What having leased 10 cars in 10 years has taught me and why under most circumstances, I will prefer to lease vehicles over purchasing even though Dave Ramsey says not to!
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1. It NEVER will make any financial sense to lease over purchase unless you intend to trade the car within 5 years or less and you drive within normal mileage per year.
2. Damage and lease end charges are NEVER as expensive as they seem.
3. If you’re driving within 10-15k miles, the depreciation is typically always going to be the same as buying. It’s only until year 5 and onward where it really pays off to have purchased it and kept it in good condition as opposed to leasing all along.
4. There are NO hidden charges in a lease. Like none, and even when the dealer makes a mistake, the bank typically kicks it back and asks them to reprint docs for you to sign.
5. It’s always easier for you to get out of a lease early if you are staying within the same brand. For instance, going from BMW to BMW has always been cheaper for me than going from BMW to Mercedes.
6. You don’t need to put any money down EVER with perfect credit. Unless you’re folding in a ton of negative equity or your credit is bad, you can usually even roll in the first payment and leave having not paid a dollar at signing.
7. No matter how hard you try, your purchase price at the end CANNOT be negotiated unless THEY call you with an offer. This happened with the Nissan Leaf many years back.
8. The lease will usually drop your credit about 20-40 points after it hits your report
9. If you so much as make a late payment, you’ll likely be reminded of it later on, especially if you lease with the same company.
10. A lease is like a credit card on your credit report. Only what you have left outstanding is what matters not the entire cars value.
11. Transferring a lease is not the same for every brand. If you transfer for some brands, you may actually still be held accountable for another’s missed payments/damages.
12. No one waives the acquisition fee EVER, and if they do, they are either charging you for it on the back end or it’s being done as a special promotion like when Chrysler Capital does it for everyone some months.
13. You really need a 720+ credit score to qualify for the best rates. One month I went in with a 690 because of some credit card balances and i saw Tier 2 at BMW which raised my payment $30/month.
14. Most every lease except Toyota or Mazda include GAP insurance in the price.
15. You CANT turn in a lease without penalty, HOWEVER, you can reduce the penalty by trading it in to a third party dealer like Carmax and paying the difference.
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14 июл 2024
