Thinking of leasing

[jeepman3071]

Originally Posted By: nickaluch
Leasing works for me. I leased a new 2018 traverse LT1 with convenience and confidence pkg for $325 a month$200 down and I write it off under my business. GM points and hard negotiating gets a good deal. Leasehackr forum really educated me on making the deal.


What the heck is a confidence package?

The names for these B.S. packages are getting out of hand.

 

[CKN]

Originally Posted By: jeepman3071
Originally Posted By: nickaluch
Leasing works for me. I leased a new 2018 traverse LT1 with convenience and confidence pkg for $325 a month$200 down and I write it off under my business. GM points and hard negotiating gets a good deal. Leasehackr forum really educated me on making the deal.


What the heck is a confidence package?

The names for these B.S. packages are getting out of hand.


I once lived in the "South Bay" part of L.A. County. Looked at a Nissan-there was a "South Bay Pkg". It consisted of paint sealant and a license plate frame. LOL!

 

[gofast182]

Originally Posted By: CKN
This is the issue with leases-if you don't lease/considered leasing a vehicle-many don't understand how they work.

Exactly. It's easy to glom onto the bad experiences you hear about but the good ones 'don't make the news'.

 

[UberArchetype]

We leased my wife's last car and will never do it again. I was convinced she had the perfect setup for the so-called "low-milage" lease: 2 mile commute, garage kept, no biggie, right? Wrong. You need to remember exactly what is happening with a lease. You are paying for the privilege of using a car that does not belong to you. We were probably more unlucky with it than most, but it is no doubt risky, even with all the best insurance covering your butt. Tire shop that replaced the originals somehow managed to damage a $500 wheel. I eventually convinced them to reimburse her for it, but what a hassle going back and forth between BMW and the shop trying to get somebody to explain why the thing no longer held air and what to do about it. Then, only 2 days before the turn-in appointment, somebody nice enough not to leave their info backed into it in a parking lot. No time for that, just tack on another $800. Never again.

 

[JTK]

Originally Posted By: gofast182
Originally Posted By: CKN
This is the issue with leases-if you don't lease/considered leasing a vehicle-many don't understand how they work.

Exactly. It's easy to glom onto the bad experiences you hear about but the good ones 'don't make the news'.


Agree.

If you pay cash, you have to squirrel away hundreds per month for years to do so and not use that cash for anything else. Once you do use it, you start all over.

One way or the other, you're making payments for a depreciating asset, appliance, tool, toy, what ever you want to call it.

Like said above, at the end of the day, I guess the best gauge is the cost per mile figure.

 

[CKN]

Originally Posted By: UberArchetype
We leased my wife's last car and will never do it again. I was convinced she had the perfect setup for the so-called "low-milage" lease: 2 mile commute, garage kept, no biggie, right? Wrong. You need to remember exactly what is happening with a lease. You are paying for the privilege of using a car that does not belong to you. We were probably more unlucky with it than most, but it is no doubt risky, even with all the best insurance covering your butt. Tire shop that replaced the originals somehow managed to damage a $500 wheel. I eventually convinced them to reimburse her for it, but what a hassle going back and forth between BMW and the shop trying to get somebody to explain why the thing no longer held air and what to do about it. Then, only 2 days before the turn-in appointment, somebody nice enough not to leave their info backed into it in a parking lot. No time for that, just tack on another $800. Never again.


If it was your own car-you would have repaired it-wouldn't you? If the answer is yes how is this a negative impact on the lease? You would have had the expenses either way. When you drive a car-(leased or not) you can't guarantee the two things that happened would NOT HAVE HAPPENED in a car you owned.

You know what they say-"STUFF HAPPENS".

 

[UberArchetype]

Originally Posted By: CKN
If it was your own car-you would have repaired it-wouldn't you?

Not like that. The tires and wheels would both have been replaced with a winter set and the wheel problem would have simply been a matter of replacing the wheel with another same used version, for CONSIDERABLY less money AND time. The real problem was the "impact" of working around "the lease."

Originally Posted By: CKN
If the answer is yes how is this a negative impact on the lease? You would have had the expenses either way.

Nope, wrong again - at least not the "same" expenses. The parking lot damage was easily repairable by myself at little to no cost. But it was not my car, so it doesn't work that way. Which part of driving somebody else's car are you not understanding?

 

[A_A_G]

Buy the F-150. They are relatively low maintenance and last a long time. Leasing sounds like a better idea for something that is built by a German company.

 

[UberArchetype]

I'm quite sure most people go through car leases all the time with no issues whatsoever, or we wouldn't be doing it in the first place, right? Just be aware of what you are signing up for. The contracts are written so it is literally impossible for the dealer to lose money on it. At the same time, you ARE liable for considerable additional unexpected expense. This additional expense can take on many forms including insurance premium issues. It might take a cycle or 2 to notice it coming out of your pocket.

Just be aware of what you are getting into.

 

[CKN]

Originally Posted By: UberArchetype
Originally Posted By: CKN
If it was your own car-you would have repaired it-wouldn't you?

Not like that. The tires and wheels would both have been replaced with a winter set and the wheel problem would have simply been a matter of replacing the wheel with another same used version, for CONSIDERABLY less money AND time. The real problem was the "impact" of working around "the lease."

Originally Posted By: CKN
If the answer is yes how is this a negative impact on the lease? You would have had the expenses either way.

Nope, wrong again - at least not the "same" expenses. The parking lot damage was easily repairable by myself at little to no cost. But it was not my car, so it doesn't work that way. Which part of driving somebody else's car are you not understanding?


NO-I don't understand how an $800.00 ding on the lease for an accident could have been repaired by you for little or no cost-or at a minimum not to any acceptable standards.

 

[SEBZX79]

I have leased 30 plus cars and have not ran into an issue yet.
If you are worried about tires and wheels get tire wheel package.
If you are worried about dents dings etc get the up 5k dollar protection package from the manufacturer.
For about 800 bucks you are covered and don't have a worry in life.

 

[UberArchetype]

Originally Posted By: CKN
NO-I don't understand...

Sorry you don't get it.

 

[UberArchetype]

Originally Posted By: SEBZX79
I have leased 30 plus cars and have not ran into an issue yet.
If you are worried about tires and wheels get tire wheel package.
If you are worried about dents dings etc get the up 5k dollar protection package from the manufacturer.
For about 800 bucks you are covered and don't have a worry in life.

You could always just shell out for everything they offer if money is no object. Were that the case, why are you leasing in the first place?

 

[KrisZ]

If one is blowing money on new cars every few years, then may as well minimize the cost and lease. Probably paying cash for new and then selling privately could work out even better, but the hassle must count for something.

If one is looking for the lowest cost of ownership, or cost/mile, buying new or fairly new and then keeping it for 10+ years is hard to beat.

 

[UberArchetype]

Dealers love leasing for one simple reason: Profit. It also ties into why the service bays are the primary revenue generator. They basically get to sell the same car twice for almost no risk in most cases, doing all the maintenance in-house. It's a businessman's dream. This myth of people "saving money" on leases is just that: a myth. The only real issue is how much car do you get to drive how far for your monthly payment. Just decide how much you can afford to pay someone else to drive their car for 2 or 3 years. And be ready to back it up in case anything goes wrong and be satisfied having nothing to show for it when the time is up.

 

[MCompact]

Originally Posted By: UberArchetype
Dealers love leasing for one simple reason: Profit. It also ties into why the service bays are the primary revenue generator. They basically get to sell the same car twice for almost no risk in most cases, doing all the maintenance in-house. It's a businessman's dream. This myth of people "saving money" on leases is just that: a myth. The only real issue is how much car do you get to drive how far for your monthly payment. Just decide how much you can afford to pay someone else to drive their car for 2 or 3 years, and be ready to back it up in case anything goes wrong and be satisfied having nothing to show for it when the time is up.


Tell me about it, I bitterly regret leasing my i3. I absolutely HATE paying $105/month for 24 months to lease a fully equipped EV that is saving me $250/month in fuel costs.
If only I had known...

 

[CKN]

Originally Posted By: UberArchetype
Originally Posted By: CKN
NO-I don't understand...

Sorry you don't get it.

Please tell us how you were going to fix an $800.00 accident for next to nothing.-Sorry you didn't answer my question-the first time.

 

[Wolf359]

Originally Posted By: UberArchetype
Dealers love leasing for one simple reason: Profit. It also ties into why the service bays are the primary revenue generator. They basically get to sell the same car twice for almost no risk in most cases, doing all the maintenance in-house. It's a businessman's dream. This myth of people "saving money" on leases is just that: a myth. The only real issue is how much car do you get to drive how far for your monthly payment. Just decide how much you can afford to pay someone else to drive their car for 2 or 3 years. And be ready to back it up in case anything goes wrong and be satisfied having nothing to show for it when the time is up.


Sounds like you didn't make a good deal. There are good lease deals and bad lease deals just like there are good purchase deals and bad ones. One isn't automatically better than the other. Sometimes when there's a big rebate, it makes for a good deal. Sometimes car companies offer good incentives on a lease. You just have to shop around.

And yeah, we're still wondering how you were you going to fix an $800 accident yourself for little cost. If it the work wasn't going pass inspection, then you didn't really do an $800 repair. If it was going to take a while to do, you could have delayed the lease return.

 

[UberArchetype]

Have fun with your car leases, but personally, like I said, for me at least - never again.

 

[JTK]

What is the "you don't own it" statement all about?

You most certainly own that leased vehicle for the time and mileage allotment you agreed to on the contract you signed.