Re: Vehicles-leasing vs. buying

Posted by wisbaker on September 30, 2012 at 20:42:59 from (184.157.215.49):

In Reply to: Vehicles-leasing vs. buying posted by Buckeye Oliver collector on September 30, 2012 at 19:55:59:

I sold new cars for about a year and half. Most of the time you'll pay more on a lease but you do have a little more protection, the depreceation side of cost to drive it X anount of miles is known the day you drive it off the lot. So if NBC does a feature news article on how your car has "sudden unintended acceleration" or how the "saddlebag" gas tanks are dangerous or even if the cost of fuel triples so the resale value of your Suburban tanks you aren't exposed. Sometimes the money factor (lease speak for intrest rate) is attractive, on some models at times it was way cheaper than a loan. Of course many new car dealers will use your lack of knowledge to capture more money on the deal. Most leases from the major auto manufacturers aren't all that critical about vehicle condition you get fair wear and tear, a good lease and a fair dealer isn't going to abuse you on condition. Mileage- you know what you're going to pay if you go over before you drive away and many times you can buy more miles cheaper up front. Ford Red Carpet leases used to provide gap insurance, meaning if your car got totalled and your lease buyout was less than the insurance settlement Ford got paid the gap from somewhere else. You do have a purchase option so if your car is real nice or under mileage you might be able to find someone to purchase it for more than the lease you get to keep the difference. A good number of the lease care I "took in trade" in effect were purchased by the house from FMCC and sold on our used car lot, in the early 90's the money was made in used cars. One deal I did we floated about $2,200 dollars into the deal on a 2 year old Towncar that was a lease turn in. Ford Even came out with a 2 year single payment lease where you could write a check or trade $10,000 in and drive off with a new Grand Marquis, no payment just bring it back to us in two years. I sold a new towncar thatway, thee couple buying it would have to cask out a CD that was pating more than they could get now, between trade equity and a small down payment they got the car, buy the time the lease expired the CD would also expire Some folks with a decent trade could single pay into a lease for 2K or so and make "payments" to a bank account to have the $ to buy it out on the lease end, if it was worth less at the lease end they could walk away from it. Some leases aren't that great our competitor put a bunch of folks into World Omni leases, had some guy wanting to trade a 3 year old Cougar he got with a 5 year World Omni lease, it was bad I could sell him a new Cougar for less than his buyout on the lease.

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