Evaluate my car lease

[JD1967]

Hi everyone... thanks in advance for all comments and help ... simple question... what tools do you use to evaluate whether a car lease is good or not ... loan value ratio? ... and are these tools online anywhere ... thanks in advance

[Laura33]

One very simple rule:  if it's a lease, it's bad. 

[JLee]

One very simple rule:  if it's a lease, it's bad.

That pretty much sums it up.

[Dave1442397]

Pop the numbers into a calculator and see how various leases compare.

http://www.calculator.net/auto-lease-calculator.html

https://www.bankrate.com/calculators/auto/auto-lease-calculator.aspx

[Broadway2019]

Not all leases are bad. Check out leasehackr.com

[marty998]

One very simple rule:  if it's a lease, it's bad.

That was my first thought too.

[Laura33]

Not all leases are bad. Check out leasehackr.com

Of course they are.  They are designed to be enticing because they offer a way to drive a car that is more expensive than you could otherwise afford.  And there is no lease in the world that is cheaper than buying a decent used car and driving it into the ground.

Now, a lease may also be the lesser of two evils, if you are not going to buy a reasonably-priced car and drive it into the ground -- if you want a new blingy car every couple of years, better to find a good lease deal than to constantly roll one upside-down car loan into a new even bigger loan.  But you also shouldn't expect this crew to bless that decision.

[2Birds1Stone]

It's bad.

[Broadway2019]

To each their own...YOLO

[moosejaw]

I used to think this way but when you factor in the potential and likely maintenance of a used car vs. reasonable lease payments(and tax advantages) you could be coming out ahead or at the very least even.

I have 2 reliable leased vehicles, 470.00/mo total.  I don't have to pay a thing towards them for 3 years, I put zero down, and paid zero taxes since it wasn't a purchase.

I am able to write off the entire amount of each lease through my business, so that brings the avg cost down even further.

[JLee]

I used to think this way but when you factor in the potential and likely maintenance of a used car vs. reasonable lease payments(and tax advantages) you could be coming out ahead or at the very least even.

I have 2 reliable leased vehicles, 470.00/mo total.  I don't have to pay a thing towards them for 3 years, I put zero down, and paid zero taxes since it wasn't a purchase.

I am able to write off the entire amount of each lease through my business, so that brings the avg cost down even further.

Interesting. New Jersey charges sales tax on auto leases.

[Carrie]

To each their own...YOLO

I think you're on the wrong forum. Maybe there's a Yolo forum somewhere you could join.

[CoffeeR]

One very simple rule:  if it's a lease, it's bad.

That pretty much sums it up.

I agree in regards to a lease from a financial point of view, but there can be exceptions. For example, if you have a judgment against you were a car could be seized, but leased car cannot.* "Since a leased car is not the property of the consumer, a judgment creditor cannot legally seize it to compensate for the amount due." *I am not a lawyer, but this is what I have heard.

[Broadway2019]

To each their own...YOLO

I think you're on the wrong forum. Maybe there's a Yolo forum somewhere you could join.

I have been reading and following the advice of this forum for a year. I said YOLO as a joke. However, not all leases are bad. For me, I don't want to drive a 10+ year old car. I prioritize driving a nicer car. I leased my car and will sell for $2-3k above the buyout. Meaning, I will make money selling when I am done driving it. Granted not as cheap over the long run as buying a used car and keeping it forever, however, not as expensive as trading in every 5 years.

If you understand math and how leases work, it is possible to get a good deal. It is not as simple as saying all leases are bad. I could buy a car outright and the mechanic could give an okay. In 3 months the engine could go out. Would that be a bad deal? I would say so.

Anyway, my point is, it depends on circumstances and what your goal is.

[JLee]

One very simple rule:  if it's a lease, it's bad.

That pretty much sums it up.

I agree in regards to a lease from a financial point of view, but there can be exceptions. For example, if you have a judgment against you were a car could be seized, but leased car cannot.* "Since a leased car is not the property of the consumer, a judgment creditor cannot legally seize it to compensate for the amount due." *I am not a lawyer, but this is what I have heard.

If you're in a position where your property is being seized by a creditor, you have bigger problems. :P

[CoffeeR]

One very simple rule:  if it's a lease, it's bad.

That pretty much sums it up.

I agree in regards to a lease from a financial point of view, but there can be exceptions. For example, if you have a judgment against you were a car could be seized, but leased car cannot.* "Since a leased car is not the property of the consumer, a judgment creditor cannot legally seize it to compensate for the amount due." *I am not a lawyer, but this is what I have heard.

If you're in a position where your property is being seized by a creditor, you have bigger problems. :P

Maybe, but sometimes judgements are so large you can never pay them and you simply need to find ways to "get on with your life".

[Just Joe]

The best lease is the one where you are the second owner and buy it outright. ;)