Anyone Here Ever Leased A Used Car?

[TexasHusker]

My brother had a range rover - it turned out to need a lot of maintenance costs, so he sold it and bought a Toyota 4 runner.

People don't generally buy Range Rovers for low maintenance costs. If you didn't know that going in, you didn't do much homework.

[TexasHusker]

Thats a relief considering range rovers are notorious hunks of trash. I know 3 people that have range rovers and they spend more time in the shop than on the road. But they're cool I guess.

We've had ours since May and no problems yet.

[bigdaddybus]

Interesting. I would think just the opposite would be true. The more you earn, the easier it is to buy your cars outright for cash.

I would never lease because it will virtually never be cheaper than buying. I bought my last car 1-year-old and kept it for 14 years. I bought my current car 6 years old and have had it for just over 4 years so far. I have no intention of replacing it anytime soon.

I don't get the appeal of changing cars every 3 years. I would hate that. I want to keep my cars as long as possible.

Cars are a vice of mine, or hobby, and a way for me to show my personality. Do I need to drive a modified twin turbo convertible with firm suspension and tires that are so grippy they wear out way too fast? Heck No, I don't but its kind of always been my thing.

I have a coworker that is into guns and has like 50 of them. He will tell you that its for protection. Hell no its not, as 1-2 will easily take care of any home protection needs. Its a hobby, just like cars are to me.

Also, Since my investments have always outgrown my loan interest rates, buying outright doesn't appeal that much to me (even though both my cars are paid off currently, being in that state is not a priority)

[bigdaddybus]

I've had about 45 cars since I was 18 years old (I'm 50 now). I have owned everything from Ferrari to Range Rover to Chevy and everything in between.

Some people like cars. Others like model trains, fly fishing, stamp collecting, mountain climbing, jello wrestling, and surfing the internet.

To each his own.

I could buy just about any car I wanted and pay cash, but that would mean that said cash isn't working for me any more. I'm not about to pull out $90K from a very productive investment to buy a Range Rover. That's stupid.

A monthly lease payment is much more palatable.

LOL, after reading more in this treadI feel like I am TexasHuskers apprentice. Or at least I want to be

[rennigade]

We've had ours since May and no problems yet.

lol...7 months long...I stand corrected...those things are tanks.

[greenskeeper]

The older of our two trucks is a 97 and it was bought used in 2003 for $15k

So $15k divided by 156 is $96/month (which continues to go down the longer we hold on to it.

Of course maintenance isn't factored into the math which would add to cost to own.

The truck is approaching 20 years old, 200k miles and only routine maintenance and minor repairs have been needed. Original drivetrain.

It's always cheaper to have a vehicle paid in full and keep driving it forever.

[disneysteve]

As usual, the regulars here are not the norm. Most people leasing cars are doing it out of financial incompetence, not because they've got a ton of money invested earning great returns.

Three people I work with drive leased cars. All 3 earn way less than me. All 3 drive cars much nicer than mine. All 3 frequently talk about their financial difficulties. I think that represents the average lease holder - someone who wants to drive a car they can't really afford to be driving but they can manage the lease payments. In the meantime, out of the last 18 years, I have had a car payment for only 3 of those years. So 15 of 18 years with no monthly payment to worry about. I'm certainly not the one doing it wrong from a financial standpoint.

[Fishindude77]

Interesting how many folks that despise car payments (which can be had at pretty low interest rates) debate that it's smart to keep mortgage payments rather than paying off the house.

[disneysteve]

Interesting how many folks that despise car payments (which can be had at pretty low interest rates) debate that it's smart to keep mortgage payments rather than paying off the house.

I have no problem with car loans in general. Only to the extent that most people borrow far too much for far too long and it greatly contributes to sinking their finances.

[bjl584]

Interesting how many folks that despise car payments (which can be had at pretty low interest rates) debate that it's smart to keep mortgage payments rather than paying off the house.

The main line of thinking behind that is because in most cases real estate appreciates over time. Automobiles, for the most part, depreciate over time.

Personally, I don't have an issue with financing a car. My truck was bought with a loan. But, it's paid off now, and I plan on keeping for several more years.

The problem is when people take on more auto loan debt than they can afford. Which is all too common.

[LivingAlmostLarge]

singuy did you find somewhere to lease a car 3-6 years old? TX what states does the company you suggested do? I am very curious seeing as Singuy did some numbers and I like the idea in principal.

[Singuy]

singuy did you find somewhere to lease a car 3-6 years old? TX what states does the company you suggested do? I am very curious seeing as Singuy did some numbers and I like the idea in principal.

As of right now D&M leasing, the place TexusHuskar suggested, will not set up loans for people in FL. They however will service people in Texus. They said starting Jan 1st of next year, they will go nationwide.

I am curious how real numbers work out. My calculation was hypothetical but looking at paying just residual on a used car seems like a very good deal.

[Nutria]

People don't generally buy Range Rovers for low maintenance costs. If you didn't know that going in, you didn't do much homework.

You'd think that utility vehicles allegedly designed to rove over the range would be engineered for durability...

Stupid Brits!