Calling all Car leasing Experts

[ronandannette]

That's right, I forgot you're in Canada. A Versa Note is $21,000?? Oh goodness, my heart goes out to you.

The Micra isn't even sold here in the US.

...and what's even smaller and more expensive than a Micra?

 

[Klayfish]

You poor hapless soul... Here in the US, that's a $15,000 car new, on a good day. You can buy a 2 year old one with maybe 20,000 miles on it for about $5k or $6k, they depreciate like crazy.

 

[Turn the Page]

You poor hapless soul... Here in the US, that's a $15,000 car new, on a good day. You can buy a 2 year old one with maybe 20,000 miles on it for about $5k or $6k, they depreciate like crazy.

I think she is quoting prices in Canadian dollars. So while yes, it does appear to be more expensive to purchase a vehicle in Canada than it is here it isn't as bad as it seems. With the current exchange rate the sticker price on a $21,000 vehicle is under $17,000. Still a few thousand more but not $6,000 more.

 

[Kaytie]

I want to lease TVGuy's 1907 Model T that he has been driving for the last 100 years and has 2 billion miles on it. How much do you think I should offer him a month?

https://www.contracthireandleasing.com/guides/private-car-leasing/

 

[tvguy]

I want to lease TVGuy's 1907 Model T that he has been driving for the last 100 years and has 2 billion miles on it. How much do you think I should offer him a month?

Wish I had a Model T, but they didn't come out until 1908. And it's a 1987 with 157,000 miles. No idea how many miles on the 1965 since new, 2,000 since it was restored 2 years ago.

 

[tvguy]

Wish I had a Model T, but they didn't come out until 1908. And it's a 1987 with 157,000 miles. No idea how many miles on the 1965 since new, 2,000 since it was restored 2 years ago.

Although I turned 157,000 miles on my 2003 commuter car today on the way to work, so it should pass the family/vacation/weekend car this week in miles, but after only 15 years, not 30.

 

[nkereina]

I didn't read all the replies but, OP, in my own experience - we turned a lease in early because DH was nearing the mileage and we didn't want to pay the penalty for any overage. Our dealer ended up paying off the remainder of our lease payments and we were not hit with any penalties. It's my understanding the remaining lease payments can also be rolled into your new lease payments if the dealer doesn't pay them off, and perhaps a penalty is assessed in that case, but I think my dealer used the payoff as a sales tactic to get us into a new lease. So depending on the offers and where your dealer stands, I guess that's an option. But one thing to consider if you put any money down on the vehicle is that you'll be losing that value if you return it early. Also, check to see what your overage fees for the miles are. Ours calculated to be about $200 for every 1000 miles over. If you're really borderline, it may behoove you to just pay the overage fee than incur any additional costs to turn it in early. Good luck!

 

[clutter]

I've leased in the past - before I started putting enormous miles on cars. But, my last lease, I paid off the lease after selling my car for a lot more than the buyout. I've always had smooth transactions when leasing. Even when I own, I tend to always have a car payment, so leasing costs less out of pocket if you are simply looking at the monthly budget. I tend to balance saving money against convenience and my desire to not have to deal with repairs. I currently have a 4 year old Camry. Love it, but (given my high mileage) it's getting to the 'well you should do this $700 thing and that $800 thing.' And then there was the time that my driver side lock stopped working. Stupid repairs like that can be pricey. That's why, even though I buy cars with a long life (resale value, baby!), I tend to trade in every 3 - 4 years. I don't like wondering if any weird noise is something that needs looking into. For me, I'm ok with paying more over my lifetime to not have to deal with it. I've got two cars now that are just one headache after another. Both good solid long term hold cars. But at their ages, they just need a little more care than I like to deal with.

 

[stsomewhere]

We leased our first car a few years ago. I wanted a flex. Ford was running a leasing deal. My husband calculated out the cost and by leasing for 3 years and then purchasing it saved us $8000 on the total cost of the FLex. My sister got the same deal a few months later. You need to watch and ask questions. i have a friend that leases a new car every two years.