Leasing a car

Discussion in 'Teacher Time Out' started by Jlyn07, Jul 9, 2012.

  1. Jlyn07

    Jlyn07 Comrade

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    Jul 9, 2012

    Does anyone lease their car? I've had horrible luck with my car lately and was just told today it's not worth fixing. It's over 10 years old and I'm ready for a new one anyway. With all the money I put into repairs on this car, I'm looking to lease my next car but I have some questions...

    * Does your credit have to be perfect? Mine's not. It's not horrible but not great. My dad said he would co-sign if needed.

    * Pros/Cons?? I love the thought of driving a new car and not having to worry about repairs but what are the cons? Other than the mileage limit, of course.

    Thanks for any advice/insight : ))
     
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  3. Ima Teacher

    Ima Teacher Maven

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    Everything I read says that leasing is not worth it. The only people I've known who have leased have said they would never do it again. In the end, they were always out more money. The ones who bought it out after the end of the lease paid more than buying it outright. The ones who didn't were always stuck with fees for one thing or the other.

    I buy new cars and drive them forever. I always take 36 or 48 month financing, and then I drive them for a long, long time. I had one car for 10 years, and then I kept it as a secondary car for another 11 years. I had my second car for 13 years. My current one is three years old. I could see driving it for my usual 10-15 years easy.

    My mom bought a new-model used car. She saved a lot of money over a new one, but she still had the remaining warranty plus warranty added by the dealership.

    I have no idea about credit. My mom has near perfect credit, but she prefers to save and buy the car outright. My credit is very good, but not as good as hers. I've financed through the car company every time. I do know I got a better interest rate due to good credit.
     
  4. Ms. I

    Ms. I Maven

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    Jul 9, 2012

    My mom leased one of her cars. It was a 3-yr lease. My parents & I have excellent credit, so I don't know how it is when you have not so good credit. She said it wasn't bad. She didn't have to pay anything at the end. If you like having a new car every few years, why not! Also, you shouldn't really have to have any repairs done on the car & maybe not even new tires put on yet, because by then, it will be time to get a new car! For those who have the types of jobs to write it off, it's good too. I wouldn't mind leasing one day myself someday.
     
  5. EDUK8_ME

    EDUK8_ME Cohort

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    Jul 9, 2012

    I have been leasing cars for many years and I like it. I am just about done with my current lease (Ford Edge) and I have ordered a Ford Explorer to lease. I live close to work so mileage is not an issue. I have a family of four and I like that I can change car models as my family's needs change. I have mainly leased from Ford and once from Chrysler. The cons are: putting out money for a new car every 2 years, having a car payment, and car insurance premiums are higher because the cars are new. The pros: driving a new car, no maintenance other than oil changes, being able to change models to fit my needs and the monthly payment is lower when you lease.
     
  6. chemteach55

    chemteach55 Connoisseur

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    We have leased every car that I have driven except the one that I have now. We did this so that I could get a new car every two years. The reason we stopped leasing is that I drove my last car too many miles and we had to pay for the extra miles when we turned it in. I have found that your credit score needs to be higher for leasing than buying. You usually need a score in the mid to high 700's to be eligible to lease. The decision about leasing is more of do you want a new car every 2-3 years or not. Leasing also means that you always have a car note because you never pay off a vehicle. You turn it in at the end of the lease and get a new car to lease.
     
  7. msaly

    msaly Comrade

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    Jul 9, 2012

    My friend leased a car about year ago, she didnt have horrible credit, but it wasnt great either due to a lot of medical bills/credit cards. She didn't need a co-signer.
     
  8. terptoteacher

    terptoteacher Connoisseur

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    Jul 9, 2012

    My husband buys lots of new cars. He suffers from ADNCS. ( attention deficit new car syndrome) But We are leasing my car now. I intend to purchase it after the lease is up. This way we didn't have to have any money down or trade in. I just have to be aware of my milage so I don't go over the prescribed amount.
     
  9. giraffe326

    giraffe326 Virtuoso

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    If I didn't drive too many miles, I would lease. I like having a new car every few years (3 years is the longest I've ever had a car). I used to lease before I had to drive across the country several times a year.
     
  10. Rabbitt

    Rabbitt Connoisseur

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    What I don't understand about leasing is why you have a downpayment? Is it applied to your monthly payments?
     
  11. MissJill

    MissJill Cohort

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    I leased my Honda Civic and was completely taken advantage of when I signed the papers. It's my own stupidity, but it definitely was not worth it for me. I cannot wait to give it back in October, I already bought another car so it's just sitting in the driveway collecting dust.
     
  12. giraffe326

    giraffe326 Virtuoso

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    Yes. You can lower your monthly payments this way.
     
  13. Missy

    Missy Aficionado

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    Jul 10, 2012

    If you don't feel the need for a new car every few years, you are much better off financially buying a relatively late model car with low mileage, and driving it forever. I have lots of things I would rather spend money on than newer cars!
     
  14. Ms. I

    Ms. I Maven

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    Jul 10, 2012

    Yes, everyone's different & has their own desires of how to spend their money. Some people love cars, others love clothes & shop, others spend their money on travelling, some want the fancy house, etc. Some people have better-looking cars than the home they live in because they know cars are mobile since they drive around in it & more people see them in this fancy car. Not nearly as many people (strangers) will see the house you live in. (Yes, many people's way of thinking is this way.)

    My boyfriend's dad's like that. He rents a tiny house, yet bought a Chrysler 300 & hurting making the payments, which in my area, you see that type of car around every block, but him & my BF's brother got the same car because they think it looks like a Bentley. I'm not saying Chrylers are the best by any means. I personally don't even like them & neither does my BF, no offense to anyone who has one. :)
     
  15. Jlyn07

    Jlyn07 Comrade

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    Jul 10, 2012

    I don't necessarily need to drive a new car every few years but I don't want to keep dealing with repairs. My car has been paid off for about 3 years (I bought it in 2006 & its a 2002) but I have put at least $4000 in repairs in it since then. So then I'm left trying to find a way to work which always inconveniences someone else (usually my mom) or without a vehicle until it's fixed. I'm looking to avoid this.

    For those of you who lease, there aren't usually times when you have to do major repairs to leases, correct? Not including maintenance things like oil changes, etc. of course.

    I appreciate your replies!
     
  16. giraffe326

    giraffe326 Virtuoso

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    Jul 10, 2012

    That is exactly why I chose to lease cars. I like not having to worry, so I like having a new car regularly.

    No, you will not have to pay for any repairs unless you do a long lease. Everything is covered for 36000 miles (sometimes more), so it is 100% repair free.
     

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