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Lease / Finance?

1713 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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Having purchased and leased, there are some considerations which are often overlooked:

1) Make absolutely certain that your state's lemon laws treat a lease the same as a purchase.

2) Make certain the sales or use taxes are being calculated and applied properly. In some states you are only responsible for sales/use taxes on the portion of the vehicle you are "using". Also, if the taxes are rolled into the contract (i.e. not paid up front), you're going to be paying a "finance charge" on that amount as well.

3) Unless you like tempting fate, get gap insurance. Since it's an extra expense, it should be factored into the lease v purchase matrix.

4) If you see any language in the contract that says "Open End", RUN!

5) DIY and similar types who like to do mods should forget leasing. Avoid modifying the vehicle in any way, shape, or form without WRITTEN consent. I know a guy who got whacked despite the fact that he had an OEM accessory installed by the same dealer from which he leased the vehicle.

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