Zeemann77

It all depends on a persons needs and wants. I to am in the auto industry. I am a Finance Manager for a very respected "Family" dealer in our Bremerton, WA. There are a few reasons that a person may want to "Lease" a vehicle. 1. More options (i.e leather, navigation, dvd) for the same monthly payment: When leasing a vehicle, you have a residual amount (future value of the vehicle), that the lender will determine. Let's say the residual is 50% for easy math. The vehicle you are looking at cost $60,000.00 w/ a residual of 50%, you will only make payments based of $30,000.00 (this also give you a tax benefit of $30k, since you are only paying for 50% of the vehicle). Usually, a lease term (and is THE ONLY WAY TO LEASE A VEHICLE) is for a shorter term, i.e 24 to 36 months (This is why your payment doesn't tend to lower, and stays close to the same as a purchase. the typical loan length that we deal with is 72 - 84 months. Back to the residual. The only time you are responsible for the residual, is at the lease term (end of loan/lease), and that is only if you decide to purchase the vehicle for the residual amount. If you do not choose to purchase the lease out at the end, then return the vehicle to the dealer and start over fresh with a new vehicle. This brings us to number 2. 2. Warranty coverage, and "The New Car Smell". When leasing a vehicle for short term (24 -36 months), you will Always be under the Manufacturer Warranty, and have no reason to purchase an extended warranty (This is where I make my living, by selling after sale item's). As for the "New Car Smell". Most people just gotta have it, and the longer you have a vehicle, that smell goes away. Those are the 2 main reasons that a person should lease (If it is right for you). Depending on what state you live in, there could be "Tax" benefits available to right off. So, unless you drive fewer miles per year, love the New Car Smell, and plan on financing a vehicle for short term w/ more options available, then leasing may be for you. Leasing IS NOT for everyone though. If you have to have a "NEW CAR", your best bet is to buy a late model used car, that has already taken it's first years depreciation (this will save you MUCHO DENERO. Make sure the car was not a "Rental" and has a clean "Carfax". There really are car's available that "The little old lady from Pasadena" owned and traded in.

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