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post #1 of 10 (permalink) Old 09-22-2006, 09:48 PM Thread Starter
 
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is this a good deal for leasing ford explorer?

06 ford explorer eddie bauer, leather, moonroof 375 per month for 2 years, 3k down...

thanks =)
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post #2 of 10 (permalink) Old 09-22-2006, 10:13 PM
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"good deal" and "leasing" should never be used in the same sentence.
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post #3 of 10 (permalink) Old 09-22-2006, 10:18 PM
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Quote:
Originally Posted by silrturbo
06 ford explorer eddie bauer, leather, moonroof 375 per month for 2 years, 3k down...

thanks =)
If you don't mind spending $12K to rent a car for 2 years and having nothing to show for it

Did you know that most people who lease a car never do it again?

I'd prefer to buy a cheaper used car and payfor it as soon as possible. :icon_mrgr
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post #4 of 10 (permalink) Old 09-22-2006, 10:31 PM Thread Starter
 
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but the advantage to leasing is you can just drive it , almost no mainteance except for 3 oil changes.....

there has to be sommme good things in a lease rah?
thanks agian people
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post #5 of 10 (permalink) Old 09-22-2006, 10:37 PM
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Nothing good about a lease. People get fooled into doing a lease because of the much lower payments than buying. As said above you'll spend $12k and have nothing to show for it at the end of the lease. Not to mention the price goes up dramatically if you go over the alloted miles allowed per year. And there's the issue of what they consider normal wear and tear which could be much different than your defination. I'd rather throw my money away on the lottery.
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post #6 of 10 (permalink) Old 09-22-2006, 11:06 PM
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Quote:
Originally Posted by silrturbo
but the advantage to leasing is you can just drive it , almost no mainteance except for 3 oil changes.....

there has to be sommme good things in a lease rah?
thanks agian people
The only real benefit to leasing is if you are eligible to write the vehicle off on your taxes as a business expense. Leasing is preferrable to buying when it comes to most business expenditures. I doubt this applies to you.

Outside of small business owners, leasing is a way for someone to drive a newer/nicer/more expensive car than they can afford. The lesee will nearly always pay more in the end than a buyer will (certain factory subvented leases can work out better, but they are very rare and usually on cars no one wants.) Usually, leases work off a significantly higher interest rate. Lease companies rarely divulge the interest rate although you can calculate it pretty closely using the other terms.

Don't fall into the trap. That $3K you're putting down actually means the payments are $500/month. As said before, you are building no equity in the vehicle. You could probably pick up a 2003 Explorer with similar equipment and about 40K miles for about $18,000 if you work at it. That's only $6,000 more than the total lease payments on the new one and you'll own it at the end. In 2 years with another 24K miles on it, the '03 will probably still be worth about 10 grand. Maybe more. If you do the math you'll see that by giving up the privilege of being the first guy to fart in the car, you'll save about 4 grand.

Something to think about. Good luck whatever you decide.
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post #7 of 10 (permalink) Old 09-22-2006, 11:42 PM
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Originally Posted by Chief Brody
by giving up the privilege of being the first guy to fart in the car, you'll save about 4 grand.
lmao
and that right there ladies and gentlemen...
is advice for life!!!
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post #8 of 10 (permalink) Old 09-23-2006, 12:03 AM
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Quote:
Originally Posted by Chief Brody
You could probably pick up a 2003 Explorer with similar equipment and about 40K miles for about $18,000 if you work at it. That's only $6,000 more than the total lease payments on the new one and you'll own it at the end. In 2 years with another 24K miles on it, the '03 will probably still be worth about 10 grand. Maybe more. If you do the math you'll see that by giving up the privilege of being the first guy to fart in the car, you'll save about 4 grand.
Why even go for an 03? You can pick up a Factory Backed 06 (6yr. or 75,000 mile warranty) with under 20K miles for a touch over 20 grand (their asking price) make that 18 if you know how to deal right. With the SUV market totally tanked, they'll be glad to get rid of what they can.
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post #9 of 10 (permalink) Old 09-23-2006, 12:09 AM
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Originally Posted by dakotaquadsport
Why even go for an 03? You can pick up a Factory Backed 06 (6yr. or 75,000 mile warranty) with under 20K miles for a touch over 20 grand (their asking price) make that 18 if you know how to deal right. With the SUV market totally tanked, they'll be glad to get rid of what they can.
Wow! I had no idea Explorers had tanked so bad. Even more reason to avoid a lease.
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post #10 of 10 (permalink) Old 09-25-2006, 09:10 AM
 
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Here's a little exercise to try.

Go on a website that allows you to build and get a price quote on a car. (Honda or Toyota Canada are good ones)
Then fill in the leasing section vs the buy section say over a term of 48 months.
Buy the time you add in the interest on the lease and the buyout price at the end of the lease, you usually end up paying approx $2000.00 more for the same car if you lease it then buy it when the lease expires as opposed to just financing it outright over the 48 months.
Your lesae payment will be lower than a monthly car payment but you will have yo come up with the buy out value at the end of the lease (if you want to keep the car)

As someone mentioned leasing is okay if you can write it off on your taxes or if you don't care about ever owning a vehicle and just want to drive something new avery few years. (like renting)
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