Should I lease a new car now or wait until 2007?

Question

My lease is up in March, but I only have 300 miles left on leased van. should I trade it in now or just wait a week, to see if they better deals? also, do different dealerships of the same make have different prices?

am curious why everyone says not to lease. I find it quite convenient, and love not having to worry about major repair costs when vehicle starts falling apart.

Answer 1

Twisted, you might benefit from trading now since you're close to the allotted miles. As mentioned, check the over-mileage fees and determine how much you think it will accrue between now and march. Then compare it to the deal at hand at the dealership. We trade people out of leases very often, and it's usually quite painless when they're in the final 6 months of their agreement.

As for incentives, there shouldn't be much difference between January and December incentives. The automotive sales calendar has little to do with January 1. And there are not these huge tax benefits for late-year inventory reduction that many people on this board talk about.

As for leasing, it's an excellent option for people that enjoy staying in a newer vehicle. If you're on a 3-4 year trade cycle, or less, it's a great way to insure you stay out of the issues of negative equity (granted you buy the correct lease that meets your mileage requirements). There is truly no downside to a lease if this is the kind of customer you are. And for the record, this is the kind of customer I am. Plus, by leasing, you can afford MORE car for the same payment as buying a lesser equipped car. Why drive a Camry LE you're buying when you can be leasing a Lincoln MKZ, loaded to the gills, for the same payment? Plus, leasing allows you to stay in factory warranty! With continual rising repair costs, it's very costly to repair our later model vehicles now. And some leases have 100% maintenance included in the deal for the duration of the lease!

If you're the kind of person that wants to buy a car, drive it til the wheels fall off, then leasing is not for you.

Most of the negative remarks you hear from people are from this type of customer. And, many people, like myself, have heard our parents talk about the downfalls of leasing. Well, leasing was a somewhat different process 20 years ago. PLUS, that generation of customer (50+) had a negative view of any credit obligations. They felt that you either paid cash, or you saved up until you could pay cash!

Answer 2

Different dealerships of the same make normally have the same sticker prices, but will bargin down differently when buying.
I don't really think there is much barginning in leasing a vehicle unless you lease a whole fleet (rental car companies, huge firms, etc..)
Remember that manufactures charge lots of money when you go over your allowed miles on a lease. Look in your contract and see what the charge per mile is.
Also if a dealership is going to bargin, it is normally between late October and mid January. Most people have set their goals on presents, purchases and trips, and very few on getting a new car. So most dealerships don't sell many cars during this time and will bargin more to make a deal. Spring time is the worst time due to human nature, it is the time of the year the dealers sell the most cars.
I hope this is a company lease and not a personal lease.

Answer 3

I have recently begun searching for a new car and am trying to decide between buying and leasing. I'm with you, I love the idea that I can turn my car back in before it starts falling apart. I bet the best deals will be this weekend. I heard a rumor that if you trade your lease in before the lease is actually up that they'll tack on a bunch of fees, but I don't know if that applies in your situation or if it's even true. Good luck!