As I was saying figures will appear high because it's MSRP from the website. Also 15% tax in Quebec may be already included.

The thing about leases is that you won't always know the details. Are you really getting 425$/month on a 45k$ or did you deal down the price but were never told what it was; only that payments would be 425$. You may also be getting a better APR than the 6.9% from the website.

My point is to compare finance and lease after having dealt the best price and rate possible. When you get there they should be almost the same without cash down. If you are going to be 100% sure to change every 3 years then lease may be the choice for you.

If you want to pay it faster
If you want to be free to change after 1 year or keep for 10 years
If you want to modify the truck
If you want to ignore that little scrape and leave it there
If you want to roll 1000 or 100000 miles
If you want to use your own credit for best rates
You should buy

 

Tylus - talk to your dealer about getting out of a lease early. Yes it can be done (especially if you are re-leasing or buying from them). Sometimes this is a little trickier though. With my wife's vehicles - I ended up selling them before the leases were up and generally made some money. The whole scenario has to be weighed out - if you have a payment of $350/mo and 8 months left - you have to take that into consideration on your selling price. I sold most to CarMax, but traded a few (this way there are no sales taxes because they buy wholesale and typically saves a few grand, make sure when you find out your current lease buyout (you can find this out at any time) find out the wholesale and retail price). I did not do as well selling outright, plus it was a hassle. But short answer is yes you can.

Leasing worked for us for a while - but it is not the best option for everyone.

 

I leased for a couple of reasons.
I am young, with a growing Solar installation company of my own. I needed a vehicle that when I pulled up to peoples homes, they didn't think I was some trunk slammer. People are more willing to sign $50+k contracts with someone who looks professional.

When I went in to get my truck, I compared buying and leasing. Honestly, there is no way I could have afforded to buy my truck.
My credit is good but, the lease was almost half the payment of buying.

I know I am going to go over the miles, probably way over. Probably in the first year
My plan is to buy the truck at the end of the lease.
I sat and did the math, with some financially savvy people. Buying vs. leasing was very close cost wise.

My business is growing more than I can handle, and I have been putting away a grand every contract I get. At this rate I will be able to pay cash outright for my truck very soon.

I am also able to write it off for taxes.
I love my truck and plan on keeping it as long as it suits my needs.
I never got into the lease with the plan of trading for a new one.

I also talked to the dealer about doing mods to the truck, he said they don't care but, if I ever plan on trading it, put all the original stuff back on. Not gonna happen.

 

When you buy a vehicle, at the end of your payments you own your vehicle (until it's paid off, technically the financing company owns it). The perks to owning a vehicle is that there is no mileage limit, you can do what you want to it, and in the end it's yours. You can also negotiate a price lower than MSRP. The disadvantages are that the vehicle depreciates in value and by the time it's paid off, if you want to trade it in, you're never going to get what you feel the vehicle is worth. Sometimes the payments are less than a lease, sometimes they are more. It all depends on how you negotiate and what you get.

When you lease, you never own the vehicle. It's never yours. Most leases are bought at MSRP, so at the end of your lease you end up making payments that are often much higher than the lease payments because you have to pay the rest of the MSRP. The biggest perks to leasing are that you are normally in a brand new vehicle every year/two years/three years and you're not carrying over negative equity to the new vehicle. So you're never driving anything five or so years old with no warranty. Depending on the lease, sometimes you don't pay for things like tires and brakes, and sometimes even oil changes are covered. Sometimes you do have to pay for the general maintenance . I have never leased a Ford, so I truly wouldn't know those details. The downside is that you're limited on miles you can drive the vehicle, and any damage to the vehicle when you turn it in (even if you're buying it back) along with mile overages you're charged for. So dents, scratches, paint chips, carpet stains, seat tears, etc. you end up being charged for.

My brother-in-law leased a Volkswagen Jetta a few years ago. He had nothing but trouble when I went to turn it in. His key broke the last week he had it, he had to pay $250 for a new key because it wasn't covered under warranty. They wouldn't accept it until he put new tires on it. He had scratches and a few dents that they charged him over $1k for. And he got charged for being over miles, cost him a few hundred bucks there too. But he's a ******* and he leased a Nissan which is what he's driving now. A black Rogue and he currently owns two dogs (which love to jump up on the doors, it's all scratched up). They are also fostering two puppies. The back seats are worn and ripped, and the carpet is stained from the dogs also. I don't even want to hear him complain when he goes to turn this thing in at the end of the lease, because everyone told him not to lease after his first lease experience, but he wants a new car every few years. Oh well, it's his money.

My pastor leased a Dodge minivan years ago, and she got really screwed. Over miles, interior damage (stained carpet, ripped seats, the headliner was drawn on by kids, exterior damage). They ended up buying it at the end of the lease because the dealership negotiated to have their damages bill cut in half if they bought it, because they'd have to wholesale a three year old van, and the dealership didn't want to do that. Still cost my pastor around $2700 out of pocket for the damages.

So you might hear that a lease doesn't depreciate. That's not true. The difference is you pay for the depreciation of an owned vehicle when you go to sell it or trade it in, because you're not going to get what you feel it's worth. However you pay for the depreciation of a lease directly out of pocket.

So if you don't drive a lot, and are going to put minimal damage on the vehicle (normal wear and tear), then leasing works. But if you drive a lot and use the truck for work (be it your job or weekend projects), leasing might not be the right choice.