re: For those if you who have leased a car....

The only time I leased a vehicle was a 2008 Lexus GX470. Instead of turning the car in, I traded it in for another vehicle that I didn't lease. It worked out great for me because at the time, the GX held it's value extremely well, they still do. Dealer wanted to low ball me on the trade in, so I told him I would just keep it and sell it privately. He quickly changed his tune and offered what I thought was a fair value. Ended up having like $8000 in equity in the lease. Most cars won't hold their value like that one did, and I think Lexus may not let you sell a lease anymore because of this. I just paid off my wife's 2021 GX460 and it is still worth $40,000 plus. Just check the paperwork for the options you have at the end of the lease Most manufacturers won't let you lease past the factory warranty period, so most repairs would be just wear and tear. I never leased another vehicle after that one, I just like owning something after it's paid off.

Read the contract...understand the terms...abide by the terms, and there are no surprises.

You have either met the terms of the contract (stayed under the miles you included in your lease, maintained the vehicle as the contract outlines) or you haven't.

So any big hassles are usually people trying to fight the dealer on charges that are outlined in the contract that are rightfully owed...so what is your definition of "fair"?

In the event of an accident, the vehicle has a value and a required repair cost. The insurance company will pay the same on the claim for both bought or leased vehicles. Leases usually come with gap insurance included.

I am going to ask you to consider this situation:

16 year old daughter had $6K saved for her car. (10 years ago)

She could purchase a 10 year old used vehicle for $6K with unknown history and almost guaranteed maintenance costs and probably a set of tires before she got out of high school.

Or

I could lease a brand new, under warranty, Chevy Equinox for $0/down, $150/mo.

What makes the most financial sense for someone with a fixed income where every dollar matters?

This was a real situation...she made the $150/mo payment and knew EXACTLY what her car was going to cost her every month, and it eliminated any risk that I had to cover any maintenance that she could not afford.

Every situation is different, but in this case, a new Chevy Equinox made more financial sense than a 10 year old VW Passat.

I leased a few….best were Toyotas….leased a Tacoma…300 a month….lease was up traded with equity to lease a tundra for 400 a month…not a year into the lease, covid happened, they offered 12k over the payoff, I leased a wrangler 4xe with the 12k….value on that tanked to less than the residual and I was over miles….quit leasing after that

The OP didnt need a lecture on leasing, he asked a simple question. OP, I leased last 3 cars, I traded in the last 2 as I could trade in early. The last one was Sept 22, the vehicle was worth 5k more than the remaining payments and residual. Never had an issue moving on to next car.

As for leasing, it is nice. Lower monthly payment instead of dumping a ton of money into a car, use it 3 yrs, all service paid for, and move on to next one. Invest the 60k or whatever it is, pay a few hundred a month and enjoy the car. Plant workers will call it stupid but who cares.

It is determined by a cost-per-mile calculation, not every situation is the same. Sometimes leasing can make sense for a situation. If you cannot compute your cost per mile then you will never know what to do. A car can be a rapidly depreciating asset or not, lots of factors affect an individual's effect on the long-term value. Driving is an expense and should be managed in the cost/benefit manner.

3 year lease with all in costs for maintenance, insurance, and repairs - repeated 3 times. Fairly simple to do this. Mileage limits eliminate most folks immediately. Know your risk factors and do some worst-case scenario calculations too.

versus

Nine years of owning the car, which is either purchased in cash or via financing. Then use your best judgment to predict costs for repaiirs and maintenance. Figure out your insurance plan for coverage during the life of the asset and costs associated with the plan. Lots of guessing required but if a person has some ownership experience and a predictable pattern it can be pretty accurate. Disposal via sale adds a few bucks back to this cost calculation.

The resulting cost per mile comparison may be surprising to some.

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When people have negative equity in a vehicle they bought and can't afford, sometime they will use leases as a stop gap to recoup what they lost. For others, its a way to drive more than what they can responsibly afford. For others, they have the money to throw away so it's easier to just lease a new car every 36 months.

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Depends on your driving situation

For some people it makes more sense to lease

The depreciation hit you would take in 36 months is substantial