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Thread: Who here leases vehicles? Do you know how they work?

  1. #41
    Registered User sukie's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by Forward_Lateral View Post
    I wouldn't lease a car, even through my business. A gigantic waste of money
    The argument is buying and having depreciation rapidly approach zero... that is a waste of money.

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    Registered User sahlensguy's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by sukie View Post
    The argument is buying and having depreciation rapidly approach zero... that is a waste of money.
    You're both right.

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    OpIv37 (06-05-2019)

  4. #43
    Acid Douching Asswipe OpIv37's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by sahlensguy View Post
    You're both right.
    Like I said at the start of this thread, if you don’t mind having a monthly payment because you like having a new car every 3 years, and you don’t drive a lot of miles, leasing makes sense.

    If you drive a lot of miles and/or prefer to buy a car outright/pay it off and drive it into the ground so you don’t have to worry about a monthly payment, then leasing doesn’t make sense.

    I think there’s other considerations too, like I wouldn’t recommend leasing to people with young kids or dogs that are likely to damage the interior cuz they’ll kill you on it when you go to trade it in. Same thing for heavy smokers. Remember, they want to flip that thing to someone like me who buys CPO as quickly and cheaply as possible.

    It just depends on the situation.

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    Registered User sahlensguy's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by OpIv37 View Post
    Like I said at the start of this thread, if you don’t mind having a monthly payment because you like having a new car every 3 years, and you don’t drive a lot of miles, leasing makes sense.

    If you drive a lot of miles and/or prefer to buy a car outright/pay it off and drive it into the ground so you don’t have to worry about a monthly payment, then leasing doesn’t make sense.

    I think there’s other considerations too, like I wouldn’t recommend leasing to people with young kids or dogs that are likely to damage the interior cuz they’ll kill you on it when you go to trade it in. Same thing for heavy smokers. Remember, they want to flip that thing to someone like me who buys CPO as quickly and cheaply as possible.

    It just depends on the situation.
    It's like that game 'Would You Rather'.

    Would you rather hit yourself in the head with a hammer or drop the soap in a Turkish prison?

    Two bad choices.

    There are reasons why car manufacturers are aren't so bullish on their futures. One is that car ownership is too often a big waste of money.
    Last edited by sahlensguy; 06-05-2019 at 02:05 PM.

  6. #45
    Registered User sukie's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by OpIv37 View Post
    Like I said at the start of this thread, if you don’t mind having a monthly payment because you like having a new car every 3 years, and you don’t drive a lot of miles, leasing makes sense.

    If you drive a lot of miles and/or prefer to buy a car outright/pay it off and drive it into the ground so you don’t have to worry about a monthly payment, then leasing doesn’t make sense.

    I think there’s other considerations too, like I wouldn’t recommend leasing to people with young kids or dogs that are likely to damage the interior cuz they’ll kill you on it when you go to trade it in. Same thing for heavy smokers. Remember, they want to flip that thing to someone like me who buys CPO as quickly and cheaply as possible.

    It just depends on the situation.
    Firstly the payments are far less leasing. Nearly 40% less vs a 60 mo loan. So if you don’t drive a lot... lease.

    correct on damage however wear and tear isn’t an issue.

    leasing for a kid in college... best thing to do since youngins hit stuff. Repair the car but don’t face instant collision depreciation like if you owned.

    never worry about repairs.

    in my case. My lease is 19000 miles under. That means I have a grand or 2 equity toward my next lease.

    here is where leasing needs to be understood.

    always negotiate price off of MSRP. Usually 14-1800 off. Sometimes a bit more. That is the starting point.

    never ever put money down. Advertised leases are on full MSRP with thousands down to get that advertised price of 179/mo.

    only pay first month and tags docs up front.

    I am looking at a couple of cars, I am registered on Edmunds.com forums. I get the current money factor, residual, and any current lease cash that is never advertised.

    example; 2019 Kia Optima ex. MSRP is 29955. Money factor sucks at .00198 (x2400 = 4.752%)

    to offset ****ty bank terms there are hidden lease cash incentives. Currently 4420 dollars.

    29955 x 52% 15576.6 residual. That is what car is worth in three years with 36k on it.

    negotiate down the sales price. Say 27500

    subtract the 4420 incentive... 23080 is the cap cost.

    23080-15576.6 = 7503.4. Divided by 36 = the big part of lease. 208.42

    now finance. Add the 2 numbers above... 23080 + 15576.6 = 38656.6 x .00198 (money factor) 76.54. Finance fee

    add those 2. 208.42 + 76.54 = 284.96 per month

    tax that payment by your sales tax. Mine is 7%. 284.96 +7% = 304.91 monthly payment.

    now remember this is with a ****ty money factor - to 4.75%

    always look for a money factor with 3 zeros. (.0004 for example... that’s .96 %)

    this vehicle will will make me wait until money factor drops in a month or 2

    76.4 a month for the banks is silly. Hyundai is the worst. Any new car or popular car out of the gate has high money factors. Those plummet when the next years car is slated to be released.

    Subaru wins at this game. They start with a 60% residual with a money factor of .00035 . The extra 8% in residuals is huge. .84% finance charges is maybe 15-20 bucks a month.

    so IF anyone wants to see what a car lease should be... I can help you out.

  7. #46
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    Re: Who here leases vehicles? Do you know how they work?

    Another thing on this that’s just a personal thing:

    When I was leasing, it never really felt like the car was mine. It felt kinda like staying in a hotel- you may throw some socks in a drawer or something but you’re not going to get too settled in because you know you’re not gonna be there forever. I’m very protective of my car and I hate getting scratches or stains interior but I was even more paranoid about it when I was leasing because damage costs money at trade-in time. And I was constantly doing math regarding the mileage to make sure I wasn’t going over, until it finally occurred to me that I can’t not drive so if I went over I’d just have to eat it.

    Also, I’m not a big after market guy but any after market stuff is basically a donation to whoever gets the car next. I put a roof rack and trailer hitch for a bike rack on my wife’s Murano. I’d never invest money like that into a lease.

    I guess if I’m making payments on a car I don’t technically own it until it’s paid off, but the point is it’s still mine until I decide to get rid of it. There’s no clock on it. I don’t know, maybe it’s just me, but with the lease I just never felt like it was my car.

  8. #47
    Registered User sukie's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Yeah, I got over that in 1998

    - - - Updated - - -

    BTW have you seen what Nissan did to the crappy Altima? Holy total redesign , bartman.

  9. #48
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    Re: Who here leases vehicles? Do you know how they work?

    Quote Originally Posted by sukie View Post
    Yeah, I got over that in 1998

    - - - Updated - - -

    BTW have you seen what Nissan did to the crappy Altima? Holy total redesign , bartman.
    Oh yes. I love the AWD option too. A friend in Rochester got one a few months back- I can’t wait to check it out when I’m up there next month.

  10. #49
    Registered User sukie's Avatar
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    Re: Who here leases vehicles? Do you know how they work?

    Iím between a limited Impreza hatch and the Altima SR. No need to pay for AWD option with my 5500 miles a year


    i kid... itís 5750

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