Posted by Goose on October 01, 2012 at 06:15:21 from (174.254.244.11):
In Reply to: Vehicles-leasing vs. buying posted by Buckeye Oliver collector on September 30, 2012 at 19:55:59:
Depends on your situation.
I buy all used vehicles, and I keep it simple. I will not buy a vehicle I can't pay cash for.
Our daughter, however, lives in Washington DC and works in McLean, VA. Her daily commute is only 14 miles each way, and next month she will be moving to Falls Church, VA from where she will have about a 6 mile drive each way.
She recently leased a new 2013 Hyundai Veloster. It's a small coupe that looks like it's going 200 mph sitting in the parking lot. On her model, however, performance doesn't necessarily match appearance.
Her rational on leasing is this: Her $200 per month payments roughly match what she would lose in depreciation anyway, had she bought the car. The limited driving she does will keep her well within the terms of the lease. She has a new car with no maintenance worries 'cause it's within factory warranty for the term of the lease. And when the lease expires, she has the option of buying the car for $12,000, the predicted retail value of the vehicle at the lease expiration.
A major attraction for her is the chance of a mechanical breakdown in a less than desirable venue is virtually nil, a very important factor for an unmarried gal in an urban area like DC.
In her case, a lease makes sense. It also makes sense for a buddy of mine to lease a new Lincoln Navigator and use it as a tax write-off for his company.
I, myself, have never been a fan of leases. I once worked through numbers on a Dodge pickup offered for lease by a local dealer. Without going through the numbers again, between the lease and the retail value of the vehicle at the expiration of the lease, the dealer would have taken in some $35,000 on a pickup that probably cost him maybe $18,000. That's a pretty good mark-up.
So--lease versus purchase simply comes down to a matter of personal circumstances and preference.
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