Autoflex Leasing

[Mike D]

Miller, I agree with you in principle, but how many vehicles are available for a person to buy on a 3 year term anymore. Even compact trucks are in the 15K plus range these days.

Financially it makes better sense to buy a vehicle, pay it off, and drive it until the wheels fall off. But I put about 40k miles a year on a vehicle, have 3 kids (not to mention a hobby or 2) and to get a vehicle that a0 will be dependable for that long with that many miles and b) do the things I need it to do; that's not going to be a cheap vehicle. Do I need a F350 CC dually 4x4 King Ranch? Hell no. But I can get it well within my comfortable limits (budget) so why not do it? As long as you can put back enough money to be comfortable to retire on (assuming that you live that long) and still enjoy the things in life that you want to do, then why not do it? You can't take that money with you so you may as well enjoy life while you can. With most people having to work into their 60s and 70s these days, you sure won't be as spry then as you are now.

Enjoy life.

[Roscoe]

I agree with Mike, leasing is a viable option for some people if you do your homework.

I'd be curious to know how many people actually keep their vehicles long enough to pay them off.

I have never owned a vehicle that I did not pay off.

Currently I have an 02 crew cab truck, 03 mini-van, & 05 car. The truck was purchased new, the van & car were "program vehicles." All 3 are paid off.

As a society we have a huge problem thinking we have to have new cars every 2 or 3 years. That's fine for the small segment of the population who can really afford it, but way to many people are "car poor." Heck, I'm 44, been married for almost 20yrs, and my wife and I have only purchased 4 new vehicles in our combined lives. This is coming from a guy whose father was a new car dealer for 15yrs.

We put the money we don't spend on car payments into savings. It easily has covered any maintenance issues on the cars. We used this fund to pay cash for the 05 program car we purchased last Aug. It still has 9,000 miles of warranty on it today, and we are banking the payments.... some one mentioned Dave Ramsey earlier...man has alot of good ideas on your finances.

[Smart]

Everybody who comes on here and talks about leases being bad and all typically have no experience with them. They just go by what their friend's cousin's uncle told him when he got bent over by either not reading the contract and following it or they had a lease 20 years ago, or they got screwed by a dealer. Leasing is not the same as it used to be. It is a very viable option, but is not for everyone.

This ain't my first rodeo dude. I'm just trying to give him feedback from the positive side. If you think leases suck don't lease a vehicle. I think Mathews bows suck, that's why I don't own one.

And as far as what was he supposed to do? Read your contract and follow it. If you can't do that don't lease.

Well check your spurs at the chute Tuff Hedeman, because I've leased a few cars myself....I merely mentioned my buddy's car because it was a bad deal and shows him what could happen...Sorry you don't approve of my opinion and can't fathom that there are some bad deals out there.

My lease experience comes from wanting my wife to be in a new vehicle every three years . So we took the chance on a few of them and it turned out OK only because we watched miles, fixed scratches and dings and put the miles on my vehicle. Luckily she's one of the ones that does not put a lot of miles on a vehicle but any major travel was done in my truck.... THAT IS WHY I SAID .....

If you have to lease to be able to afford what you want to drive, I'd suggest not doing it. If you are doing it for financial or business reasons, you better hope you can stay under the miles and not show any significant wear and tear because they will collect on it.

That is my opinion......and is the reason I said to BE CAREFUL. You telling him that you can get away with dents and various body damage is just setting him up for possible financial problems. Some companies won't allow it. I understand leasing can be a viable option but bottom line if you have to lease to lower your payments to make it affordable, you shouldn't be driving the vehicle anyway. If you lease it because it's a financial benefit and you could afford it either way then have at it but be careful.

Personally I prefer to buy....I negotiate ultra low on the front end and pay off because I have a great lending institution. I've been several years without car payments because I saved your monthly lease savings before I even sign the dotted line. You can look for my post on here just a few days ago about me trying to buy a F150 and we couldn't come to terms so I walked. But I've put myself in a situation where I can do that and I've learned from some good people on how to get it done and when to walk..

[308 Dave]

Listen to Dave Ramsey. If you cannot afford to pay cash for a vehicle, don't buy it! Bottom line.

Besides, vehicles drive so much better when paid for.

"Live like no one else now (i.e., be debt free), so that you can live like no one else later."

[Miller]

Mike,

For me having the extra money to hunt, travel, money for son's college etc. is more important than owning the newest fanciest vehicle. I just enjoy life different than you do. I'm sure what you do works best for you. I'll stick with saving what I can because my wife can spend that money quick

Also, you could do the same thing I mentioned above on a 5 year note. Wouldn't be as much savings but it would still work. All are just examples. You could also use some of the savings to buy your next truck and get a smaller note.

I was just brought up more along the lines of "if you can't pay for it now you shouldn't get it." Of course that's harder to do with the price of homes and cars these days but I try to live by it as much as possible.

[Mike D]

Jason,

I'm not here to say that leasing is the only way to go, because it's not the way to go for everybody. I am saying that if you are smart about it, you can negotiate lots of things into your lease up front so you don't get bent over in the end. My current truck is leased. I have unlimited mileage on it. My payment is still $300 a month less than if I had financed it for 6 years with a huge chunk of cash down up front. I have no intentions of keeping this truck forever. In 3 years, I'll have driven a nice truck and saved a ton of cash every month. Who knows, maybe I'll buy my next truck, maybe I'll lease. It works for me. I still say that if you felt like you had to watch your miles and every little scratch and door ding, then you leased from the wrong place and/or didn't get the right amount of mileage up front.

Listen to Dave Ramsey. If you cannot afford to pay cash for a vehicle, don't buy it! Bottom line.

Then I guess I'd never own a vehicle.

[keep]

Then I guess I'd never own a vehicle.

Mike,
Never say never, I always did till I listened to this guy. It wasn't as hard as it seemed. I just paid off my truck this month and will not have another payment again. I'm still making $600 payments per month but now it goes in the bank to save for the next one. I never thought I would be without a payment in my lifetime, especially since that's how I was taught.

[Smart]

Jason,

I'm not here to say that leasing is the only way to go, because it's not the way to go for everybody. I am saying that if you are smart about it, you can negotiate lots of things into your lease up front so you don't get bent over in the end. .

Sure.......agreed.....

[308 Dave]

Then I guess I'd never own a vehicle.

Sure you could. You could easily save for and buy a $2,500 vehicle in just a few months that can and would serve as reliable transportation. Or you could save longer and get an even better vehicle. Hey, I am not saying I never borrowed money to buy a car, but I learned my lesson and paid what Dave Ramsey calls "stupid tax" or "tuition."

Listen, I am a lawyer. Most lawyers are up to their eyeballs in debt (as is most of the population), but you can chose to be different and live debt free. I'm not quite debt free, but only have a mortgage to pay off and I am working on that. I normally don't volunteer so much information, but this is something that I feel very strong about and wish to share with others. You don't have to take the advice proffered, but at least you have one other person's perspective.

Good luck and live strong!

[Atfulldraw]

If you can pay off a vehicle that gets your butt from point A to Point B, why wouldn't you do it?

It takes willpower, but 308 is right - and it feels great!

It is all about doing what the rest of them are unwilling to do - "You have to live like no one else now, so you can live like no one else later"