scott150

Not a lease vs finance vs buy thread.

Just post:

Model
$down
monthly payment
lease term

Revernd

Model: XLT 4x4
$ Down: $1,000
Monthly payment: $393.76
Lease term: 3 years, 15K
MSRP: $39K

Ricktwuhk

You're in Canada, shouldn't currency be on this meaningless thread too? A/Z?

frkrican2004

2017 XLT Sport Special Edition FX4
5000 down
434.00
36 months, 12000 miles

white15lariat

Maybe a dumb question, having never leased a car, but don't they totally screw you when you turn it in? I can't imagine if you use the bed at all you dont have a big nasty bill to pay at turn in.

?

lutter5-0

So it's going to cost you $0.337 cents a mile to drive it? Holy moly.



$0.572 cents a mile!?!?!?!?!?

Revernd

I mean, the Trucks MSRP was 39K alone before any of my rebates. It made more sense to lease it at the time, as I still had student loans. Short of rent, this is my only major expense. I'll end up buying the truck outright at the end, as I love it. $.33 isn't much in the grand scheme of things, and the truck has paid itself over time and time again.

Take this article for example; http://newsroom.aaa.com/auto/your-driving-costs/ from August of 2017.

Average cost of ownership is at $10,054, divide that by 15,000 miles and you get approx. $.67 per mile, so considering I'm sitting at half of that, I'm happy.

Davesp

Before you go comparing apples to oranges, the link provided lists costs to own AND operate. Your lease cost is only a portion of ownership. They added in fuel, insurance, etc.

Gasser55

Sorry to jump off topic but how can it ever actually make sense to lease anything? If you have to lease it because you can't afford to buy it- doesn't it make sense to buy a cheaper truck?

scott150

OK some quick math here.

My current truck is ~$50,000

Over those 10 years you will need to do some maintenance. At least 2x brake jobs ($500) and 3 sets of tires ($3600)
Divide that by 10 years = $450.83/month
After 10 years the truck will be worth ~$10,000
So if you sell after 10 years the cost of owning would be $367.50/month
This is a very conservative calculation which assumes nothing major goes wrong.


I'm leasing my truck now for $420/month for 2 year agreement.
I plan to lease again and again and again at this rate.
With short term leases you never have to worry about being out of warranty or big maintenance bills.
Maybe in the long term it's slightly cheaper to finance but with leasing you get the latest and greatest every couple years and there is always the option to buy it out.

So if you can afford it and like new stuff then it's better to lease.
If payments are tight and you want to keep a depreciating asset as long as possible, it makes more sense to finance.