Auto Leases
02-11-2013, 12:27 AM
#1
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Auto Leases
I've always paid cash for cars and driven them into the ground, but my current ride is going on 12 years old and I'm starting to thing about leasing. I know that cars are a depreciating asset, but maintenance costs will soon surpass the benefit of not having a payment.
Does anyone have an online resource for fully coming up to speed on leasing? It seems like money rates are low and late model cars can be leased for reasonable rates.
Here's one of the sites I'm looking at that provide detailed rates, what are the others? RIDE with G | monthly lease rates, auto leasing tips, industry news and personal rants
Thanks!
Does anyone have an online resource for fully coming up to speed on leasing? It seems like money rates are low and late model cars can be leased for reasonable rates.
Here's one of the sites I'm looking at that provide detailed rates, what are the others? RIDE with G | monthly lease rates, auto leasing tips, industry news and personal rants
Thanks!
02-11-2013, 05:44 AM
#2
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Used Car interest rates are pretty darn low right now. You pretty much lose every time on a lease. I would purchase the newest used car you can with the amount you would spend on a lease payment. After 36-48 months you own the car. If you lease, after this time period you have nothing. I am a firm believer in buying a nice affordable car and paying it off.
Buying A Car Is Better Than Leasing - Business Insider
Buying A Car Is Better Than Leasing - Business Insider
02-11-2013, 06:10 AM
#4
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At least in the past I have been told that leasing and being able to write it off as a business expense (like my parents did with their 'Commercial' vehicles) was worthwhile, but as a personal car it was not a good idea. I've not researched it in-depth though so I'll be interested in what this thread produces for information. Thanks for the links thus far.
02-11-2013, 07:11 AM
#5
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Leasing they make you carry comprehensive insurance. Last new car I paid off in a couple of years then I self insured, for a savings of around a grand per year. I have always thought leasing was for people who like to trade cars every year out of vanity or for certain work reasons, or companies who supply a car to the employees as a way to retain some control over them, as a job perk, or as a way to obtain a better public image. Otherwise it just doesn't make a lot of sense- MX costs are low these days, mileage penalties, fees, insurance and so on all add up with a lease. Not the cheapest way to keep a car.
02-11-2013, 07:23 AM
#6
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I'm certain that requirement applies to new purchased vehicles with conventional loans as well as leasing. Although, with leasing some mfg.'s carry a global umbrella policy on the lease fleet that traditional financing doesn't have.
02-11-2013, 08:11 AM
#7
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02-11-2013, 09:57 AM
#8
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Leasing makes perfect sense on the corporate side of things because your business can pay for everything pre-tax from the payment to the gas to the tires.
From a personal perspective, leasing can make sense if you like to be in new cars with warranties. There's some great deals on leases right now but keep in mind as we get closer to summer, all the current lease deals that want $2000-$5000 down today, suddenly turn into 0 down in the summer.
From a personal perspective, leasing can make sense if you like to be in new cars with warranties. There's some great deals on leases right now but keep in mind as we get closer to summer, all the current lease deals that want $2000-$5000 down today, suddenly turn into 0 down in the summer.
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