Will you buy my lease? Oct17 '03
I recently leased a 2003 Chevy S–10. I’ve wanted this type of car for a while, dating back to many summers ago. And I really shouldn’t call it a car, because it’s officially a truck. Well... it’s barely a truck. If anything, it’s a small SUV, with the back cut off. For some reason, I could always see myself in this type of sporty pick–up truck. When I pulled in the driveway with it for the first time the other day, my mom said it was "cute," and then my brother followed that up with, "I don’t think pick–up trucks are supposed to be called cute."
In any case, I’ve wanted this car for a long time now. It’s one of those things that gets planted in your mind, and you just know that it will be yours someday. Before I leased my previous car, I thought of getting a pick–up, but never went through with it. It just wasn’t the right time. Now it is.
Now... I leased this truck. I will say it again. I leased this truck. I want to make sure that everyone understands exactly how I am paying for the vehicle. The reason being... there are so many arguments of "lease versus buy," that I wanted to dedicate this entire entry to that particular topic.
What does it mean to lease? Most people are familiar with buying, simply because the majority of the things we pay money for, we buy. We own. When you lease, you pay for a portion of the sticker price, and instead of owning the vehicle, you "rent" it. You are covered by almost the same warranties, in case the car has issues, and you also have to make the same type of down payment.
The big differences are: You don’t own the car after your lease is up. You turn it back in to the dealer. However, your monthly payments are much higher when you buy, simply because you are making payments on the entire amount of the car.
A down payment makes your montly payments lower. The more money you put down, obviously, the more money comes off your monthly bill, because the remainder of the price is calculated over a period of three or four years. Now... if you buy a car, you can later trade it in for a new car. That trade–in could be used as your down payment. If you lease, the car is not totally yours to begin with, so you can’t trade it in and use it as a down payment.
But enough of the technicial stuff. On with the argument.
I prefer to lease, for several reasons:
- You get a brand new car every three to four years.
- You can get higher priced cars, simply because you’re not paying for the entire amount of the car – you are paying only a portion.
- You have much lower monthly payments.
- You don’t have to worry about trade–in hassles and haggling.
- You get rid of the car before it starts to require maintenance. Most cars start to need attention around the fifth or sixth year. When you lease, that car will be long gone after five or six years – out of your hands.
- You’re not stuck with the same car forever. Sure, you can trade it in, but go back to reason number four.
- At the end of the lease, you have the option to buy, sell, or drop the car entirely.
Those are my reasons. There are benefits to buying and leasing, but at this point in my life, I think leasing makes more sense. I think it’s the smart thing to do.
Categories: Offbeat 
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