[avamerican]

Anyone ever choose to lease a car rather than buy? What was your experience? I'm curious because I've personally never leased but I know people who have and the census seems to be split between pros and cons. Some had great experiences with it and others say they wouldn't do it again and feel they probably would have saved if they had purchased instead.

[Dodge Doll]

I don't advise leasing unless you have a car/vehicle allowance from work. While it may make driving newer wheels more affordable, what it costs (in the long run) makes the dealerships a lot of money.

Y'see, you never own the vehicle. You pay interest on it's use, every month, but at the end of the term you're on the hook for the buyout: if you do that, you end up paying thousands more than you would have if you'd outright purchased the wheels. You can't sell your vehicle, and you're obligated to the maintenance thru the leasing dealership, most of the time: use a non-dealer mechanic and you could void the warranty.

You really need to do your homework if you want to lease, but I don't recommend for the average Joe, not when I was able to pocket over a thousand bucks per lease, more than 15 yrs ago now.

Think about that a minute....

[jason]

My brother leases a car for his wife. She likes new cars, and has a long commute. So they lease hers. Not really saving money, but it makes them happy.

I would not lease personally.

[avamerican]

So, financially, a lease options sounds like a a bad way to go. What are the pros of leasing then? I mean, are there any benefits that would outweigh the final expenses in the end? Maybe someone needs a car for a short amount of time? In some situations, would a lease be a cheaper option than a rental, perhaps? I'm just curious why some people would chose this option if it's such a financial drain.

[Dodge Doll]

I'd have to guess the "why"....

For some, it's a cheaper means of driving reliable and newer wheels; the idea of trading in every few years appeals to such folks, so they're always driving something newer.

For younger folks, it can mean the ability to drive something they'd not otherwise be able to afford: a lease payment of 300/mo is easier to swallow than a purchase payment of 600/mo.

For employers, a car allowance to pay for a lease(or purchase) guarantees that staff are never in old beaters: if the boss is paying for it anyways, max it out and get something sweet. It's all about appearances, and that includes a "perk".

Leasing only makes sense if you don't intend to keep your wheels for more than a few years.

And wow, can getting into an accident ever cause headaches: you don't own the vehicle, the dealership does, and they can dictate where repairs are effected, and complicate things with the insurance company.