[MnM]

Just looking for experience. It will be our first lease and the payments are close to what we were looking for.

For people that lease or have leased:

Do you like it and would you lease again?

I know every case is different but the car we are leasing (or thinking of leasing) is a toyota yaris. It is a cheap car to begin with so I don't think there will be much $$ lost in the long term.

Once the lease is up how picky are they with the car as far as wear and tear?


Thanks for any input

[TheIglu]

My family has leased before.

If you are going for a high end car and like to stay current, it's nice.

If you are going for a cheaper car and looking to save money, not really sure it's gunna work out.

We leased a Malibu and it SUCKED. Milage quota's blow.

You could buy a brand new Yaris for $250 a month for 5 years with nothing down. Not sure what your lease payment would be, but 5 years for a Toyota is just break-in unless you are putting on mega-miles, which would negate the benefits of having a lease anyways.

At least you can always sell a car if you buy it outright. Can't sell a lease too well.

[Manny]

Yup with clayton on this one.

Why do you want to lease vs buy?

[MnM]

well it would be for my other half. She has an 01 mitsubishi that is going to need maitenance soon (70k miles). It's paid off and she would like to have a car under a warranty plan instead (for major issues). Now it's not crucial we upgrade but her current car is prob. in the same category as the yaris. She is not a car person at all and only needs the real basic amenities. Not to mention she really likes the way it looks. I don't know why but she does.

So with 0 down and just the car I can get a lease for <$200.
After looking at toyota's web calculator, it looks like I can finance for 72 mo. getting the same monthly payment. I would just have to put down $1k with the car.

She does not have a large commute so 12k miles would be plenty, she does not alter her cars, and she likes having a warranty. So it looks like a good avenue but I never did it before.

Do you think I should try to get the 72 month finance for the same price?

Thanks

[TheIglu]

Yes.

At the end of the lease, you give your car away.

At the end of buying it, you can sell the car.

Remember, it's going to have a decent warranty since it would be new. And most leases that I have dealt with don't cover brakes, shocks, tires, maintenance, etc, so what are you gaining?

Here is the warranty on the Prius:

Basic: 36 months/36,000 miles (all components other than normal wear and maintenance items).
Powertrain: 60 months/60,000 miles (engine, transmission/transaxle, front-wheel drive, rear-wheel drive, seatbelts and airbags).
Rust-Through: 60 months/unlimited miles (corrosion perforation of sheet metal).


So tell me again, why would leasing be better for her?

It's a Toyota, not a Mitsusquishi. It actually WILL last over 100k, WELL over.

That being said, any vehicle will need maintenance....

[TheIglu]

If you are worried about a car lasting the milage and getting your money out of it, buy a Corolla and talk to me in 200k miles. I'm willing to wager a shiney nickel you won't be complaining.

[MnM]

The major reason for looking into leasing was the lower monthly payment. After spending a few hours going back and forth with the dealership I got them to reduce there price from $247 to $159 for 36 mo. lease, which after doing more research its a decent deal but not great as the dealerships cry and say they are loosing buisiness. So that is the main reason - the price!

I think if I can get the 72mo finance for a similar price I might go with that. I'm guessing the extended warranty would run $1200 or so when the time came. I just figured because it was such a low priced car $13k, that after three years even if you walked away it wouldn't be that big of a hit.

I just have a feeling we will be in the same situation down the road (maybe diff. having a toyota) with the repairs costing more than what the actual car is worth. I just don't see these low grade cars holding value - even though it is a toyota. But the more I think about it and dwell on it I find myself not liking the whole leasing thing.

decisions, decisions

[highsider]

I always lease a car for my wife, that is the rule from now on.

The fact of the matter is that she doesn't drive much, but she is simply murder on a car - she is constantly breaking stuff. We did a lease on a Honda a couple of years back and loved it, got a cheaper payment and never had to pay for anything but oil changes.

We then bought a used car (a couple of years old with super-low miles) and paid the same car payment in tandem with repair and maintenance.

We just leased another Honda. Got a $33,000 Honda Pilot with leather and all of the goodies for $300 a month, 36,000 miles, and I dont have to worry about fixing anything, ever.

To me, its worth every penny. And frankly, I dont think I would save that much by owning and buying new tires and new brakes and timing belts and oil changes and oh yeah the fuckin heats not working right and the door panel fell off and......

[slaps76]

Originally Posted by MnM

The major reason for looking into leasing was the lower monthly payment. After spending a few hours going back and forth with the dealership I got them to reduce there price from $247 to $159 for 36 mo. lease, which after doing more research its a decent deal but not great as the dealerships cry and say they are loosing buisiness. So that is the main reason - the price!

I think if I can get the 72mo finance for a similar price I might go with that. I'm guessing the extended warranty would run $1200 or so when the time came. I just figured because it was such a low priced car $13k, that after three years even if you walked away it wouldn't be that big of a hit.

I just have a feeling we will be in the same situation down the road (maybe diff. having a toyota) with the repairs costing more than what the actual car is worth. I just don't see these low grade cars holding value - even though it is a toyota. But the more I think about it and dwell on it I find myself not liking the whole leasing thing.

decisions, decisions

That is a cheap lease. The one thing I noticed you say was that she likes her cars under warranty. As you mentioned, you can purchase an extended warranty probably up to 100K miles. However if she just likes having a new car every few years, the lease is the way to go.

If you put little or no money down, finance for 72 months, you WILL take a hit, Toyota or not. So the "you can sell the car down the road" doesn't really help you a ton unless you're willing to put some money down upfront or are ready to eat the difference when you're ready to sell/trade, and are upside down.

I think what it comes down to is how long you think you'll keep the car for. For 3 years, leasing will cost you less...5+ years, buy it. You don't exactly get a great deal buying a car at the end of it's lease.

And if you're going to buy, look into a slightly used one. Still get the remainder factory warranty, can still purchase the same extended warranty, and some of the initial depreciation has already taken place.

[TheIglu]

Keeping up with maintenance isn't hard. Even if you pay someone to do it. If she wants something new and something she won't have to take care of, then lease away.

I hate them because I know I can stop my payments and still get another 5 years out of the vehicle if it's a Honda or Toyota when I buy. I change the oil, get things taken care of when they go wrong and don't abuse it.

My girlfriend on the other hand? Treats the Subaru like an appliance. Her next car will be a used $8k Corolla so she can put tens of thousands of unnecessary miles on it and I won't give a shit. I'll expect to do brakes a 80k, alternator and shocks at 100k, tranny around 160k (if we aren't lucky) and that's about it. Any new car, if that is a lease or purchase, is NOT the way to "save money". End of story.

That being said, $159 a month is cheap cake for a new car. I'd do it for the piece of mind if she is anything like my woman and you don't want to be responsible for keeping her vehicles going.

Also, if they were loosing money on the deal, they wouldn't of offered it to you. Don't let that wool cover your eyes.

[Punjistick]

why not trade in the mitsubishi if it is all paid off and use it as a down payment? The more you can put down the better.

[ChR1s]

Leasing?

Aprilia Brings Leasing To The Motorcycle Industry News Article // RoadracingWorld.com

[ssg]

Don't forget extended warrantees are like asking the dealer how much they want a check for. Typically they come out of the gate at about 3-4x the actual cost they will sell it to you for (the warranty). The reason they do this is because most of the exotic shit that is going to go wrong isn't covered under the warranty and if it is - it's cause it's not going to break.

[highsider]

Originally Posted by TheIglu

Any new car, if that is a lease or purchase, is NOT the way to "save money". End of story.

I save money by leasing a new car. How do you like them apples?

[ssg]

Originally Posted by highsider

I save money by leasing a new car. How do you like them apples?

car money not save lease pilot pathfinder.

[highsider]

Originally Posted by somestrangeguy

car money not save lease pilot pathfinder.

Kham!!

(Except you suck at it. You should have said save money drift car speeding ticket police Asian mechanic radar gun timing belt NADA dealership Pilot Pathfinder rusty frame money save lease.)

[Stoneman]

SEVENTY TWO MONTHS??? Whaddareyounutz? You shouldn't finance anything other than a house for that long!

Leasing is a great alternative to purchasing for SOME people. I've done both and it worked out great. BUT, rather than buyout the lease at the end, I squirled away the money I saved and used it for a downpayment on a purchase next time around...

Most leases you don't necessarily just 'give your car away' at the end. Most good lease deals don't require a downpayment, therefor the only money you really have into it is the reduced payments. In essence - if you decide to buy the lease out - you pay for the unused value of the car, which is usually pretty reasonable if you're careful negotiating the deal. And regardless of what many will tell you, you DO have equity in a lease...

Even with the 25K miles a year I do, I was THIS close to leasing the Murano I just bought. No money down, 32 month lease with 25K miles was less than $400. The buyout at the end was so fookin' good we seriously wrastled with the idea...

My wife, on the other hand has her own small accounting business. From here on in, it's strictly leases for her. But that's more of a write-off thing from her perspective (just waiting on the '08 AWD 300HP Caddy CTS to come in!)...

Leasing nowadays is such a great alternative IF you can keep within the agreed upon allowances and IF you can discipline yourself to store away some cake to either buy it out or use for a purchase...

Then again, asking this question is akin to asking what oil to use...

[wylee]

$159 for a 36 month lease doesn't sound like a great deal to me if you have to put the current car down.

If you buy, you can get the next car on your schedule. If you lease, you HAVE to either get another car or buy the leased car out in 3 years or less. Either way you go with a lease, unless you squirell some money away like the stoneman is suggesting, expect a higher payment in 3 years.

72 months financing is not ideal, but its not the end of the world either and may be a better option than a lease as you know what your payment will be for 6 years.

The Yaris is a new model, but I expect it will be just as dependable as a Corolla. With my Corolla (2005 with 90k miles) I've done nothing but oil changes every 5k and a couple sets of tires. If you can afford the financing, that's the way I'd go, but you'll need to consider the MA tax as well. Do you pay full tax on a leased vehicle?

When turning a leased car in, I believe most damage (chips, dings, etc.), interior or exterior, that can be covered with a credit card (about 2" x 3") is considered normal wear and tear. Check on that though, I'm sure all leases vary slightly.

[KillBill]

I am currently leasing my car and writing it off as a business expense. I have had the car for almost three years and am planning on turning it in and upgrading. It is nice to have a new car all the time but if you live in NH where registration costs are astronomical for new cars it sucks. I paid over $500 the first year I registered

If you do a lot of miles, do not lease. If you like to modify/customize do not lease. That's why we have our bikes

[ssg]

Originally Posted by KillBill

I am currently leasing my car and writing it off as a business expense. I have had the car for almost three years and am planning on turning it in and upgrading. It is nice to have a new car all the time but if you live in NH where registration costs are astronomical for new cars it sucks. I paid over $500 the first year I registered

uh, you're not familiar with excise tax that mass has? I'd love to just have a 500$ registration and be done with it

[KillBill]

I am actually. When I lived in Methuen i paid a hefty tax as well. Each state gets you in their own way.

Every time i feel like i'm getting butt raped. It sux

[ssg]

Originally Posted by KillBill

I am actually. When I lived in Methuen i paid a hefty tax as well. Each state gets you in their own way.

Every time i feel like i'm getting butt raped. It sux

Yeah actually I guess 500$ consistently does suck, at least excise goes down but not if you keep current

[Stoneman]

Originally Posted by somestrangeguy

Yeah actually I guess 500$ consistently does suck, at least excise goes down but not if you keep current

Your regi's go down in NH every year too. Hell, it's less than a coupla hundred beans to regi my bike, the Vette and my truck now. It gets down to a certain point, then flatlines...

The first year's outrageous. The Murano was like, $500 or some shit. But within a few years, it'll be down to a coupla hundred...

[hammadown]

I leased my current vehicle and it actually worked out quite well. I figured out how much $ total it was going to be with downpayment, lease payments and the buy out, which i was able to get for less than the sticker of the truck. So I leased it and saved some extra cash over the 3 years to have enough to buy out the truck at the end. In that case I actually saved some money. From what I have seen this is not typical of a lease, but if you can get something like that, its a great deal.

[Stoneman]

Originally Posted by hammadown

I leased my current vehicle and it actually worked out quite well. I figured out how much $ total it was going to be with downpayment, lease payments and the buy out, which i was able to get for less than the sticker of the truck. So I leased it and saved some extra cash over the 3 years to have enough to buy out the truck at the end. In that case I actually saved some money. From what I have seen this is not typical of a lease, but if you can get something like that, its a great deal.

When we were looking into leasing the Murano - and now that my wife is gonna be leasing - we're finding this more typical now with leases. And leases are VERY much negotiable now compared to a handful of years ago. The game's changed quite a bit...