Leasing or Owning

From
I am leasing a 2001 Hyundai Accent GL. Is leasing recommended because Im
unsure of the idea. I've had the car brandnew since 2001. Im told by
others that leasing the warranty will be good for just about anything.
So far I pay for my own maintenance. I paid for brakeshoes. I don't
understand the concept of leasing because Im told at the end of the
lease I will turn the car in and start paying for another one. I don't
know why people want to continue payments when they can own it because
the warranty will cover the owned car also, right?
Just what does bumper-to-bumper mean?









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In written English, put a "?" at the end of sentences that ask
questions. Leasing a car is usually not a wise move. The monthly
payments are lower, but when the lease is up, you don't own anything.
Depending on the terms of the lease contract, you may have to pay extra
money for "over mileage", which is a virtual certainty if you drive a
lot.

Warranties don't cover "wear items" like brake shoes, oil filters, air
filters, or clutches. They don't cover routine maintenance either.

Yeah, that's how leases work.

The promise of lower monthly payments seduces a lot of people.

What it says--every part of the car from the front bumper to the rear
bumper is covered under warranty, except wear items and routine
maintenance. You should've gotten a paper warranty full of fine print
when you initially leased the car--look at that piece of paper if you
want complete details.

 

From
Sorry about no ? Sometimes us mortals make mistakes. Bob









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Leasing is, as others have noted, not a great idea for most people.

You will have the option at the end of the lease to buy the car
outright. This may be your best option.

 

Whether it's a goo idea or not depends on the individual, their long
term plans and what they plan on doing once the lease is up. I've
known many folks who lease their vehicle, and at the end of the lease
turn it in and start a new lease on another vehicle. They get to
drive a new car every few years with lower monthly payments than I
make on my car.

If you tend to trade in you car as soon as you pay it off and get a
new car, then leasing makes sense. If you want to hold on to your
vehicle for a while after you pay it off, then leasing is NOT the way
to go.

 

Another option is to lease and then purchase outright. This allows
you to drive the car and see if there are any bugs/issues. However,
this is much better on higher-priced cars and I have found it is
better when a model is changing drastically and they are offering
exceptional lease deals.

For example, I have an Audi A4 and my lease payment is $399 for 48
months with a 15K mileage limit. I plan on purchasing it out right at
lease end for $16K (the pre-negotiated price) and then I will get a 42
month note to pay for it, payment approximately $416 a month.

399 X 48 = $19152 (current lease)
416 X 42= $17472 (planned car payment at 5% interest)
Total = $36624 (total payments)

BTW, the negotiated price for the car was $34K.

If I would have purchased outright, my payment would have been:
548 X 72 = $39456 (car payment at 5% interest)


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Curtis Newton

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If you tend to trade in you car as soon as you pay it off and get a

and then you have car payments for 7.5years!!!!!!!!!!!

 

Absolutely true, a year and a half extra payments...but, you are
actually paying less per month and less interest in the long run...so,
if you don't mind that portion, it isn't a bad deal.

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Curtis Newton

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