Moving back to the US soon and will need wheels. Thinking about just leasing for 3 years instead of buying new. Not really sure what kind of vehicle we want/need. Probably a mini van though. There will be a wave of electric vehicles coming out in the next few years, so I kinda don’t want to buy a new car and then trade it in in 3 years.
How does leasing work in general terms? How does it compare to buying a car? We are low mileage drivers (probably significantly under 10,000 miles per year). Any “hidden” things to look out for?
thanks in advance.
Thanks for those links. Any personal ancedotes as to why leasing was a bad idea in hindsight?
I think I probably want to go down the leasing route (at least for my first car in the US).
Make SURE you purchase enough miles in advance. Nothing sucks worse than turning in your car and having to pay an extra 2000 because you overdrove without realizing it.
Things with higher resale value (Honda. Toyota, ford) tend to have the most favorable lease rates, and make sure you shop manufacturer specials for leasing, sometimes Honda, or Nissan, or any mfg will offer ridiculous rates to “well qualified” buyers, this means you have good credit.
Also, make sure you go to a dealership with a good factory relationship. If you get denied there and they don’t rehash it, another dealership typically won’t be allowed to rehash with the factory (to avoid appearance of impropriety).