Purchase or Lease?

[Fatrusty]

Yeah, probably not the best vehicle for the average Joe. If you're not making at least 6 figures with little to no debt then you probably want to consider a cheaper vehicle or going the used route. Can still get very nice vehicles that way. If you can wait a year or two you'll be able to find low mileage 2015s for considerably cheaper.

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My wife and I rented a Tahoe while in Las Vegas and after a couple of days we both looked at each other why don't we get rid of the 2011 Slilverado LTZ and get one of these? We picked up a 2013 rental return with 19K miles for a lot less than a new one. Still under warranty and with the Luxury package. Looked and new ones and they were almost 18k more... Buy used if you can!

 

[stephygee]

Buy. I've never understood why people lease. If you're into driving the newest thing every 1 or two years, then go for it (lease). Otherwise, buy and own what you can afford. Take care of the vehicle and it should last you long enough.

 

[Chevrolado]

Don't lease it.. You are essentially renting a vehicle that you cant even drive as much as you want or else you have to pay penalty fees.
To me, being a vehicle enthusiast, I want to actually own my vehicles. Not have some dealer or bank tell me what I can and cant do with it.

Buy it brand new if you have the money to take the hit on the value depreciation. If you don't have the money to take that hit.. stick to buying used vehicles. Let someone else that can afford the depreciation take that hit for you. Then come along and scoop it up from them when they move on to the next bigger and better.

I don't have anywhere near the money for a new vehicle. So I stick with old ones that I just fix. Thus the reason I bought a 95 and put a new motor in it. hah. Costs much less than a new one.

 

[robdeniro0]

Leasing works well in certain instances such as if you are a business owner and use the vehicle for said business, you can virtually write the whole thing off gas included and almost ride for free. Also you can lightly mod a leased vehicle just have to put it back to stock at lease end. I have leased but mostly bought my vehicles, if you only have one vehicle in your stable maybe you ought to buy because they will nickle and dime you for mileage overages and cosmetic damages. Leasing is essentially renting but if your money allows for such an extravagance go for it, we are all renters at one time or another.

 

[Gzes]

Not I cough cough I only buy used that and the fact I stick with the past hate anything that costs big dollars to fix.. rather build something that will put perform and be more luxurious

 

[lt1gmc]

A couple of things not often thought about when debating lease vrs buy:
If you lease with a few extra miles, you may have to replace tires (not cheap) as they have to be 4/32" or better tread, and the most IMPORTANT FACT:
If you lease, you HAVE to make a decision at the end time, you have to buy it, or buy something else. If you bought, you can choose to do nothing, sticker shock gets to you , do not have to buy!
That is one big reasons car companies push the lease, you are forced to do something at the end, and they have the upper hand.

 

[jebt2921]

This is somewhat true. You have the ability to negotiate the residual value (what it will be worth after the lease is up). This way you won't be caught with any surprises. Did this for my fiancé on a '14 Benz. She doesn't drive a ton and saving well over 50% per month off of buying plus she can get a new one in 27 month if we so choose. All you finance is the difference in negotiated sell price and residual value (with a few % here and there). Each company does there own thing and MB happens to leave it up to you. I can simply walk after the 27 months if I choose to. I also could've essentially paid the $15k I negotiated and not had a car payment for 27 months.


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[BirchyBoy]

IMPORTANT FACT:
If you lease, you HAVE to make a decision at the end time, you have to buy it, or buy something else.

Is this something new in leasing? I've leased several cars in the past and have been able to walk away without any issue (the value always matched or exceeded the residual). It has been a few years, so anything is possible.

 

[b4z]

Based on average car payments vs. investing those payments, you can retire 5 years sooner if you buy a new car every 10 years or a used car every 5 years, compared to someone who buys a new car every 4-5 years.
I lease because I like to have new cars every 3 years and am self employed so I write off most of the mileage.

 

[HD4]

you don't OWN it when you purchase and make payments the bank does. You own it when you pay cash and have title. Only way I buy vehicles and boats.

 

[sickk23]

I would never lease any of these SUVs. I don't get why people do. 2 reasons. Horrible residuals. Second being, these SUVs rack the miles up because they do far more than cars do. Idk how many times I've looked at these used and 1 year old they have 50k miles.

You don't save any money leasing when you're getting something with horrid residuals. Lexus and toyota is where it's mega cheap to lease... They hardly depreciate.


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[showtime1k]

1or2year wait these will be around 40k or less. Biggest drop is 1-2 years then depreciation kinda settles . Bought my first Denali new with gm discount at 37k. Moro was 48k. After 2years my car was worth close to what I paid for it with discount. If I can't get that kinda deal, I'll wait

 

[Lade]

I would never lease any of these SUVs. I don't get why people do. 2 reasons. Horrible residuals. Second being, these SUVs rack the miles up because they do far more than cars do. Idk how many times I've looked at these used and 1 year old they have 50k miles.

You don't save any money leasing when you're getting something with horrid residuals. Lexus and toyota is where it's mega cheap to lease... They hardly depreciate.


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Horrible residual ?!!!!

62 percent residual
15k mile a year 36 months.
I don't think that's a bad residual at all.

 

[Sho'Tyme]

That's a greats point phil

 

[b4z]

I would never lease any of these SUVs. I don't get why people do. 2 reasons. Horrible residuals. Second being, these SUVs rack the miles up because they do far more than cars do. Idk how many times I've looked at these used and 1 year old they have 50k miles.

You don't save any money leasing when you're getting something with horrid residuals. Lexus and toyota is where it's mega cheap to lease... They hardly depreciate.


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I don't agree GM almost always has good lease deals and they often Subvent their leases, in the trucks not so much because the residuals are good.

 

[PokerMunkee]

Horrible residual ?!!!!

62 percent residual
15k mile a year 36 months.
I don't think that's a bad residual at all.

If this is true, then this is a great vehicle to lease.

Using 3% money factor for an example, I show a $65K Tahoe with 62% residual for 36 months is a payment of $730.65 with $0 down. Negotiated price $62K. Tax not included.

Financing $62K at 3% for 6 years is $942/month. Tax not included.

Taxes on a lease are half as much usually, since you pay tax on your monthly payment and not on the entire $62K.

If you trade in every 5 years or so, usually works best to lease.

When my car needs new tires, I lease a new one

 

[Gatorlac]

same here I only buy it if I can pay in full and still have a few grand set aside for repairs. I sold cars for a few years and I learned NEVER buy new unless you're ballin. Leasing has its place but its not right for most people.

My income can vary greatly so that's why I pay cash, its awesome never having a car note tho LOL plus insurance is waaay cheaper when you don't owe anything

 

[sickk23]

Horrible residual ?!!!!



62 percent residual

15k mile a year 36 months.

I don't think that's a bad residual at all.

For the 2015 right? The 2014s were not that great.


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[twhitechurch]

The residual on these are amazing. 60% for 15k miles a year is a great deal. Lease is essentially financing the depreciation of the vehicle. If you can drop 65k on a car and then sell it in 3 years you will probably be getting 35 for it. You will only save 2 grand out of the whole thing. That's why I see leasing as advantageous.

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[George C]

Based on average car payments vs. investing those payments, you can retire 5 years sooner if you buy a new car every 10 years or a used car every 5 years, compared to someone who buys a new car every 4-5 years.
I lease because I like to have new cars every 3 years and am self employed so I write off most of the mileage.

You can write off mileage on a purchased car the same way...
Lease or buy, the write offs are exactly the same.

I always buy, and I don't finance. I want to be in control of when I want to trade, and I don't want to waste money on non writable interest.