car leasing?
#323351 - 01/27/08 04:52 PM
|
|
|
|
|
caputsky
Reged: 03/24/07
Posts: 256
Loc: Baltimore, MD
|
|
|
Hi everyone,
So I recently got in a pretty major car accident, and the insurance agent who just assessed my car said it was a "total loss." Therefore, I need to get a new car. But my parents suggested that instead of buying one and dealing with yet another loan, I should lease one. However, they have never done this and don't know much about offering advice. So I figured I'd post the question on this forum and see if I got any responses. Does anyone have experience or know anything about leasing a car? Any and all advice and information would be greatly greatly appreciated!! Thanks!
Julie
IBS-D, GERD, lactose intolerant
--------------------
"We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude. I am convinced that life is 10% what happens to me and 90% of how I react to it."
Print
Remind Me
Notify Moderator
|
|
|
Hi, Julie--Here's what I know about car leasing. You generally need to come up with a small down payment plus taxes and title fees. Payments are generally lower than if you buy the car. However, you are locked into owning the car for the term of your lease. You will probably need to carry top-of-the-line insurance coverage since you are technically not the owner of the car. You may be required to maintain a certain level of maintenance and/or have the car serviced at the dealer. You are limited to a certain number of miles under the lease and you will have to pay a per-mile charge at lease-end if you exceed the limit. The car will be assessed at lease-end for any damage or unusual wear-and-tear and you will have to pay for that when you turn the car in. Finally, you have absolutely no equity in the car. If you decide to keep it at the end of the lease, you will have to buy the car for the market price. If you decide to purchase another car, you will not have any trade-in value.
I hope this helps!
Print
Remind Me
Notify Moderator
|
|
|
Hello there,
I actually leased my first brand new car ever in december of 06, an di love it so far. My insurance that I had before didn't change at all with the new car. My payments are very reasonable to me and in another 2 years I will turn the car in and get a new one, either buying or leasing again. the one thing I can caution against is that if you drive A LOT do not lease, I leased my car for 3 years and leased it at 1200 miles a year. If I go over that allowance I know there will be lots of money to pay, but like I said I have had the car since December 06 and I am not even at 1000 miles yet. But then again I don't drive all that much, my job is in the same city I live in so no commuting. Hope that helps a little!
--------------------
Melinda
IBS-A but leans toward C mostly
Print
Remind Me
Notify Moderator
|
|
Posts
