Leasing vs buying?

[Drewster2012]

If you were to get a new truck that will be used 50%play 50%work would u buy a truck or lease one. I would be looking for a 2500 tradesman crew cab what do you guys think?


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[quietpeen]

first question would be how many miles would be put on the truck. Going over on mileage can be costly with a lease

 

[lonewolf2873]

From a past leasee : If you put on more mileage than allotted and/or cause more "wear and tear" than normal, don't lease.
Buying after leasing is totally a waste of money.

 

[Drewster2012]

From a past leasee : If you put on more mileage than allotted and/or cause more "wear and tear" than normal, don't lease.
Buying after leasing is totally a waste of money.

Just wondering why is it a waste of buying after leasing??


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[Drewster2012]

first question would be how many miles would be put on the truck. Going over on mileage can be costly with a lease

Probably less than 10k per year


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[loveracing1988]

Just wondering why is it a waste of buying after leasing??


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Generally you can buy a new one for not too much more than your buyout price. My 13 outdoorsman had a sticker of 42k, my buyout is 31k. With the rebates they have right now I can get a new one otd for 34k. So for $2000 I can get a brand new truck again.

 

[Drewster2012]

Generally you can buy a new one for not too much more than your buyout price. My 13 outdoorsman had a sticker of 42k, my buyout is 31k. With the rebates they have right now I can get a new one otd for 34k. So for $2000 I can get a brand new truck again.

so you would say just buy it out right?


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[Caldwell]

^^^^ you spend more money in the long run, over just buying the truck outright.

I am currently leasing my truck, not by choice however. I was in a finanical situation, and it was the best compromise for me at the time. I had a 12' Express, and didnt want to get rid of it. I went to the dealer, and they hooked me up with a decent deal. Currently I am waiting to finish out this lease, and buy something at has exactly what I want. Mileage is huge issue with leasing also. I just got a new job that requires a bit more traveling compared to my old job. Im concerned about my mileage, so im waiting like 6 months to see where im at with miles per month. I will make a decision then on whats gonna be my best option.

I was given 10K per year on 36 month lease. I have had my truck for 13 months now, and im just about to roll 9K. The new job is going to significantly jump my mileage faster, so ill be watching like I said above.

 

[loveracing1988]

If you were to get a new truck that will be used 50%play 50%work would u buy a truck or lease one. I would be looking for a 2500 tradesman crew cab what do you guys think?


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If you are looking at a 2500 it makes no financial sense to lease. Depending on your down payment a buy is the same payment as a lease. The 1500's lease well because Chrysler wants them to, the 2500's don't lease well because they know people who want 2500's will buy them no matter what.

 

[Caldwell]

exactly ^.

The 2500 market is " mostly " being the key word - work investments, or serious toy haulers for customers. Leasing a 2500 is not a smart move IMO. However it is your money, and you probably work hard for what you have, so we can only give you advice.

 

[Jared4.7]

Buy outright if at all possible.

 

[HAMMER77777]

ALWAYS buy. Leasing is a waste for any vehicle. Buy, and keep, thats what i do. I plan to put a million miles on my once in a LIFETIME purchase of my 2500.

 

[HAMMER77777]

Buy outright if at all possible.

what he Said^

 

[THETANK]

are the payments tax deducts, otherwise do all the math possible and go from there. Remember just because they advertise lets say a 2500 for 459.00 month does not mean you should pay that amount. Try and get the payment lower because the residual is a number set in stone. Oh I always buy but good luck no matter which way you decide to go.

 

[lonewolf2873]

Just wondering why is it a waste of buying after leasing??


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Let's say your truck is 42000 to buy. Your lease at 200/month with no money down, great deal right? Over the course of 3 years you will have paid 7200 in lease payments. Your buyout at end of lease is 38000. Now you take try to take 38000 loan on a 3 year old truck. You've lost 3200 already, bank most likely will say truck isn't worth that amount. If you would have bought, 4000 in rebates would have been applied and your paying same price. Now you've paid for a truck for 8 years assuming you take 5 year loan. Your warranty is already gone on 3yr/36000 and your going for 5 more years. Oh and your 5yr/100000 is up 2 years into loan. Your paying on a truck that you could potentially turn to **** and you owe for loan AND repairs.

 

[lonewolf2873]

are the payments tax deducts, otherwise do all the math possible and go from there. Remember just because they advertise lets say a 2500 for 459.00 month does not mean you should pay that amount. Try and get the payment lower because the residual is a number set in stone. Oh I always buy but good luck no matter which way you decide to go.

Residual is NOT set in stone. Residual is based on interest rate they give you and amount of payment. The more you pay for a lease in payments, the less your residual. Upside is you can sell to private buyer for more than you owe and walk away with money to use for down payment on new truck vs turning in.

 

[baum]

you still get "rebates" on the vehicles when you lease. i may be wrong but when a dealer advertises a 200 lease it takes into consideration manufacturer rebates.

 

[loveracing1988]

you still get "rebates" on the vehicles when you lease. i may be wrong but when a dealer advertises a 200 lease it takes into consideration manufacturer rebates.

The advertised leases are almost impossible to get. To qualify you have to get employee pricing, be active or retired military, recent college graduate, and have a target direct mailer. If you don't qualify for any of those your price can jump significantly.

 

[charonblk07]

There are reasons to lease if it's a work related vehicle as those payments become cost of doing business and a company can write them off and depending on your area mine become a tax incentive. If I'm ever required to use my truck for work I don't ever use my personal truck, it's either a short term lease or depending on the contract a mid-term lease. I also don't lease from a dealership, I go through companies like Driving Force who supply commercial fleet vehicles.

Having a company buy a vehicle makes no sense, they are not capital valued equipment; they are designed to lose money that the company can't recover (unlike buying a loader, dump truck, etc. whoich hold a good resale), so leasing is a better option because the lease payment is a tax incentive or deduction and the company doesn't lose money on vehicle when it's sold.

 

[arod412]

I always buy because at the end of a 3 year lease, you have nothing....but if I buy, at the end of 3 years, I actually build some equity on my truck, and I can trade it in for something better or bigger.

Also, mods come into play, as well as service. If it's on a lease, they have you by the balls, and you have to pay for everything they tell you. Even if the service manual says you don't have to.

But lease can work for you if you want low payments, do not drive far, and want something new at the end of it. But miles and service will get you.