Quote:
Originally Posted by David70
When considering assuming a lease 2 years into a 3 year lease, if you have to pay the full standard monthly payment aren't you likely to come out ahead by just buying a 2 year old car and keeping it for a year? Seems like the largest part of the lease is paying for the depreciation and 2 years in it already went through the steepest drop.
As an example, if the car leases for $600 a month, the year you have it costs you $7200 and it makes sense overall from year 0-3 as an average but not as much from year 2-3. Same reason that a 2 year lease costs a lot more per month than the 3 year.
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It's almost the same argument for leasing overall. Low upfront cost and easy exit. You end up paying more for the luxury of a more expensive car and the ability to get out of it easily. In this case though, you are in a 2 year old car. This is why I would only take over a lease with an incredibly low payment that was negotiated well, had plenty of incentives, and has excess miles that I can put on it ie it was a 10k/yr lease and they only drove it 7k/yr which leaves a lot of utility left for the remaining year. Essentially, you would be getting a 15k/yr lease for the price of a 10k/yr lease.
In the end though, used is pretty much the better deal in most cases.