First time car leaser

Discussion in 'Community Discussion' started by ghostchild, Apr 26, 2008.

  1. ghostchild macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #1
    So this is my first time leasing a car, since I don't really have enough money to buy a car and since my parents don't want me driving a used car (my family has never bought a used car ever). SO I am left with leasing.

    So my question can people haggle a leased price? If yes, does it depend on the person's credit?

    Can you guys fill me in? I'm clueless on car leasing....

    Thanks,
    John
     
  2. wvuwhat macrumors 65816

    wvuwhat

    Joined:
    Sep 26, 2007
    #2
    Go over to edmunds.com and check out what they have to say. As with everything credit has something to do with it. You'll find what you're looking for on there. All cars are negotiable, just make sure you do your research.
     
  3. iJesus macrumors 6502a

    iJesus

    Joined:
    Jun 30, 2007
    Location:
    Reno, Nevada
    #3
    Oh, and it's a GREAT time to haggle.
    Dealers REALLY need to sell cars because of the economy.

    How old are you and what are you thinking of getting?
    I'm 16 (Almost 17, and I'm looking at the same situation)
     
  4. ghostchild thread starter macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #4
    21 lol. I just need a simple car to last me until I graduate that's I wanted to get a used car even a preowned certified, but it really wouldn't be a new car anymore. I was thinking Lexus IS300, but my parents want me to lease a new car therefore I have the chance to drive a IS250 which I might end up buying anyway, just that I don;t have the cash right now. I know I can buy something new and cheap, but commuting and freeways and car crashes and serious injuries.... maybe the lexus or bmw has better safety. And I just like the drive better.

    I've driven a BMW 325i, Toyota Camry, Honda Accord. So I think I know what I want in a car. btw.
     
  5. Gelfin macrumors 68020

    Gelfin

    Joined:
    Sep 18, 2001
    Location:
    Denver, CO
    #5
    The terms of car leases are often brutally abusive to the consumer. One of the largest target markets of leases are less sophisticated consumers who can be easily convinced they "deserve" to be seen in a fancier car than their income actually justifies.

    Do not sign anything without fully understanding all the terms, without realistically estimating the number of miles you are likely to drive and being willing to cut yourself off from driving your own car if you reach that limit, and be prepared to give the dealer an enormous sack of cash (larger than a typical down payment on a new car) just for the privilege of giving the car back to them at the end of the lease.

    Leases can work, but you need to be very careful. As wvuwhat mentioned, check edmunds.com and read all the advice they offer on leases. If you're leasing because you don't have enough money to buy, frankly I'd say you're way better off politely telling your family they need to get over their "new cars only" attitude and buying something you can afford.
     
  6. rhsgolfer33 macrumors 6502a

    Joined:
    Jan 6, 2006
    #6
    Agreed. From what the OP says, wanting to lease an IS250, and saying he can't afford to buy, it seems like he wants to be in something above what he should realistically be looking at. Go buy a used car, or look at a new car, such as an Accord Coupe maybe? That fits in a price range that you can buy. Chances are you could buy a brand new Accord Coupe, etc, for the same monthly payments you would end up making to lease that Lexus (maybe even less considering the price difference between a loaded four cylinder accord coupe and a base model IS250). Buying out at the end of leases isn't always a good deal either, a lot of times it's a pretty terrible deal. Think of it this way, instead of throwing $350-$400 a month down to lease an IS, you could make $350-$400 a month payments that would be working your way towards owning a car.

    And honestly, your no safer in the lexus or bmw than you are in any other car with the same crash test ratings
     
  7. ghostchild thread starter macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #7
    Thanks for getting me thinking which is why I wanted a used car in teh first place.
     
  8. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #8
    This page has some great advice

    http://www.carbuyingtips.com/lease.htm

    I like to drive a new car every 3 or 4 years so I always lease. You can often negotiate the cap cost and residual value to get better rates.
     
  9. ErikCLDR macrumors 68000

    Joined:
    Jan 14, 2007
    #9
    I believe you have to be 18+ to lease a car.

    It's really not worth it at all. You are restricted to a certain amount of miles and if you go over then the charge you.

    I'd say for the amount of money you would spend leasing a car you're better off just buying a used one. Everyone I know that has leased a car has regretted it in the end. I know people that have had their car sit for months because they used up all the miles before the lease was over and didn't want to pay.

    If you're going to spend $500/month leasing a car, thats a total of $18,000 over 3 years. Again, just buy a used car or a CPO or a cheap new car.
     
  10. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #10
    A lot of your case just went out the window with this post. Wanting a Lexus is not a problem. The problem is you are trying to figure out how to buy one and can afford to lease one... This means you can afford a cheaper new car. You currently are looking at a car costing OVER $30,000. This is out of your price range. Reduce it to $20,000 and there are plenty of good options.

    Go look at a Civic, Accord, Sentra, Camary, Cobalt...... the list goes on. All of these are s are good cars.

    I have a 2004 Sentra Spec V brand new. At the time it was about $16,000. Now out of college this is still what I drive. Now I will admit I plan on selling in 2-3 years and replacing it with something nicer but I will be able to afford it.

    Sorry but you seem to be whining because you can not afford a luxury car brand new. Luxury cars are for people who can afford them with out breaking the bank.
     
  11. dops7107 macrumors 6502a

    dops7107

    Joined:
    Mar 19, 2005
    Location:
    Perth, Oztrailya
    #11
    Hate to tell you what you don't want to hear, but really, new cars are an instant waste of money, and leasing one is almost certainly worse because you get nothing at the end of it all. You pay a lot for the cachet of driving a flash new car. Each to their own and everything, but you'll be better off in the long run to buy a cheap second-hand car - or a new one if the folks insist - and upgrade to a better one when you can really afford it.

    Incidentally... if your parents are so insistent, they should be ponying up the cash to help you with the new car premium...
     
  12. IDANNY macrumors 6502a

    IDANNY

    Joined:
    Dec 26, 2003
    Location:
    Las vegas
    #12
    Allot of people on here obviously dont lease cars. If you like to change your car often than leasing is for you. If you are going to buy and sell your car every three years leasing will take the hassle out of that. Many times you can get special leases on cars that are very well priced. Being limited by millage isnt a problem for many people in the last 3 years I put 20 thousand miles on my car.
     
  13. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #13
    If your parents are still thinking that only a new car will give you fewer problems, if you choose correctly even a high mileage used car will cost you less.

    Some of the used cars have cheap parts, tires, and INSURANCE compared to new car leases.

    Right now something small, cheap, and decent mileage may be the ticket.

    Avoiding cars that require Premium fuel may be a good idea also.

    If you want bigger...

    I'd almost say buy a used VW Jetta or Camry ... at least if you own it, you won't have to worry how much the door dings in the college parking lot are going to cost you (and you will likely get a lot of them there) at the end of the lease.

    If you want new there isn't much wrong with the Ford Fusion, Civic, etc. Any of them should soak up 100k miles without complaint.
     
  14. ghostchild thread starter macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #14
    So thanks guys, I've at least convinced my parents to go out and test drive a IS300 with me next weekend. The fact that we don't really own a leased car bothers them. And they are willing to help me pay cash up front! SO all that matters is getting a good deal and having them accept the car... I want a simple car that at least has some of the luxuries that I am so used to driving my mom's BMW 3 series. It might make me highly pretentious in a way, but you know.... once you go luxury you can't really turn back....

    It's like once you get used to driving the BMW you go back to the Toyota and reach for the Push to Start Car button and it's not there. It's just like the auto door locking as you walk away and then you realize that you forgot to lock you doors to the Camry.....

    It's just a matter of personal preference and connivence/habits. I guess.
     
  15. Gelfin macrumors 68020

    Gelfin

    Joined:
    Sep 18, 2001
    Location:
    Denver, CO
    #15
    You do know the Prius has push-to-start, right? ;)
     
  16. rhsgolfer33 macrumors 6502a

    Joined:
    Jan 6, 2006
    #16
    Honestly man, you can get all those on a much cheaper car. Nissan puts push to start on some of their cars (personally I hate push to start, I like turning my key and hearing the engine, not pushing some stupid button). And auto door locking? You can get that on a ton of cars, my moms Ford does that. Personally, my only requirements for my next car are 1) Leather, 2) Climate Control, and 3) Decent gas mileage.

    Personally, I like your IS300 idea, a new car loses a good amount of value when you drive it off the lot. This way you get a car that has some of the features you want but is still in the price range you can afford to buy. Used is the way to go, I don't think I'll ever buy a new car, seems like a major waste of money to me. I've been looking at used Audi A4s and definitely suggest you take a look as well, they get decent gas mileage and you can easily get one with under 30,000 miles for $22,000-$25,000, probably certified with another 2 years 100,000 mile warranty on top of any remaining warranty.

    Just remember that you're going to have to put premium gas in any of these cars which will probably run over $4.50 a gallon by the end of the summer (and might already be close to that depending on where you live).
     
  17. ErikCLDR macrumors 68000

    Joined:
    Jan 14, 2007
    #17
    Don't buy an Audi, horrible reliability. Go for the Lexus in that case, it'll hold its value better too.

    That said I will reiterate, don't you have to be 18 to drive a leased a car.
     
  18. rhsgolfer33 macrumors 6502a

    Joined:
    Jan 6, 2006
    #18
    He said he's 21.
     
  19. Gelfin macrumors 68020

    Gelfin

    Joined:
    Sep 18, 2001
    Location:
    Denver, CO
    #19
    I believe you are correct. For that matter, you'd have to be 18 to buy a car unless you were paying cash. Either arrangement is a contract, and you have to be 18 to play.

    FWIW, I am in that group who will never own, lease, or given the choice, ride in a product of VWAG again. They may have turned out quality products once upon a time, but that time appears to be long gone. I'll have no more to do with them.
     
  20. ghostchild thread starter macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #20
    Yes... I am 21....

    Well, I'm only into BMW, Lexus, and other Japanese cars. So American and most Euro cars out the door along with Korean....
     
  21. RaceTripper macrumors 68030

    Joined:
    May 29, 2007
    #21
    I've been leasing BMWs for the last 9 years (currently a 05 M3 Coupe). It has worked out great for me, and BMWs are good to lease because they have a high residual (something like 60% of BMWs are leased). You can negotiate on the sale price of a leased car the same as you can a purchased car. I like leasing because I can get a new car every 3 years, and it's always under warranty and free maintenance. I'm a good candidate for leasing because I drive low miles, don't have kids, and take good care of my cars.

    With that said, I like my M3 so much I'm probably going to keep it when the lease ends.
     
  22. Rodimus Prime macrumors G4

    Rodimus Prime

    Joined:
    Oct 9, 2006
    #22
    I am goign to go with the GET OVER YOUR SELF route.

    You have ZERO room to talk. So it sucks you can not afford a luxury car GET OVER IT.

    Buy a none luxury car. It will bother you all but a week or 2 then you will get used to your "lesser car" and love it. My first car was a 8 year old sentra. My parents where driving much nicer cars and I had been driving those cars for 2 year at that point in time. After I got my car I did not want to drive theirs because they where not MINE. You will like your lesser car for one reason and that is because it is yours.
     
  23. furious macrumors 65816

    furious

    Joined:
    Aug 7, 2006
    Location:
    Australia
    #23
    I have been driving the same car for the last 10 years. My parents have been driving the same car for 20 years. Why waste money on a car when you can make money work for you (investing) instead of working for your money. ;) Buy a cheap reliable car. If you were in Aust. I would recommend getting a NRMA,RACQ car mechanical, suspension, body inspection. If it all come back clear it is a good car. Look at what America offers which is similar.
     
  24. puckhead193 macrumors G3

    puckhead193

    Joined:
    May 25, 2004
    Location:
    NY
    #24
    don't lease, it will costs more in the long run
     
  25. ghostchild thread starter macrumors 6502

    ghostchild

    Joined:
    Jun 17, 2007
    #25
    Well the whole point of this thread was to see if leasing was an option for me or not since initially buying a used car was not an option. Just to clarify. I can afford a used car or a 3 year lease, just that I didn't know the details of each option that was available to me. Sorry about the misleading title.

    If I were to get the IS 300 I would be able to afford it just that I would have to pay monthly. If I had my parents pay the whole thing for me I would be better off. Plus it would feel like MY car and I won't have the pressure of driving someone else's car.

    The point here is that my initial thoughts were to buy a used car with some reliability. I probably do have a pretentious attitude, but it hard to go back to something after you've used something better. Hence I haven't used Windows in over 3 years.....

    There are a lot of people who have a hard time going back, and I'm one of them....
     

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