re: Leasing vs buying a vehicle

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while Honda's are solid the Odyssey is just so damn boring.

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It’s a minivan, if you were worried about looks you wouldn’t be buying one. It’s all about their functionality.

Leasing is rarely a smart play.

And get the Honda Odyssey. Made right in the south. You can see Talledega from the plant. And you claim it’s boring…. It’s a minivan not a Bugatti. They’re all boring.

Don’t buy that Stellantis shitbox.

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Chrysler's

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Run. Run far away.

I've leased a bunch over the years.

Positives:

Always in a newer vehicle.

You can get a nicer vehicle at a cheaper monthly note than if you purchased.

A lot of manufacturers will cover the maintenance (oil changes) for free during the duration of the lease.

Negatives:

Low mileage (12000-15000/yr)

You always have a note vs. buying

Have to deal with a dealership ever couple of years and repeat the process.



It makes sense if you plan on getting a new car every couple of years and you drive low miles. My wife does both so she prefers to lease. If you plan on keeping 7+ years I would definitely buy.

Btw, if you do lease, NEVER put money down. Let's say you put $3000 down and you total that vehicle 1 week later, say goodbye to the $3000.

I once leased a Lexus. I went to turn it in a month or two before the lease expired and they wanted to ding me for every scratch and little imperfection. I kept it another month and sold it for $6000 over the residual. I don't think Lexus will let you sell a leased car outright anymore.

Some vehicles like a Toyota or Lexus hold their value so well that a lease makes more sense.

I have never leased one since that one. Just prefer owning something rather than basically renting long term.

If you are financially stable, and aren't simply making the decision of "lower payment" basis, then leasing may not be terrible. Vehicle prices are inflated right now, and the lease is going to decrease the financial commitment. I would make sure you aren't getting screwed on the money factor, would not put any significant amount down, and make sure the terms suit your driving needs (miles per year, ability to purchase miles within the lease, etc) also pay attention to fine print for disposition fee at the end of lease.

Residual values can cut both ways - higher residuals on balance will give you lower payment, but make it more difficult to have "equity" at the end of lease. Also the lease is going to give you peace of mind of repair costs provided you don't lease for a term longer than factory warranty. Bear in mind that unless some maintenance and/or service packages are included you will pay for that. Also depending on how much and how you drive, could possibly reach the end of lease and at turn in have them tell you tires and possibly brakes are worn past allowable amount which can be a bit of a nut. If you lease or buy from the same manufacturer and especially dealer, you might get a break on this one.

Some are going to tell you leasing is never a better decision, but I don't agree, though I would suggest you have more factors to line up correctly for the buyer to make it right and probably more of an opportunity to get screwed if not knowledgeable and careful.