| 2002 Acura MDX! |
| Just curious. I purchased my MDX and my S70. I never lease. |
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| BaldEagle |
It seems I recall another poll last year on this topic. If my memory is correct I believe less than 20%, 16 or 17?, leased.
I also have never leased. |
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| Blackura |
| As I was Zaino-ing my MDX today, I realized that I don't own it. It owns me! |
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| 2002 Acura MDX! |
| I got a question for the people who lease or the people who knows this question. If you lease a car (no matter what it is) can you buy after market accessories and install it??? Or do you ONLY buy OEM stuff??? I ask this question because I never lease before so I don't know a thing. I heard that your car has to be the same when you got it before the lease end. When the lease ended you can do whatever you want to the car. Is that true??? |
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| DEZRVIT |
| Never leased either. Always felt uncomfortable about the lease, didn't like the thought that the vehicle wasn't really mine, I was just borrowing it. Almost like a DVD rental from Blockbuster. |
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| hammermdx |
| Purchased mine. |
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| JerryG |
| I drive way too many miles in a year for a lease ever to make sense for me. 12K/yr seems ridiculously low, and these days (I read in the newspaper) there are dealers pushing 10K/yr "specials". I would have to leave the car in the garage for half of the lease term! |
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| DaleB |
quote:
Originally posted by 2002 Acura MDX!
I got a question for the people who lease or the people who knows this question. If you lease a car (no matter what it is) can you buy after market accessories and install it??? Or do you ONLY buy OEM stuff??? I ask this question because I never lease before so I don't know a thing. I heard that your car has to be the same when you got it before the lease end. When the lease ended you can do whatever you want to the car. Is that true???
That is true, unless of course you plan to buy it back at the end of the lease term. And I believe anything added has to be OEM. I've had heard some are not beyond popping speaker grills to see if what's underneath is OEM. |
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| shootist |
quote:
Originally posted by DEZRVIT
Never leased either. Always felt uncomfortable about the lease, didn't like the thought that the vehicle wasn't really mine, I was just borrowing it. Almost like a DVD rental from Blockbuster.
If you can get over the "emotional content", a lease is just another way to finance something. A lot of people don't understand the terms of leasing, and that makes them justifiably nervous.
On certain cars the manufacturer promotes the car with extraordinary lease terms. I leased a V8 Explorer for two years at $300 per month with nothing down, because Ford was way overestimating the residual value. High residual value makes the monthly payment lower, since you're paying for less of the car. The trade-off is that the car becomes too expensive to buy at lease end.
On my MDX purchase, the residual value of a lease had an almost identical net present value as the downpayment on a loan, if the monthly payments were equal. (The net present value includes the implicit interest that you lose by paying a down payment now, versus paying the lease residual four years from now.)
Emotion then took over. I wanted to add things, and own this car. So I took the risk of a gas crisis or bad press making this SUV unsellable in four years (slight) and purchased. |
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| MDX4ever |
| Purchased our MDX...but had an interesting arrangement on our 99 TL. Our credit union offered a "lease-buy" agreement. Makes the payments easier to swallow, but leaves you with a balance at the end of the term. You can either refinance the balance, pay it off, or turn your car in just like a lease for a new one. Has its good points and bad points. |
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| mdxxxx |
quote:
Originally posted by JerryG
I drive way too many miles in a year for a lease ever to make sense for me. 12K/yr seems ridiculously low, and these days (I read in the newspaper) there are dealers pushing 10K/yr "specials". I would have to leave the car in the garage for half of the lease term!
Same here.... That's why I purchased... |
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| JTM |
quote:
Originally posted by JerryG
I drive way too many miles in a year for a lease ever to make sense for me. 12K/yr seems ridiculously low, and these days (I read in the newspaper) there are dealers pushing 10K/yr "specials". I would have to leave the car in the garage for half of the lease term!
Same here... 16500 miles last year. Right now it is almost 23K miles for less than 16 months length. |
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| vicpai |
| .......because I'm self-employed and this is a TAX WRITE OFF!! Otherwise I would've purchased! Now, I'll get the tax benefits for 4 years and then I'll decide whether to purchase it and drive it into the ground, or get something else (depending on where my finances are etc. at the time ;) ) |
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| vicpai |
quote:
Originally posted by JerryG
I drive way too many miles in a year for a lease ever to make sense for me. 12K/yr seems ridiculously low, and these days (I read in the newspaper) there are dealers pushing 10K/yr "specials". I would have to leave the car in the garage for half of the lease term!
.......that 12k/yr is ridiculously low (I drive nearly 30K/yr :eek: ), you can still come out a winner in a lease situation: With a very-high-resale-value-vehicle like the MDX, one should NEVER TURN THE VEHICLE BACK IN AFTER THE LEASE!!! This is the dumbest thing one can do!! Even if you're WAAAY over the 12k/yr limit on mileage, you can still sell the vehicle yourself privately for at least the residual amount, and in many cases, you can even end up making a profit!!. Of course, it goes without saying that the vehicle has to be very well maintained and in top-notch condition! .....but then again, even if you want to turn it back in, the lease company (especially Honda) will expect it to be in very good condition. Othewise they will ding you for it. Another factor that can help out in this "end-of-lease" scenario is getting an extended factory warranty, something like say 7yr/100k. This will help sell the vehicle for a much higher price, even though the mileage is on the higher side!
For example, in my case, I bought my vehicle for approx. 43K and my residual is $22,950 after 48 months. If I average 20K miles/yr and have about 80K by the end of the 4 yrs, considering that my vehicle is well cared for and I have a 7yr/100k extended warranty, there is no way that I will not get at least 23K and most likely more (should I decide to sell it). The only cost would be for the warranty @ about $1,200. OTOH, if I had turned it back in @ 15c/mile it would've cost me $4,800!
A few years back, my cousin actually made a profit of $4,000 at the end of the lease :eek: on a Honda Accord EX he had leased through Honda Finance for 48 months!! |
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| greatscot |
| Bought mine, lovin' it :29: |
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