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View Full Version : To Lease or not to Lease.....



drew
November 14th, 2014, 05:42 AM
The time is drawing near that the current lease is up (see "Random" thread).

I've lease two cars (this being the second).

While I know that it's just renting the car long term, I honestly don't see myself driving any on car for more than 3 years or so (boredom is a fickle mistress).

Miles is of no real concern. I think I've driven 6000 miles this year (2500 since April...), that includes a drive from Chicago to Lagrange to Atlanta to Jacksonville (and about 5 trips between JAX/ATL).

Given my current work situation, there's no commuting involved, and likely won't be for a while.


So, doing some research on some lease offers, for the same amount, I can lease a 2015 3.8 ultimate, or a 2015 SS/1LE....

Given that I'm on the fence with any one kind of car, and not really sure about a long term commitment (aka buying) on any one thing, this would allow some flexibility, in that, after I inevitably get bored with it, it'd be about time to give it back and try something else.

I think it'd be fun to have an SS for a couple years. The liklihood of me actually adding bits to a car (if I owned it) is pretty slim/none. Given that I've driven a gutless Honda Civic sedan for the last three years, anything with any appreciable power would be a pleasant change. 400+hp would suffice, until that got boring, then I'd re-evaluate and try something new.

Am I fucked in the head here?

FaultyMario
November 14th, 2014, 08:00 AM
My guess is, Just Old.

Pick the most fun car out of your options. I think Fun wears down more slowly than Sensible.

21Kid
November 14th, 2014, 08:17 AM
Maybe I'm jaded after not having a car for the past 2 years... But that seems like a lot of money for something that's going to be rarely used.

thesameguy
November 14th, 2014, 09:49 AM
As with all things, I think it's important to do the math. Leases give you shorter "finance" periods with a lower cost of entry, but almost never make financial sense. A common lease just approximates a three year ownership experience, including the DP and the monthlies, but spreads it all out over the term of the lease rather than requiring a chunk up front. Sometimes you can game the system and It works out in your favor, but I don't think that's most of the time. I certainly think it's always worth investigating, though, so I'd bust out Excel and write some numbers down. Excel can quantify things in crystal-clear ways the brain sometimes doesn't immediately grasp. ;) For the ten or fifteen minutes or work it'll take, I think it's well worth it.

IME/IMO, the reasons to go for a lease are if you can write it off somehow (hard) or you gotta have a specific car but don't have the cashflow to put it together. If you can make the down and the monthly, most of the time you're still better off buying a car and just selling it in three years. Most of the time - Excel can answer the question.

drew
November 14th, 2014, 09:59 AM
Oh, I know. Just some more things to consider.I've had two leases, and I'm not sure I'm a "fan".=, but, it's something to think about.

Bill, if I had something "fun", I'd be more inclined to use it.

Right now, I think I'd rather walk than drive the Honda. It's about as fast and exciting either way.

21Kid
November 14th, 2014, 10:36 AM
Fair point. :D

pl8ster
November 14th, 2014, 01:40 PM
I vote SS all the way...but shit, it's not my money.

drew
November 14th, 2014, 02:15 PM
Sorry, I should specify, it's a Camaro SS, not the sedan. They don't have 2015 SS (sedans) out yet.

I don't think they're offering any lease deals on them either.

speedpimp
November 14th, 2014, 05:00 PM
Either/or, as long as its taupe.

Alan P
November 15th, 2014, 12:40 PM
It's a lot of money for so few miles and sitting on your drive for days at a time. And then For all that money you have nothing to show for it at the end of it.

drew
November 15th, 2014, 01:30 PM
Alan, as mentioned, if I had something fun, it'd be driven more. Most of the reasoning being the Honda being sat for days on end is that it's boring as fuck to drive.

A Segway would be more entertaining.

GB
November 15th, 2014, 09:50 PM
And YOU on a Segway would be fucking epic.


Whatever car you get.... Track Days. ;)

Yw-slayer
November 16th, 2014, 07:59 AM
What's a 3.8 Ultimate?

novicius
November 16th, 2014, 08:47 AM
As with all things, I think it's important to do the math. Leases give you shorter "finance" periods with a lower cost of entry, but almost never make financial sense. A common lease just approximates a three year ownership experience, including the DP and the monthlies, but spreads it all out over the term of the lease rather than requiring a chunk up front. Sometimes you can game the system and It works out in your favor, but I don't think that's most of the time.
If you can lease a car that has a good residual value (like the current Camaros), that will help with the end-of-lease negotiations or so I've read.

Freude am Fahren
November 16th, 2014, 08:52 AM
What's a 3.8 Ultimate?

My thought at first too. Genesis Coupe, right?

speedpimp
November 16th, 2014, 09:59 AM
Yes it is.

pl8ster
November 20th, 2014, 06:21 AM
Ha, I was assuming Camaro SS. SS sedan would be way more coin, no?

Kchrpm
November 20th, 2014, 07:13 AM
He did mean a Camaro. 1LE is only on the Camaro, and the 2015 SS isn't even on Chevy's website yet.