Leased Cars?

mp3z24 · 09-03-2003, 09:39 AM

hey. does anyone here lease a car. probably not the one that all your mp3 gear is going into, but perhaps another car.

im looking at trading in my car on a leased car. well, kinda just tossing around the idea right now. the whole "unleash a jaguar" sales thing at the jaguar dealers has really piqued my interest. if you dont know what this is all about... they are listing new jaguar x-type's for lease at 279 a month. thats not much more than i am paying for my car right now. but i have a standard loan for paying off my car.

my current car has about 1 yr 10 months on the loan. and i doubt i will pay it off early. the jaguar lease is for 3 years... so, in 3 years i need a new car.

anyway, im just looking around to see if anyone here has any input on leasing a car. oh, its just me paying off all this stuff. no wife/family yet...

~Mike

hijinks21 · 09-03-2003, 09:45 AM

lease is fine just as long as you don't go over the mile limit.. if you do you'll be paying out the *** when the lease is up.. well depending on how many miles you go over it

Robb@E.P.E · 09-03-2003, 04:09 PM

Leasing, if done right, can be great. Lease payments are typically less per month. When your lease is up, you have the option to buy the car, which, in the end, costs you more than if you'd just bought it outright up-front, but not too much, and when you go into a lease with the full intention of buying the car at the end, you can modify it and not worry about mileage and actually ENJOY the car. It really depends on your attitude, and how often you want to get a new car. Myself, I get comfortable with a car and drive that puppy till it won't work anymore

Callahan · 09-03-2003, 04:21 PM

Leasing is great if you follow the rules and intend to continue leasing. In those 3 years, you can just lease another car and continue on. The problem is that you end up no longer having a trade-in for a "nicer" car next time.

If you don't mind not technically owning your car, it means you can get a new car pretty frequently. I'm not a fan of milage restrictions myself, so I chose to Finance my Grand Am. But my fiance's Kia Rio is leased, it made for an uber-cheap new car and she will just continue to pick up a new car at the end of the lease.

hijinks21 · 09-03-2003, 04:22 PM

I say with interest rates being so low.. just buy.. well of course if its a jag then it might be out of your price range.. but who knows

mp3z24 · 09-03-2003, 05:39 PM

Quote: Originally Posted by hijinks21

I say with interest rates being so low.. just buy.. well of course if its a jag then it might be out of your price range.. but who knows

yeah... the whole out of my price range thing is the problem with the car. i think this might just turn out to be another one of my pipe dreams. after all, i'd rather not be stuck purchasing (or leasing) another car when this lease is up. right now, i could afford the lease payments, but straight up financing would kick my ***. i just moved into my new townhouse and money is a bit tight. so, considering all the options so far, i think im better off hanging onto my cavalier, beating the crap out of it, and selling it off to a high school kid whos in need of a first car.

besides, im a definate driver... i like to put on miles. and i know i would drive everywhere if i had that jag... probably blast right past the mileage restriction. so, thanks for the help, but like i said, i think this little plan is going to be tossed out for better options, like more toys to spend money on.

~Mike

frodobaggins · 09-03-2003, 07:21 PM

I went 29000 miles over on a lease one time...never lease again

mp3z24 · 09-04-2003, 09:07 AM

Quote: Originally Posted by frodobaggins

I went 29000 miles over on a lease one time...never lease again

ouch!!!

~mike

cubanmoses · 09-04-2003, 03:42 PM

u could increase the amount of miles u can put on it every year. this includes a price increase, not sure how much.

cproaudio · 09-04-2003, 04:23 PM

Or you can craw under your car and disconnect the speedometer cable when you're approaching the milage limit. Just remember to reset the check engine light when you plug it back in and erase the code in the electronic control unit. Some ECU can recall check engine code if not reset even if you reset the check engine light.
Or you can unplug the fuse for the dash guages but then none of your guages will work so you wouldnt know if you still have gas in the tank

Gutter · 09-04-2003, 08:42 PM

Quote: Originally Posted by cproaudio

Or you can craw under your car and disconnect the speedometer cable when you're approaching the milage limit. Just remember to reset the check engine light when you plug it back in and erase the code in the electronic control unit. Some ECU can recall check engine code if not reset even if you reset the check engine light.
Or you can unplug the fuse for the dash guages but then none of your guages will work so you wouldnt know if you still have gas in the tank

Remind me to never let you borrow my car.

MeanGT · 09-04-2003, 09:05 PM

You oughtta buy a used car that is like 1 or 2 years old with < 30k miles(Jag if your heart is set on it) and set up the financing so that the payments would be about equal to the lease,, if it's possible. That way when the car is payed off, you still have a lot of equity, rather than just handing all that equity right back to the dealer you were leasing from. I personally never saw the financial benefit of leasing, it seems like a waste in the long run

jinu117 · 09-04-2003, 09:34 PM

Quote: Originally Posted by MeanGT

You oughtta buy a used car that is like 1 or 2 years old with < 30k miles(Jag if your heart is set on it) and set up the financing so that the payments would be about equal to the lease,, if it's possible. That way when the car is payed off, you still have a lot of equity, rather than just handing all that equity right back to the dealer you were leasing from. I personally never saw the financial benefit of leasing, it seems like a waste in the long run

If you are stretching to lease a car... probably a bad idea. Lease payments usually are about 60-70% of purchase... (3-4 year lease vs 5 year loan) I wouldn't lease a car that I can't afford to buy. So... if I can afford $500/month purchase, I will consider $300-$350 lease. (with 2 cars to pay, I can't afford much more than that... :P My G35 was reaching threshold of my limit in my mind)

Benefit of lease: Don't have to worry about upkeep after manufacture's warranty is over with. The most expensive maintenances usually can be avoided... (the end of 3 year one, new brake, etc). Monthly payment is lower (you should be really putting this money into good use or you will be in lease cycle for quite some time). You can change car when you are getting a little too used to it. etc.

Cons: You get practically nothing at end of lease if not owing money. You can't modify your car too much, etc.

Frankly, I traded in my accord for oddysey EX yesterday at $360 a month no down, etc. (took the trade in check home for carputer I guess) I looked at her driving pattern and it didn't make much sense to buy one when she probably will get less than 70k mile in next decade. (And I don't like keeping the car more than 7-8 years as the upkeep keeps going up at that point typically) However, my G35 is purchased as I know I WILL be with it for next 8-9 years (had it since march last year :P)

It really depends on how long you will keep the car with no regrets... :P

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