Lease assumptions

Asked by Mar 04, 2015 at 11:42 AM

Question type: Shopping & Pricing

Hey Car Gurus:  Why don't you list Car Lease assumptions?

2 Answers

20,525

When you lease a car, you're paying for the depreciation of the car in the first few years. You're buying two thirds of the car when making lease payments over 3 years. Generally, if you could write off the cost of driving the car for business reasons on your taxes, this might work out OK, otherwise, no. People usually look at taking out a lease to drive a nicer car than they could afford to purchase and finance traditionally. If you do go and want to lease a car, remember to ask what the lease cost factor is, they'll make is seem very small, but, you need to multiply that number by 24 to find out what the true interest rate is Leasing experts bury a lot of details into legal mumbo jumbo and it's hard to sort out. Make sure it's a closed end lease with a stated number for the buy out at the end. If you decide you like the car and want to purchase it, you'll have to pay the sales tax on whatever the final price is. Finally, get GAP insurance on a lease, very important. Good luck.

The reason for this question is that there are websites that list persons who want to get out of their lease, just like offers to sell. Like this website we are on Car Gurus. It would make sense to list those sellers just like anyone else. I checked out the lease website and they want you to buy a subscription just to contact sellers, seems strange.

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