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Mr_Shiftright

About

Username
Mr_Shiftright
Location
California
Joined
Visits
628
Last Active
Roles
Moderator
Points
947
Badges
37
Posts
47,361
Vehicle(s) I currently own
Mini Cooper S; parts of other cars
  • Re: We always have a car payment (5 to 6 yr loan), so why not lease for less monthly payment?

    There are a couple of snags, although some people don't consider them huge detriments because they consider the trade off of having leased a nicer car than they could probably own.

    Disadvantages:

    1. You have no equity in the car. If you buy a car and then sell it after warranty, that money is subtracted from all the years of monthly payments you made. But on a lease, it's very unlikely that the residual value (what you could buy it for) would be less than what it is actually worth.

    2. Leasing restricts your mileage, so if you go over, you pay a penalty

    3. It's very difficult to get out of a lease early with severe penalty. You're locked in pretty much unless you can find someone to take over your lease.

    4. You are responsible for damage or wear and tear above what is deemed "normal". And if the car had run flats when you leased it, you have to have run flats on it when you return it--things like that

    5. You have to include any upfront costs as part of that "low" monthly payment. If you lease a car for $199 a month for 36 months and you paid $3600 in upfront costs, then it's $299 a month.

    6. In most cases, it ends up costing more to lease then to buy.

    Advantages

    1. You can often lease a nicer car than you can buy.

    2. If the car turns out to be problematic, at least you can kiss it goodbye in 36 months. It's not yours, it's theirs.

    3. You get to drive a new car every 2 or 3 years

  • Re: Chronic Car Buyers Anonymous

    Let's face it---all the data seems to indicate that buying a German car is a little bit riskier. I guess it depends upon the level of perfection you demand. I could tolerate 2-3 trips to the dealer for warranty work within a 36 month period...but not 10 trips in 12 months.
  • Re: Chevy P30 box van 454 defying physics and logic

    If your transmission has a vacuum modulator valve attached to the outside, that's your answer. It's gone south and vacuum is sucking trans fluid into the crankcase.
  • Re: Chronic Car Buyers Anonymous

    I tip for good service, otherwise.....sorry......of course, it 's good to differentiate between the employee's fault and the house's fault.
  • Re: Major leakage from the passenger side of my 2002 Chevy Avalanche

    Pouring out like that, it would seem to be a hose of some sort. I suppose you could have popped a freeze plug also. It would be unusual for coolant to just stream out of a gasket like that. Probably you have to have it towed and then pushed onto a lift to figure this out.
Mr_Shiftright - Car Forums at Edmunds.com