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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? Let's see. Here's what I've heard.

You give them some form of downpayment. You then proceed to make your monthly payments. Then at the end of the lease, you get to make them another large (I think they call it a balloon) payment. And woe be unto you if you put more miles on the vehicle than the contract allows. The per mile penalty adds up very quick.

In the end, you pay almost as much for the vehicle as you would have if you'd bought it outright only when it's all over with, you don't have the vehicle anymore. It reminds me of renting an apartment. I've know people who were making apartments rents higher than other friends house payments. I have a hard time wrapping my mind around that concept.

Having said that, maybe not all lease contracts have the balloon payment or mileage penalties I mentioned although I don't remember talking to anyone who's leased a car saying they didn't have at least one of these. If you can write the lease off as a business expense, I can certainly understand that. Either way, as said before, you need to be "very" careful!!

For the average person, such as myself, I see absolutely no advantage to leasing.

FWIW & Good luck!

Drive Safe,
Steve R.
'01 SS LX
Cargo tray, leather steering wheel, mud guards, alarm, fog lights, transmission cooler, in-dash CD player, Kelton subwoofer, under seat storage tray.
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