Last post on Nov 11, 2013 at 11:47 AM
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Car Leasing, Car Buying
#399 of 499 Re: Risk of Single Pay Lease? [kyfdx]
Dec 03, 2012 (12:11 pm)
Thanks for the answer.
#400 of 499 Trade-in without reducing cap costs
Dec 05, 2012 (8:26 am)
I am looking at leasing my first car & want to make as little a down payment as I am allowed. I have a car to trade in that I will probably get around $9,000 for, but I'd like to pocket the cash instead of putting it toward the lease. Having never leased before I do not know if this is common, rare, or unheard of. My best guess is that it is rare but that it depends on the dealer, but I'm hoping that those of you with more experience will tell me that it happens all the time & I should go for it. Thanks for any advice.
#401 of 499 Re: Trade-in without reducing cap costs [hamm3r]
Dec 05, 2012 (9:16 am)
perfectly normal. they will just cut you a check.
Jan 22, 2013 (8:10 pm)
A reporter would like to speak to someone who is going to be in the market for a new car in the next few months because their lease is expiring. If you fit this description, please email your daytime contact info to predmunds.com by Friday, January 25, 2013 at noon PT/3 p.m. ET.
Jul 25, 2013 (10:52 am)
A reporter is looking for new car lessees. If you leased a new car in the past few months, and would like to share your story, please email your daytime contact information to predmunds.com.
#405 of 499 Should we lease again??
Aug 14, 2013 (11:47 am)
My husband and I are senior's (72/66). We leased our (2) Chevy Equinox's in 2011 through Ally and they will be turned in in May/June (respectively) 2014. We have very low mileage on them (14000 and 10000) and they are in perfect condition so extra fees are not a concern.
We have been looking at other vehicles that we think we might be interested in when we surrender our current vehicles. We are going to have just (1) vehicle next time as we don't drive them enough to justify the cost of insurance, gas, and lease payment.
Since we are retired, would it be cost effective for us to lease another vehicle since we put on so few miles or should we buy a vehicle? We do not want a payment (leased or bought) over $550/mo. How can we get the most bang for our buck? Thanks
#406 of 499 Re: Should we lease again?? [retired2pa1]
by Kirstie@Edmunds HOST
Aug 14, 2013 (12:14 pm)
What other vehicles are you interested in?
You sound like perfect candidates for leasing again, since you drive so few miles, and your driving circumstances aren't likely to change (e.g., you aren't going to get transferred to a new job). That's the downside for some younger lessees - they lease a vehicle, and then they move house or job, or have a baby, and the vehicle or the lease mileage limit is a problem.
If by "get the most bang for our buck" you mean you want the nicest vehicle you can get that fits in your budget, then again, my opinion is that you're a great candidate for leasing. Leasing generally allows you to have a lower payment on a nicer vehicle, since you are only paying for part of the vehicle's depreciation.
Let us know what vehicles interest you, and members can offer more advice.
#407 of 499 Re: Should we lease again?? [Kirstie@Edmunds]
Aug 14, 2013 (2:01 pm)
Thanks for your reply so quickly
We have been thinking about "upgrading" to a Buick Enclave or Nissan Pathfinder or something in that range. We want another SUV because we need the extra space. When we looked at the Enclave my husband had sticker shock..haha
We had a 2006 Pathfinder LE (loaded!) that we traded for one of the Equinox's and although the Equinox is a nice car...it certainly isn't the Pathfinder
We've looked at the Ford Escape and taken it for a spin. It's in the same size and price range as our Equinox and has a couple more bells and whistles but we weren't overly thrilled with it. I think we're leaning more to a more nicer vehicle. I was tempted to look at the Edge while we there but they haven't had much of a rating.
We have always owned our own vehicles and we have excellent credit (we've worked all our lives for it!).
I'm trying to do research on vehicles that we might be interested in before we turn ours in next year. What I'm most concerned with is what the Residual will be.
We're NOT interested in Honda, Toyota, Mitsubishi, Kia or the like.
Any advice would be helpful. Thanks
#408 of 499 Re: Should we lease again?? [retired2pa1]
by Kirstie@Edmunds HOST
Aug 14, 2013 (2:17 pm)
OK, so it sounds like you're looking for something in the mid-size SUV range. That will be helpful. I'm not an expert on leasing, but we'll see if others have ideas for you in that range. I will say the Buick Enclave is one NICE vehicle, so you might want to keep an eye on lease specials closer to the time you're ready to make the change (2014). You never know when a manufacturer will offer an irresistible lease special.
Excellent credit is just one more factor that makes you a great candidate for leasing. The worse your credit, the harder it is to get a vehicle lease. This is partially due to the fact that if you don't take care of your credit, you might not take great care of your "rented" vehicle, and who knows if you would be able to pay for damages or excess mileage at the end?
In today's world, not owning, but instead leasing, a vehicle can be a smarter financial move for those with good credit than owning, particularly if you are in the RIGHT situation wherein a lease fits your driving patterns and lifestyle. Seniors (and I hate to use that term, as you are around my incredibly NOT senior parents' age) with good credit, who drive few miles and may like to change vehicles every 3 years or so, and like to have a nice vehicle, are very good leasing candidates - it makes a lot of sense. No worries about out-of-warranty breakdowns or non-fixed depreciation.