Quote:
Originally Posted by wingchunsifu
The choice is actually simple hinging on 2 factors. One, will you go over the milage limit of the lease? If not then lease. Do you want a new car every 2 or 3 years? Then lease. As soon as you drive off the lot the value of the car depreciates. If you buy, yes you will have equity in the car but still never get all that money back when you trade it in or sell it.
Food for thought.
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So my wife totaled a 2014 4Runner last year. The residual was high and at the end of the day that vehicle cost us 90.00 a month to own (not including maintenance of course) - so in that case purchase beats lease.
Some guy hit me a month later in a brand new Outback with 1,000 miles on it. Totally his fault.
I had "new car replacement" (as seen on TV - and let my insurance handle all of it it) which pays higher of ACV or purchase price. In my case there were few 1,000 mile Outbacks on the market and they were very expensive. I made 4,500 free and clear over what I paid for it OTD taking the ACV offer - I was happy.
My only point I guess is to add another factor. COPART is full of crashed new SS Camaros - so on top of lease - look at New Car Replacement or proper GAP coverage.
Drive safe.