Generally, it doesn’t. Leasing is usually not the best course of action. I’ve definitely been put off by high prices on used vehicles before (never even wanting to buy new).
I’ve worked with a car expert to help with my buying, thought. I would recommend doing the same. I know of some in the Northeast. There’s a service in Central Texas that helps people save thousands on their car. Might be something similar in your area too.
Have never leased a car. Historically, for decades (since 1980), bought used cars and ran them until upkeep became a significant issue ($500+ repair threshold). In 2006, 2009 and 2017, bought new Hyundai sedans (Sonata, Elantra, Sonata). Paid $17,000, $15,000 (cash for clunker), and $21,000, respectively. Donated 2006 after it achieved 294,000 miles with minimal repairs (brakes became an issue). Still driving 2009 Elantra (160,000 miles) and 2016 Sonata (55,000 miles). We will both be in our 70’s when we have to make another car decision – likely not before the Sonata’s warranty runs out at 10 years/100,000 miles – January 2027. Current plan is to donate 2009 Elantra (likely to have 225,000+ miles, 16 years old), keep 2016 Sonata, and lease a 2027 Hyundai sedan. Today, with $2,999 down/36 months, I can get a gas Elantra for $169/mo, a hybrid for $189/mo, a gas Sonata for $189/mo and a hybrid Sonata for $219/mo.) Five years later, let go of 2016 Sonata and reduce to one lease (rent for any long trips). I think we have bought our last car. Your thoughts?
I wanted to say never but you never say never. With car sharing in most large areas, I can make an argument that unless you’re still working, it almost doesn’t make sense to lease or even have a car considering all the costs outside of purchase or lease.
My wife and I personally like having our own cars but we could share if we chose. It all comes down to preference.
One situation in which a lease can make sense is with a new electric car. Because the technology is changing so quickly, it’s harder to know what the resale value will be the down the road. In general, I don’t think leases are a good deal, but this is one situation in which a lease might be beneficial.
For the owner? Never.
Generally, it doesn’t. Leasing is usually not the best course of action. I’ve definitely been put off by high prices on used vehicles before (never even wanting to buy new).
I’ve worked with a car expert to help with my buying, thought. I would recommend doing the same. I know of some in the Northeast. There’s a service in Central Texas that helps people save thousands on their car. Might be something similar in your area too.
(Just for reference: https://www.caradviser.co/.)
Have never leased a car. Historically, for decades (since 1980), bought used cars and ran them until upkeep became a significant issue ($500+ repair threshold). In 2006, 2009 and 2017, bought new Hyundai sedans (Sonata, Elantra, Sonata). Paid $17,000, $15,000 (cash for clunker), and $21,000, respectively. Donated 2006 after it achieved 294,000 miles with minimal repairs (brakes became an issue). Still driving 2009 Elantra (160,000 miles) and 2016 Sonata (55,000 miles). We will both be in our 70’s when we have to make another car decision – likely not before the Sonata’s warranty runs out at 10 years/100,000 miles – January 2027. Current plan is to donate 2009 Elantra (likely to have 225,000+ miles, 16 years old), keep 2016 Sonata, and lease a 2027 Hyundai sedan. Today, with $2,999 down/36 months, I can get a gas Elantra for $169/mo, a hybrid for $189/mo, a gas Sonata for $189/mo and a hybrid Sonata for $219/mo.) Five years later, let go of 2016 Sonata and reduce to one lease (rent for any long trips). I think we have bought our last car. Your thoughts?
I wanted to say never but you never say never. With car sharing in most large areas, I can make an argument that unless you’re still working, it almost doesn’t make sense to lease or even have a car considering all the costs outside of purchase or lease.
My wife and I personally like having our own cars but we could share if we chose. It all comes down to preference.
One situation in which a lease can make sense is with a new electric car. Because the technology is changing so quickly, it’s harder to know what the resale value will be the down the road. In general, I don’t think leases are a good deal, but this is one situation in which a lease might be beneficial.