anyone Lease new vehicles?

[Tom Tom Turbo]

I am trying to figure out what I need to do in my vehicle situation. I have a company car, however, I don't know how long I will be working for this company, and I can only use it back/forth to work. The GTO has been turned over to my dad, and that leaves me with the T Type as my only vehicle.

I am in the market for a house in the next 2-3 years....so buying both will not be feasable, especially with a house payment running 6-700. So, I talked with a few people in my family who lease and don't drive a whole lot. Really, all I want a vehicle for is towing the car to the track and winter time. I wouldn't drive it more than 2 or 3 times a week.

I looked into it, and for $325/month I can drive a new 2007 Silverado LT Z71 extended cab with all the stuff I want. This is for a 2 year 24K mile lease. If I went with a purchase, I would be paying $520/mo for 6 years.

anyone think I am outta my mind?

 

[Quiky One]

Buy a used truck. If you look, you can find great deals. I do think it is crazy to have a car payment that is half of your house payment. Any of the 1999.5 and newer have the same motor and tranny. So unless you are dead set on a new truck, buy a used one after the depreciation.

My $0.02 Jason

 

[GNTIM]

Buy a used truck. If you look, you can find great deals. I do think it is crazy to have a car payment that is half of your house payment. Any of the 1999.5 and newer have the same motor and tranny. So unless you are dead set on a new truck, buy a used one after the depreciation.

My $0.02 Jason

I gotta agree here. Leasing a car is great for people who have a lot of money to waste. Sure, you get to drive a new vehicle for a couple of years but you have to give it back at the end. Any damage, excessive wear or high mileage is billed to you. Also, you pay taxes like you own it along with high insurance rates. Buy a used truck, save your money for the house and you will have a truck too.

 

[Pronto]

My wife likes the lease. She gets a brand new car with all the options she wants, payments she can handle and gets rid of it before it needs any work. She doesn't put alot of miles on it so it works for her.

 

[Tom Tom Turbo]

while I understand the whole buy a used truck thing...even if I buy a 3 or 4 year old Z71 x-cab, you are looking at 18-22K unless it has 60K miles....then you have no warranty, its coming up on repair time and you're still paying 350 a month for 4 or 5 years.


leasing just seems like the better way so far way right now...but continue giving me feedback, I really don't have a clear cut decision yet.

 

[Quiky One]

Just an example...Just bought a 2003 Chevy Silverado with 22k miles for $15k. The deals are out there. Sure the warrenty is gone, but I doubt you would need much up until 100k. Edit: O and that is fully loaded except for XM radio and moonroof. Another edit...At my local chevy dealer, they are selling fully loaded Z71's for 22K brand new. I guess they need to move them. Might want to check out the 2006's sitting on the lots when the 2007's roll in.

Jason

 

[BriHorse]

Bought my 2004 GMC Sierra Denali at the end of the model year for 2004. I got it through the PEP program (GM company car for 90 days) Only available to GM employees. plus they offered a $5000 rebate at the time. Truck came fully loaded - heated power leather seats - 6.0 liter - factory installed tonneau cover and chrome nerf bars - Quadrasteer and all that stuff came standard on the Denali. the truck doesn't even have any options. Base sticker price $42000 - my price $26500 tax included

 

[1ARUNEM]

Personally I would NEVER lease a car/truck unless I had money to burn. Sure you get to drive a "new" car for a couple of years, but at the end you have NOTHING to show for it.
It's like renting an apartment when you can put money toward something YOU will have equity in.

I managed a vehicle lease inspection company and have seen it from all sides.

I buy used, but still drive a nice reliable truck that I own (usually buy something 2-3 years old with 50-60k miles or so and drive it until around 150k with no failures to speak of...knock on wood). Let someone else take the depreciation hit up front.

I have no car payments and love it that way.

 

[BandAid]

Just an example...Just bought a 2003 Chevy Silverado with 22k miles for $15k. The deals are out there. Sure the warrenty is gone, but I doubt you would need much up until 100k. Edit: O and that is fully loaded except for XM radio and moonroof. Another edit...At my local chevy dealer, they are selling fully loaded Z71's for 22K brand new. I guess they need to move them. Might want to check out the 2006's sitting on the lots when the 2007's roll in.

Jason

edit in "nice grand Parents" edit in"nice parents" edit in "No job" and "16yrs old" owning a TTA and Silverado edit edit .... :wink: :smile: :smile:

 

[TClassic]

and "16yrs old" owning a TTA and Silverado edit edit .... :wink: :smile: :smile:

Heh Heh Heh

 

[snipersixx]

Personally I would NEVER lease a car/truck unless I had money to burn. Sure you get to drive a "new" car for a couple of years, but at the end you have NOTHING to show for it.
It's like renting an apartment when you can put money toward something YOU will have equity in.

I managed a vehicle lease inspection company and have seen it from all sides.

I buy used, but still drive a nice reliable truck that I own (usually buy something 2-3 years old with 50-60k miles or so and drive it until around 150k with no failures to speak of...knock on wood). Let someone else take the depreciation hit up front.

I have no car payments and love it that way.

This is the way do it. Keep your money for other things.

Where do plan on living for 600-700 a month. What state? In Fl. that would be impossible.

 

[deezdad]

I am trying to figure out what I need to do in my vehicle situation. I have a company car, however, I don't know how long I will be working for this company, and I can only use it back/forth to work. The GTO has been turned over to my dad, and that leaves me with the T Type as my only vehicle.

I am in the market for a house in the next 2-3 years....so buying both will not be feasable, especially with a house payment running 6-700. So, I talked with a few people in my family who lease and don't drive a whole lot. Really, all I want a vehicle for is towing the car to the track and winter time. I wouldn't drive it more than 2 or 3 times a week.

I looked into it, and for $325/month I can drive a new 2007 Silverado LT Z71 extended cab with all the stuff I want. This is for a 2 year 24K mile lease. If I went with a purchase, I would be paying $520/mo for 6 years.

anyone think I am outta my mind?

where the heck do you live? a 6-700 payment would get you a tree fort in new england

 

[Pronto]

Another thing to think about is what will the vehicle that you "own" will be worth in say 5 or more years when the loan is done? Will it need expensive repairs not covered by any warrenty? How about the interest that you paid on the loan? So now that 26+k vehicle is worth maybe 4k and be still a 5 or more year old vehicle that will need tires, brakes, shocks and exhaust. If you own it you do end up with something after the loan that you keep. The question is what is it really worth and at what cost.

 

[SGRIM]

It all depends on the residual value of the car, the higher it is the less you will loose over the term of the lease. Usually anything above 60% on a
yr deal is a good deal.

Depending on the car a lease can kill you or save you money. If you think you will be able to stay within the miles of the agreement and are one of those people that like to trade every 2-3yrs it is hard to beat.

For example in 03 I leased brand X car lease was over we didn't owe a dime 2yr. Got the new one in 05 decided to buy it this time. Went to dump it a couple of months ago and I was 10K in the hole The value of the car dropped due to a body style change, if I would have locked in a lease at a high residual they would have took the loss not me!