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#4696495 - 03/16/18 09:25 AM Thinking of leasing
redhat Online   content


Registered: 12/07/12
Posts: 1735
Loc: Anywhere, USA
Have been considering a suitable replacement vehicle as a daily driver. I am planning on selling my Accord to a good friend of mine for a very reasonable price. Accord will have 155k when sold.

I am really considering on leasing a brand new F150. I get it, the whole money paid and no kept vehicle thing. But I am really excited on potentially having a vehicle where I'm never putting brakes, tires or repairs into it. I drive maybe 4,000 miles a year back and forth to work so a 12,000 mile lease would probably be more than sufficient if not maybe a 10,500 figuring in pleasure. Sure this puts you in a constant state of paying, however, I am getting to a point where the DD/main vehicle... I don't want to do much with. I'd rather put effort into my Regal, job, enjoyment of hobbies. Financially and career wise, things are going excellent.

I like the 2.7 Ecoboost. Seems like a good combination of power and economy. Its payload may be perfect for what I want. My most preferible options would be SuperCab (extended cab), 6 1/2ft box and 4x4. It would be really nice to load the 4 wheeler in the back, or be able to tow 3-4,000lbs worth of a trailer for camping.

Can you lease higher optioned models? I love the creature comforts -- leather, advanced factory stereo, etc. Can you order a somewhat piece-meal option wise truck and lease it? Will the factory build a custom truck to lease? Anyone got one of these trucks? What are you thoughts on it.

Also, FWIW, my uncle and wifes grandpa works and worked at Ford. Not sure how any potential discount from that works, applies or if I am even applicable (or wanted me to use theirs).

Thanks.


Edited by redhat (03/16/18 09:27 AM)
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17 Taurus Limited AWD - MCSB 5W-20, FL500S, 5k
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Retired: 09 Accord Sedan 5MT - Travellers 15W-40, XG7317, 151k

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#4696502 - 03/16/18 09:33 AM Re: Thinking of leasing [Re: redhat]
JustinH Offline


Registered: 04/17/04
Posts: 5204
Loc: Texas
I did one lease on a 2014 Rav4 a few years back. My thoughts.

Deal was $999 down, $199 per month. Thats what you walk in expecting.

Anyways, you get to Toyota, and that $199 per month car can not be ordered, and was not available in the 3 states surrounding Texas.

It was a bare bones Rav4 with no roof rack, and no floor mats, and a few other things. The lowest price RAV4 I could get was $244 per month, so I bit.

You pay the tax up front, on top of your $999, so it is not $999 down. If I recall it was $2400 or so.

Also you would be dumb to not buy gap insurance, so I bought that. Car has full maintenance for the 2 years, but some things are not covered by service plan. Dealer wanted to charge me $60 to change cabin air filter in their car.

2 year lease, 12k miles per year. Option to buy out lease for $18k or whatever at end of term, otherwise you turn it in.

You can be billed for tire wear, scratches, damage.

After about 15 months, I sold the car outright to beepi, they wrote me a check for $19,500, and after they paid off Toyota, I walked away with about $1000-$1500 in my pocket.

Had I kept the car to end of term, I'm sure Toyota would have charged me something extra.

If you have expendable money and don't care, then go for it. The waste of money, and the fact that 12k miles per year is not a lot ticked me off. We didn't drive the car down to the coast, or the beach because we were worried about mileage.

So you are paying for a car to sit in the garage, besides normal commuting.
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#4696523 - 03/16/18 09:51 AM Re: Thinking of leasing [Re: redhat]
Mr Nice Offline


Registered: 09/12/04
Posts: 21376
Loc: Orlando, FL
Leasing is good if you want a different vehicle every few years.

Personally, I'd purchase the truck and not lease.

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#4696536 - 03/16/18 10:02 AM Re: Thinking of leasing [Re: redhat]
KrisZ Offline


Registered: 12/23/06
Posts: 7509
Loc: Toronto, Canada
At 4k miles a year, what kind of "constant work" any reasonably maintained vehicle would need?
If you're tired if the Accord and want something new, then just get it, no need to come up with excuses to justify the purchase.IMO
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#4696542 - 03/16/18 10:12 AM Re: Thinking of leasing [Re: Mr Nice]
Quattro Pete Offline


Registered: 10/30/02
Posts: 35976
Loc: Great Lakes
Originally Posted By: Mr Nice
Leasing is good if you want a different vehicle every few years.
That's kind of how I see it, too. If the OP knows he only wants to keep it for 2 years and then not have to worry about disposing of it, then leasing might be the way to go.
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#4696545 - 03/16/18 10:16 AM Re: Thinking of leasing [Re: redhat]
FermeLaPorte Offline


Registered: 07/25/17
Posts: 516
Loc: Texas (south)
A co-worker leased a Buick Verano.

At the end of the lease he paid for scratches and stuff, but he lied to the people at the dealership to get a big discount.

Just keep the Accord for a few more years and save to buy the truck outright.


Edited by FermeLaPorte (03/16/18 10:17 AM)
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#4696557 - 03/16/18 10:33 AM Re: Thinking of leasing [Re: KrisZ]
redhat Online   content


Registered: 12/07/12
Posts: 1735
Loc: Anywhere, USA
Originally Posted By: KrisZ
At 4k miles a year, what kind of "constant work" any reasonably maintained vehicle would need?
If you're tired if the Accord and want something new, then just get it, no need to come up with excuses to justify the purchase.IMO


Sure 4,000 miles a year for work, but you have to figure in pleasure too. So lets figure 10,000 miles.

Buffalo is not easy on a car whatsoever. I would be impressed to find a worse system of frequently traveled roads.
_________________________
17 Taurus Limited AWD - MCSB 5W-20, FL500S, 5k
14 Civic EX Coupe - NAPA Syn. 0W-20, WIX 57356, 54k
Retired: 09 Accord Sedan 5MT - Travellers 15W-40, XG7317, 151k

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#4696587 - 03/16/18 10:58 AM Re: Thinking of leasing [Re: KrisZ]
maverickfhs Offline


Registered: 12/28/16
Posts: 2076
Loc: VA
Originally Posted By: KrisZ
At 4k miles a year, what kind of "constant work" any reasonably maintained vehicle would need?
If you're tired if the Accord and want something new, then just get it, no need to come up with excuses to justify the purchase.IMO


Honestly, me cheapskate thinks similar too!
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#4696601 - 03/16/18 11:16 AM Re: Thinking of leasing [Re: redhat]
ssamaroo01 Online   content


Registered: 08/22/17
Posts: 53
Loc: Mt. Vernon, NY
I leased a 2013 Fusion Titanium with almost every option that it came with (MSRP 37K). I paid only taxes up front which was about $2200. Kept the car as a weekend driver and had a mileage allowance of 10.5k per year for a two year lease. Monthly payment was $429. I did the maintenance myself and Ford has a third party company inspect it 3 weeks before I returned it to the dealership. They did not charge me anything extra but I did take care of it very well. Ford does lease cars and trucks with the upgraded tech and features. I ordered my second Fusion from them and they offered me the option to lease that one that I ordered from the factory. I turned the new one into my daily and have racked up about 30k miles a year since.
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#4696604 - 03/16/18 11:18 AM Re: Thinking of leasing [Re: redhat]
wallyuwl Offline


Registered: 06/02/09
Posts: 1780
Loc: Wisconsin
You can lease just about any vehicle. You can also negotiate the price the lease is based off of, just like a purchase, a lot of people dont know that.

I bought a new f150 a few weeks ago. One dealer was pushing lease hard. On that truck the price would have been about $42k IIRC, and after three years the residual would have been $32k. But we would have made $22k in payments not including taxes. Interest rates are going up, so besides being $10k in the hole to start we would have been refinancing at a higher rate at the end of the lease if we wanted to buy it.

As for the truck, i like it. Very roomy. I dont like how large it is, including the large turning radius, but that is how they make them now. I have the 5.0 and it is great. I dont like the ecoboost, but the 2.7 is plenty capable for what you said your usage is. The back end is a bit light at times due to all aluminum bed and steering is a bit numb as most trucks are. The 10 speed is nice, except it can shift hard once in a while when starting to drive it when it is cold outside. I think it might be due to the thin fluid they use.

Ford has good rebates now for the 2.7, lease or buy. IMO the only f150 worth leasing is the STX as if you go beyond that the value is just not there.

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#4696631 - 03/16/18 11:43 AM Re: Thinking of leasing [Re: Mr Nice]
JohnnyJohnson Offline


Registered: 10/22/09
Posts: 2910
Loc: Wet side WA
Originally Posted By: Mr Nice
Leasing is good if you want a different vehicle every few years.

Personally, I'd purchase the truck and not lease.


And don't mind paying premium prices along with penalties for mileage over 12,000 miles a year. I took my daughter one time to learn the lesson.
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#4696649 - 03/16/18 11:56 AM Re: Thinking of leasing [Re: redhat]
Wolf359 Online   content


Registered: 04/27/12
Posts: 4914
Loc: MA
Check out leasehackr.com for the latest deals.

I think it's only good if you use up the miles that you paid for, too little miles and you're over paying, too many and then there's a penalty. If you're worried about repairs, I would think a Ford extended warranty which goes up to 8/125k would be the way to go. Probably some recent off lease vehicle in the 3-4 year range that would still qualify for an extended warranty.

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#4696676 - 03/16/18 12:22 PM Re: Thinking of leasing [Re: redhat]
KrisZ Offline


Registered: 12/23/06
Posts: 7509
Loc: Toronto, Canada
Originally Posted By: redhat
Originally Posted By: KrisZ
At 4k miles a year, what kind of "constant work" any reasonably maintained vehicle would need?
If you're tired if the Accord and want something new, then just get it, no need to come up with excuses to justify the purchase.IMO


Sure 4,000 miles a year for work, but you have to figure in pleasure too. So lets figure 10,000 miles.

Buffalo is not easy on a car whatsoever. I would be impressed to find a worse system of frequently traveled roads.


Well, Ontario is not the easiest on the cars either and our roads are pretty bad as well. My 06 Mazda doesn't feel like it needs to be retired yet
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2015 Dodge Grand Caravan-21k miles.
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#4696682 - 03/16/18 12:30 PM Re: Thinking of leasing [Re: redhat]
mbacfp Online   content


Registered: 09/02/15
Posts: 861
Loc: California
Situationally, leasing may have some benefits. Mathematically, leasing is usually more expensive over the long run vs buying.
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#4696684 - 03/16/18 12:32 PM Re: Thinking of leasing [Re: redhat]
gofast182 Offline


Registered: 04/30/13
Posts: 1715
Loc: NJ
Leasing is great if you drive less than ~12,000 miles per year AND like a new car every ~3 years. Buying is smarter if you drive a lot and/or intend to keep the car AFTER it is paid off. Since cars are generally depreciating assets, you don't begin to get ahead until it's paid off and you can begin saving that money every month. Many people buy a new car every 5 years and proclaim to be smarter than someone who leases, they're not because they're never without a car payment, either. So if you meet the criteria in the first sentence, by all means, lease. Make sure you only pay taxes and reg. fees up front, don't pay ANY cap cost reduction as you could lose that money, and don't buy any extra warranties as the vehicle will be under full warranty for the lease term. If you do all that you'll be using your money as smartly as you can predicated on a new vehicle every few years.

With all that said, I can't help but be nervous at the prospect of leasing a truck. The more you use its capabilities the more you run the risk of damage which you could be liable for at the end.
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