Lease or buy? need your opinions guys.

MSA

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I'm kinda sick and tired of paying a vehicle off only to have to start dumping money into repairs and having that constant worry in the back of my mind about breaking down.

I'm kicking around the idea of leasing a new F-150. I currently have an 07 F-150, and if I were to buy again I'd probably go with a 2012 or 2013 5.0 F-150.

Is there a reason not to lease? I drive approx. 10k miles a year so I'm not too worried about going over on the miles, and if I'm gonna have a payment anyway, might as well be on a brand new worry free truck.
 


FishReaper

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Do you want to rent your pickup or own it? I just went through the same thing. Sold my 05 F150 and ended buying a 2012 F150. crew cab, 6.5 box. 5.0 V8. 38k miles. has factory power train warranty till60k. so far been a great truck. 0 problems or complaints
Looked at leasing a holdover 14 but I didn't like the idea of after 3 years I give it back and all that cash went down the crapper just my 2 cents
 

johnr

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The pros of leasing are the vehicle is not yours at the end of the lease (you get new every 2 or 3 years), you have the option to buy the lease out in the end if you like the vehicle and want it. Your monthly payments are cheaper, so you can get more for less, and if the car sucks you are not stuck trying to get rid of it.

The bad is, you don't own the vehicle, and even though your payments are less the vehicle is like renting an apartment.

I have never leased, but mrs johnr is looking at a new fancy SUV, and I am leaning towards this, after all she is a woman driver and cant be trusted with vehicle maintenance or really anything involving common sense and care of said vehicle. Let the next guy worry about it is my new motto. Maybe I am finally turning liberal;:;barf
 

Captain Ahab

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At 10k miles a year, you are probably a reasonable candidate. I would consider it and crunch the numbers if I drove that little. If you are a business owner and it can be considered a "business vehicle" the tax benefits make it more attractive.
 


westwolfone

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Never lease. It's a complete waste of money. Save up get what you can afford.
 

Mr.Mike

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I would lean toward your idea of buying a 12 or 13 with a 5.0. That being said I have no idea how you maintain your vehicles. I typically run them to over 200K. If you can do that you will save a lot of money in the long run. Of course they are not worth anything for trade in at that point, but as long as they still run you can donate them to a charity or give it to your kid. ?
 

Enslow

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Buy a good used yota. Problem solved.
 

NDwalleyes

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Leasing with the intent to buy is not a bad idea... but you need to do the math. Add up the total amount you will pay out, including amount due at signing, total payments and add that to the buy-out amount. Generally it will cost you 1500-2000 more with a lease buy-out than purchasing. However later in the year, like now till sept/oct, keep any eye out for good lease deals. It all hinges on what the buy-out price is.
 


FishReaper

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IMG_20150607_124408966.jpg 21 mpg coming back k from Williston. 5.0 3.73 gears. Not sure what's the yodas get
 

MSA

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Owning something that keeps depreciating and starts breaking just doesnt appeal to me as much as borrowing someone elses new one, and if it breaks i just give it back.

- - - Updated - - -

I heard the tundras get 12 mpg at 55 with a tailwind down hill.
 

Sub_Elect

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I leased both my last trucks. The first lease I ever did was on my 2008 f150 for 0%. I bought the lease out at the end of it and drove the truck for another 30k. I bought the truck (at the start of the lease) for 26,500, and 12 miles on it, bought it out at the end of a 2 year lease, and traded it 3.5 years after I bought the lease out with 59k miles for 20,500. I ran that pickup for almost 6 years and 60k and ONLY lost 1k a year. Leases are great, so long as, you follow these rules!

DON'T under any circumstance go over mileage
make sure you get as close to 0% financing as possible
be ready to buy it out if you like it, go over mileage, have a bunch of dents and dings ect.

If the nay sayers will tell you that leasing is bad and to save up...think out of the box and you can come out ahead on a lease. If I can keep running a brand new truck for $1000 a year I will.
 

SDMF

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I leased both my last trucks. The first lease I ever did was on my 2008 f150 for 0%. I bought the lease out at the end of it and drove the truck for another 30k. I bought the truck (at the start of the lease) for 26,500, and 12 miles on it, bought it out at the end of a 2 year lease, and traded it 3.5 years after I bought the lease out with 59k miles for 20,500. I ran that pickup for almost 6 years and 60k and ONLY lost 1k a year. Leases are great, so long as, you follow these rules!

DON'T under any circumstance go over mileage
make sure you get as close to 0% financing as possible
be ready to buy it out if you like it, go over mileage, have a bunch of dents and dings ect.

If the nay sayers will tell you that leasing is bad and to save up...think out of the box and you can come out ahead on a lease. If I can keep running a brand new truck for $1000 a year I will.

That truck cost you $1K/yr, + any up front down payment, + your monthly lease payment. Let's say you had $0 down and a $300/mo lease payment, that means the truck cost you $4600/yr. That said, if you know where a person can get a $0 down, 0% $83/mo lease on a new truck, please do let me know as I'll take 2.

I don't think it makes a heck of a lot of difference between leasing/buying. The simple fact is that a person really never comes out ahead on a vehicle. The actuaries who do all the cyphering of leasing vs. buying surely aren't going to let the consumer gain a large financial advantage one way over the other.
 
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Sub_Elect

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Actually, no. The down payment goes to make your lease smaller. You could figure out the total amount of lease payments ect, then write a check for the total amount and have no payment if you chose to do that. I have leased two of them, and my old man has leased 3 vehicles. He lost his @$$ on the first one but has done very well on the other two, learning lesson.

You always loose money on a vehicle, ALWAYS! Its just a matter of loosing as little as possible. Or as little as you can justify. Unless you go to a dealership and ask how the leases work right now I wouldn't take anyones advice on them. Especially someone who has never done it!
 

sweeney

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IMO unless you get some free money or no down payment 0% lease with a low monthly payment, they never work out. I leased a malibu 3 years ago had a 24 month lease cost me 200 a month. So 4800 to drive a new car for 2 years. I had a bonus offer from my gm card that put 3000 down on the car otherwise i would have never done it. The buy out was about 18k original msrp was 30k kupper price was 26k. so 26-8k (money paid monthly and 3k from gm)=18k buyout, shitty deal was we only put 14k of the 24k allowed miles on the thing so even though we paid for them we didn't use them.
But i am glad i didn't buy that car as after 2 years they were selling on the lot for 16k, so it worked out to lease in the sense that it cost me 4800 bucks to drive for 2 years if i would have bought it the cost would have been 8k for two years(based 23k starting price and on getting 15k for trade) but without that free 3k from gm it was a wash. now had the cars not flooded the market and it was worth 20k after two years then i could have bought it out for 18k with low miles. My biggest advice is to see what you will pay on the vehicle try to make sure you get all available rebates etc. and just look at the vehicle market and guess what it will be worth at the end of your lease. however the numbers work out for you go with that either way all options have a risk.
 

SDMF

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Actually, no. The down payment goes to make your lease smaller. You could figure out the total amount of lease payments ect, then write a check for the total amount and have no payment if you chose to do that. I have leased two of them, and my old man has leased 3 vehicles. He lost his @$$ on the first one but has done very well on the other two, learning lesson.

You always loose money on a vehicle, ALWAYS! Its just a matter of loosing as little as possible. Or as little as you can justify. Unless you go to a dealership and ask how the leases work right now I wouldn't take anyones advice on them. Especially someone who has never done it!

Please do explain how that truck only cost you $1K/yr. I see the difference between purchase and trade price, what I don't see is that somewhere you had a payment, whether it was up front or monthly. You cannot just completely dismiss those payments when calculating cost of ownership.

Like I said above, the actuaries work very hard to ensure there is no big advantage to consumers one way or the other. I'd have a hard time making a lease pencil out well for myself as I put on too many miles (22-25K/yr). We could however easily make a low mileage lease work well on a vehicle for my wife as she drives 5-6K/yr.

I get that it can work both ways but you can't honestly believe that the truck you referenced above only really cost you $1K/yr.
 

5575

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You don't ALWAYS lose money on vehicles.
Well if you buy brand new ones I guess you probably do..
 

Enslow

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Leasing can make sense if u get a special low payment with no money down or if you can write off your vehicle expenses off your taxes.
 


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