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Author
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Topic: To Lease or Not to Lease???
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SFvert
Drama kids have no place here
Member # 3965
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posted
 
 
Thinkin of leasing a new car... any thoughts or suggestions?? is it worth it,, a 4 year lease. I know that ultimately you lose money,, but hey you have a new car! ![[patriot]](graemlins/patriot.gif)
[ May 11, 2006, 01:45 AM: Message edited by: sf89lx ]
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R.I.P. 89 LX Sold the 90 Vert,
I bring the Amber Lamps!!!
[IMG]http://images.encyclopediadramatica.com/images/5/53/Epicbeardmanwin.jpg[/IMG]
Posts: 3706 | From: the city by the bay | Registered: Jan 2004
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cobraracer46
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Member # 1142
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posted
Leasing a vehicle is a very bad idea. Manufacturers do not have to disclose the interest rate of a lease but if you run the numbers on a calculator, you will see that the effective interest rate on a lease works out to 28%. Another thing to remember is that cars rapidly go down in value and the lease payments are set in such a way that they protect the manufacture from this loss of value so by taking on a lease, you are getting screwed on two fronts. Financing a car stinks just as bad as a lease because you are putting your hard earned pay check every month into an asset that goes down the toilet in value quickly. The best way to go would be to let depreciation work in your favor and pay cash for a vehicle that is at least two years old.
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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.
Posts: 1172 | From: Woodside California | Registered: Apr 2002
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N8
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Member # 6048
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posted
Leases are bad, if you are a private owner type deal. I lease a couple vehicles but it is for my company. I did a lease on a private vehicle once. And it was a big hassle, with mileage and stuff. Some places have good lease options. Be sure to research.
Posts: 11638 | Registered: Sep 2005
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venomous99
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Member # 1917
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posted
leases are good for ppl who use the vehicle as a tax write off. if you're the type to unload cars every few years for a new car, it might be worth while but in most cases you end up paying more than someone who purchases the car and sells.
whats really stupid is leasing the car and after the contract is up purchasing the car at the residual value, which in most cases you finance again so u end up paying for the same car for an extremely long time(lease+purchase term).ends up being like 8 years++..lol
i suggest u check out leasetrader.com or swapalease.com for leases ppl are trying to get out of. lot of times u can find a car that only has a few months left on the lease with a decent residual amount at the end...some of these cars when u do the math end up being lower than kbb but the vast majority are on some rediculous leases.
the biggest ploy for dealerships is to convince u to get into a lease to have lower payments. of the 3 cars i bought new, every single time the saleperson would ask how much could i afford and if that amount was too low they would usually offer a lease with an "attractive low payment" when in the end ur paying a shit load for the car.
[ May 11, 2006, 02:49 PM: Message edited by: venomous99 ]
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MKII Q7
89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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