My current lease will come to term on june 1st, and I was wondering should I lease or buy the new 05? what have your experiences been? I just as all of you have ot have this car, so what would you do?

thanks

 

Lease or buy is a personal opinion. I leased once, will never do that again. Leasing is good for someone who owns a business and trades their cars in every 3 years. The way I look at is this.

Hypothetically speaking...

A. You lease a car for $30,000.00. After 3 years you have paid $15,000.00 into it. At the end of the lease you have 2 options. Buy it or give it back. Lets say the car has a resale value of $18,000.00. You get nothing for it if you give it back or trade it in. Normally your buy out is lower than the current retail so let's say you could buy the car for $14,000.00 and then resell it hoping to get a profit of $4,000.00.

B. You purchase the car instead. You decide to trade it in after 3 years. If the dealer gives you $14,000.00 for the trade in you only pay tax on the difference (at least in Canada) so really the car could be worth at least $16,000.00 for a trade-in.

So if you look at those 2 examples (not saying they are 100% accurate) option A, leasing, is very risky if you plan on getting rid of the car in 3 years. Just remember, you get nothing for a lease car if you bring it back to the dealer to trade it in.

I leased my 97 GT only because the deal was unbeatable and I planned on buying out the lease after 3 years.

 

Leasing a vehicle is the worst thing you can do. Especially if you plan to drive more than a few miles per day.

 

I am not a fan of leasing either. But if you are currently leasing, and had a good experience, base it on that. If you get scerewed in your current lease, don't lease again.

This was discussed on another thread too. It seemed popular that most would rather not lease. But there were a few that liked it. It seems the big factor is the amount of miles you drive.

 

dude...if leasing a vehicle is the worst thing you can do, then why would it even be an option? Many people lease for a few different reasons.

1) Monthly payments are usually significantly less!!! So you get to drive more car for less of a monthly payment
2) You get a new car every 2-4 years
3) Very good idea for businesses

 

In my mind leasing only makes economical sense if you own a business and can use the lease for tax purposes.

I will buy this car, (I will have to finance). I plan on driving the car as long as I can.

 

the first mustang i had was a lease....... two words: upside and down..... i'm buying this one! imma keep it forever! well- for 6 years at least.......

 

i lease my cars ..il give you real reasons

i sold cars for over a year..fords to be exact...

1. no slaesperson will ever finance a car..theyre all leased..unless theyre mach1's or cobras, tbirds etc

2. i personally after 48months get tired and want a new car

3. god forbid i get my car totalled i dont come out screwed having the insurance company give me less than the remaining loan.

4. fords..although i love them to death dont hold value

5. i live in Long Island so if it comes down to a 1400$ 1 br apartment and either a 300$ lease payment or a 600$ finance payment alone with 400 dollar insurance. take a gander whatil pick...

6. your gonna get people..blah blah after 3 years u already paid half ..blah blah
figure this.. after 4 years when u paid half the car u used it during the entire warranty period and odds are didnt have anything break...and only paid half and now u got a 09 GT while the other guy is paying double all along for a car thats now costing repair money out of his pocket and cant barely sell it to break even.

7. figure in 8 years u paid prolly 30K and had 2 brand new GT's
or u could have urself be the owner of a brand newly paid off 8 year old stang with prolly 130K on it..yay!

8. in NY we have the RCO instead of the standard lease..so i figure since i get the title to the car anyway id rather think about committing myself to the other 15K..it gives me time to decide if i like the car that much more or maybe after the 4 yrs il have better job and il finance a 08 cobra etc.. and since i have the title i can sell it if i want anytime

i know im rambling alot ..cuz im tired and gassy=p but i hope it helps a little

 

also mileage blah blah if ur gonna put 30k a year of the car anyway say bye bye to selling it after the loans up or egtting anything from insurance if god fobid something happens


at 15K miles a year u have 288 a week

and u can go up to 19,500 miles a year if you want
so after 4 years u can return the car with 78,000 miles

 

There are cases when leasing is great.

You pay the difference between the residual and your best price.

So a car with a good (high) residual on an A-plan deal will a lot of times make a good lease. Throw in some rebates...

I was leasing a $33,000 Explorers for zero down and $289 / month for 15,000 mile leases.

And if you put 30,000 miles on a year, it really doesn't matter. Either you're going to pre-pay $$$ for those miles, or you're going to buy a car and run up the miles and eventually try to sell a car with high miles. Either way you'll lose money.

 

Depends on what you are doing. I purchased our vehicles with a home equity loan and am writing off the interest that way. I also have two vehicles that are now daily drivers and get about 15,000 miles a year on them. I can drive these vehicles for 8-10 years and get my money out of them. This leaves me with money to buy other cars with to play with.

All depends on your situation and what you want to do. My GTO nor the Mustang are going to be daily drivers.

 

i just dont want to end up in a position where i owe 20k when the cobras come out and car only gets me 15k