Leasing your next mustang?? I have been kicking around the thought of trading my 14 GT in and leasing a new 16 or 17 (whichever I can get a better deal on). Anyone doing this? What are the pros and cons?
Anyone ever think about .....
- Thread starter Speedwagon
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If you don't plan to keep it long, leasing is a good way to go.
Never leased a vehicle. My bro has and he does because he does not keep vehicles long. But the biggest thing for him too is mileage he has a short commute. The downside is when he goes on trips he normally rents a car to make sure to keep the mileage down.
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I would never lease a vehicle. I've never personally known anyone to do it without issue. They hammer you for every little ding and scratch when your lease is up. A family member had a leased escalade that was involved in a accident and they hit them with diminished value because of the accident.
I could possibly see logic behind leasing some vehicles, mainly super high end stuff that generally depreciates a lot over a short term. On something like a mustang that hold their value pretty well, no way.
If it's cheap ownership you're looking for buy one off the lot at the end of the model year when they're desperate to get rid of them and while there are sales incentives going on. Get a deal and you won't lose much at all when you decide its time to sell, assuming you don't try to sell a performance car in the middle of the winter.
I could possibly see logic behind leasing some vehicles, mainly super high end stuff that generally depreciates a lot over a short term. On something like a mustang that hold their value pretty well, no way.
If it's cheap ownership you're looking for buy one off the lot at the end of the model year when they're desperate to get rid of them and while there are sales incentives going on. Get a deal and you won't lose much at all when you decide its time to sell, assuming you don't try to sell a performance car in the middle of the winter.
I lease our SQ5 for my wife, but I use it as a write off. We'll probably just buy it at the end of the lease because it will likely be way over the miles and it's just an awesome vehicle for baby hauling/family car duties. The other option is to swap it on an SQ7 when they come out next year but I don't really trust my wife to not put gas in a diesel. 
No they don't. My old MS6 was leased & I had a fairly big scratch on it. I thought for sure I was getting nailed. They didn't care.
We lease a car for her and a write off for me. If you find a car that has good residual value it keeps the payments low. Her commute is 6 miles a day. Mileage is a huge part of weather or not this will work for you.
It usually depends on the manufacturer. I've leased about 5 vehicles. My last one, a 2011 Buick Lacrosse made me nervous at lease end when the leasing company rep thoroughly went over the car, noting EVERY ding and scratch. And trust me, they were few and far between and small. Fortunately. He told me how the examination works. No doubt that I would have been charged for larger dings/scratches. It is best to ask up front what you might be responsible for at the end of the lease. Read the contract carefully.
That said, leasing works well for me because it makes the payment manageable (vs. normal financing where I am financing the entire amount). And I drive around 700 miles a month so I'm eligible for a low mileage lease. I see it as a viable finance option. Not for everyone, of course.
If I leased a car I would hammer the piss out of it everywhere I went. Probably would be more fun than owning it and thinking all long term.
Thats was actally my other thought.. I might wait till late August or beginning of September to try and buy at a lower price.
Well... I work from home 100% of the time so I dont have a hugh commute. My 14 sits on the garage all day. I have approx. 10,0078 miles on her and that only coz I drove it from Pittsburgh to FL and put on 1100 miles.
Yeah. I'm all set. I leased a car once in my life before realizing it wasn't in my best interest. But it is one of those things that people do, just like "I'll just write it off".
I don't think Ford Credit offers leasing on Mustangs. I asked at purchase time with my last two Mustangs from two different dealers. Both told me that Ford doesn't lease Mustangs. It's probably because resale is so low. Of course, other banks might, but the terms probably won't be too favorable.
You either got a dealer that didn't care (which is surprising) or it wasn't part of your lease agreement. I can tell you that GM and MB hammers you for dings and scratches.
I would not lease a toy. Remember, you don't own the vehicle, you're renting it, so modifications outside of small things like window tint are pretty much prohibited.
There are times where leasing can make sense, but a toy that you may want to take on road trips, or do things like racing or modifying with isn't one of them.
I'm currently leasing my Jetta which is perfect since I need it only as a commute vehicle once per week. It otherwise sits in the garage where it's not going to get dinged up and put a lot of miles on. Since I don't want to own a VW outside of warranty, it made sense to rent and pay less then purchasing the car out-right.
There are times where leasing can make sense, but a toy that you may want to take on road trips, or do things like racing or modifying with isn't one of them.
I'm currently leasing my Jetta which is perfect since I need it only as a commute vehicle once per week. It otherwise sits in the garage where it's not going to get dinged up and put a lot of miles on. Since I don't want to own a VW outside of warranty, it made sense to rent and pay less then purchasing the car out-right.
My girlfriend leases her Mini, it makes a lot of sense for her because she used to work for BMW and got an employee discount.
MSRP on that car was $35,XXX and she doesn't quite pay $250 a month for a 15,000 mile/year lease.
And I believe Ford does lease Mustangs. I looked into it a while back (lightly) and they list residuals and what not, I never went any further. I know Chevy leases Camaros.
MSRP on that car was $35,XXX and she doesn't quite pay $250 a month for a 15,000 mile/year lease.
And I believe Ford does lease Mustangs. I looked into it a while back (lightly) and they list residuals and what not, I never went any further. I know Chevy leases Camaros.
I don't think leasing a new car ever makes sense, because you're buying the car and using it during the time it has maximum depreciation. The dealership doesn't pay for this you do, financially speaking its the worst way to buy a car short of the buy here pay here lots.
"There’s an old saying that when someone gets fleeced, they get taken and ripped off, like fleecing a sheep. A car lease is a ripoff; they are the most expensive way to operate a car, according to Consumer Reports, Money Magazine and my calculator. You’re being fleeced when you take one out."
Dave Ramsey
"There’s an old saying that when someone gets fleeced, they get taken and ripped off, like fleecing a sheep. A car lease is a ripoff; they are the most expensive way to operate a car, according to Consumer Reports, Money Magazine and my calculator. You’re being fleeced when you take one out."
Dave Ramsey
I'm not going to say Dave Ramsey is an idiot, but his hardline, ultra conservative "my way or the highway" line of preaching is pretty close minded and short sighted. I'm sure his alternative to leasing a car is to buy a $1,000 beater off Craigslist, right?
EDIT - You pay for the depreciation on a new car no matter how you buy it. Buying a new car is one of the quickest ways to throw a whole wad of cash down the toilet. A lease simply allows you to use the car for what you need, with a guaranteed end value. You don't get that when you buy a car. If you're not going to keep a car for years and years, sometimes it's more attractive to let the manufacturer take the risk of resale value rather than taking it on yourself.
Of my current vehicles, I've paid cash for one, leased one, and financed two. Each one makes sense in its own right. There's never a method of owning/renting a vehicle that will make sense for everyone in every situation.
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Thats true but thats why its not recommended that you buy new unless you are a Millionaire. Yes people can and will buy/lease new cars with much smaller incomes but its not recommended, and a great way to refrain from building wealth.
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