Tell me about leasing a car?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

So much misinformation here.

1) you have to pay taxes on a prorated amount which is the lease amount and NOT the entire value of the brand new car. And of course you should, just like when you buy a car.

2) If you exceed the mileage (usually it's 12,000 per year) you will have to pay per mile for the overage. In my experience, dealerships will work with you if you want to lease another car from them and won't charge you for the overage. Not a guarantee but they'll work with you if they want your business.

I've owned and leased several cars. As a single woman who doesn't know anything about car maintenance and frankly doesn't want to learn, it's worked great for me. I never have to worry about maintenance. Oil changes are usually included and so it basic maintenance like tire rotation. Yes, I know I pay a premium but I would have to pay for those things out of pocket anyway even if I financed the car.

A leased car can appreciate in value. At least my last CRV did. I got $10,000 at the end of the lease because they were is such high demand at the time.

PP here. There was zero "misinformation" in my post, about my personal experience.

You sound like a nut.

DP. You did give quite a bit of misinformation like “it will cost you thousands in miles charges unless you never drive the car”. You should apologize to the PP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

So much misinformation here.

1) you have to pay taxes on a prorated amount which is the lease amount and NOT the entire value of the brand new car. And of course you should, just like when you buy a car.

2) If you exceed the mileage (usually it's 12,000 per year) you will have to pay per mile for the overage. In my experience, dealerships will work with you if you want to lease another car from them and won't charge you for the overage. Not a guarantee but they'll work with you if they want your business.

I've owned and leased several cars. As a single woman who doesn't know anything about car maintenance and frankly doesn't want to learn, it's worked great for me. I never have to worry about maintenance. Oil changes are usually included and so it basic maintenance like tire rotation. Yes, I know I pay a premium but I would have to pay for those things out of pocket anyway even if I financed the car.

A leased car can appreciate in value. At least my last CRV did. I got $10,000 at the end of the lease because they were is such high demand at the time.

PP here. There was zero "misinformation" in my post, about my personal experience.

You sound like a nut.

DP. You did give quite a bit of misinformation like “it will cost you thousands in miles charges unless you never drive the car”. You should apologize to the PP.

Dp the ignorance is unbelievable. It does indeed cost that much to return a car they wanted $4,200 for me to return a car I leased for 4 years. What a waste.

You also have to pay personal property taxes on leased vehicles in most states along with sales taxes at signing.

Op make some calls and do some research before believing some of the dig bats in this thread.

Op its a waste or money to lease. Buy used if you have to.

[Anonymous]

Anonymous wrote:So do you pay tax on the value of the car or the lease amount?

The entire value of the car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

+1 Same the yearly personal property tax in Virginia pretty much ruined the experience altogether.

You have to pay the car tax whether you buy or lease. It’s the same amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

So much misinformation here.

1) you have to pay taxes on a prorated amount which is the lease amount and NOT the entire value of the brand new car. And of course you should, just like when you buy a car.

2) If you exceed the mileage (usually it's 12,000 per year) you will have to pay per mile for the overage. In my experience, dealerships will work with you if you want to lease another car from them and won't charge you for the overage. Not a guarantee but they'll work with you if they want your business.

I've owned and leased several cars. As a single woman who doesn't know anything about car maintenance and frankly doesn't want to learn, it's worked great for me. I never have to worry about maintenance. Oil changes are usually included and so it basic maintenance like tire rotation. Yes, I know I pay a premium but I would have to pay for those things out of pocket anyway even if I financed the car.

A leased car can appreciate in value. At least my last CRV did. I got $10,000 at the end of the lease because they were is such high demand at the time.

PP here. There was zero "misinformation" in my post, about my personal experience.

You sound like a nut.

DP. You did give quite a bit of misinformation like “it will cost you thousands in miles charges unless you never drive the car”. You should apologize to the PP.

It’s not a secret the number of miles you are allowed. Yes, don’t lease if you drive a lot and will go over that mileage. I lease and drive less than 10,000 miles a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

So much misinformation here.

1) you have to pay taxes on a prorated amount which is the lease amount and NOT the entire value of the brand new car. And of course you should, just like when you buy a car.

2) If you exceed the mileage (usually it's 12,000 per year) you will have to pay per mile for the overage. In my experience, dealerships will work with you if you want to lease another car from them and won't charge you for the overage. Not a guarantee but they'll work with you if they want your business.

I've owned and leased several cars. As a single woman who doesn't know anything about car maintenance and frankly doesn't want to learn, it's worked great for me. I never have to worry about maintenance. Oil changes are usually included and so it basic maintenance like tire rotation. Yes, I know I pay a premium but I would have to pay for those things out of pocket anyway even if I financed the car.

A leased car can appreciate in value. At least my last CRV did. I got $10,000 at the end of the lease because they were is such high demand at the time.

PP here. There was zero "misinformation" in my post, about my personal experience.

You sound like a nut.

DP. You did give quite a bit of misinformation like “it will cost you thousands in miles charges unless you never drive the car”. You should apologize to the PP.

It’s not a secret the number of miles you are allowed. Yes, don’t lease if you drive a lot and will go over that mileage. I lease and drive less than 10,000 miles a year.

DP Different leasing deals have different amounts though. My lease was for 15K miles/year. I think I drive a lot but didn’t go over 11k on average.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have to pay personal property taxes on said car. I had no idea until the huge bill came. Also if you want to hand the car back it will costs you thousands in miles charges unless you never drive the car.

I won't lease again.

So much misinformation here.

1) you have to pay taxes on a prorated amount which is the lease amount and NOT the entire value of the brand new car. And of course you should, just like when you buy a car.

2) If you exceed the mileage (usually it's 12,000 per year) you will have to pay per mile for the overage. In my experience, dealerships will work with you if you want to lease another car from them and won't charge you for the overage. Not a guarantee but they'll work with you if they want your business.

I've owned and leased several cars. As a single woman who doesn't know anything about car maintenance and frankly doesn't want to learn, it's worked great for me. I never have to worry about maintenance. Oil changes are usually included and so it basic maintenance like tire rotation. Yes, I know I pay a premium but I would have to pay for those things out of pocket anyway even if I financed the car.

A leased car can appreciate in value. At least my last CRV did. I got $10,000 at the end of the lease because they were is such high demand at the time.

PP here. There was zero "misinformation" in my post, about my personal experience.

You sound like a nut.

DP. You did give quite a bit of misinformation like “it will cost you thousands in miles charges unless you never drive the car”. You should apologize to the PP.

It’s not a secret the number of miles you are allowed. Yes, don’t lease if you drive a lot and will go over that mileage. I lease and drive less than 10,000 miles a year.

DP Different leasing deals have different amounts though. My lease was for 15K miles/year. I think I drive a lot but didn’t go over 11k on average.

Who the heck wants to try and figure out if their going to go over the mileage. Its just all around a bad idea.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Leases are a terrible financial deal for you. Dealers love them - at the end, they have your car and your money!

The pandemic did weird things to used car prices, so PP got lucky. But normally used cars don’t appreciate.

Do NOT lease. It’s not hard to take the car to a garage.

Unless you're buying the car with cash and not financing it, it's really not any worse than financing it for a long time.

It's a lot worse. At the end of the lease, you don't have anything. At the end of the loan, you have a car. Duh.

+1 They have the car and your money! You threw money at a deprecating asset that wasn't even yours. Leasing a car is dumb.

This! Paying on a deprecating asset, paying all the taxes and having nothing to show for it when its all over except another possibility large invoice for mileage when turning it back in. Its a fools game.

[Anonymous]

Dear OP. There are no universal rules on leasing a vehicle. I think you need to do your research on the specific model, year, length of lease, etc. You can pay more or less at signing and/or be allotted more or less miles per year.

The leasing deal sre unique per car. It’s just a formula and you’re just paying depreciation over the years of the lease.

So monthly lease price of a $50,000 Toyota would probably be less than that of a $50,000 Jaguar. The Toyota depreciates less and would be worth more after 4 years/48,000 miles.

Because I wasn’t sure how long I want to keep the car and a lot of other unknowns, I bought my car cash for $70K. If I want to now, I could sell it back to the dealership now 4 years later for $30k. (The going rate is $45 that they have them listed). I probably could’ve leased it and paid that $40k over the 4 years and would’ve pretty much broken even.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Leases are a terrible financial deal for you. Dealers love them - at the end, they have your car and your money!

The pandemic did weird things to used car prices, so PP got lucky. But normally used cars don’t appreciate.

Do NOT lease. It’s not hard to take the car to a garage.

Unless you're buying the car with cash and not financing it, it's really not any worse than financing it for a long time.

It's a lot worse. At the end of the lease, you don't have anything. At the end of the loan, you have a car. Duh.

+1 They have the car and your money! You threw money at a deprecating asset that wasn't even yours. Leasing a car is dumb.

This! Paying on a deprecating asset, paying all the taxes and having nothing to show for it when its all over except another possibility large invoice for mileage when turning it back in. Its a fools game.

Why would you want to own the depreciating asset? By your own logic buying a car is even more foolish than leasing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Leases are a terrible financial deal for you. Dealers love them - at the end, they have your car and your money!

The pandemic did weird things to used car prices, so PP got lucky. But normally used cars don’t appreciate.

Do NOT lease. It’s not hard to take the car to a garage.

Unless you're buying the car with cash and not financing it, it's really not any worse than financing it for a long time.

It's a lot worse. At the end of the lease, you don't have anything. At the end of the loan, you have a car. Duh.

+1 They have the car and your money! You threw money at a deprecating asset that wasn't even yours. Leasing a car is dumb.

This! Paying on a deprecating asset, paying all the taxes and having nothing to show for it when its all over except another possibility large invoice for mileage when turning it back in. Its a fools game.

Why would you want to own the depreciating asset? By your own logic buying a car is even more foolish than leasing.

you can't be serious. If you buy the car you own it if you lease it you have nothing.

Please, for the love of baby Jesus stop being so dumb.

[Anonymous]

It’s kind of like renting an apartment. You pay money and have nothing to show for it at the end. That said, I leased my last six cars. I like getting a new car every three years. New car smell, zero problems and an updated model. I just drive the crap out of it and return it. I wouldn’t want it after I’ve driven it. I don’t really care about the financial part.

[Anonymous]

Anonymous wrote:It’s kind of like renting an apartment. You pay money and have nothing to show for it at the end. That said, I leased my last six cars. I like getting a new car every three years. New car smell, zero problems and an updated model. I just drive the crap out of it and return it. I wouldn’t want it after I’ve driven it. I don’t really care about the financial part.

Same here. I think the silliest thing is to think of your car as an asset. they are not. So I just don't pretend it is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Leases are a terrible financial deal for you. Dealers love them - at the end, they have your car and your money!

The pandemic did weird things to used car prices, so PP got lucky. But normally used cars don’t appreciate.

Do NOT lease. It’s not hard to take the car to a garage.

Unless you're buying the car with cash and not financing it, it's really not any worse than financing it for a long time.

It's a lot worse. At the end of the lease, you don't have anything. At the end of the loan, you have a car. Duh.

+1 They have the car and your money! You threw money at a deprecating asset that wasn't even yours. Leasing a car is dumb.

This! Paying on a deprecating asset, paying all the taxes and having nothing to show for it when its all over except another possibility large invoice for mileage when turning it back in. Its a fools game.

Why would you want to own the depreciating asset? By your own logic buying a car is even more foolish than leasing.

you can't be serious. If you buy the car you own it if you lease it you have nothing.

Please, for the love of baby Jesus stop being so dumb.

Either way you have nothing. Cars are not assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s kind of like renting an apartment. You pay money and have nothing to show for it at the end. That said, I leased my last six cars. I like getting a new car every three years. New car smell, zero problems and an updated model. I just drive the crap out of it and return it. I wouldn’t want it after I’ve driven it. I don’t really care about the financial part.

Same here. I think the silliest thing is to think of your car as an asset. they are not. So I just don't pretend it is.

Hey dumb dumb, of course it's an asset. It's a depreciating asset but still an asset. I can convert it to cash.

https://www.investopedia.com/car-asset-5207357