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Lease / Finance?

1709 Views 9 Replies 9 Participants Last post by  Homer
I am struggling b/w leasing / financing. I basically will keep the vehicle for around 4 years. If I lease, I simply just pay per month and when the 48 month is reach, I just have to return the vehicle. Again, I always have to option to purchase..which I don't think I will, but want to keep this option open, just in case I love the vehicle. If I finance, I will do a 60 month finance, but most likely will sell the vehicle after 4/5 years (maybe b4 the 60 month finance period ends). I am a newbrie in this lease and finance terms. So I don't know the pros and cons. Can some of u give me some suggestion as to which one will cost me less?
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Leasing has a lot going for it and a lot going against it but there is one basic thing I would never do:

NEVER lease the car for longer than the warranty period. I wouldn't want to pay for a repair on a car I didn't own.

For lots of good financial info including the whole lease/buy thing check out

Leasing isn't a bad deal at all if:
you have no wish to have a car more than 3 years - see my post above about longer term leases

you keep your cars looking like new - if they look "lived in" you may get hit for excessive wear & tear

you are brand loyal and are likely to get your next car from the same dealer - you are likely to get a big break on wear & tear and any other end of lease charges if you are signing up for a new lease

you covet a car that costs more per month than you can afford to finance

you can estimate the number of miles you are likely to put on a car over the term of the lease

Many of the sites mentioned above have a "total cost of ownership" calculation which takes into account the fact that you don't own the car at the end of the lease term. Many people, myself included, have no desire to own a car more than 3 years old. That doesn't mean that I'm going to lease but it does mean that leasing is a good option for me to consider. Annual depreciation spikes in year 4, therefore I've always felt that you're better off selling before this occurs - but that's just me. I'm wrong a lot - just ask my wife.
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