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Is a High-Mileage Lease Right for You? | Edmunds.com

Edmunds.comEdmunds.com Posts: 10,059
edited December 2014 in General

imageIs a High-Mileage Lease Right for You? | Edmunds.com

A high-mileage lease is perfect for drivers who rack up the miles but don't want to wind up owning a high-mileage car.

Read the full story here


Comments

  • neverworeplaidneverworeplaid Posts: 1
    edited April 2015
    I don't get this at all. If you drive a lot of miles you should buy. Plain and simple. If your buying miles on the front end you will pay a lot of money. Your also going to be shelling out cash for tires, brakes and anything else you expect from a higher mile car. One of the biggest reasons to lease is to stay in warranty and not have to pay for things like tires and brakes and everything else. I sold cars for years. [non-permissible content removed]
  • erstad1erstad1 Posts: 1
    It's spelled "you're," not your. I wouldn't buy a car from someone who can't even spell.
  • madlockmadlock Posts: 42
    The above commenter is correct. He doesn't get this at all. A lease is merely a purchase with an agreed-upon future buyback date and sum with agreed-upon addenda for excess wear and tear - including mileage. If the lease cost is less than the ownership cost for the desired ownership period, leasing is the best course. Buy otherwise.

    The commenter also is thinking from within a vacuum that ignores many factors like manufacturer incentives for leasing which may exceed retail purchase or finance offers. For example, one maker presently offers $4,500 to lessees and only $1,250 for retail purchase. Even if one's intent is to own the car forever, leasing the car and choosing to buy it for the residual will be far less expensive than simply purchasing outright at the onset.

    The only answer to whether or not leasing is preferable to buying is "it depends". The only wrong answer is to summarily declare or decry either option.
  • kyfdxkyfdx Posts: 130,601
    madlock said:

    The above commenter is correct. He doesn't get this at all. A lease is merely a purchase with an agreed-upon future buyback date and sum with agreed-upon addenda for excess wear and tear - including mileage. If the lease cost is less than the ownership cost for the desired ownership period, leasing is the best course. Buy otherwise.

    The commenter also is thinking from within a vacuum that ignores many factors like manufacturer incentives for leasing which may exceed retail purchase or finance offers. For example, one maker presently offers $4,500 to lessees and only $1,250 for retail purchase. Even if one's intent is to own the car forever, leasing the car and choosing to buy it for the residual will be far less expensive than simply purchasing outright at the onset.

    The only answer to whether or not leasing is preferable to buying is "it depends". The only wrong answer is to summarily declare or decry either option.

    That's a very good summary.

    Thanks!

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    Edmunds Moderator

  • Why would anyone want to bear all of the risk of being upside down when doing a purchase is beyond me. The funniest thing I come across more often than not is people think that you don't own the car when you lease you don't own the car when you purchase it either until it's completely paid off with a lease you get a free 3 year check up at the end of the lease term to see your financial position. If at the end of your lease there's the same exact car out on the used car lot for 5000 less would you purchase your vehicle or the one on the lot? And vice versa if at the end of your lease your car is $5,000 cheaper than the one out on the lot which one would you buy then? Just like with real estate there is a used car market that fluctuates over the course of a three year. And with the way cars have been advancing in 3 years from now navigation could be standard or obsolete all together we don't know. It wasn't more than a couple of years ago we just moved to hard drive navigations from DVD. No vehicles can Bluetooth music directly to the vehicle they can park themselves the list goes on and on.... just imagine for a moment for all the sudden electric cars are the number one vehicle in the market what do you think your gas vehicle will be worth then? Don't mean to ramble just getting some examples of what may or may not happen during the course of a three year loan or lease and why I would not want to take all of the risk on a loan in hopes that I just maybe just maybe break even when I want to sell the car.. the cars are not assets they are liabilities and do not appreciate only depreciate overtime... hence if you drive high miles that's all the more reason that you should be leasing.
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