Re: What is so _shrewd_ about leasing? - Saab 9-5 Bulletin Board - Saabnet.com
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Re: What is so _shrewd_ about leasing?
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Posted by keeton (more from keeton) on Tue, 1 Oct 2002 20:02:31 Share Post by Email
In Reply to: What is so _shrewd_ about leasing?, MisplacedYankee [Profile/Gallery] , Tue, 1 Oct 2002 17:55:52
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Here are my stories and why I became a believer in leasing:

First car I leased was for all of the wrong reasons: I wanted more car than I could afford to buy. I did it anyway (midlife crisis, you know). I sold my old car privately and invested the money (this was the 90's). The investments did well and returned after three years an amount almost equal to my lease payments. I drove that big expensive car essentially for free. Moral: You should always figure opportunity costs into a lease.

Second car I leased got caught in a hail storm. I had the car repaired ($5K worth!). At the time of the lease termination, I tried to trade it in since I was well under the mileage limit and some people hinted that it might be worth more than the residual. The appraisers immediately spotted the repaint and essentialy offered me only a token amount for the car. So when the lease was up, I simply dropped the keys off. I had met my obligations of the lease so there was no penalty. I could have been sitting on a big loss otherwise.

With my Saab, the promotional lease rates were so low at the time (no 0% financing then) that it made sense just to lease the vehicle and, if I like it, buy it out at the end or, if I want to move on, just either try to sell it or turn it in. The cash outlay will be little more than paying cash for the vehicle and I still have my money in the mean time. We'll see what happens.

posted by 216.192.14...

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