Leasing a Car?

[Ruthe]

Terry and I went to look at Pilots today -- new and used and we're debating the merits of leasing vs purchasing used. We know that there's a mileage limit and we think that since we'd have another car for everyday driving that would be okay. I'm wondering whether anyone on the forum has had any experience with leasing or any thoughts on the subject.

Ruth

[Jrn56]

I have no experience but we are looking at possibly leasing a Highlander or Pillot instead of buying a used one. We would also like to hear the pros and cons.

John

[fudge_brownie]

I can see in the future the need to replace my 4Runner and the first choice for a vehicle would be a Pilot. Having leased vehicles in the past and purchased new off the car lot I am of the opinion that in this purchase I am going to look for used.

Leasing makes sense only from a cash flow perspective, it is not the least expensive method by far. I hated always worrying about mileage and whether that ding in the door was going to come back and haunt me when I turned the vehicle in.

Now it is easy to say I want to do that but so much will depend on what is available used and how far I am going to have to drive to get it. I can also see a situation where the my existing vehicle is damaged or has a serious mechanical, having to find a replacement quickly may prevent looking for used.

Modern vehicles are so reliable, I can recall when it was recommended to trade them off before 50,000 miles to get the best return on your used price. Now 100,000 is nothing to a vehicle. I have no idea what the used market is for Pilots, but with the internet searching could not be easier. Finding interior and towing options will add difficulty to the search but that can often come up with new vehicles. I have had several vehicles that were obtained via dealer trades.

So, used is my first choice but I do not have the personal experience to provide.

[gbaglo]

Talking out of my hat, make sure you read the restrictions on a lease. Somewhere in the small print, you may find yourself liable for small nicks in the bumper if you choose to tow with it, or drive it off pavement. I'm just saying.

[Ruthe]

"small nicks in the bumper" -- that's the kind of thing that concerns me. With towing and hooking up etc. there's always the chance for small nicks that wouldn't bother us if we owned it -- and I don't want to spend all my time worrying about cosmetic things on the tow vehicle -- on the other hand it is enticing. And the 2013 model had such an awesome camera!! That of course wouldn't help much if a trailer was attached.

[escape artist]

Hi: Ruthe... Leasing IMHO, is a fancy way of financing your vehicle. The dealers get the chance to make multiple profits on the same unit. If it comes in at lease end in less than pristine condition they can charge you to make it so!!! I heard of some one who wanted to lease a different make of van and was made to pay to replace the entire carpeting due to some stains.
If you buy it out at lease end this won't be a concern but then add it all up and you probably saved little.
If you can write off your lease costs then you have a bonus. Alf
escape artist N.S. of Lake Erie

[kstock11]

I'm also of the opinion that owning beats leasing. I've only leased 1 car - for my daughter when she was in college. When all was said and done, this was the most expensive option I have seen. I believe in buying good and then taking good care of it. My current car that I am selling is a 2000 Chevy Venture Van with 155,000 miles. Leasing doesn't compare to the return on investment that I've gotten here. My replacement in order to tow was a GM Acadia that I just picked up. Now just waiting to add the 19' Escape to complete my travel package!
Kevin