Bluegrassrivals

I know absolutly nothing about leasing a vehicle! Advice?

well.. with leasing, you can get another car in a few years, and not really owe nothing on it. it's like renting on basically. but when you own one, when you pay it off, it is yours to do what you please.. When you lease you keep paying on it till you give it back. if i'm not mistaken..

Leasing is just like buying a vehicle without getting to keep it. You cannot alter it and you keep making the payments without owning it. It's a rent to NOT own basically. You are basically buying a car and paying for 2 years or so and then having to turn around and give it back having changed nothing about it and then having to start payments on another that you have chosen to buy or pay another 2 years for another lease.

Leasing is a way to get a new car every few years without being so upside down in your trade in that you cannot keep the payments close to the same. If you lease you will basically have a car that will always be under warranty but as tribe said you cannot modify the car in any way. There is also usually a mileage limit that you can put on the lease vehicle before you have to pay extra for the mileage. If you do not drive a lot you could be OK on a lease.

Myself I average 200-2500 miles a month. A lease will usually give you 15,000 miles per year until they charge you an overage fee.

thetribe Wrote:Leasing is just like buying a vehicle without getting to keep it. You cannot alter it and you keep making the payments without owning it. It's a rent to NOT own basically. You are basically buying a car and paying for 2 years or so and then having to turn around and give it back having changed nothing about it and then having to start payments on another that you have chosen to buy or pay another 2 years for another lease.

I believe with a lease vehicle you have the option to turn it into a conventional auto loan at the end of your lease term. I do not know if your previous payments go towards the principle of if you buy it at the going rate for a used auto.

I'm like MIdee, I'm pretty sure when your lease is up, you can buy the car out right for a big sum of money.

I don't doubt that at all. I didn't mention anything about keeping the vehicle that you were currently leasing because I didn't know the terms of it. The mileage thing is something I forgot to mention as well.

You also have to restore the vehicle to good condition should there be any body damage. If you don't then they have it done and charge you a fee that's usually higher than what you could have gotten it done for yourself.

I would SOOOOOOO go in the hole on the mileage thing... LOL..... I drive an 05 which I got in July of 04 and I already have over 40,000 miles on it!! I have too much "on the go" time to lease a vehicle.

A friend of mine leased a Ford Diesel truck. Paid around $500.00 a month for two years and then when his lease was up they still wanted like $26,000 for it!! LOL....I would have MUCH rather my $500.00 went towards my payment!!! BUT... that is just my opinion....

phs1986 Wrote:I would SOOOOOOO go in the hole on the mileage thing... LOL..... I drive an 05 which I got in July of 04 and I already have over 40,000 miles on it!! I have too much "on the go" time to lease a vehicle.

A friend of mine leased a Ford Diesel truck. Paid around $500.00 a month for two years and then when his lease was up they still wanted like $26,000 for it!! LOL....I would have MUCH rather my $500.00 went towards my payment!!! BUT... that is just my opinion....

See that's me too. I have a 2003 I bought new and I have 120,000 miles on it. On a lease it would have been allowed 60,000 max by now.

Now if I would have done a 3 year lease on that piece of garbage car of my wifes I would have been out of it in about 14 months and the headache would be gone. But nooooooo I have over 3 years to pay on that piece of garbage. But it's over 2 years old and only has 21,000 miles on it.

I couldn't lease either. I average 25,000 per year so I buy old vehicles that I don't have to worry about. My truck had 108,000 when my son got it. My Explorer had 162,000 when I traded it for my Expedition which now has 157,000 and going strong.

My Honda Accord has around 208,000 and it's still running great. My parents bought me a Tahoe on Friday so I will have to rack them up on it too.