Hello all -

I just wanted to get everyones opinion on whether or not it's a good idea to lease a car, particularly the CL-S. I've been kicking around the idea of getting a new car for some time now.

The reason I'm considering looking into a lease, is I am going to pay off my wife's Olds. Alero GLS in December, as my 0-0-0 deal ends on Dec. 22nd. That's a huge chunk of cash gone, and my '91 Accord, while still alive and kicking, isn't getting any younger.

I guess I could wait until next summer, when I have some cash lying around, but now seems to be the time to go out any buy. Anyone in the Chicago area familiar with any lease and/or buying incentives for 2001 or 02 CL-S's??? I'm out of town 5 days a week (leave the car at the airport), and I really don't want to be bothered with car salesmen on my weekend, hence this is why I'm asking here. I see there is a lease program for the CL-P (rather have the CL-S) on Acura's website, and that is for the 2001 model.

What are the advantages, if any for a lease??? Just to give you all an idea, I do like keeping my cars moer than 5 years, which as I understand is one reason NOT to lease. $400.00/month payments are no problem, but a decent sized downpayment is, as the Alero is going to be paid off in-full in early December. I bought my wif a car she wanted, now it's my turn, darn it!!!

Anyone's thoughts would be greatly appreciated.

 

leasing is not for everyone, i do lease my cls, but i drive approx 6-8,000 miles per year, i seemed to always have a car payment (seemed a car was always stolen or totaled after it was payed off) and i'm not into aftermarket stuff (no boo's please) so leasing is a good decision for me, i can have a nice vehicle for less money, you have to weigh the pro's and con's and make the right choice for yourself, the best thing is to talk to a sales consultant about the choices

 

My opinion on this issue would be to buy since you tend to keep your car longer than 5 years. Most lease plans tend to be for a period of 3 or 4 yrs. and after those yrs. you are back in the hunt for another deal, which leads you back to an unending cycle of car payments. Also, you could be penalized if the car is not to the satisfaction of the inspector when you return the car. After 4 or 5 years loan your car is paid off and it's yours. The likehood that this type of car brakes down every month at the tune of $400 to $500 a month, which would be a car payment under a lease program, is highly unlikely and unusual. Not a very common problem with a Honda/Acura product. If you spend one more grand for safety purpose you can get a 7/100K ex. warranty and you would be reducing the potential out of pocket expences after the manufacture warranty.

Under leasing you always have a payment and will never have ownership of anything.

One technique I normally use when buying anything with a lone is to chose the longest available payment plan to lower the payment per month. Yes, the negative side is that you will get a slightly higher interest rate, but if you get a lower payment per month you may be able to double up on payments and reduce your payment time much earlier than agreement if your personal finances allow. This way if you ever had unusual expenses for several montths you will be always able to meet your required fixed and personal expenses without defaulting on your responsibilities.

For example: I financed about $ 28,000 for my CLS at 6.99% for 5 years with a pymt of $539.00. I started on 5/01 the payment and I am already paid up until 4/02. I personally dont have a problem doubling my payments, but it allows me to skip a payment if I had to do it and all my payments at this point go to the principal. At this rate I wil actually pay my car off around three and a half years instead of the five.

 

Something to consider about leasing is that once you start it is hard to go back.

When your car comes off of lease you will not have a car with trade-in or sale value. That means you will have to throw down another down payment.

The other thing is that you will get used to the relatively low monthly payment, and so buying will seem cost prohibitive. ("But look how much more car I could get if I just leased it").

For me, the biggest factor in deciding to buy was realizing that my wife's car will be due for replacement in a few years. Thus, if I buy now I can pay it off before it is time to replace her car, and we can avoid having two car payments at the same time.

Lastly, if you like cars, and if you do your homework, and if you get a car that will be good for you over its own lifetime, then you might want to buy it under the theory that you will save over the long term if you keep it for the long term.

Not really an answer but maybe a couple different ways to think about it.

 

http://www.bankrate.com/brm/calc/leaseorbuy.asp