Anyone lease a car?

You might want to read the small print on the bottom.

12k miles per year ain’t shite

Leasing is not a terrible idea under the right circumstances. Do your research.

Leasing for your son... sounds like a terrible idea.

Never lease a car unless it is 0 money down, 0 security deposit, 1st month payment is waived, and it comes with 15,000 miles or more per year.

And then don't do it because the leasing company will do all kind of shenanigans if you try to turn it back in.

Only lease it if you can afford the residual value at the end of the lease and want to keep it, and you can get the terms above

There’s a few threads in the sticky on the Money Board.

I’m a proponent of leasing for the right reasons and situation. There’s a lot of misconceptions about leasing, and it allows the dealership to hide and skew a bunch of costs. Plus there’s new terms and a different process, so you have to understand that going in.

It can make sense in some situations. Leased cars require minimum insurance levels and must be regularly maintained and kept in good shape. Otherwise, there are fees and penalties at turn-in.

For a HS kid, I’d recommend buying something a couple years old. If you consider it over the same term (3 years), buying a 2-3 year old Camry and then selling it 3 years later, you will be much better off and not have to hassle with the turn-in process of a HS kids abused vehicle.

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My coworker did a deal like this for her son

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^ Very brave.

I had a 15 explorer for my better half. We didn't go over miles and had decent equity when trading it for another vehicle. Traded it in because I got out of the military and my home state wanted to tax us at original sales price to register it.

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Anyone lease a car?

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You owe something but you own nothing.