I’ve got tons of toys, I really don’t need or care to modify my daily driver. I need something to get me to work without any issues. I get called in at strange times for snow storms, sheriff’s tow’s, prosecutor’s impounds, etc.
A lease is effectively the same thing as buying a car the way I see it. The only difference is that there is a purchase date and price pre-negotiated at purchase. There's always a down payment, monthly payments are lower, and the term is only 3 years. I guess this is the reasoning behind it being easier to get with poor credit.
Thanks. After the past few replies about leasing, I might just try that next time I am in the market for a vehicle...which won't be for a while, but it sounds like a lease overall might make more sense at least from the security standpoint of less out of pocket expenses for unscheduled repairs LOL. I've just never really liked the idea of paying a payment every month for something I'll never own....but I guess the trade off with that would be I'd have a vehicle that's always under warranty....and it seems like once you get into leasing its kind of an easy thing to just keep swapping out vehicles every few years for a nice new one.
I really don't care to modify my vehicles either, and if I did I'd want something older anyways LOL. The only thing I'd really consider changing on a leased vehicle would be the tires if needed for better traction in winter, which I don't think would really be an issue with a lease, especially if you kept the OEM tires to put back on when you turn it in.
$377 x 12 months x 16 years = $72,384
What are you guys coming up with 16 year for? A lease is only a couple years to I think 4 years from what I've seen, what is the 16 year thing coming from?
I just went with his numbers for sake of comparison. I would never lease something more than 3 year/36k miles. After that you run the risk of having to do tires, brakes, or other maintenance… that would defeat the purpose of a lease.
Oh, so the 16 years would be leasing for that length of time then? If that's the case I don't think they would allow a lease that long, or would they? I mean if the vehicle lasts that long LOL. I'd keep the lease time to the length of the factory warranty which I believe for many is 3 years....I think I see where many lease for like 2 years then return and get another for 2 more years. 3 years I think would be as far as I'd go too.
I did the math as if I leased a new vehicle every 3 years. Based off the down payment and monthly payment. If I put $3600 down on a 36 month lease, that equates to the same as another $100 a month on a lease payment.
Got it, thanks. I guess if you figure out the cost of a regular 5 year car loan, and figure the cost of repairs/maintenance items over say 15-20 years as in you bought the vehicle for the long term, probably would still cost you more than leasing over a lifetime. Tires, brakes, etc. aren't cheap.
Makes more sense now, thanks.
Seeing as how most independent shops are in the $130-140 an hour range, that’s not hard to believe.
I think that number is about triple. My 05 Ford Taurus is at the shop for a coolant leak, its leaking out of the timing cover, so they're doing timing chain kit, water pump, etc. while they have it torn apart....cost $2500. I'd rather have a $300 repair though LOL. If it weren't for it being winter and not having a garage to work in I would have done the work myself, but the car would have been down for months due to being at work way too much.
Considering the parts markups at all the part stores, add on the additional markups that repair shops charge, and you've got quite the money roll coming in if you are in the parts business. Worse part is those parts you pay a premium for are oftentimes cheap rebuilt junk that don't work right out of the box. Batteries are the same way, just played the monthly battery swap game over this past spring and summer with my Bronco 2 before I sold it. Interstate Batteries = garbage, expensive garbage.