Leasing a car

[Ayo]

Whats the difference?

Well for one....if you want to pay $600 a month for a Kia Soul then by all means rent.

If you want to pay $600 a month for a $65,000 BMW. Then lease.

That same car would cost you $1200 a month to finance and own. And after 3 years if you want to buy another car. You're going to take a MASSIVE depreciation hit when you go trade in that car.

If you lease all you're paying for is anticipated depreciation. At the end of 3 years you can decide whether to keep the car or not. Don't want the car ? Turn it in no questions asked (as long as your within your miles). Want the car? Pay the residual (loan, cash, whatever) and the car is yours. Want to trade in the car early? Have the dealer cover the buy out.

Leases only make sense to those who always going to want to be in the latest model year.

 

[Wise]

Well for one....if you want to pay $600 a month for a Kia Soul then by all means rent.

If you want to pay $600 a month for a $65,000 BMW. Then lease.

That same car would cost you $1200 a month to finance and own. And after 3 years if you want to buy another car. You're going to take a MASSIVE depreciation hit when you go trade in that car.

If you lease all you're paying for is anticipated depreciation. At the end of 3 years you can decide whether to keep the car or not. Don't want the car ? Turn it in no questions asked (as long as your within your miles). Want the car? Pay the residual (loan, cash, whatever) and the car is yours. Want to trade in the car early? Have the dealer cover the buy out.

Leases only make sense to those who always going to want to be in the latest model year.

Isn't buying or financing the car always the better option? Because even though it's depreciated with time, you can still sell it can and get money back (whether it's 50, 75%, etc)

 

[scarlxrd]

Some more tips that I don't see in this thread

1. Make sure they don't fukk you on the money factor
2. Start your negotiations off of the cars invoice. "I'm willing to pay $x,xxx over invoice" DO NOT EVER EVER EVER negotiate off of MSRP
3. DO NOT EVER EVER EVER EVER negotiate on monthly payments. Don't say "I want to be around $200 a month." Think it. But don't tell them that. It's either 'too high' or 'too low'.
4. DO NOT EVER EVER EVER put money down on a lease.
5. Ultimately...in the end it's the residual that matters. You're paying for depreciation. Get a good residual with low payments and you owe a shyt ton at the end and you might not be able to trade the car in elsewhere because no one will want to pay it off. Get a shytty residual and you're monthly payments are going to be so high that you mind as well by the car at the end. Either way you can always give the car back
6. Also don't forget MSDs.

Do your research on Edmunds and enthusiast forums before you go into buy.

Breh breh, respect on this information. Personally I'm looking into copping a XF but I don't know if I should lease or not. Honestly, I could see myself wanting another car after the XF so should I lease it? I honestly don't know which would be more beneficial.