Who is leasing and who is buying?

I am taking a serioius look at leasing at RA. I never have to worry about depreciation and Mistu allows 25,000kms per year (most others are 20K)

Plus I get bored easy.

 

Lease away. the Ra and Lancer line is nice but if you bore of cars easy and you arent worried about going over the miles than leasing is a better idea. Then you can just turn it in and upgrade later.

 

I'm one of those dead-set against leasing. To me, it's just like renting an apartment, you're burning your money away and have nothing to show for it in the end.

Gah, I hate renting an apartment. *growl*

 

I already have almost 10,000 miles on mine since Feb. No way I could lease.

 

In a way your right but cars always depreciate (unless its something ultra rare) and real estate appreciates (unless there is an enviromental problem, ect)

Unless you can put down a good downpayment and make high monthly payments you will soon be in this positon. Might be fine while the car is still in warranty but if you are still paying and its out.....

I have been upside down so many times (when you owe more then a car is worth)
that I don't know which way is up!

And you have to watch the mileage, probably buying a few extra thousand at the begining is a good idea. But leasing is not for everyone.

 

Leasing is not for me. I drive over 30k miles per year, and that's just driving to work and back.

I'd need to lease at least 3 cars, and rotate driving them.

 

financially, leasing is very smart. Its not like the apartment/house issue, because a car is a constantly depreciating asset. When you buy a car, its worth about 85% its value the next day. If you use it regularly, the value keeps dropping regardless of how well you treat it.

But, if your car is one of your hobbies, leasing really limits what you can do. im usually really logical /w my purchasing, and i decided to buy because I wanted to be free with what I do to my car. It all depends on what you want to do.

If you are gonna leave it stock, you are better off leasing.

 

If you lease it you can't drive it much you can't put a stereo or any other mods in it... Just wouldn't work for me I like knowing that I OWN my car.

 

actually, in the correct circumstances, leasing and buying is the same thing because leasing is really you paying the difference between the initial car cost minus what the manufacturer thinks the car will be worth after so many years with so many miles on it

so if the car is worth 10,000 let's say, and the manufacturer thinks after 5 years and 125000 miles later it's worth 5,000 (call the residue value), you will have to pay 5,000 / 60 months

let's say you brought at 10,000, and you sold at 5,000 instead of leasing, the only down fall is that you paid the interest, but at the end you got to do what YOU want with it and you got to put in all sorts of miles

most manufacturers will "sweeten" the leasing deal by jacking up the residue value, like Audi.. they would make the lease payments ultra low by settign the buy back high

-joe

 

I'm leasing my car, I put a stereo in it, I'm loading it with mods, and the end of my lease I will have the option of buying it out or giving it back, if I give it back I'll just remove all the mods and sell them on the classified, or depending on the value of the car at the end of the lease I could buy it out and quite possibly sell it privately for more than the buy out.

The other reason I decided to lease is because we're expecting the EVO IX in canada in 2 years so I would be able to give the ralliart back and get the evo.

 

When you consider leasing to buying you have to consider if you want to keep the car or if you know you're going to get another car in 3-5 years. All in all leasing is usually the cheaper alternative if you stay in a 3 year lease. You may always have payments but they are lower than if you were to buy. Your car will most likely always be covered under the manufacturer warranty. So for the guys or girls that say purchasing is better because you have equity. A car always depreciates so you will never get your money back. After your warranty is up then you are responsible to for all maintenance on the vehicle and we all know that extended warranties do not cover nearly as much as a manufacturer warranty. In the long run if you were to purchase a car and keep it for say 5-10 years you will end up paying more for it than if you were to just continue leasing. I would say go with a lease if you know you're going to want another car in 3-5 years.

 

In the long run if you were to purchase a car and keep it for say 5-10 years you will end up paying more for it than if you were to just continue leasing. I would say go with a lease if you know you're going to want another car in 3-5 years.

Leasing used to make sense, but with most car manufactuer offering 0% interest rates, its better to buy. With leasing you must drive within 20,000kms per year or you will pay for the additonal kms driven and when you return your vehicle it must be free from damages and scratches etc. like when you rent a car. Leasing only makes sense if your have a business that requires a fleet of cars that needs to be replaced every 3 years when thee warranty runs out. After a 48 month finanace the car is yours and is a freebie or if you wish to sell it at above market price if it kepted well.

 

Many people cannot qualify for a 0% interest rate. With mitsubishi the requirements are at least a 700 fico. With leasing the you do have to pay for the extra miles/km's above what comes with the lease however, if you know you're going to drive more than that you can include that in your lease payment up front. As far as damage is concerned you are allowed by mitsubishi to have up to $70 per panel in damages before it is considered excessive wear. Unless you return it with say broken lenses or windshield then you're charged to replace it anyway because it is considered a safety concern. However, if you didn't lease and had those same problems the police would make you fix it. Consider this, with the level of depreciation that Mitsubishi's have, if you were to purchase a Ralliart for say 48 months @ 2.9% and you decided after 3 years that you wanted to trade it, could you trade it without adding negative equity into your new vehicle? With the current trend on the depreciation of mitsubishi product the average consumer finds it hard if not impossible to trade into another vehicle before their contract term is up and not have to pay negative equity. Generally that is much more than the average person will have to pay in excessive mileage and excessive wear.

 

Buy>Lease. Period.

 

I walked into the dealer and they gave me 0% purchasing.. no questions, no qualitifications

-joe