Well, in a nutshell I was wondering what the difference between the two. I have been dealing on getting a G5, and the salesmen kept throwing stuff at me that went right over my head. I realize that the lease I'm only committed for the term of the lease (3 years). And I've bought and paid for my car, so I know how that all works out. One thing I'm confused about is the fee's and extras you have to pay if you lease. There's initial deposit fees, but what about after the lease expires? Do they try to hit you with nit-pick damages, or stuff like that? I'm not trying to offend anyone, just wondering what the process is and if anyone has had any experiences with leasing (bad or good)? Thanks to anyone who can help me out.
It depens on the leasing company as far as fees at the end. Some of them are nitpicky, and some don't pay too much attention. I'm not sure that leasing a G5 would be a whole lot less expensive that buying it outright for a couple more years of payments. At least that way, you own it at the end. Leasing is good if you don't drive over the miles, and accept the fact that you will always have a car payment. You can't heavily mod a leased vehicle, but if you like driving a new vehicle every 3 years, and want to drive with a warranty, then it's not a bad way to go. I leased a 99 GMC Sierra 4x4, and it wound up spending 6 months parked in my back yard while i carpooled to work everyday, because I was puting too many miles on it. Not fun when I had to carpool with a guy, yes a guy that was driving a Del Sol. Ever ride on a skateboard to work in the snow?
Gotta keep on livin', L-I-V-I-N
the problem a lot of people have when they lease is exactly what bone said...you end up going over your miles and then you're SOL. i think the average lease is for 12-15k miles...i drive an average of 16k or so...thats why i buy instead of lease.
GO PATS!!!
If you can't keep the car in immaculate condition, don't even think of leasing. If you turn it in after 3 years and there are stone chips, dents, dirt inside, etc. you will get hit with reconditioning fees out the ass. I personally just don't think that leasing is the best way to buy a car. You pay for a car for two or three years, and at the end you have nothing in return (except maybe more bills to cover excess mileage, reconditioning, etc).
Unless you drive less than 12K miles a year, keep your car spotless, and just HAVE to have a new car every other year, then buying is the better decision.
Leaseing is a waste of money personally. It is basically renting a car. What happens when you don't bring a rental back the way you bought it. YOu have to make sure the car is properly maintained. Also, some companies will allow you to tint windows few don't.
One thing to think about when you lease. You have to have certain insurance on the car. I leased a car. Will never do it again. The insurance we had to have was ridiculous. And if you don't get it the will get it for you and add it to your payment and they are not going with the best deal.
2004 Grand Prix GTP (Competition Group)
SOLD-->1999 Z24 5M-#30 to register on JBO
"You can please some of the people some of the time but you can't please all the people'
all the time
The Redneck wrote:the problem a lot of people have when they lease is exactly what bone said...you end up going over your miles and then you're SOL. i think the average lease is for 12-15k miles...i drive an average of 16k or so...thats why i buy instead of lease.
Ive seen some lease deals that its 10K miles per year, and you end up paying 18 cents EVER mile you go over... Also, when you turn a car in for a lease, they end up checking everything, tires, brakes, and any other ware and tear part.... if anything needs to be replaced... you get charged what the DEALER would charge to replace it.... so your SOL even bigger at that...
Back in 2001, we leased a 2001 Camry because the plan was... drive it for the 12K miles a year for 3 years and turn the car back in and just buy a new car then... well all was great until my sister came along, started to play bumper cars several times and put about 30K miles on the car with in 1 year of her driving it... so at the end, we got screwed about 6-8K on top of the buy out price because of how the deal was written.
Pointless to lease a car unless you have a business and you want to write it off and you can stay with in the limits of your lease....
Alright well thanks guys, the leasing option just seemed too good to be true from what the salesman told me. Now I know that he was only telling me the good parts of a lease( since i only drive 8K a year, lower payments, etc..). I have a feeling that if I decide to buy the G5, I will be buying it outright.
Not go off topic, but the dealership quoted me $3600 for my car as a trade-in and I basically laughed in the guys face. I think that I could get at least $5K for it selling it to an individual. Would you guys agree?? 1998 Sunfire Sedan, 60K miles, no rust or dents, no stained interior, 17" Motegi FF7, etc (in profile).
$3600 is a reasonable trade-in. your car is 8 (almost 9) years old, so that's what you're gonna take your biggest hit on. when I get rid of my car next year, I'm gonna ask for $5500 and take $5000. It has 25K miles on it currently and will probably have 30K next year when I plan on selling it. It's in nearly show-room condition. Everything else is listed in my profile.
It's sad that they are worth so little, but that's what happens when you buy a cheap car. If you can get $4000 for it, I'd say trade it in
I actually dont see a problem with leasing. a few yrs back my parents leased a couple trucks and after the 3yrs or so you have the option of buying on whats left. So for example, you buy a 30k truck and lease it for 3yrs and pay about 20k, you can have the option for buying it around 10k. Or you turn it in and pay a lil and your good. My mom had a cracked window and a few scrapes on the car, mismathced tires and only ended up paying 800 at the end. Im currently leasing a truck and if i bought the truck it would have been payments of 480 a month, but with leasing it im only paying 320. I only leased for 2 yrs and 15k miles a yr. i prolly only use maby 8-10k miles a yr so im good. just depends on what u need it for.
Leasing is great if your not into modding the car, want to always drive under warranty, keep it under the miles, keep it clean, and looking to drive a new car every three years. Exactly what everyone else said.
My wife and I are leasing her G6 GT and it is good for us right now. Payment is lower than my Cavalier 5 year loan, and the insurance actually went up only $5 every 6 months from her 2000 Sunfire. The nice thing for us is, she works a couple blocks away, so keeping miles low is simple. We do however take her car everywhere else with the little one. But we are still under the mileage. I just wash the car as much as possible, vacuum it out, and let her know to park away from people. So far, so good, *knock* on wood. But we do need a bigger vehicle and are currently looking into a used Envoy. I actually wish that we would have done that right away. So in my opinion, it is where you are at in life. At the time we just needed something a little bigger because we had a little one on the way. And now that he is getting bigger, a bigger vehicle would be nicer.
If I were you, I would buy over lease, since your going to want to modify the car, and payments shouldn't be too much more. Hope we all here at JBO helped with your decision..............
Thanks guys!!!!!!! I bought the car tonight, and with all the incentives and down payment (which I didn't have to, but wanted to), I'm financing $14,000 with relatively low payments. I'll have pics tommorow in the Other Cars Forum, and my Sunfire and parts up in the North Central Region Forum. Thanks again to everyone who has posted and helped me with my Sunfire, its been great.
~Jeremy
SilverSedan wrote:I actually dont see a problem with leasing. a few yrs back my parents leased a couple trucks and after the 3yrs or so you have the option of buying on whats left. So for example, you buy a 30k truck and lease it for 3yrs and pay about 20k, you can have the option for buying it around 10k. Or you turn it in and pay a lil and your good. My mom had a cracked window and a few scrapes on the car, mismathced tires and only ended up paying 800 at the end. Im currently leasing a truck and if i bought the truck it would have been payments of 480 a month, but with leasing it im only paying 320. I only leased for 2 yrs and 15k miles a yr. i prolly only use maby 8-10k miles a yr so im good. just depends on what u need it for.
Doesnt work like that buddy.... When your lease is up you will have payed almost 8 grand for it. Let say its a 20k dollar truck. So realisticly you would owe 12k. Nope...not gunna happen. I dont care what the dealer told you up front. I have yet to see a company actually do that. Plus as someone else said...welcome to car payments for the rest of your life.
The way a lease works, and why they limit your miles, is they take the value of the car, How long your going to have it and then subtract the estimated value at that age with however many miles. Whats left over is the lease price. Thats why payments are cheaper up front. Buying out your lease..is not
If you look at the figures behind it. When you lease and buy you end up paying more money for the car than if you buy it first. As i said i would never lease again. It was a waste of money. Some dealer are funn about how you return the car. Every dealer is different or Manufacturer. As said car payments for the rest of your life.
Sorry anyone who says a new car every couple years loves to live in debt. It is a bad finacial decision if you want to save money for the future. Why have a persistent car payment. If you can pay your car off in 3-4 years and you car lasts another 5 years. Take tha$200-$400 month if you car lasts another 5 years you save. $12,000-$24,000.
I am trying to live debt free. I drive a cavalier right now i can afford Corvette, a BMW 5 series but i choose to drive a cavalier because i can afford my house and save my money and getting out of debt.
2004 Grand Prix GTP (Competition Group)
SOLD-->1999 Z24 5M-#30 to register on JBO
"You can please some of the people some of the time but you can't please all the people'
all the time
Rosario wrote:SilverSedan wrote:I actually dont see a problem with leasing. a few yrs back my parents leased a couple trucks and after the 3yrs or so you have the option of buying on whats left. So for example, you buy a 30k truck and lease it for 3yrs and pay about 20k, you can have the option for buying it around 10k. Or you turn it in and pay a lil and your good. My mom had a cracked window and a few scrapes on the car, mismathced tires and only ended up paying 800 at the end. Im currently leasing a truck and if i bought the truck it would have been payments of 480 a month, but with leasing it im only paying 320. I only leased for 2 yrs and 15k miles a yr. i prolly only use maby 8-10k miles a yr so im good. just depends on what u need it for.
Doesnt work like that buddy.... When your lease is up you will have payed almost 8 grand for it. Let say its a 20k dollar truck. So realisticly you would owe 12k. Nope...not gunna happen. I dont care what the dealer told you up front. I have yet to see a company actually do that. Plus as someone else said...welcome to car payments for the rest of your life.
The way a lease works, and why they limit your miles, is they take the value of the car, How long your going to have it and then subtract the estimated value at that age with however many miles. Whats left over is the lease price. Thats why payments are cheaper up front. Buying out your lease..is not
Silversedan is right. A lease Residual value is what is going to determine your price and/or lease buyout in the end. They gave us a end-lease purchase price at the time we signed the papers for our Odyssey and S40.
We have leased 4 cars and for us this works out better as we hardly ever keep our cars. Hell, when I traded in my Cavi it only had 32K miles!
Congrats on the purchase as well!
wow. I've never leased a vehicle... a lot of stuff I didn't know in this thread.
Desert Tuners
“When you come across a big kettle of crazy, it’s best not to stir it.”
ok well i work at a dealership and difference is simple. with a lease you cant put anything aftermarket on the car being that you dont own it the dealer does and will continue to own it unless you do a lease buyback, meaning you have the option to buy the car when the lease is up. also with a leased car you are only alloted x amount of miles in a year and if you go over...boy will you pay. you pay by every mile you go over. basically if you looking to mod your car at all or if you have a big commute or like to drive a lot leasing is not for you. you would be better of to buy. hope that helped a little
