Re: To anyone who has leased a car
A lease being worth it depends on your situation. Do you trade often, or do you normally keep a car for a long time? Do you write vehicle expenses off on your taxes? Do you drive less than 15K miles per year? Leasing can be a good option for someone who trades cars regularly, but whether or not you buy or lease, you're paying the manufacturer for the first few years of depreciation on the vehicle (by making lease payments, or taking an equity hit when you drive the purchased car off the lot). During a lease, you're paying the the price for the car, minus what they have estimated as it's fair market value at the end of the lease. What a lot of folks never realize is that if they estimate it's residual value to be $10,000, they may actually find some fool to pay $13,000 for it after they've gotten it back from you.
This is why you are seeing more and more commercials that are pushing you to lease....the payments are lower for you, and they're making a killing by selling the car twice, making a profit off you and the car's second owner. Yes, the payments are lower, but after 3 years, you have NOTHING to show for your investment. On the other hand, if you trade your purchased car after 3 years, you likely have negative equity unless you made a sizeable down payment and you have to cough up a few thousand dollars just to get rid of it. I just prefer purchasing as I have a big problem with a manufacturer making a profit twice on the same vehicle.