Leasing a car: any tips?

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Leasing a car: any tips?

Postby PSIII » Sun Mar 06, 2016 12:12 pm

Well, both of my cars are causing me too much grief, and I'm getting tired of staring at my dashboard as I drive, dreading an engine light flashing.

One local dealer has a chat application, so I messaged a salesman a few times. I'm looking for a car with anywhere from 0-1000 down, and would like to keep the monthly payments under 200. It seems like this is narrowing my options. The salesman wrote that "any" car can be 0 down, but I know that just means the monthly payment will be more. :roll:

I've read plenty of articles online, but I still am looking for suggestions.

Thanks, dudes!
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Re: Leasing a car: any tips?

Postby Eddie Willers » Sun Mar 06, 2016 7:06 pm

Depends on a bunch of things.

* outright purchase price
* length of lease
* down-payment

I have a 2014 F-150 XLT on a 48 month lease. $1500 down, $450/month and balloon payment of $14k if I want to keep it at the end of the lease term.

One thing about a lease though, at least up here in Canuckistan, is that you have to maintain the insurance coverage stipulated by the leasholder - basic liability is never enough. The other issue is that you cannot take it out of the country and need Power of Attorney (from the leaseholder) if registering in a state other than where it was purchased.
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Re: Leasing a car: any tips?

Postby Primus_Pilus » Tue Mar 22, 2016 6:38 pm

First thing you do is open a business license of ANY kind (like basket weaving), get the LLC for a few hundred.

THEN ... keep ONE of your cars.
THEN ... buy a nice 6000+ pound GVWR truck (with a 6' bed) or an SUV.
THEN you write the full purchase price of the new 'work' vehicle off using schedule 179 on your IRS tax form.

Next year, go out of business and open another one. Rinse and repeat.

F#@$ the .gov ....
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Re: Leasing a car: any tips?

Postby Slade » Wed Mar 30, 2016 12:43 am

When leasing a car keep in mind that the less it depreciates, the lower the monthly payment. This of course means that the residual at the end of the lease (the balloon payment if you want to keep it after the lease ends) will be higher. And that payment is non negotiable. Say the residual is 20K but at the end of the lease you find you can purchase a comparable used car for 15K. The finance company (usually the automaker) will not budge. If you want to keep it you'll have pay the 20K.

Also beware of exceeding the miles on the contract. If you go way over, it can get very expensive.

The best bet is to find a model that depreciates more than the market average and buy a two year old model (probably one coming off a lease). Of course check with Consumer Reports to avoid models with poor reliability (like anything European)
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