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Has anyone done a lease?
- Thread starter drabon74
- Start date
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ridetime
Well-known member
How long do you plan to own it? Lease is a 3 year "rental" that you turn back in after 3 years (normally) and walk away in theory. In reality you will pay for dents over a certain size, tires need to have plenty of tread or they will charge you, etc.
Also you won't be able to do most mods because you don't own it if that matters. My advice, buy Toyota, Honda rent BMW, Mercedes, Audi and other expensive high depreciation makes.
Also you won't be able to do most mods because you don't own it if that matters. My advice, buy Toyota, Honda rent BMW, Mercedes, Audi and other expensive high depreciation makes.
JayT1989
Member
I lease. while it's true that it's a "rental" for 3 years, Toyota's hold their value very well. So at the end of the lease when you turn it in, the truck is usually worth more than the buyout price. so you get a little back.
Basically, you can usually only lease brand new vehicles, but the payment is lower than if you financed it outright.
Pros of leasing:
only pay for the value of the vehicle you use.
always covered by warranty
New vehicle every 3 years.
If you continually trade in your cars, leasing makes sense because your payments will be lower.
no need for GAP insurance, it's figured into the lease payment.
Most leases have an allowance at the end to cover any minor dents and dings or minor mileage overages.
if the market tanks and the value of the vehicle is less than the buyout value, just turn it over. You don't pay the difference, but if the market is good and the value increases, you get the difference.
Cons:
you don't own the vehicle
any upgrades you put on belong to the lease company if they can't be unbolted and returned to stock condition.
can't do anything that would void the warranty, like tuners, upgraded turbo, etc.
if you drive a lot of miles, you will get charged for it at the end of the lease.
will always have a payment if you don't buy it out at the end of the lease.
I'm sure there's something I'm forgetting, but that is the general idea.
Basically, leasing is good if you don't drive more than 15K miles/year and if you buy a lot of cars so you would always have a monthly payment.
JayT
Basically, you can usually only lease brand new vehicles, but the payment is lower than if you financed it outright.
Pros of leasing:
only pay for the value of the vehicle you use.
always covered by warranty
New vehicle every 3 years.
If you continually trade in your cars, leasing makes sense because your payments will be lower.
no need for GAP insurance, it's figured into the lease payment.
Most leases have an allowance at the end to cover any minor dents and dings or minor mileage overages.
if the market tanks and the value of the vehicle is less than the buyout value, just turn it over. You don't pay the difference, but if the market is good and the value increases, you get the difference.
Cons:
you don't own the vehicle
any upgrades you put on belong to the lease company if they can't be unbolted and returned to stock condition.
can't do anything that would void the warranty, like tuners, upgraded turbo, etc.
if you drive a lot of miles, you will get charged for it at the end of the lease.
will always have a payment if you don't buy it out at the end of the lease.
I'm sure there's something I'm forgetting, but that is the general idea.
Basically, leasing is good if you don't drive more than 15K miles/year and if you buy a lot of cars so you would always have a monthly payment.
JayT
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