Pickups the new Luxury Car?

[Bird]

No financial advisor will tell you to get a lease. If you think it works out there is a problem with your math or numbers.

Several years ago, I would have certainly agreed with you, but this old world is always changing, and car leasing is changing, too. Way back in the dark ages, when fleet management was part of my job, our police sedans were costing us $0.51 a mile when the cars were bought by the city. Some young officers thought we could do better by leasing, so I had to do a little research. The best deal I could find was $1.50 a mile. So obviously, leasing would have been foolish.

But I had a brother-in-law who leased a Nissan pickup, then when he went to turn it in at the end of the lease, they offered him a deal he couldn't refuse to buy it. More recently, our next door neighbor leased a new 2008 Toyota extended cab but small pickup truck. He, too, went to the dealer to turn it in at the end of the lease and they made him a good enough deal that he bought it. He's never driven a lot of miles, but a month or so ago, he decided to quit driving (86 years old and poor health). He priced that little truck at $13,500 to a couple of people, but when it didn't quickly sell, last week he (with help from a daughter-in-law and granddaughter) took it to Carmax and was surprised when they gave him $15,000 for it.

 

[Tomtint]

My current whip is a 2015 F350 4X4 crew cab with the Platinum trim package. It has the 6.2 gas motor. I paid 50,240.00 for it new. ( sticker was just over 60,000. A basic truck equipped with pw,pl,cc, XLT pkg was aprox 7500.00 less. Add a diesel and it is right up there with a gas Platinum. My truck is 11 months old now and has about 7,000 miles. Every one of them is comfortable and I'm glad I got all the options available.. Except the oil burner.

 

[ultrarunner]

The crew cab bridges the gap nicely in that you can pickup the family... my 20 year old F150 extended cab has seat belts for 6... the back might work for kids or two smaller adults sideways.

It will be interesting to see how the 2017 Super Duty crew cab is for rear seat room.

I'm old enough to remember the XLT with Camper Special was to tops...

One of the Scout leaders at a 1970 Ford pickup that was the nicest truck I had ever seen... 3 tone paint and factory bucket seats... it must have been very unusual to still remember it 45 years later.

 

[Zerk]

Several years ago, I would have certainly agreed with you, but this old world is always changing, and car leasing is changing, too. Way back in the dark ages, when fleet management was part of my job, our police sedans were costing us $0.51 a mile when the cars were bought by the city. Some young officers thought we could do better by leasing, so I had to do a little research. The best deal I could find was $1.50 a mile. So obviously, leasing would have been foolish.

But I had a brother-in-law who leased a Nissan pickup, then when he went to turn it in at the end of the lease, they offered him a deal he couldn't refuse to buy it. More recently, our next door neighbor leased a new 2008 Toyota extended cab but small pickup truck. He, too, went to the dealer to turn it in at the end of the lease and they made him a good enough deal that he bought it. He's never driven a lot of miles, but a month or so ago, he decided to quit driving (86 years old and poor health). He priced that little truck at $13,500 to a couple of people, but when it didn't quickly sell, last week he (with help from a daughter-in-law and granddaughter) took it to Carmax and was surprised when they gave him $15,000 for it.

There may be a few flukes, and I am not convinced there are, but as a rule fleeces are a mistake. Find an advisor that advocates them. Maybe there are deals on something they want to get rid of or some other reason. But they don't do them to lose money. The math doesn't add up. Read up on how they work.

I have never done one, but I am told they don't even give you the interest rate.

If you can't afford the vehicle without a lease, get a used one.

 

[aeblank]

The math doesn't add up.

Never did understand renting a vehicle for 2 years and THEN buying it.
I'll never do it, but I drive too much for a lease anyway.

 

[Zerk]

Never did understand renting a vehicle for 2 years and THEN buying it.
I'll never do it, but I drive too much for a lease anyway.

From what I read, you are not buying it for the value it is when the lease is up, but some number from when bought it. No one advocates them, except people who have them.

Also the excuse that if it is a lemon you can walk away, a new car has a warranty. You can sell the car, you may be upside down. WI has a lemon law, only person I know that had to use it was a person who bought a jeep, twice. Saddly my mom bought the same model, but was in MI.

When I see a dodge on the side of the road, I keep going, you can't enable them.

 

[aeblank]

Michigan has a lemon law, too.

 

[farmer2009]

Wife wanted a new Tahoe in 2014. So we went and looked at one. I asked about the lease option. Monthly payment came back $100.00 a month less than the purchase options. Ended up buying a 3 year old with 47000 miles. For less than half a new one.

I was in need of a new tractor last year. I priced a new one then asked about a lease. Lease Payments were $15.00 a month less than purchase payments. Because I needed the 600 hour lease instead of the 300 hours a year. But even the 300 was only $125.00 less than purchase. Ended up purchasing a different model.

Both times leases just didn't make sense. The math was way off. The advantages just didn't outweigh the cost.

 

[Diamondpilot]

No financial advisor will tell you to get a lease. If you think it works out there is a problem with your math or numbers.

I think you have bought into the new common core crap or something.

Dollars are dollars.

Chris

 

[Diamondpilot]

From what I read, you are not buying it for the value it is when the lease is up, but some number from when bought it. No one advocates them, except people who have them. Also the excuse that if it is a lemon you can walk away, a new car has a warranty. You can sell the car, you may be upside down. WI has a lemon law, only person I know that had to use it was a person who bought a jeep, twice. Saddly my mom bought the same model, but was in MI. When I see a dodge on the side of the road, I keep going, you can't enable them.

Since you have never leased you have no dog in this fight. I think you need to do more research and then get back to us.

Chris