Thread: Vehicle Lease

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  1. Member idbefishing's Avatar
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    #21
    We have one expiring next April and one in 3/23. Looking like we’ll buy out both.

  2. Member
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    #22
    Here in lovely Massachusetts we get extra screwed when leasing/buying new vehicles. We have the privilege of paying a sales tax based on the selling price of the vehicle. We also have the extra special privilege of paying a yearly excise tax base on the vehicles value.

    So... on the new 70,000 SUV you have to add sales tax (70,000 x 0.0625 = $4375) and the excise at $25 per $1000 value (60 X 25 = 1500) total: $5,875! That's assuming the vehicle depreciates $10k the moment it leaves the lot!

    Fun stuff!

    Gusman

  3. Member RangerFive1Niner's Avatar
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    #23
    Have leased several vehicles over the years but no more. I will borrow on a new vehicle just to take advantage of a low interest rate the dealer is offering so I can easily get in the vehicle and then pay it off within a year. Leases are a lifetime of perpetual car payments and you can't count on it being a good deal on the backside without it costing you more money to either purchase (another 4 -5 year commitment of payments for most) or rolling into another lease and continuing the perpetual payments. In my state, if you purchase it you will pay sales tax on the current value of the vehicle, not the amount you pay for it which really sucks. You also have yearly mileage restrictions that if exceeded you will pay for. I'm sure leasing works for some. Just not for me. I like having no payments. Loan, lease or otherwise.


    "A Fisherman and his Money are soon parted"

  4. TJNYSNP
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    #24
    Quote Originally Posted by BassmanZF6 View Post
    I used to be totally against leasing a vehicle, but with the cost of new vehicles, the poor quality control, and how much it costs to fix them these days it doesn't seem like such a bad Idea now for some people.
    Well said... hold your cash, just drip it out for monthly payments.

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    #25
    Quote Originally Posted by jb882 View Post
    That is exactly how i feel about it too. I personally think the days of keeping a car for 8-10 years plus are over. They just cost way too much to fix to keep them long term. If you are inclined to buy frequently because of that leasing makes a lot of sense. I have done the math and the total out of pocket ends up being lower.
    Yeah it still isn't for me since I buy and drive 15-20 year old vehicles and do all of the work to them myself, but if you are the type of person who needs a new vehicle every 2-3 years and aren't into modifying or working on them then it makes sense.

  6. Member
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    #26
    Quote Originally Posted by BassmanZF6 View Post
    Yeah it still isn't for me since I buy and drive 15-20 year old vehicles and do all of the work to them myself, but if you are the type of person who needs a new vehicle every 2-3 years and aren't into modifying or working on them then it makes sense.
    I keep vehicles at least 10yrs. The one I have now I thought it would last 15yrs. Was looking the other day and and I think I'll be real lucky if the rust lets me get 15yrs.

  7. Member Bill2e's Avatar
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    #27
    Quote Originally Posted by BassmanZF6 View Post
    I used to be totally against leasing a vehicle, but with the cost of new vehicles, the poor quality control, and how much it costs to fix them these days it doesn't seem like such a bad Idea now for some people.

    we lease my wifes car. For us it makes sense. She drive low miles and has an expensive car to fix.

    I am much happier with the lease than when we purchased her previous car

    we just leased her second.

    Thereís nothing wrong with the lease if you understand exactly what you were doing.


    You should never lease a car just to get a low payment for the car you could otherwise afford just
    Bill Toohey - Fernandina Beach FL
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  8. Member Bill2e's Avatar
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    #28
    Quote Originally Posted by Gusman2424 View Post
    Here in lovely Massachusetts we get extra screwed when leasing/buying new vehicles. We have the privilege of paying a sales tax based on the selling price of the vehicle. We also have the extra special privilege of paying a yearly excise tax base on the vehicles value.

    So... on the new 70,000 SUV you have to add sales tax (70,000 x 0.0625 = $4375) and the excise at $25 per $1000 value (60 X 25 = 1500) total: $5,875! That's assuming the vehicle depreciates $10k the moment it leaves the lot!

    Fun stuff!

    Gusman
    that’s crazy in Florida we pay sales tax only on the payment for the months of the term of the lease.


    Significantly less
    Bill Toohey - Fernandina Beach FL
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    2021 Northpoint 377 RLBH (For Sale)

  9. Member
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    #29
    few years ago i leased a Scion iQ. They gave me a down payment price of $1500 for the piece of junk Nissan Sentra I had that was worth maybe $400 in scrap, and my monthly payments were $153. I payed $6/month more for additional mileage.

    When I returned it they didnt even want me to replace the bald tires.

    $153/month to drive a new car for a couple years is damn cheap in my book, and add 33mpg gas savings as icing on the cake.

    leasing can be great.

  10. Member
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    #30
    Y’all need to watch Dave Ramsey. The most expensive way to buy a car is to lease it. Your paying on average 14% interest.

  11. Member
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    #31
    Quote Originally Posted by Gusman2424 View Post
    Here in lovely Massachusetts we get extra screwed when leasing/buying new vehicles. We have the privilege of paying a sales tax based on the selling price of the vehicle. We also have the extra special privilege of paying a yearly excise tax base on the vehicles value.

    So... on the new 70,000 SUV you have to add sales tax (70,000 x 0.0625 = $4375) and the excise at $25 per $1000 value (60 X 25 = 1500) total: $5,875! That's assuming the vehicle depreciates $10k the moment it leaves the lot!

    Fun stuff!

    Gusman
    Actually you don't pay sales tax on the entire vehicle if you lease it in Mass. You pay sales tax on the lease amount. If you lease a vehicle that costs 70k that has a residual value of 45k you pay sales tax on the 25k you are actually paying for the lease and it gets rolled into the payment so you pay it monthly over time.

    If you want to really talk about being screwed go register a vehicle in Maine. It costs a LOT more than it does here in taxes and fees.
    Last edited by jb882; 10-19-2021 at 10:01 PM.
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  12. Member
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    #32
    Quote Originally Posted by BassmanZF6 View Post
    Yeah it still isn't for me since I buy and drive 15-20 year old vehicles and do all of the work to them myself, but if you are the type of person who needs a new vehicle every 2-3 years and aren't into modifying or working on them then it makes sense.
    Yep, different strokes for different folks. It's all about priorities in your life. For me I am at the point in life that i no longer want to have to work on vehicles. I just want to put gas in it and drive it. I have so many other things i would rather be doing than wrenching on a vehicle. I have done enough of that in my past......
    Last edited by jb882; 10-19-2021 at 09:59 PM.
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  13. Member
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    #33
    Quote Originally Posted by dawg1419 View Post
    Y’all need to watch Dave Ramsey. The most expensive way to buy a car is to lease it. Your paying on average 14% interest.
    Dave Ramsey. Im surprised he doesnt tell people to eat dirt to save money at this point.

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    #34
    Quote Originally Posted by dawg1419 View Post
    Y’all need to watch Dave Ramsey. The most expensive way to buy a car is to lease it. Your paying on average 14% interest.
    I agree with his policies and I have paid cash for every vehicle I have owned. However with the cost of repairs for both parts and labor on modern vehicles and the rate of failures that they have now, that makes less sense to do right now than it did 10-15 years ago unless you have the ability to do most repairs yourself.

  15. Member
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    #35
    Actually, my bad... Mass takes the purchase price less the residual lease amount and averages the sales tax over the monthly payments.

    Still way worse than Florida (where I just bought a future retirement home) !

    Cheers,

    Gusman

  16. Member
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    #36
    Quote Originally Posted by ECobb91 View Post
    I get that to an extent. But I personally wouldnít lease a vehicle on the slim chance that itíll be worth more than the buy out value. Thatís like buying a boat and praying in 3 years the world economy goes to crap and the boat becomes worth more
    You don't have a clue how it works.

    It it is worth more than residual value, you have the option to buy it for less than it is worth.

    If it is worth less than the residual value you have the right to walk away have paid less than the depreciation during your usage.

    Just make sure you are in a proper manufactures lease and not a private leasing company. Those are where the horror stories come from.

  17. Member C130's Avatar
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    #37
    Quote Originally Posted by dawg1419 View Post
    Y’all need to watch Dave Ramsey. The most expensive way to buy a car is to lease it. Your paying on average 14% interest.
    Not if you know what you are doing and what the money factor (basically the interest rate) is. Dealers typically mark it up from what the manufacturer sets it at but it can easily be found online. I go in knowing what it is and won’t pay above the manufacturers rate. You can negotiate the price of the vehicle also. The money factor gets a lot of people though if they don’t know about it and the dealers make a lot of money on it.

    I always buy my trucks but lease the car my wife gets which is usually quite a bit more. I have been buying the extended warranties in my trucks and usually keep them longer. For $2300-$2500 I like the extended warranty. I get the 7 year/120,000 on my F-150. Vehicles are so high tech I think a couple grand is worth it for piece of mind.

    Leasing might not be the smartest but I want to keep a luxury vehicle about 3 years and be done with it.
    Last edited by C130; 10-19-2021 at 10:43 PM.
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  18. Member
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    #38
    I have been leaning toward using my wife's Q7 as a down payment / lease payments for her next luxury suv. The costs to maintain these vehicles is insane. That will be a decision down the road when the dealers actually have some inventory and want to deal.

  19. Member skeeterator's Avatar
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    #39
    Quote Originally Posted by RangerFive1Niner View Post
    Have leased several vehicles over the years but no more. I will borrow on a new vehicle just to take advantage of a low interest rate the dealer is offering so I can easily get in the vehicle and then pay it off within a year. Leases are a lifetime of perpetual car payments and you can't count on it being a good deal on the backside without it costing you more money to either purchase (another 4 -5 year commitment of payments for most) or rolling into another lease and continuing the perpetual payments. In my state, if you purchase it you will pay sales tax on the current value of the vehicle, not the amount you pay for it which really sucks. You also have yearly mileage restrictions that if exceeded you will pay for. I'm sure leasing works for some. Just not for me. I like having no payments. Loan, lease or otherwise.
    Glad you finally saw the light.

  20. Member 1stindoor's Avatar
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    #40
    Just went through this last month with the wife's Jeep Grand Cherokee. We had a lot of positive equity in it based on what we owed vs. current sale and trade value. Leasing company made it a complete nightmare to trade it in. I ended up buying out the lease through my bank, then trading it in on a 2022 Volvo before the ink was dry. We were still in the black by more than $5K.
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