Did you buy or lease, and why?

No

 

36 months from when I signed.....No, but if you decide to turn in I believe it's .25 a mile example 2,000 miles over = $500

 

Buying mine. Last vehicle was my first time leasing and I did not like that I couldn't really modify anything. It was a Jeep Patriot, so anything I wanted to haul had to go inside and I was always afraid of beating up the interior and having to pay on turn in. Last couple projects I had to rent the Home Depot truck to get sheets and boards home. Pain in the butt because that truck is very popular and there's usually a waiting list. So I wanted a truck. Looked into used ones but they hold value so well and nobody wants to sell while it's good enough that I'm interested. I considered lease with buyout to make sure I didn't get one loaded with problems but I knew I wanted to start bolting crap on it so I bit the bullet. Put a fat down payment and my monthly is the same as leasing the Jeep. I had a used Grand Cherokee for 6 years and never felt the urge to get something new until mechanical problems started popping up so I know I'm game for driving this 10 years if it's running good all that time.

 

Nice looking ride. Prior to owning Tacomas, I had two GSR coupes, a 96 and then a 97. White then green. I still look at the classifieds trying to find a bone stock 4 door 2001 GSR to use as a commuter but haven't seen one that fit the bill in years. Love those cars.

 

Buy. I put way to many miles on the car to lease.

 

Leased.
Reason: I own my own business. If you use the vehicle for the business (which I do about 30% of the time), you can write off 30% of the full lease cost whereas if you buy it, you can only write off 30% of the interest.
Make sense?
If you leased the vehicle solely for the business, you could write off 100% of the cost.

I'll most likely buy it after the 3 years are up.

 

But I wouldn't want to sell it or give it back.

 

Lease: Ive never kept a car longer than three years, so its just easier. I HATE selling vehicles, so a lease makes things very simple. Hoping i can stay under the mileage :O

 

You can deduct mileage for business use.

 

My post is more for folks who think turning in the truck at lease end is the *only* option.

Seems a lot of folks here on leases have no problems buying the truck at lease end.

 

Indeed you can. That is in addition to the lease cost write-off

 

I only leased once never again had a bad experience leasing. If You decide you don't want to buy it at the end of the lease all those scratches and anything else you might have done to it will have to be fixed at your expense.

 

Bought! I knew I was going to keep it before I bought it.

 

Problem with leasing correct me if I'm wrong is yeah sweet low payments for first 3 months, then I buy it and can't get the same interest rate I could when buying new.

Basically I see leasing with intent to buy as something you can't afford trying to spread payments.

Leasing a new mercedes is one thing, leasing a Toyota is not. Unless you can write off the lease for business use that is.

 

Bought because I'm still recovering my credit from poor decisions during the 20s... back to above 700, but not quite where I want to be for a lease.

I never considered leasing until reading these threads, I figured leasing was for luxury cars you don't want to pay maintenance on (BMWs, Benz, Lexus, etc) and business owners.

 

You meant first three years
I agree with you for the most part, but here's what to do upon ending the lease:
If you really like the vehicle and want to own it, buy it from the dealer at their best interest rate, then turn around the next day and refinance through your own financial institution. My credit union (RBFCU) has offered 1.8% financing for the last 4 years used or new no difference (if you've got the proper credit, of course).

My personal buyback cost after the three year lease is up is $26k (the truck was $41k off the lot). If after three years the mileage is lower than 36k and the truck is in excellent shape, I could buy it for the $26k from the dealer and then very easily sell it privately for $28k+ and have $2k+ to do with what I choose (most likely buy or lease another vehicle)

There are ways to make a lease work for you if you know the business, and a lease can certainly screw you in the rear if you don't know the business.

caveat leaser!

 

Purchased (financed). I owe 6g and after that fuck a car payment.... im gonna ride the wheels off this bitch. I have a company vehicle so i only put 8-10k miles per year. Truck sits in garage most of time

 

For those thinking to lease and then buy out:

These things hold their values. You can get a killer deal on your lease because of that. However, when your lease term ends and you go to finance the residual value, your monthly payments will have to go way up (obviously depending on your new loan term). So now you're suddenly paying a lot more per month for an older truck, or you take a crazy long loan on that RV, setting yourself up for something like 9 total years of car payments if you include the lease.

If you're somebody without an excessive income or a lot of savings, the price jump on a 3-4 year loan is probably a tougher pill to swallow. For most, it might be easier to just turn around and lease another new truck at that point. That said, everyone's situation is unique. Maybe money is tight now, but won't be in the future. As others have mentioned, maybe you own a business. Etc.

There's really no wrong way, just be sure you understand how it's going to play out and do what makes sense for your situation.

Personally, I'd rather pay more money upfront for the shiny-new truck, then wean off the expensive car payments as the vehicle ages. I plan on keeping mine until the wheels fall off, but even if I wanted to trade up in 3 years like a typical lease, I'll be way ahead of what it's worth (thanks to minimal depreciation) and I would get a chunk of money back.

Hope that helps.

 

Lease - $278/36mo. 2k down Made an avg of 8% over last 15 years with my investments, so my $$ stays there.

 

As stated previously Tacoma is the ideal lease candidate due to high residual. I use leasing to borrow money from a dealer for cheap basically. My lease rate is 0.9% so essentially free money. I could afford to pay cash for my Tundra, but I would never lay out $40,000 on a car when I can make minimal payment, while I dump my $40,000 somewhere else for 3-4 years to make me way more money than that 0.9% interest payment. I've never turned a lease in once yet. Always sell them for over residual value.