I recently came to the decision that I am likely going to be trading in my 2014 Sierra SLT that I own (well, I purchased, still paying on it).

I actually have a good relationship with my dealership and the finance lady asked me why I'm not leasing my vehicles. She pointed out that I take extremely good care of them, I put less than 10k miles a year (I'm at 9,000 miles on my Sierra after 16 months!), and I usually switch vehicles every 3 years or so. Granted the last 2-3 vehicles that I've traded in have been because of job changes. (i.e. 4wd truck b/c of a short commute, to a Cruze for a long commute and now back to a 4wd truck for another short commute).

She stated that her entire family leases vehicles and gets the extra "insurance" to cover dents, dings etc for up to $5k in "damage".

I've always been under the impression that leases are terrible but I also know that me trading in my "purchased" vehicles so often is probably slightly worse.

She said that she estimates over 9 years, I would have about the same amount into leasing 3 trucks than if I purchased 1 new truck. To me, if it's true, it seems like leasing is the way to go. I say this because living in Northern Ohio, we have a TON of salt on the roads in the winter. I figure after 9 years, if the truck is still even running, it would be so rusty that I wouldn't get hardly anything for it. Since I also tend to get all of the bells and whistles, I sometimes get extended warranties through GM...I wouldn't need that with a lease. I also try to get a set of winter rims and tires for my vehicle, to keep the original rims nice and clean. Again...wouldn't need that with a lease.

I receive GM Employee pricing on the vehicles, so that should help me with my lease.

So while I still think that leases are a bad way to go, as far as money is concerned, given the fact of salt/rust, warranties, extra wheels/tires, and general wear and tear of a 4wd vehicle...I'm thinking that maybe a lease is a good way to go for me. Maybe not for everyone.

Anybody have experience to tell me otherwise? Based on the reading I've done, I can see both sides and I feel every situation is different. But again, based on my situation, does leasing seem like the "smart" way to go?

 

In your case trading in every so often I believe you would be better off leasing.

But I would ask about things like turning the vehicle in early and so on to make sure you don't get penalised.

Also not sure how a lease Vs. a Purchase would affect credit rating. I believe an outright purchase looks better on a credit report but I am not 100% certin on that as i am no expert.

 

My 2cents Buy

 

So your ok with always having a car payment?

 

For me it all comes down to whether or not you're going to be happy with the vehicle for 3 years, it's a long time.

I leased my civic a little under 3 years ago because at the time it was the cheapest thing I could get, but I truthfully hate the car. It gets me to and from work but I hate it. But once you're in the lease you're stuck, for the most part. If you can keep the car for 3 years and be under the mileage, then leasing is cheaper.

 

You'd have to be really bad at taking care of your vehicles if you think in 9 years it will be all rusty and worthless.

Minnesota has worse weather and uses salt aswell, there are still many nice trucks running around here. Just wash it. And having a car payment forever would just suck ***, thats 300-500 month or more that could be used for such better things.

 

If you're not going to modify it and you can keep it under the allowed mileage, lease it. Especially if you are trading them in every few years.
Salt destroys them.
Maintenance, probably going to at least need tires by the time its ready to turn in.

I'm a buyer. My wife leases.

 

I say leasing is for luxury cars that have shitty resale value. BMW, Mercedes, Porsche etc...basically the really nice pieces of **** that are broken down after 3 years. if you gotta have one (and they're nice when new) lease them bastards and turn them in just before the lost warranty drops your bank account to the red zone. I drive the wheels off of everything that I buy, and put too much mileage on my vehicles yearly to lease.

 

its not a bad idea to lease. Each payment goes toward the principle cost of the vehicle. If you want to keep it, you can finance the payoff. They have different mileage packages available.

I leased my tundra. It worked pretty good for me.

 

You not leasing a vehicle is very foolish. You would save so much money leasing over the last few years. You "purchasing" something you are trading in is costing you every month and a pile of cash every time you trade it in.

Two reasons no to lease are high millage driver, or you want to customize. Obviously if you are going to buy and keep a vehicle for 4,5,6 years till it is payed off then either private sale it, or keep it for a few years without payment then buying is your best option.