Tell me about leasing a car?

[Anonymous]

Op, if you are leasing a car, it's not about money for you. Go for it. Go get the shiny wheels.
The dealership will get you good because they wrote the contract that is impossible to decipher.
I bought a car and they messed up 10+ different things including pulling someone else's credit.
The salesmen have no idea what's inside the contract. They have no idea what paperwork needs to filled out. I imagine it's even worse when leasing a car as they have tried to hide more ways to rip you off.

[Anonymous]

Anonymous wrote:The only benefit is if it's a company car and you can expense it.

or

If my car depreciates $2,000 a year which is the same price to lease it.

You can expense it if it’s used for business not personal use.

[Anonymous]

If you keep a car for 10+ years it makes sense to buy not lease.

[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.

At least you are honest about your money wasting. You have a bad habit of leasing and you don’t have the sense to stop.

[Anonymous]

Leased cars are less maintenance and you pretty much know your costs up front. You always have a newer car that’s working. We go up to a family vacation home about six times a year and need a reliable family car. We used to own one car, lease another when it made sense financially. During Covid, leases were so outrageous that we purchased our second car. But for us, the benefits were primarily always having one newer and highly reliable car for road trips.

[Anonymous]

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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.

DP but you are exaggerating on cost to return. if you negotiate less than 12,000 a year with dealer- that is your stupidity. But I do agree it is much smarter to buy.

[Anonymous]

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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.

good luck owning that lemon.

[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.

At least you are honest about your money wasting. You have a bad habit of leasing and you don’t have the sense to stop.

why is the person wasting money?

maybe you can't afford leasing or you are a super penny pincher that leasing is not an option for you.

shaming others how they like to live and what makes them happy must be what makes you happy.

[Anonymous]

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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.

Technically, in Virginia, the dealer is responsible for paying the personal property tax on a leased vehicle since the driver in possession is essentially only borrowing property that is owned by someone else.

Most people fail to realize this buried in the fine print and unwittingly sign away this basic right. DH and I have been leasing for years and have never had to pay PP taxes in Virginia as a result.

I’ve never heard of this before and I did a lot of research on lease vs buy few years ago. Has anyone else in Va had such success as well?

[Anonymous]

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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.

Technically, in Virginia, the dealer is responsible for paying the personal property tax on a leased vehicle since the driver in possession is essentially only borrowing property that is owned by someone else.

Most people fail to realize this buried in the fine print and unwittingly sign away this basic right. DH and I have been leasing for years and have never had to pay PP taxes in Virginia as a result.

I’ve never heard of this before and I did a lot of research on lease vs buy few years ago. Has anyone else in Va had such success as well?

That’s news to me too. The leasing company always sends me a bill for VA tax and I pay it. Now I feel silly.