re: Own vs Lease

I decided to lease my latest vehicle rather than purchase for a few reasons (and it wasn't because I couldn't afford to purchase):

1. I wanted to treat myself to a new car. I've never had a "new" car and wanted one.

2. I didn't want to ante up a fistful of savings on a down payment.

3. Given I only drive about 8k-9k miles per year I qualified for low mileage incentives for drivers under 10k/year which lowered my note tremendously (another case of a lease benefiting low mileage drivers more than a purchase would).

4. I didn't want to worry about/be responsible for major maintenance in the next few years.

5. I have the option to purchase the vehicle at the end of the 3-year lease term.

6. The purchase price at the end of the term is already predetermined based upon the negotiated price at the beginning of the lease. This sale price will be based upon average usage - i.e, 12-15k miles per year - depreciation. When I'm done my term, I'll have less than 30k miles on the car (per my mileage cap), so if I decide to purchase, I come out ahead really because the car will be "worth" more than the purchase price.

7. The dealership cut me a check for my trade-in, which I used to pay the lease note for about 4-5 months. This meant I got into a new car and wasn't "out of pocket" really for nearly six months.

These are some practical examples of why leasing was best for me...