lease vs own

PowerON · 03-08-2010, 11:20 AM

I have been think about lease but I wonder if anyone have experience who lease the new brand car with lease term.

How is that work? Will they fix anything if thing went wrong without being fault? I notice the insurance show much lower than actual own the car with under loan.

JamieLynn · 03-08-2010, 11:36 AM

I was thinking about leasing the next car I will own/drive. That way I could also "get" a new car every two years and would never have to worry about much. Over here prices/conditons/insurance, etc. are different from car brand to car brand... it's a decision to make and do research first

One of my neighbors has had private leasing car for several years now and never has had problems. He once had crash (not serious but just small) and he was able to prove it wasn't his fault, so his insurance over leasing firm took over the costs for repair...

Obviously I don't know what the market is like in the US for private leasing but hopefully somebody on AD will answer/help you with your question. Private leasing is not used a lot here. Mainly companies use leasing cars

I could only suggest you to ask your car dealer of your choice to give you as much details as possible (and in written!!!)

**Reba** · 03-08-2010, 11:40 AM

The people that I know who have used leasing have been very disappointed. They ended up paying big fees when they turned in their cars.

**sequoias** · 03-08-2010, 12:26 PM

Lease vs Buy? Car Leasing versus Buying Explained

http://www.investopedia.com/articles/pf/05/042105.asp

One of the cons, you would have to keep below how many miles you drive a year (typically 12,000 or 15,000 miles a year) or you end up with huge fees by the end of the lease period.

diehardbiker · 03-08-2010, 12:30 PM

Same here, lease is great for business because it is tax write offs. But for personal, it is worse than actually owning it.

Depending on which make and model, usually at the end of lease if you go over the mileage you will end up pay hefty fees, plus if the car depreciates more than the dealer predicted you will have to pay the difference.

Heard enuff stories, I am staying away from lease department.

Quote:

Originally Posted by Reba

The people that I know who have used leasing have been very disappointed. They ended up paying big fees when they turned in their cars.

**Jiro** · 03-08-2010, 12:48 PM

Quote:

Originally Posted by Reba

The people that I know who have used leasing have been very disappointed. They ended up paying big fees when they turned in their cars.

yep..... since then - we never leased ever again.

**Banjo** · 03-08-2010, 01:57 PM

The best option is to buy an used car to avoid the fees imposed upon by the government. The second a new car leaves the lot, you'll never see your money back.

PowerON · 03-08-2010, 02:39 PM

Quote:

Originally Posted by sequoias

Lease vs Buy? Car Leasing versus Buying Explained

New Wheels: Lease Or Buy?

One of the cons, you would have to keep below how many miles you drive a year (typically 12,000 or 15,000 miles a year) or you end up with huge fees by the end of the lease period.

I see, that is what I would suppose to watch out on how much miles I'm use it each year?

From what I hear, it's not actual rent but able to buy after lease of term is finish and actual but to own on how much it value is. I assure that how it suppose work when I ask someone. I was sure how clear it is.

The Highlander · 03-08-2010, 02:40 PM

Quote:

Originally Posted by PowerON

I have been think about lease but I wonder if anyone have experience who lease the new brand car with lease term.

How is that work? Will they fix anything if thing went wrong without being fault? I notice the insurance show much lower than actual own the car with under loan.

The lease is good replace the car each year and not much to drive.

The owner is good for keep the car more than 3 years and lot of drive.

PowerON · 03-08-2010, 02:42 PM

Quote:

Originally Posted by Banjo

The best option is to buy an used car to avoid the fees imposed upon by the government. The second a new car leaves the lot, you'll never see your money back.

Well, here problem is, I cannot afford to have used vehicle because it would required add cost for repair. I keep spend lot of money to get repair than my currently is worth. I drive alot everyday for work than for personal.

I felt it would well fit and plus able to use as tax write off. I would have to ask for much more details about it.

**Jiro** · 03-08-2010, 02:44 PM

Quote:

Originally Posted by PowerON

Well, here problem is, I cannot afford to have used because it would required add cost for repair. I keep spend lot of money to get repair than my currently is worth. I drive alot everyday for work than for personal.

so buy a reliable used car then

Quote:

Originally Posted by PowerON

I felt it would well fit and plus able to use as tax write off. I would have to ask for much more details about it.

if you drive a lot everyday - you will have to pay penalty fee for exceeding allotted miles.

**Banjo** · 03-08-2010, 02:46 PM

Quote:

Originally Posted by PowerON

Well, here problem is, I cannot afford to have used because it would required add cost for repair. I keep spend lot of money to get repair than my currently is worth. I drive alot everyday for work than for personal.

I felt it would well fit and plus able to use as tax write off. I would have to ask for much more details about it.

As long as you get a well-maintained used car and bring it in for maintenance every once in a while, you should be fine. If you travel a lot, you are probably better off buying an used car because you'll never get your money worth by leasing a car only to exceed the mileage limit in a few months.

diehardbiker · 03-08-2010, 02:53 PM

Tax write off? Are you running business? If so, then ok but if you don't own business, don't bother tax write off on income tax or IRS will chase you for cheating tax, can't tax write off on income tax.

Quote:

Originally Posted by PowerON

Well, here problem is, I cannot afford to have used vehicle because it would required add cost for repair. I keep spend lot of money to get repair than my currently is worth. I drive alot everyday for work than for personal.

I felt it would well fit and plus able to use as tax write off. I would have to ask for much more details about it.

PowerON · 03-08-2010, 03:25 PM

Quote:

Originally Posted by Jiro

so buy a reliable used car then

if you drive a lot everyday - you will have to pay penalty fee for exceeding allotted miles.

I have figure that it meet less than their policy on 15k per year that mean, I could use little for personal.

PowerON · 03-08-2010, 03:27 PM

Quote:

Originally Posted by diehardbiker

Tax write off? Are you running business? If so, then ok but if you don't own business, don't bother tax write off on income tax or IRS will chase you for cheating tax, can't tax write off on income tax.

Let say, I have travel total of 11k miles for work and I use personal for how much? less 2,000 miles. Wouldn't that harm? no?

You're such a hecker to scary. lol

Tousi · 03-08-2010, 03:28 PM

Quote:

Originally Posted by PowerON

Well, here problem is, I cannot afford to have used vehicle because it would required add cost for repair. I keep spend lot of money to get repair than my currently is worth. I drive alot everyday for work than for personal.

I felt it would well fit and plus able to use as tax write off. I would have to ask for much more details about it.

Not sure if you can get a tax write off....

**Jiro** · 03-08-2010, 03:31 PM

Quote:

Originally Posted by PowerON

I have figure that it meet less than their policy on 15k per year that mean, I could use little for personal.

Quote:

Originally Posted by PowerON

Let say, I have travel total of 11k miles for work and I use personal for how much? less 2,000 miles. Wouldn't that harm? no?

You're such a hecker to scary. lol

Do you own a business?

PowerON · 03-08-2010, 04:07 PM

Quote:

Originally Posted by Jiro

Do you own a business?

No, sir however, use it as expenses on how much exactly miles I use my car to drive to work.

They been tell me and I have to find more information.

Tousi · 03-08-2010, 04:15 PM

Quote:

Originally Posted by PowerON

No, sir however, use it as expenses on how much exactly miles I use my car to drive to work.

They been tell me and I have to find more information.

I don't believe that is allowed.

**Jiro** · 03-08-2010, 04:21 PM

Quote:

Originally Posted by PowerON

No, sir however, use it as expenses on how much exactly miles I use my car to drive to work.

They been tell me and I have to find more information.

I commute to work by car/motorcycle. I pay toll and gas. Can't use those expense as tax write-off. Only your company has to agree to compensate you for commuting expense. For example - VP technician does get compensated for this but tax write-off? nope.

the only way to get a tax write-off is if you own a business.

**Reba** · 03-08-2010, 04:24 PM

Quote:

Originally Posted by Tousi

I don't believe that is allowed.

I believe you're right. That sounds like commuting, which is not normally deductible.

**Reba** · 03-08-2010, 04:27 PM

Quote:

Originally Posted by Jiro

I commute to work by car/motorcycle. I pay toll and gas. Can't use those expense as tax write-off. Only your company has to agree to compensate you for commuting expense. For example - VP technician does get compensated for this but tax write-off? nope.

the only way to get a tax write-off is if you own a business.

That's right. I can deduct mileage for assignments that don't pay me mileage. Hubby takes actual fuel charges instead of mileage for his business expense, and he gets depreciation on his van.

**sequoias** · 03-09-2010, 10:07 PM

Leasing isn't for me...I exceed the limits.

In one of the years, I could be driving 17,000 miles in a year or in other year I could be driving 14,000 miles.

**shel90** · 03-10-2010, 04:39 AM

If there were no fees or rules, I would lease because I am tired of worrying about whether my vehicle will break down or not.

purplecatty · 03-15-2010, 10:37 AM

Leasing car have several cons cuz if you returned the car if it went over the miles it'll charge hefty fees. Also suppose if you or spouse dies, it suck to lose some estate $$ to cover the cost of Lease agreement. It actually happened to my father in law that he died couple years ago, everyone in family thought they'll waive it but it's not. Lawyer had explained about the lease agreements that did not include waiver if one died having leased car, one of family member may have to cover the cost of lease what's left of it.

I prefer own it than lease it. It may cost $$'s for repairs but there are always a ways around. Currently there are new kind of insurance that covers the cost all kinds of repairs. Secondly, If I died, my kids can own up my car/truck.

Catty

PowerON · 03-15-2010, 11:29 AM

Quote:

Originally Posted by purplecatty

Leasing car have several cons cuz if you returned the car if it went over the miles it'll charge hefty fees. Also suppose if you or spouse dies, it suck to lose some estate $$ to cover the cost of Lease agreement. It actually happened to my father in law that he died couple years ago, everyone in family thought they'll waive it but it's not. Lawyer had explained about the lease agreements that did not include waiver if one died having leased car, one of family member may have to cover the cost of lease what's left of it.

I prefer own it than lease it. It may cost $$'s for repairs but there are always a ways around. Currently there are new kind of insurance that covers the cost all kinds of repairs. Secondly, If I died, my kids can own up my car/truck.

Catty

That's good point you have, catty. I, unfortunately, not able to get lease during my credit. So, I'm get own car anyway. jaja

diehardbiker · 03-15-2010, 11:58 AM

Work is not revelent to owning a business, so therefore zero of them is tax write-offs able.

Quote:

Originally Posted by PowerON

Let say, I have travel total of 11k miles for work and I use personal for how much? less 2,000 miles. Wouldn't that harm? no?

You're such a hecker to scary. lol

PowerON · 03-15-2010, 12:10 PM

Quote:

Originally Posted by diehardbiker

Work is not revelent to owning a business, so therefore zero of them is tax write-offs able.

Yeah yeah, I already get it. Quit put brick over me.

**TXgolfer** · 03-15-2010, 12:19 PM

Quote:

Originally Posted by diehardbiker

Work is not revelent to owning a business, so therefore zero of them is tax write-offs able.

psst. deductable

diehardbiker · 03-15-2010, 12:20 PM

Brick 2 heavy 4 u?

Quote:

Originally Posted by PowerON

Yeah yeah, I already get it. Quit put brick over me.

03-08-2010, 11:20 AM	#1 (permalink)
PowerON Registered User Join Date: Mar 2007 Location: 37.5, 126.9 Posts: 10,335 Blog Entries: 5	lease vs own I have been think about lease but I wonder if anyone have experience who lease the new brand car with lease term. How is that work? Will they fix anything if thing went wrong without being fault? I notice the insurance show much lower than actual own the car with under loan. __________________ • [Illustrator.Blog-alloon.com] • Don't shoot me! I'm only blogger!

03-10-2010, 04:39 AM	#24 (permalink)
shel90 Let It Snow!!!! Join Date: Sep 2006 Location: A place where crabs are popular Posts: 40,305 Blog Entries: 3	If there were no fees or rules, I would lease because I am tired of worrying about whether my vehicle will break down or not. __________________ "Wine improves with age. The older I get, the better I like it." --- Anonymous

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03-08-2010, 11:36 AM	#2 (permalink)
JamieLynn Registered User Join Date: Jan 2009 Posts: 3,336	I was thinking about leasing the next car I will own/drive. That way I could also "get" a new car every two years and would never have to worry about much. Over here prices/conditons/insurance, etc. are different from car brand to car brand... it's a decision to make and do research first One of my neighbors has had private leasing car for several years now and never has had problems. He once had crash (not serious but just small) and he was able to prove it wasn't his fault, so his insurance over leasing firm took over the costs for repair... Obviously I don't know what the market is like in the US for private leasing but hopefully somebody on AD will answer/help you with your question. Private leasing is not used a lot here. Mainly companies use leasing cars I could only suggest you to ask your car dealer of your choice to give you as much details as possible (and in written!!!)

03-08-2010, 11:40 AM	#3 (permalink)
Reba Granny Terp Join Date: Jun 2004 Location: South Carolina Posts: 39,216	The people that I know who have used leasing have been very disappointed. They ended up paying big fees when they turned in their cars.

03-08-2010, 12:26 PM	#4 (permalink)
sequoias Premium Member Join Date: Jun 2004 Location: Iowa, the land of the cornfields and pigs Posts: 21,867	Lease vs Buy? Car Leasing versus Buying Explained http://www.investopedia.com/articles/pf/05/042105.asp One of the cons, you would have to keep below how many miles you drive a year (typically 12,000 or 15,000 miles a year) or you end up with huge fees by the end of the lease period.

03-08-2010, 01:57 PM	#7 (permalink)
Banjo Expelled Join Date: Mar 2003 Posts: 11,650	The best option is to buy an used car to avoid the fees imposed upon by the government. The second a new car leaves the lot, you'll never see your money back.

03-09-2010, 10:07 PM	#23 (permalink)
sequoias Premium Member Join Date: Jun 2004 Location: Iowa, the land of the cornfields and pigs Posts: 21,867	Leasing isn't for me...I exceed the limits. In one of the years, I could be driving 17,000 miles in a year or in other year I could be driving 14,000 miles.

03-15-2010, 10:37 AM	#25 (permalink)
purplecatty Registered User Join Date: Feb 2007 Location: Center of the USA Posts: 3,609	Leasing car have several cons cuz if you returned the car if it went over the miles it'll charge hefty fees. Also suppose if you or spouse dies, it suck to lose some estate $$ to cover the cost of Lease agreement. It actually happened to my father in law that he died couple years ago, everyone in family thought they'll waive it but it's not. Lawyer had explained about the lease agreements that did not include waiver if one died having leased car, one of family member may have to cover the cost of lease what's left of it. I prefer own it than lease it. It may cost $$'s for repairs but there are always a ways around. Currently there are new kind of insurance that covers the cost all kinds of repairs. Secondly, If I died, my kids can own up my car/truck. Catty