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Costs are Costs are Costs
Posted by Mike [Email] (more from Mike) on Wed, 2 Apr 2003 09:07:11
In Reply to: Saab leases are NOT a level playing field...., Mike Lynch
[Profile/Gallery]
, Tue, 1 Apr 2003 16:27:04
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I disagree with some of the assumptions made in this post, but the bottom line still remains the same- leasing vs. buying largely depends on your personal lifestyle choices and how you will use the car. It makes sense for some people, and doesn’t for others.
Generally speaking, however, leasing is more expensive financially, because if it didn’t cost more to lease, leasing companies would not be in business, as there would be no money to make- when you lease, you pay their profit, period. Now, that may be a better result for you, if, like Mike points out, you want a new car every three years, or want the protection from your car taking a nosedive in value, like his Ford Explorer example, but you do pay additional money for that protection.
To make a more fair lease vs. buy comparison, look at Mike's figures for buying and compare it to TWO lease periods- if you buy and sell at the end of three years, Mike is right, leasing may be a wash or slightly more advantageous. But as most people who buy will keep the car at least six years, you have to factor two bank fees, two turn in fees, and six years worth of interest payments. Here in NY, that is at least $4,000 that you would not pay if you bought the car, at it is where the leasing company’s profits are made.
posted by 165.125....
Posts in this Thread:
- All you who have leased... why? advantages? [+], Bjorn, Mon, 31 Mar 2003 13:45:56
- Saab leases are NOT a level playing field...., Mike Lynch
, Tue, 1 Apr 2003 16:27:04 - Re: All you who have leased... why? advantages? [+], Ken
, Tue, 1 Apr 2003 13:42:12 - Re: All you who have leased... why? advantages? (long), gatorcpa, Mon, 31 Mar 2003 19:33:13
- Largely Personal Preference, Brian B., Mon, 31 Mar 2003 17:11:16
- Here is a dissenting opinion..., SteveB, Mon, 31 Mar 2003 16:37:09
- Ditto, Noel, Tue, 1 Apr 2003 09:58:50
- Agree..., Lutfisk, Mon, 31 Mar 2003 17:06:51
- where did you find such a deal? (car, not the women), Bjorn, Mon, 31 Mar 2003 16:54:42
- Down payment + payments = Option to buy +, ChrisB, Mon, 31 Mar 2003 15:42:20
- Re: All you who have leased... why? advantages? [+], Tony C, Mon, 31 Mar 2003 14:53:50
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