Just seen fords new advertisment about there leasing program goin on. And the wife and i are considering it. I pretty much know the goods and bads about leasing and wish atm i could just buy but as high as the payments would be for what i really want/should have we just can't afford it.

My biggest question is it that hard to get into a lease or do you really have to have as good a credit to get into one as if you were buying?

The main reason i've consider'd this is my car with 270k is finally starting to show some serious engine wear and the big debate is do i keep investing (nickel and diming myself) with the poor thing or just consider a cheap lease till we are better suited. Only reason i've consider'd the F150 instead of a car is i'd like to be able to do some towing every now and then.

 

I always figured that if I can't afford to buy it I can't afford to lease it, find something you can afford to buy. Just my theory.

 

Leasing could be a good deal- depending. the biggest factor is whether they have a killer lease (low rate, high residual), and if the terms fit your driving habots. Example- if you write a 12,000 mile a year lease, and you drive 20,000.... you're gonna get thumped hard on the turn in. Also, once the car or truck is leased, a trade mid-term through the lease could be brutally expensive.

Don't forget another legit option- late-model (1-2 yr old) used. That's a great way to knock that price into your payment ballpark.

re: credit. It's really about the same requirements as a purchase- if you qualify for one, you should qualify for the other.

 

Thank you for that little bit of sanity.

The general tone on these boards is that leasing is a bad deal. Period.

That absolute may be true if you keep your car a long time.

If you trade every 3-5 years anyway, then leasing can be a good deal.

You have to run the numbers both ways and see what works out best.

I own 2 of my cars, lease the other 2, including the '06 F-150.

As a parting shot, I will note for the record that taking money out of the bank that is earning you 6% interest is not any different than borrowing money at 6%.

Money you have in the bank is not "free". You have to pay yourself something, even for your own money.

 

Under these circumstances, I would forget about leasing. At the end of the lease, you have to do something. If your situation has not improved, you could end up in worse shape then you are now.

 

jschira -

What bank is giving you "6% interest"? The best I've found is 5.30% on savings, or are you talking CDs?

Steve

 

It was an example. Put your own numbers in.

And if you are only earning 5.3% on all of your investments, better plan on working until you are 95.

 

Didn't mention investments, just a bank like you stated.

Steve

 

First off it scares me that we are talking about a vehicle purchase/lease and investing in the same category.

I sell vehicles for a living and I don't think I would ever purchase a new vehicle, leasing on the other hand I will do every two to three years. I don't keep vehicles long enough for a purchase to make sense, and I would rather have the least amount of my money tied up in a vehicle as possible. It also doesn't hurt to have a vehicle under warranty with pre-paid maintenance all the time either.

 

big ford74 i am trying to deal on the same current offer as you are be careful the cheap payment you see in the ad it is decieving remember they only give you 10.5k per year mileageif you need more miles it will cost you big time in the payment plus remember taxes that go on top of the payment just a heads up i'm turning my 05 stx supercab at the end of the month and i'm finding out the great deal on the 05 leases are not the same in 07