Why did you lease? w/ Lease details

[Kasai808]

Sorry, not sure why you quoted my comment with this. Are you trying to say leasing is more expensive than buying, or the opposite? My apologies if I am missing something

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[d1zguy]

Sorry, not sure why you quoted my comment with this. Are you trying to say leasing is more expensive than buying, or the opposite? My apologies if I am missing something

Expensive if you're leasing a cheap car with good residuals. Cheaper if you're buying a much more expensive car with bad residuals.

 

[Kasai808]

Expensive if you're leasing a cheap car with good residuals. Cheaper if you're buying a much more expensive car with bad residuals.

Correct, just wasn't too sure why quoted my post with the info.

 

[latole]

Sorry, not sure why you quoted my comment with this. Are you trying to say leasing is more expensive than buying, or the opposite? My apologies if I am missing something

Sorry about that, my answer is not about your comment, I use the wrong button to reply. It is now edit.

 

[dy45]

I leased because I wasn't sure if I would still enjoy the car after a few years and I didn't want to worry about maintenance. I leased a 2017 Civic hatch ex for $231 with 0 down. They threw in the tire protection and all season mats for free.

 

[Browncoat3000]

http://www.consumerreports.org/cro/2012/12/buying-vs-leasing-basics/index.htm

" The financial workings of leasing are so confusing that people don’t realize that leasing invariably costs more than an equivalent loan. "
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https://www.canadianmoneysaver.ca/buy-or-lease-a-vehicle-3/

Depending on the type of vehicle, buying can often be more expensive than leasing. And over time, once the vehicle is no longer under warranty, repairs can be very costly.

"One benefit of leasing is that it usually means lower monthly payments, because they are based on the original price of the vehicle minus the residual value, amortized over the length of the lease," says Chawla. If you use the vehicle for business, you may also be able to deduct lease payments, subject to limits set out by the Canada Revenue Agency (CRA)."

Another important benefit of leasing is that the vehicle is usually covered by a warranty for the duration of the lease. "In addition, you don't have to worry about selling it—you can walk away at the end of the lease," adds Gargarella.

Consumer Reports is so full of crap these days.

My lease: 35 payments @239/mo = $8365

72mo loan, 0 down, 3.5%= $325/mo =$11700 for 3 years

If I keep the car, the loan will cost $33500-ish over the 72/mo.

Now at the end of my lease let's say I buy out the car at the residual price of $16000 (I think mine is less, but I don't have the paper handy). I finance that loan for 3 years at the same .9% with 0 down (a special Honda Financial has offered me every lease-end I can remember) That will cost $17224.

Lease + loan = $25589

At the end of the 6 years, the car is worth the same either if I buy or lease/buy; but I'm about $8000 ahead by leasing.

Yes, it's true that for the second 3 years I would have a higher payment than the $72/mo loan, but it's only for 3 years. I could avoid that by doing a 72/mo loan which would be $231/mo and paying a little extra every month.

If you land a 0 or .9% loan at the start, the numbers will break-even with the lease/buy depending on the residual value.

However in that case, you have a lower monthly payment with the lease and no obligation at the end.

 

[fiend busa]

Need something to drive. Was going to get the 2018 STI but decided to wait for the 2020 remodel.

$380 a month for the 17 Hatchback LX.

 

[Tonycivicboi]

Leasing is nice because you can get nee cars

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