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Talking to a car dealer yesterday

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Mudcat

Mudcat

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My lease is running out on my 2006 Impala and it is close to decision time.

I was surprised to hear that they don't do leases any more - haven't for a couple of years. Maybe I shouldn't have been surprised but I am out of touch with those kinds of current events.

Are all auto-makers like that now or is it just GM/Chevy?

I was leaning towards just buying my current car anyway. It's only got ~27,000 km (17K miles) on it. But there is something I like about getting a brand new car every 4 years so if I could get a similar deal as my last 3 cars, I would have considered it.

But the purchase options seem much more onerous than a lease deal.
 
Mudcat
My lease is running out on my 2006 Impala and it is close to decision time.

I was surprised to hear that they don't do leases any more - haven't for a couple of years. Maybe I shouldn't have been surprised but I am out of touch with those kinds of current events.

Are all auto-makers like that now or is it just GM/Chevy?

I was leaning towards just buying my current car anyway. It's only got ~27,000 km (17K miles) on it. But there is something I like about getting a brand new car every 4 years so if I could get a similar deal as my last 3 cars, I would have considered it.

But the purchase options seem much more onerous than a lease deal.
Click to expand...

If you are only doing 5,000 miles a year you don't need to buy a new car. Maybe buy a bicycle with a cover and a kerosene heater like the ones they have in China.
 
I've never understood the theory behind leasing a vehicle, not from a consumers stand point anyway.
you rent the car for so much a month, can only drive so much or you get penalized, etc...
still have to make a down payment...

why not buy a car, make payments, and than sell it or trade it in?
 
mmike032
I've never understood the theory behind leasing a vehicle, not from a consumers stand point anyway.
you rent the car for so much a month, can only drive so much or you get penalized, etc...
still have to make a down payment...

why not buy a car, make payments, and than sell it or trade it in?
Click to expand...

So you won't have to worry about selling it or trading it in. I believe this is the argument.
 
If I were to try to defend the reasons for leasing, I am sure I would just sound like an idiot. I don't have a good understanding of these things. I just find it simple. Every 4 years I drop off the used car and get a new car that has warranty coverage and bing-bang-boom - I'm out.

The cost side of the lease seems okay. I looked at purchasing a new Impala with 72 months (6 years!!!) financing. Even if I put 5K down, the monthly payment are quite a bit higher than I have been paying for my lease and I didn't put more than a couple thou down on that. Now it will still take me a couple more years to pay off my car if I buy it so that will be 6 years. But less down and less per month for the whole term.

So I don't know. At least on the surface, I don't feel too bad about what I have done there.
 
Here it is:
 

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Pavy
So you won't have to worry about selling it or trading it in. I believe this is the argument.
Click to expand...

but selling it or trading it is effectively cash back for your investment.
cash/down payment towards the next car.

IDK, just doesnt make sense to me. IMO its the same concept with renting versus buying a house
 
mmike032
but selling it or trading it is effectively cash back for your investment.
cash/down payment towards the next car.

IDK, just doesnt make sense to me. IMO its the same concept with renting versus buying a house
Click to expand...

I am not saying the lease is a better option. I am just saying people who do it don't like the hussle of selling or trading the old car and prefer to lease for ease of mind.
 
mmike032
but selling it or trading it is effectively cash back for your investment.
cash/down payment towards the next car.

IDK, just doesnt make sense to me. IMO its the same concept with renting versus buying a house
Click to expand...



I kind of get the reasoning. It doesn't apply so much to my current car because I will now be in a position to sell/trade it having paid less.

But on previous vehicles I suppose that, using my current "logic," it would have made more sense to buy them at the end of the lease term instead of getting the new car. But then you have other factors like warranties and intangibles like enjoyment of having a new car.

Plus the fact that I just don't want to spend my time thinking about cars.

I am actually coming out of this discussion feeling better about what I have done than I imagined I had a right to.
 
mmike032
but selling it or trading it is effectively cash back for your investment.
cash/down payment towards the next car.

IDK, just doesnt make sense to me. IMO its the same concept with renting versus buying a house
Click to expand...

Well its not the same idea because a car is a depreciating asset. A house is an appreciating asset. A car loses value the minute you drive it off the lot and a house gains value over time.....For some people a Lease is definitely the way to go...that said. I am not one of them. I drive way too much every year.
 
My roomate just leased a car. His reasoning is that he rarely drives during the week. He just wants something for the weekends. Also depending on the lease the warranty covers major car issues, this is included in the leased price and is not an actually extra cost.
 
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