I’m getting ready to trade my car, most likely to a VW Cabrio. My financial situation is such that a lease would probably be a better option for me (that is, the extra money I’d save now is almost certainly worth more to me than the equity I’d have in the car four years from now).
Unfortunately, I’ve never leased a car, nor has anyone in my immediate circle. Has anyone gone this route? Any horror stories, pitfalls, recommendations?
Dr. J
I’m in the middle of my second lease now [both Saturns], and I have no complaints. The only thing I find mildly annoying is that you need a power of attorney letter from the bank holding the lease to renew the registration [at least in NJ]. I didn’t know this the first time I went to DMV to renew it, but when I got home, the letter was already there, unopened. Once I knew what to expect at registration time, everything’s been fine.
One other thing you may want to keep in mind - mileage. If you’re at all unsure if the 12,000-mile a year limit is too low for you, spring for the few extra bucks and get the 15,000-mile plan. If you come in under, you probably won’t get a rebate, but IMO, it’s easier to pay up front for something you might need than to pay 10 cents a mile at the end of 39 months.
I leased once. The thing I didn’t like was having to insure the vehicle at one of the highest liability rates. Be sure to check out how much that type of insurance will cost you if it applies at all. All that fine print should be carefully read before you sign.
I’m leasing a F-150 now, and it seems to be gong well. I’m on the 15K/year plan, and staying under the limit. The dealership (or Ford itself, I’m not sure…) has lots of perks for folks who lease, which is nice…