Leasing or Financing??

[cosmic_spd3]

Is any one here Leasing there MS3??Just curious..
I'm actually leasing mine..it made my monthly payments a lil lower than actually financing it..still dont know what am gonna do after my contract expires.

[discharmingman]

leasing has too many restrictions.....buying is always the best way to go.... check out www.carbuyingtips.com for reasons why...

[turbobst]

Leasing is good if it's a weekend only car.

I would never lease a DD, that would get really expensive.

[cosmic_spd3]

In my case the only restriction i think that might go against me is my miles with this car..cause i enjoy driving this baby..and trust me i do drive it hard..maybe if i was buying out right i would baby it..hopefully it holds up for the next couple of years..

[HIGHBRED8]

leasing will get you in the car for a short period of time (usually 36 mos) and will have restrictions such as mileage etc but the payments will be comparably
less, buying will require larger d/p in order to get in a reasonable payment. there are sometimes specials such as 0% finance or 0 down etc but usualy not on specialty cars such as this. i worked at a dealer ship for sometime and learned something that works great for me. many people do not realize that you are able to negotiate the actual vehicle price in a lease the same as if you were to purchase (i.e car is $26k msrp you can haggle down to $2xK) once you have agreed on a price the lease will be based of the % of years you will use the vehicle plus interest etc now the option that comes to play is buy out after the lease is up you may purchase the vehicle at a depreciated amount and will be able to finance this sum and in many cases are able to even negotiate that figure when your lease is up. in my case i negotiated my price to around 500 over invoice (not on ms3) from approx $45k to right around $40k then i negotiated my lease with the usual 12k miles a yr (i only drive about 8k so fine for me) to a payment i was happy with and a buy out that if i were to pay my 36mo then want to buyout i would pay around what my originally agreed upon sale price was (about 40k) this means i drive the car for 36 mo's for less then if i had financed and in the end can purchase a vehicle that i know was not beat the hell up.

sorry that was a bit lengthy and im tired so pardon my grammar. but this is a good option for someone to save a little on payments and end up around the same place they would have been had they just bought it from the get go but with lower payments for the first few years. ive done this a few times always worked out great and will for anyone else who is able to negotiate a good deal (leases can look very good on paper but can easily bite you if you didnt pay attention.). also keep in mind a lease is not good for high mileage a year drivers if this is the case then forget them all together or youll end up paying per mile. also when your buying or leasing remember that once your done with the deal at the table with the salesperson, that is only half, you can still negotiate the finance quite a bit. so do your research (tmv, invoice, common rates for your bracket etc) bring it with you to shove in their faces when they say its not true (those that came with ammo almost always got a deal) go their confident and dont be afraid to leave.

ok im done again sorry for the long post and hope i helped out a little

[lebox97]

boils down to:
- do you want to own it and do ANYTHING you want to it?
- or do you want to rent it and return it in original stock-good condition?

[BOOSTR]

Leasing or Fleecing is the worse way to go about getting a car, period. Especially if you want to buy it at the end of the contract. That is financially stupid.

Its not just the surcharge for miles in excess of the contract terms, its wear and tear charges and the dealer defines what constitutes wear and tear damage.

[FrancoNemo]

Hey man i leased mine just so i could get my payments as low as i did! i plan on keeping it anyways so i've modded it alot! i've only had it for 2 months n its dropped, CAI, HIDs, System, Magna catback. so if you want to get lower payments lease it but if you dont plan on keeping it after the lease it over then you really can do much to the car. so i would say lease it then buy it after the lease!

[jred321]

thinking about how much a car costs in terms of monthly payments is a terrible idea. always.

when it comes to leasing vs buying it's about how you deal with cars. do you like getting a new car 2-3 few years and keeping it stock? if so, lease because it's throwing away less money. do you ever want to not have a payment? do you drive a lot? do you like to mod? if so buy. it is possible to own a car without financing it and if you finance the car as long as you don't hold onto it forever you'll have a decent trade in value to apply to your next car so you either don't have to finance or your finance amount is much lower.


there was an article on cnn.com or something a while ago saying if you keep your car for 15 years you end up saving something in the neighborhood of $30,000. think about that before signing a lease. can you afford to throw away that kind of money in exchange for a slightly lower payment every month that over 15 years will add up t a few thousand dollars?

making payments to others should be avoided in all cases if possible and leasing is not a step in that direction in any way.

[cosmic_spd3]

Highbred8 ur absolutely right,thats why i chose this option..the payments are less and i am normally within my restrictions anyway..i never keep a car for more than 4 years as well..but in this case i really like the speed3 so i went this way with the option to buy..
i normally do about 10,000 miles a year which is below my limits,and with the perfomance and feel of this car i need not to do any mods...the money i'll be saving between now and the end of my term,i can use on mods or put towards my payments after refinancing which is gonna be very low..
This car is a rare car so u guys no there were no specials on it..
I dont see they need either for someone to purchase a brand new car and just dump money into modding it,especially one like this...Gas is very expensive,plus its not a civic or vw...i just wanna gas up and drive with very little headaches..
check out some of the post on here concerning issues after u mod the car..
leasing worked fine for me and like i mention i'll see how i feel after 3 years having this if to keep it or not...who know in 3years they'll be something even nicer and faster than the spd3...
Oh and jred321 who keeps a car for 15 years anyway..???loll

[jred321]

Oh and jred321 who keeps a car for 15 years anyway..???loll
financially wise people?

[wolverine_man]

Buy it. Just shop around for the best rate with credit unions. A lot will depend on your credit score, though. I got 5.49% for 72 months.

[HIGHBRED8]

no one is gonna give you a clear answer. whats best for one is bad for another. so you can see there are a few options and ways to go about it. just pick the one that wont drain your pockets and will get you what you want out of a car. but either way you go research what others pay for similar deals that way you can tell if what they offer is good or not

[Sacrilicious]

uhhh...i don't know why you guys are hating on jred so much, because it's almost impossible to get a lease deal that does not rip you off when compared to buying.

sure, your monthly payments are lower, but there's a reason for that: after the lease is over, ALL that money just got flushed down the drain! sure, you can buy the car after the lease is done, but the lease payments you just made added to the price you can buy the car for is usually a LOT more than the price the car sold for in the first place. that's right, the game is stacked against you...that's why dealerships love leases! it's the fastest way for them to push a car onto someone that they shouldn't try to afford!

now, if you have financial issues and cannot get the loan to pay for the car, that's a different story. you're basically going to be forced to take it up the bum, but if you can foot the bill, you are usually saving a LOT of money by buying by financing! i'm not saying there aren't reasons to get a lease, but 99% of the time, it's going to get you ripped off WAY harder than you would think...

out of curiousity, if you don't mind my asking: how much are your lease payments? did you have to put down a down payment?

[discharmingman]

This car isn't for everyone...if you can't afford to own it, might as well go get yourself a Scion Tc (tacky but cool, haha), those cars are a dime a dozen....you'll probably be making lower payments owning that car than trying to lease the Speed3. I don't see why anyone would want to buy a used speed3 that's 3-4 years old....that's the dealer's fault unless they're sure people will end up buying the car....which I would say most people will because it's hard to let go of such a hot car....This is a top 10 car and everybody wants one, but they can't afford it and will end up making a financial mistake trying to lease it, tempted to mod it, and in the end, tempted to buy it after the lease because they've put so much into it....I hardly believe this car will remain stock if you're under 40yrs old and driving this car.....

Whatever......(yupnope).......

[cosmic_spd3]

Question??does anyone has a 48 months payment plan in paying off for this car??and base on this car total cost i dont think anyone is paying less than 350.00 a month unless they made a huge down payment..
Remember there's no specials on this car at any dealers..and its a rare breed..Only now they are giving incentives on the speed6..
I lease because i like changing my cars ever so often..This is a car i actually wouldn't mind keeping after my term is finish, so i went that way,to get the lower payments and still have the options of buying and will be able to actually own this car in about 4 years.. figure it out..400.00x 36months with 2000.00 down at total cost of $24,500..and am not ashame to lay out my stats..Its was just a curious "POST"
And for Discharmingman,i guess for most of you guys who buy or finance,i guess u plan on keeping this car for a life time.. remember the money you dump into a car in any case you never ever get back full value.especially on turbo cars,knowing the abuse they get as an OWNER..Atleast when u least a car you know u have restrictions to it,and thats always a better car to get used because it wasnt abused..Try trading in your car after 5years to a dealer and see if your gonna get as much for it as a 3year leased car would sell for.....You better find some young kid who's parents are rich to get rid of it when ur ready..
This is not my first turbo car,am not a new jack..it will remain stock untill my term is over and if i decide to buy out,then i'll start modding..gas is to expensive bro..loll..I really enjoy the car stock..i dindt get this car to drag race,i was just impress at what mazda did with such a compact car and its performance for cheaper than the other manufacturers.."Mitsu ,subi,VW Hondas "etc..
Like i'm saying tho i did what worked in my favor..

[Sacrilicious]

wait...so your total cost for the 4 years of the lease is $24.5k? i'm confused because i came up with $19.2k + $2k = $21.2k and wasn't sure where the rest came from.

the only point that jred and i are trying to make is that yes, this is perhaps the more convenient way for you, but if you dig down in there, you can see that it's not the financially sound way to go...by far. that's why a number of people are all for the buying thing. you're basically saving thousands and thousands of dollars over those 4 years if you buy it...

[discharmingman]

And for Discharmingman,i guess for most of you guys who buy or finance,i guess u plan on keeping this car for a life time.. remember the money you dump into a car in any case you never ever get back full value.especially on turbo cars,knowing the abuse they get as an OWNER..Atleast when u least a car you know u have restrictions to it,and thats always a better car to get used because it wasnt abused..Try trading in your car after 5years to a dealer and see if your gonna get as much for it as a 3year leased car would sell for.....You better find some young kid who's parents are rich to get rid of it when ur ready..


I don't abuse my car....I haven't even floored it once since I bought it and it's been over a year. I baby my car...I've made a few ignorant mistakes, like drive through a semi-flooded area and paid the consequences, though they weren't too severe (you can look up my thread on the issue with my MAF), however, that's the worst thing that's happened to it. Like I said once in another thread, I'm not into racing or going to the track...I simply admire the good looks of the car.....like you said. Mazda really came through with a car that packs power and looks for a good price.....but I mean, the car is already cheap.....

[Stu C]

Leasing and then buying the car - wow - that's just a really bad idea. You would have to really want the car now, not be able to afford the car now, but KNOW you will have more money in a couple of years for it to make any sense (and financial sense it wouldn't be)

If you do trade it in at the end of the term, it's not a bad way to go if you can write the lease payments off.

[HIGHBRED8]

why is it "a really bad idea" if you can make it work out to the same in the end? I have more then once, and i worked at a dealer for quite some time and saw it happen there too. of course a lot of people get reamed with leases and option deals, but if you know how to do work them they can have many advantages. and it has nothing to do with not affording it now, if i can pay the same in the end but have lower payments for x amount of mo's why not? the problem with lease options is they have many variables to consider. if thats the option you want study them before you sign if your unsure then finance. the end figure is what matters other then that its what can you afford per month.

its just a question of who likes what. theres no right or wrong answer here.

[cosmic_spd3]

Stu C i dont get what your trying to say..all am saying is i dont see why u guys think its the wrong way to go..let me ask you guys a question, dont you get a total cost of the car when you leasing it..???
Before i signed my contract i had it worked out both ways leasing and financing and for all my reasons leasing worked out better for me with a cheaper rate and still gonna be able to buy the car the same way, as anyone financing..just remember the money am paying monthly still goes towards the car total cost...am not renting..i only have a few restrictions which i can definitely work with..i dont need to mod but just get in and drive..and am 38yrs old..

[jred321]

if you lease then finance what is your total cost you've spent on the car for the car when all is said and done? i'd imagine part of your lease payment is interest so rather than paying interest on the car for 4-5 years through normal financing you're paying interest on the car for 6+ years (3 year lease + whatever finance term, 3 or more years and probably at a higher rate given it's a used vehicle). even if the car itself doesn't end up costing you any extra you're paying more in interest and the total amount you paid for the car is higher than if you had just financed. if you lease then pay cash for the car at the end of the lease period then it's a more acceptable option but then you might as well have just financed or paid cash in the first place because your finance amount would have been that much lower

[Sacrilicious]

if you lease then finance what is your total cost you've spent on the car for the car when all is said and done? i'd imagine part of your lease payment is interest so rather than paying interest on the car for 4-5 years through normal financing you're paying interest on the car for 6+ years (3 year lease + whatever finance term, 3 or more years and probably at a higher rate given it's a used vehicle). even if the car itself doesn't end up costing you any extra you're paying more in interest and the total amount you paid for the car is higher than if you had just financed. if you lease then pay cash for the car at the end of the lease period then it's a more acceptable option but then you might as well have just financed or paid cash in the first place because your finance amount would have been that much lower

+1

let's use your leasing as an example:

assume

$400/month for 36 months with a $2k down payment.

that means in 36 months, you will have paid $400*36 + $2,000 = $16,400.

after that much time, let's say that you want to buy the car to keep it...since your car cost $24,500, you're going to need to be able to buy it for $24,500 - $16,400 = $8,100 in order to have paid exactly $24,500 overall. now, i'm seeing about $12,700 for a buyout on a regular mazda3 hatch, so i'm assuming a ms3 would cost even more than that. assuming the $12,700 buyback, that means that leasing cost you a total of $12,700-$8,100 = $4,600 over the base price of the car. it is very unlikely that financing would have cost nearly as much. this is all that us "naysayers" are saying...leasing is generally the more expensive option because of this.

[TRMS3]

+1

let's use your leasing as an example:

assume

$400/month for 36 months with a $2k down payment.

that means in 36 months, you will have paid $400*36 + $2,000 = $16,400.

after that much time, let's say that you want to buy the car to keep it...since your car cost $24,500, you're going to need to be able to buy it for $24,500 - $16,400 = $8,100 in order to have paid exactly $24,500 overall. now, i'm seeing about $12,700 for a buyout on a regular mazda3 hatch, so i'm assuming a ms3 would cost even more than that. assuming the $12,700 buyback, that means that leasing cost you a total of $12,700-$8,100 = $4,600 over the base price of the car. it is very unlikely that financing would have cost nearly as much. this is all that us "naysayers" are saying...leasing is generally the more expensive option because of this.


Don't forget the hidden costs as well... most lease agreements include a "lease termination fee" which is due at lease-end (check the fine print on the back of the form you signed) and can add several hundred dollars more to the total lease cost basis... Leases used to be good for those who swapped cars often as long as you took good care of the car and didn't exceed the mileage allotment... but this was back when you were still able to deduct the interest paid on the lease from your U.S. Federal Tax Schedules... that perk was phased out in the late '80's IIRC along with your Credit Card interest deductions...

and never, ever assume a lease that will exceed the manufacturer's new-car warranty period (i.e. a 48mo lease on an MS3 w/ 36mo bumper to bumper) because there could be nothing worse than to have to pay out-of-pocket for some big repair bill on someone else's car... (I used to work w/ a guy who had to put a new transmission in a leased Grand Cherokee... to the tune of $2,000.00+... ouch!)

on the other hand, in some instances you may actually benefit from a lease that gives you the option to buy the car for its residual value at lease end... when you lease a car you are, in all intents and purposes, paying the anticipated depreciation on the vehilce for that period with the stated mileage... if at lease end you find that the rare and unique car that you leased happens to be worth more than the residual, by all means buy the car and sell or trade it for a profit!

[discharmingman]

if at lease end you find that the rare and unique car that you leased happens to be worth more than the residual, by all means buy the car and sell or trade it for a profit!

and you never know, that may very well be the case with the speed3 considering they are (or were) only making 5000 in the US.....

does anyone know if that's still the case?

A friend of mine leased the 20th Anniv. GTI in 2003 and a year later the dealer was sending him mail offering to buy the car back from him......he ended up buying the car at the end of the lease.....

it may happen to all the speed3 lease-ers....lease-ees, however you say it...the dealer may realize they goofed in letting you drive off the lot with a lease and get you to sell it back to them...but don't do it!

(drive)

[jred321]

and you never know, that may very well be the case with the speed3 considering they are (or were) only making 5000 in the US.....
(rofl) it's a mazda. a good mazda but come on, let's be serious


A friend of mine leased the 20th Anniv. GTI in 2003 and a year later the dealer was sending him mail offering to buy the car back from him......he ended up buying the car at the end of the lease.....
those are marketing schemes to get you to spend more money on a new car. "buying the car back" = trading it in. they'll let you do that with pretty much any car. they want to buy it back from you in exchange for you taking a huge depreciation hit and financing another new vehicle. i'm pretty sure my mom got letters saying the same thing for her GMC Envoy. i can guarantee they aren't in high demand


it may happen to all the speed3 lease-ers....lease-ees, however you say it...the dealer may realize they goofed in letting you drive off the lot with a lease and get you to sell it back to them...but don't do it!

dealers aren't stupid, they've been in the game for a long time. don't believe a word they say

[discharmingman]

(rofl) it's a mazda. a good mazda but come on, let's be serious


those are marketing schemes to get you to spend more money on a new car. "buying the car back" = trading it in. they'll let you do that with pretty much any car. they want to buy it back from you in exchange for you taking a huge depreciation hit and financing another new vehicle. i'm pretty sure my mom got letters saying the same thing for her GMC Envoy. i can guarantee they aren't in high demand


dealers aren't stupid, they've been in the game for a long time. don't believe a word they say



Well, it was just a thought.....

[cosmic_spd3]

Well thats what my sales rep told me..they only making 5000...3300 sport and 1700 gt's..
anyway u guys are getting this post bent out of shape..
i was only asking a simple question and say what worked out best for me between leasing and financing..
I dont think anyone is paying under 250.00 a month on the speed 3 for under 60 months..unless there down payment was a big amount..
i know some got lucky and got it for under my total lease contract of 24,500.00 and all am saying is that financing at the end of my 3yr contract i would have paid off 16,400.00 leaving my an option weither to trade or buy out..you guys figure out the rest..if i was gonna finance my payments would have been more monthly with the 2000.00 i put down..
my lease restrictions are fine for me..i dont drive 12000 miles a year so am cool..hopefully no accidents and am straight and if so i have full coverage insurance..and if i wanna trade for another hot mazda ride am cool as well this is my second new car in 5 years..who know if i might keep it right now am enjoying it like you guys are and am sure if something else hot like the speed3 comes out 2years from now you guys would be looking to jump on it..but you locked in ur financing contract..or ur bank loans..loll.

whats the longest terms some of you speed3ers have????Rate terms..

[jred321]

if you're happy with your decision then that's all that matters. i just know i'll be happy in 2.5 years when i don't have a car payment and after that i'm going to try my damndest not to finance a car ever again. having a certain amount of your monthly income spent before you even make it sucks, as does paying interest, and both should be avoided as much as possible, even if it means driving a slower, older car

[spike blue]

well im leasing too.i was going to buy the ms3 GT for 470 a month with 3k downpayment,so my Dad told me to think about it .Iwent to see the G35 Sedan S and for that kind of car im paying 500 for 42 months with 15k miles a years,i think o got a good deal!!

[sfalexi]

I think of it on semi-different terms.

Do you want to get a new car of your choice every few years, but don't mind having payments without owning a car and the car has to remain stock and have limiited mileage? Then lease.

Do you want a particular car and want to own it and do whatever you want to it? Then buy. That's how I look at it. I knew this woman who didn't really care about owning or modifying a car, but just wanted a nice new car every few years. She leased a BMW or Lexus or something like that every three years. And loved it. She was a stay at home mom and never had to worry about mileage. For long trips, she drove or road in her husband's car.

I want to own a car and do what I want to it.

[FrequentFlyer]

This is an age old debate, like "tastes great!" / "less filling!". It all depends on the situation. Sometimes it's a poor choice by people living beyond their means and other times it may not be such a poor choice.

Not many people these days keep cars for 15 years. If you drive 12-15k miles a year, there comes a point where it just becomes a hassle and in some cases dangerous to run a vehicle into the ground before buying something new. In addition to that, it's the American Way to buy a new car every 3-4 years, especially if you're a car enthusiast who doesn't just consider their vehicle a means to get from point A to point B. We buy them as luxuries/status symbols. We enjoy a new car because it makes us feel good. They're not investments, unless you're a lucky one who kept that '65 Mustang in prestine condition. Very few vehicles sold today will ever become "classics" like the models of the 50's and 60's, especially foreign cars.

That said, there are benefits to leasing 'certain' vehicles at certain times. Not all vehicles are good lease deals. If you lease cars that have higher residuals, like Hondas, Acuras, BMW's, Lexus's, etc... you can get alot of car for very little out of pocket expense and an affordable monthly payment, especially if they're running incentives on a model that isn't selling well. If you lease cars that have crappy resale value, like VW's, Hyundai's and just about any domestic, you're going to pay through the teeth and not have anything to show for it. Sure, we'd all love to walk into a dealer and buy a car cash out of pocket, but the majority of people live from paycheck to paycheck and think in terms of how much money per month they can spend. I'm not saying this is "smart", but this is the way it is.

Another thing is, not everyone wants to take that kind of money and put it into something that is just going to depreciate. This is all about which way is going to lose me LESS money over a period of time. Heck, I have the money in the bank to go buy a 3 cash out of pocket right now, but do I want to do that? Is there something else I can use that money for to make me money in the long run? Upgrades to my house, downpayment on a property (the market is great for buying right now!), money market account, stocks/bonds, feed my IRA, etc... Do you really want to tie that kind of money into something you are not going to get a return off of when you can lease, always have a nice new car and not have to worry about putting huge amounts of cash down on a vehicle to do so.

I think we've established that the most financially-smart way to go would be to buy cash out of pocket, pay no interest, and run the car into the dirt, be it 10, 15, 20 years. Who knows? But, lets compare buying a $25,000 car cash out of pocket and keeping it for 4 years, vs. leasing the same car with very little money down and putting most of that $25,000 into a money market account at 4.5%. We'll assume no sales tax or title/tags to make it easier, .0025 money factor (6% interest), 54% residual (This is more like a 4-year Honda residual) and $1,000 out of pocket for acquisition fee and security deposit (which you should get back!). Normally you have to pay first month's payment with a lease also, but I won't include that. Monthly payment is $335.83. Over the course of a 48 month lease, this is $16,119.84 and you're paying $4,620 in interest over that 4 years.

Now lets go to the person that forked over $25,000 cash on the same car. He keeps the car for 4 years, drives the exact same amount of mileage and now decides he wants something new. Ok, does he sell privately or does he trade it in? He knows that he can probably get more money if he sells privately, but at the same time he's gotta wait for that certain someone to come along and want to buy the car. If he trades in, he's going to take a hit on the "profits" (and I use that term loosely), but he can get it over with and be in and out with a new car the same day. Decisions decisions.... I know for me, when I get a bug up my rearend to go buy a new car, I don't want to deal with potential buyers pussy-footing around and holding up my purchase. That's just the impatience in me and I know I'm not alone. So lets assume he trades up. If the car Blue Book's for around $13,500, you know the dealer is only going to give about $11,000, if that. Nowaday's dealers like to give you "auction value" because if it doesn't sell on their lot, they send it to auction. Assuming the car trades for $11,000, he lost $14,000 over 4 years of ownership, so he's roughly $2,000 ahead of the game and has $11,000 out of the original $25,000 to use on another vehicle.

The other guy who leased that same car put that money in a money market at 4.5% and it's worth $29,920. Roughly $30,000-16,000=$14,000>$11,000.

There are so many variables though, as you can say that the guy who bought cash out of pocket can now save his $335 a month that he's not spending on a lease payment and have $16,000 in the bank after 4 years to add to his $11,000 he gets for the trade and come out ahead. Of course that takes financial discepline, which most of us lack.

The moral is you will, in most cases, lose less money over your lifetime purchasing vehicles, rather than leasing because much like renting an apartment, you are paying someone else to use their property and make a profit and will have nothing in return when all is said and done.

[jred321]

There are so many variables though, as you can say that the guy who bought cash out of pocket can now save his $335 a month that he's not spending on a lease payment and have $16,000 in the bank after 4 years to add to his $11,000 he gets for the trade and come out ahead. Of course that takes financial discepline, which most of us lack.
there are many variables. i'd like to see it over a 6 year term where the person who purchased the vehicle keeps the same vehicle and the leaser goes through 2 leases. 6 years is short enough that the purchased vehicle should still be fairly reliable and new looking. the purchaser would come out on top i would think

plus having that $335 extra per month, even if not put into a savings account, gives you more flexibility in the way you live because you can elect to save that money, buy a tv, go on vacation, anything, whereas with the lease you have to put that money towards your car

[chufa]

When I bought mine recently, I inquired about a lease and it was not even available.

[MS6S2K]

Leasing or Fleecing is the worse way to go about getting a car, period. Especially if you want to buy it at the end of the contract. That is financially stupid.

Its not just the surcharge for miles in excess of the contract terms, its wear and tear charges and the dealer defines what constitutes wear and tear damage.


You're wrong. In my case when they had an amazing deal in july of 06 on the Speed 6, I got it for $269 a month for 24 months $2500 due at signing but $3500 cash back, and car selling for below invoice.

I paid the lease off in full on first payment, and have a lump payment of $15k to keep the car this July. All in all, I put about 9000 down with no financing during the 24 months, and didn't have to make a single car payment for 2 years, and in the end I will have gotten this car for $24000 OTD when it comes time to refinance. It worked out better then buying it. Not all leases are bad, it just depends.

[cosmic_spd3]

See this is what am saying,you go for the deals that works out best for you when leasing..plus u always get the option of buying ..its not that your throwing your money away..i have a good lease program right now and its working out in my favor..the restrictions doesn't affect me..thats what really comes into play..

[USAF_TRobertson]

If you know what you're doing a lease it can be beneficial. Like everyone said it basically boils down to if you plan on getting a new car every few years, or keeping yours until it falls apart. Also if you mant to modify it or not, etc. Theres alot of variables and I think the best thing someone could do is read up on the pros and cons of both on the internet and make a decision for themselves. In a few years when my MS3 is paid off I plan on selling it and leasing a BMW. I will probably lease from now on the rest of my life because that is what will work for me.

Also I think I read somewhere the average American keeps their current car for like 2-3 years... something to think about.

[BMS308]

financially wise people?

In the last 15 years I have had 10+ cars all with monthly payments that range from 200-400 per month and I have never been "upside down".

They include

Silverado, Cougar, WRX, BMW z4, BMW M3, STI, F250 7.3, MS3

I find that leasing works the best for me because while I like to drive hard, I like new toys as well.

Is it fiscal? Well out of all the cars I only ever kept one long enough to buy it (WRX) and the equity in it allowed me to get some pretty insane monthly payments over the next several years of leasing. 215 per month on a 56,000 ride was pretty sweet. I even got equity out of the next 2 trade ins. My last was as close to even as I have ever been. In 3 years I will again be able to get into another 50k ride for around 300 a month.

Financially responsible is a subjective term. My neighbor drives a beater that he has owned for years. He has no car payments because he pays cash for used cars. On the flip side he is always working on them, has oil spots in the driveway etc. His wife also invests heavily in their house. They have designer this and that drapes, and decorations. The majority of which add no material value to the home.

He thinks im silly because my wife and I always drive nice cars. Except on days where he asks me for a ride. (yes)

I have a %$#! eating grin on my face every day from the drive to work. For me, thats priceless.

[unr8ted]

Ok cosmic spd3 were did you get your car from the dealer on the island because i got mine in westchester and they would not lease the car to me so i called up all the speed dealers in the area with were few they all told me no. good for you though wish i barely drove my car had it less than a year got 14,000 mile on it. but to plus is i can do anyhing i want to it because it will be mine one day maybe 3 years from know LOL