Who Purchased Their Leased Car?

[Moto-Mojo]

1. Did you?
2. Did you find the residual buyout 'fair and balanced?'
3. Were miles an issue?
4. Would you lease again?
5. Did you Mod during the lease?

Ok, I quit...

[xrivera91]

Originally Posted by Moto-Mojo

1. Did you?
2. Did you find the residual buyout 'fair and balanced?'
3. Were miles an issue?
4. Would you lease again?
5. Did you Mod during the lease?

Ok, I quit...

I'm currently leasing my 15 SS and I have already done mods and yes I'd lease again.

[Battlezone580]

How does lease-buy work? I've never leased a car I always buy, but I'm curious.

Do they give you a good deal to buy it?

[Rahjeir]

I'm confused, why you would mod a lease? You do not own the car, why spend money on a car you don't own.

[xrivera91]

Originally Posted by Rahjeir

I'm confused, why you would mod a lease? You do not own the car, why spend money on a car you don't own.

You don't own a financed vehicle and you Mod it. The bank owns it until you've paid it off same concept. I have mods in my lease because I know I'm planning on keeping it at the end of the lease.

[SlingShot]

Originally Posted by xrivera91

You don't own a financed vehicle and you Mod it. The bank owns it until you've paid it off same concept. I have mods in my lease because I know I'm planning on keeping it at the end of the lease.

If you know your gonna keep it, what's the benefit of leasing ?

[That_old_guy]

Originally Posted by SlingShot

If you know your gonna keep it, what's the benefit of leasing ?

sometimes it makes financial sense to lease it then purchase after the lease is over, im not 100% sure how the process works. i asked that same question to my financial advisor before buying my '15 ls, he said its situation specific and depends on how the car holds value and if the dealer will give you a good deal on the lease....im sure lots of other factors go into it too

[xrivera91]

Originally Posted by SlingShot

If you know your gonna keep it, what's the benefit of leasing ?

Smaller down payment
Smaller monthly payments
Dont have to deal with interests rates
In most leases gap is included.

However leasing does have its cons

[xrivera91]

Originally Posted by That_old_guy

sometimes it makes financial sense to lease it then purchase after the lease is over, im not 100% sure how the process works. i asked that same question to my financial advisor before buying my '15 ls, he said its situation specific and depends on how the car holds value and if the dealer will give you a good deal on the lease....im sure lots of other factors go into it too

Exactly! It really differs between cases. If I would have financed my ss I would be paying $200 more per month.

[hzisfrom1994]

Interested, subscribed.

[Rahjeir]

Originally Posted by xrivera91

You don't own a financed vehicle and you Mod it. The bank owns it until you've paid it off same concept. I have mods in my lease because I know I'm planning on keeping it at the end of the lease.

Um, no. The bank has a lien on the car, they don't own it. It is not the same thing. Officially, you own the car and can do anything you like to it. A lease clearly states you can't altar the car.

[Rahjeir]

Originally Posted by That_old_guy

sometimes it makes financial sense to lease it then purchase after the lease is over, im not 100% sure how the process works. i asked that same question to my financial advisor before buying my '15 ls, he said its situation specific and depends on how the car holds value and if the dealer will give you a good deal on the lease....im sure lots of other factors go into it too

I would need to see this on paper. You pay a leasing fee(like interest) and sales tax twice on the same car in most states. You pay tax on the car when you buy it, then pay tax on it again on the payoff amount. You will never get a great interest rate when you take out a loan on your payoff amount. You can buy a 2015 today for 0% interest from Chevy. From a money standpoint I don't see how you ever get out ahead on buying your lease car.

I've leased over 6 cars between my wife and I. Leasing is great if you want a new car which would normally be out of your price range. If you use leasing as a way to afford a car then buy it, I challenge you to do the math first. Make sure your making out in the deal and not just throwing away money.

[gimbalsoph]

I've never leased a car I always buy, but I'm curious.

[NYCamOwner]

Originally Posted by Rahjeir

I would need to see this on paper. You pay a leasing fee(like interest) and sales tax twice on the same car in most states. You pay tax on the car when you buy it, then pay tax on it again on the payoff amount. You will never get a great interest rate when you take out a loan on your payoff amount. You can buy a 2015 today for 0% interest from Chevy. From a money standpoint I don't see how you ever get out ahead on buying your lease car.

I've leased over 6 cars between my wife and I. Leasing is great if you want a new car which would normally be out of your price range. If you use leasing as a way to afford a car then buy it, I challenge you to do the math first. Make sure your making out in the deal and not just throwing away money.

+1 - I would love to see the numbers from someone who leased and then bought their car as opposed to someone who bought it outright.