Have you leased a car?

posted 1 year ago in Weddingbee
Post # 3
Member
1919 posts
Buzzing bee
  • Wedding: April 2016

DoubleD :  Leasing is a waste of money. Full responsibility for all maintenance applies to most leased cars as well. Some dealerships offer some free maintenance but not all. Mileage restrictions are huge, you should expect to pay at least $2,000 at the end of the lease for over milage unless you are that diligent. Most people are not. Buy a used car, only a few years old with low milage. Then purchase an extended warranty to cover at least till 150k miles, if one is not already provided. 

Post # 4
Member
7904 posts
Bumble Beekeeper

DoubleD :  I haven’t (and never willl), but my husband did before we were married. He still had a downpayment, monthly payment, and was responsible for all the maintenance and repairs. He would have been better off just buying a car that wasn’t an nice and I quickly showed him the error of his ways. 

Regular cars are never an investment (exception being if you actually collect rare cars which you wouldn’t be driving everyday anyways). Unless you have the cash to blow on luxuries and cars are you vice, just buy what suits your needs, pay for as much of it in cash as you can, and if you need to finance it pay it off quickly.

Post # 5
Member
2527 posts
Sugar bee
  • Wedding: September 2018

Nope and I never would. I drive a 2012 which is completely paid off. I don’t need a newer car. When it’s time to upgrade mine, I will buy a modest used car and either pay cash or pay it off rapidly. 

Post # 6
Member
1220 posts
Bumble bee
  • Wedding: July 2019

I own my car now, but I leased the one before this. The pros were as you mentioned previously, plus warranties and freebies like roadside assistance. But ultimately I decided that owning was a better option for me once my lease was up, especially due to the mileage restrictions given my commute to work every day.

Post # 7
Member
2014 posts
Buzzing bee
  • Wedding: April 2018

My husband did a few years ago. It was such a mistake. We got lucky when the VW recall happened. We were able to get rid of the car and break the lease. 

Buy used! 

Post # 8
Member
5113 posts
Bee Keeper
  • Wedding: December 2014

Financially, it’s smarter to buy the car. However, there are some cirumstances where leasing may be a better fit for you. If you’re the type of person that wants a new car every couple of years, then leasing may be for you. If you like to drive luxury brand cars that are super expensive to maintain as they get older, then leasing may be for you. Of course, this is also assuming you don’t drive over your mileage.

My mother is the type that wants a new car every couple of years, leasing has worked well for her. Darling Husband was in car sales for years and many of his coworkers with plenty of money to buy still chose to lease when they wanted a luxury vehicle. Obviously, the smartest financial decision is to buy a used car cash and run it into the ground, but if that’s not what you’re into, then it’s possible that leasing could work for you.

 

Post # 9
Member
1066 posts
Bumble bee
  • Wedding: August 2019

It makes the most financial sense to buy a car. Leasing is not worth it, in my opinion. However, if it’s important to you that you have a new car every few years, and you can afford it, go for it. I just would never do it, because it makes more financial sense for me to buy a used car with low mileage and drive it until it’s completely dead. But I don’t really care about having a new car, as long as the one I’m driving gets me safely from point A to point B. Other people have different priorities, nothing wrong with a nice car being one of yours.

Post # 10
Member
442 posts
Helper bee
  • Wedding: March 2015 - City, State

Darling Husband and I seem to be in the minority here since we prefer to lease cars. We like not having to worry about any major maintenance it will need, or having to purchase new tires, brakes, ect. Especially in the luxury vehicles we drive. The oil change prices suck already.

The 10k-12k mileage restrictions do not bother us since we both work relatively close to our jobs. We always travel by plane for the holidays, so our cars are just sitting there for two weeks at a time. 

Yes, we don’t own the car at the end of the lease, but we like the idea of getting a new car every 3 years. 

Post # 11
Member
7904 posts
Bumble Beekeeper

soon2bmrsruiz :  my husband had to pay for tires on his lease – right before the lease term was up too. Did you have it in your contract that the dealer paid for certain repairs or has it just never come up? 

Post # 12
Member
270 posts
Helper bee

I wonder if it’s been different here in Canada. I had purchased my first car new and with my new one , all of the “car people” I knew advised me to lease because it would be cheaper than financing. I know many people who work in the industry and their advice was pretty much unanimous. I should probably note that I have a high mileage lease and all maintenance etc is free within it. Even if i decided to buy back my car at the end of the lease , we did the math and it was several thousand cheaper than purchasing. I also didn’t think I wanted to keep an older car like i did last time. No regrets, it has been a great experience for me! I’m not sure if it’s any different there, my lease has very few restrictions on it. Damage has to be significant to have to fix it at the end of the lease (larger than a credit card) , although I maintain my cars extremely well anyway. If I had kids who might damage the interior or something, it might be a different story though! 

Post # 13
Member
442 posts
Helper bee
  • Wedding: March 2015 - City, State

LilliV :  For my last car with Honda, we had a $500 wear and tear credit. So as long as there were no other problems, the tires were covered. We did have to pay a $350 deposition fee, which was annoying. That is usually waived if you get a new lease with that brand though and they will up the wear and tear credit to 1k.

Post # 14
Member
2019 posts
Buzzing bee

So, we lease one and buy one. I think in the future we will just lease both. If you are someone who likes driving cars until they die..buy! The ‘tricks’ to getting a good lease payment is not being picky about what car you get. We will typically shop around at multiple dealerships (different brands) and see what they are offering different months. Once they have a car we like that is running a good special, that’s what we go for. You also can’t be super picky about color, add ons, etc because a lot of times the deals only apply to what’s on their lot. So if you are someone who needs to customize every aspect of your vehicle, leasing is going to be insanely expensive. 

If you drive a crazy amount of miles a year, leasing also won’t work out for you. Neither Darling Husband or I drive far for work, and i work from home very often which keeps our mileage very low. 

With our leases, we always turn them in before any big costs hit. They’re always 100% under warranty and the only things we are paying for are tire rotations and oil changes. We’ve never put new tires on a lease, replaced brakes, etc. If you are going to need to do those things, leasing will be less financially advantageous.

I’ve leased 3 cars and every time my payments have been so low. People never believe me haha. I never put any money down, either.  For me, it works. I like that at the end of a few years, I drop it back off at the dealership, pick up another car and roll on my way. I have a friend who is leasing basically the same car as us, and she pays almost double what we pay. She has the top line sound system (we have the mid line sound system) and we have a sunroof while she doesn’t. Those are the only differences. Same paint color, same wheels, same engine, same interior, both AWD, etc. I think she’s getting totally ripped off and should just be buying it for how much she’s paying. 

 

Post # 15
Member
9213 posts
Buzzing Beekeeper

We just leased my SUV last week. We bought dh’s car outright in 2016, but leasing this one made more sense for us. My commute is 3 miles round-trip, maintenance/regular inspections are covered, we negotiated a great deal, and since it’s our first SUV, something more temporary is nice so we can feel it out and figure out what features we like/dislike. We also have a baby and wanted to go new for some added peace of mind.

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