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Old 04-21-2011, 09:52 PM
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Lease or Buy... Help me decide

Hey guys.. I can't make up my mind so I thought I'd reach out for some help. My 2000xj has 150k miles on it and I need to replace it due to the fact that I'm traveling quite a bit for work these days. I've got a 2007 wk with 45k miles that I bought/financed for my wife back in October. I'm considering either financing or leasing a 2011 WK2 laredo under the current incentives of $2,500 down and 345 per month. I've never leased before. My wife just went back to work and drives approximately 20 miles per day, whereas my driving habits change depending on what kind of project I'm on. Currently I'm driving 300 miles per week and expect to do the same for the next six months. After that I expect to drive probably only 100-200 miles per week. I'm considering leasing the WK2 and giving it to my wife to drive while I drive our WK1.

I've got a full warranty on our WK1 (aftermarket) until 100k miles or 4 years from purchase date.

Alternatively, if I don't leaseor finance a 2011, I'm open to financing a 2009 WK or 2009 Ford Explorer..

Thoughts? Any
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Old 04-21-2011, 10:59 PM
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Re: Lease or Buy... Help me decide

If you're going to get a Grand Cherokee, for the love of God, don't go with ANYTHING earlier than 2011. They're all either garbage or too old... some, both.
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Old 04-22-2011, 01:09 AM
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Re: Lease or Buy... Help me decide

It's a personal decision to be honest. Some people look at leasing like its a waste of money and some look at it like its a hassle free way of driving vehicles.

Considering your situation from what you've just told us, you should lease. Main reason being you can get into a new vehicle with barely any or no money down. If you see that your new vehicle is surpassing the allowed mileage, you can always end up keeping the vehicle (finance the vehicle end of your lease) otherwise give it back and get into a new vehicle.

Only thing I will recommend is don't put too much down if you're going to lease. If possible try to lease with zero money down.
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Old 04-22-2011, 05:17 AM
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Re: Lease or Buy... Help me decide

thanks for the feedback I really appreciate it. I just want to get into something that has a warranty, that will be safe for my wife and son and that will meet our needs for the next couple years. I was thinking that buying a used (2008/2009) explorer loaded with like 45k would be a good option as well but I'm not sure I really want to have two vehicles with maintenance needs in two/three years.

I'm not really worried about the mileage, we can always use the WK more if we see ourselves going over the mileage on the WK2.

Anybody else have some thoughts on this?
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Old 04-22-2011, 05:40 AM
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Re: Lease or Buy... Help me decide

I should note that we live in downtown boston but do have a garage spot in the evenings and the weekends. There is a risk of some minor scratches and dings - do they penalize heavy for this?
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Old 04-22-2011, 07:02 AM
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Re: Lease or Buy... Help me decide

I'm sure others will agree or disagree with me, but I would never put money down on a lease. With a lease you have top worry about mileage and any damage to the vehicle. Depending on who the lease is through, there is some leeway in how much wear and tear you can have. From past experience, Chrysler Financial (which no longer leases or finances) is pretty strict, while Chase gives you up to $1500 in damage.
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Old 04-22-2011, 09:15 AM
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Re: Lease or Buy... Help me decide

I have leased since 1989. I consider myself a fair judge of leasing plusses and minus. I live on Cape Cod. I agree with the individual that mentioned little to no money down. Leasing is not a waste of money. From a financial viewpoint, cars are a depreciating asset, period. Paying cash for a car is a waste, financing a vehicle, typically with a downpayment, interest charges....a waste of financial assets. Your money can earn significantly more if invested in the proper investment vehicles (pardon the pun!). Lease is basically renting the vehicle for period of lease term. You negotiate the deal same way, you look for the lowest money factor (aka: interest rate) the same way. You take care of the car the same way. Most lease companies do have a plenty if there is excessive tire wear, scratches that are 1" or longer. Most allow a $ amount to cover such events. Some will waive, if you purchase or lease with them again. Even excess mileage (up to a certain level) is waived by some leasing companies, again if you lease or purchase from them again. Leasing is a good way to go, on many levels.
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Old 04-22-2011, 09:28 AM
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Re: Lease or Buy... Help me decide

thanks again for your feedback. Do they make a grill guard for the new GC? I was thinking about putting a grill guard on it front and back and protect myself from the little dings and stuff that occurs from living in Beacon Hill..

BTW nice to see another guy from MA here. Thanks again

Do you see any issues with leasing a relatively stock laredo?
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Old 04-22-2011, 09:35 AM
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Re: Lease or Buy... Help me decide

Here's my 2 cents... I've both bought and leased and both have their positives.

Do your homework as mentioned above and don't be afraid to email multiple dealers to get some offers; check out leasecompare.com and swapalease.com to see what others are paying.

To me the decision to buy v. lease has always come down to timing. If it's a short term gig (24-36 months) a no money or little money down lease can be a great option. I've done that twice with Acuras for my wife. If you like to change out new cars every couple of years and you time it right you can get some killer deals.

I've always bought my primary autos b/c I tend to keep them for 6-7 yrs and average less than 10K miles/year so it's easy to keep them maintained and you get props for being a great Dad, Uncle, Cousin, Friend when you give someone a good deal on a great low mileage rig.

Good luck with your choice and do your homework!
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Old 04-22-2011, 09:45 AM
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Re: Lease or Buy... Help me decide

great advice. I think this is helping me get a clearer picture. If I lease a vehicle for my wife, I can keep our 07 as my vehicle and only put work miles on it. That should give me about 5 years till I hit 100k and for the most part I'll be covered under warranty. Who knows, I could be put on another project in Boston and only be driving 200 miles per month.

Now I need to go learn about how leases work. this should be fun..
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