Hi guys,
I'm asking on behalf of my retired mother (mid 60s, lives in upstate NY, mostly retired, not a super confident driver).
Her Rav4 is on the way out and they went by the Honda dealership and the guy did a pretty decent song and dance about the magic of the lease and the CRV that would be leased.
My mother has a teacher's pension, but doesn't have $15,000 laying around to pay off the rest of the car in three years, it would mean financing etc etc. She's nervous about not being able to hand it back after 3 years because she and her husband do often bump into the trees around their driveway etc when entering and exiting during the winter and their cars tend to get a little bumped around the edges.
I have only had two cars in my life, always used and paid in full at time of purchase so I have little experience with this. My gut says that buying a used CRV would be a better long run idea than leasing a new one, but I understand that she wants to minimize the hassle etc etc. and she's never bought a new car in her life, so there's a little "I deserve this" factor too, which is fine.
Can anyone give some basic compare and contrast on the reality of leasing, positive/negative experience etc? Hidden fees? Advantages?
She's been coming to me for financial advice lately as I've become more Mustachian and (sheesh!) more adult and I'd like to have some info!
Thanks in advance, all info is appreciated!!
O.