you are only paying interest on $20k instead of $50k. So, even if you want to buy the car. You can still negotiate the lease starting price. Lease it and pay less interest at the start. Then negotiate a better buyout price at lease end. This will save you some money on interest, because essentially you have a $20k loan and then a $30k loan. Instead of a $50k loan that will have high interest charges at the start.
With interest rate promotions running so often on new cars, this isn't always a clear benefit.
Don't get stuck in a mindset that you can lease a luxury car for less money than buying it. Don't think of it as the dealer is bearing the depreciation, because that is exactly what they are charging you for.
@LS2982 wrote:
@Dustink wrote:
@youngandcreditwrthy wrote:
Interesting...
Or I could...
Keep the title to the car I own...
And lease a brand new car for <$400 a month! Haha
Idk... I'll worry about it when the time comes.
Otoh,
A friend of mine recently told me that when his lease was up on his Jag, he was able to negotiate the price low enough that it was a great idea for him to buy it at the end of the lease!!!! So, in theory... I could accomplish something such as that!!! :-)
And if I could get favorable enough terms that purchasing would make more sense, I would.
What attracts me to leasing is of course the affordability of a luxury vehicle, but also the prepaid maintenance packages that are includes with many leases. Only experience and time will allow me to make those decisions appropriately :-)You can get the prepaid maintenance with a new car, just as much of a rip off either way.
Getting a discount at the lease end can be a good deal too. Either way, just make sure the numbers are right all around. Be sure to negotiate no matter what you buy. Don't pay MSRP whether leasing or buying. You can negotiate the deal for a purchase, and then get them to use that number for the lease. As long as your starting number is low, go whichever way you choose. It will end up costing the same amount no matter which way you do it, as long as you are able to negotiate.
Leasing doesn't save you any more, you just simply pay for depreciation over a set term. So, you could buy it and do the same. Or lease it and buy it out at the end. Whatever you prefer. I'd rather own my car than be bound to returning it at a set time after paying on it.
Is leasing a good deal if you just want a sweet ride to use every now and then?? I plan on PIF my truck but I definitely wouldnt mind riding a bad ass camaro 5 yrs from now.
I think buying would be better.
You can negotiate a price of about $5,500 off MSRP on the new camero. That would yield a 5 year car payment of around $350/month.
Or you could do a low mileage 3 year lease for around $325 per month.
I think I would rather pay a little more and own the car. Even if you want to get rid of it at the 3 year point, they seem to have decent resale and you would have several thousand in equity.