Leasing in my situation: Good/bad idea? Is this a good deal for a lease?

August 19, 2015 11:06 AM

I've never leased before, but am considering giving it a try. Given my driving preferences (inside), is this a good idea?

I am looking at the 2015 Camry LE lease featured on this page:

http://www.metrotoyota.com/specials/new.htm

One of the main reasons I want to lease is that although I've always bought my cars and they've lasted for a while, I'm bad at maintaining them and have to constantly pay for repairs, especially in the later years. For example, the car I am about to replace is a 17 year old clunker, about to fall apart, is no fun to drive and has no resale value IMO.

So I figure that although I won't own a car at the end of the lease, I'll use it during its best years and it will have a warranty on it for the majority of the time. Also, it will be a bit of fun driving a car with the latest technology every few years. I don't drive far, so the 12,000 milage limit shouldn't be a problem, plus I have another bought car that I can take on long trips. This will be my 'city car' for the most part.

Does this logic make sense? Also, I am looking at this lease and am wondering if it might be a good purchase. What do you think? What other questions should I have ready for the car dealer? This dealership has a good reputation but I am a bit worried about haggling since I'm not good at it.

Is there anything else I should prepare? I know there are rebates + things like that but I don't know where too look. Sorry, I am bad with technology + cars. Thank you!!!

posted by BuddyBoo to Shopping (6 answers total)

Response by poster: Oh yes - if anyone is good at price finding and can find a better deal for a Camry or equivalent (Honda, Subaru) in my area please let me know!! I'm looking for a 2015 or 2014 model and I live in NE Ohio near Cleveland.
posted by BuddyBoo at 11:10 AM on August 19, 2015

My general rule of thumb is that a lease is a good Idea if:
1. You are comfortable with a car payment forever (because the buy options typically suck)
2. You can be sure you're not going over on the mileage
posted by French Fry at 12:35 PM on August 19, 2015

It all makes sense to me except the part about the fact that you say you'll have another car you'll have bought for long trips? I hope that car is being driven regularly by someone else? I think leasing makes sense for what you want it for. It's renting a car vs buying. You'll always have a monthly payment. Keep in mind that you'll also probably be required to always keep the highest level of insurance on it too. Sorry, but I can't help with whether it's a good deal. If it works for you, go for it. There will always be a better deal somewhere.
posted by hydra77 at 12:35 PM on August 19, 2015

I am wrapping up a three-year lease and overall I am happy with the experience (we'll see how I feel when I go to turn it in, though). I think your reasons for wanting to lease are spot on, and the only thing I'd suggest you look into is whether the dealer will pay for maintenance - not all leases include this. Mine does not so I pay out of pocket for all of my oil changes, tire replacements, etc. It's not a ton but I was surprised to hear that some leases DO include these costs and I wish I had investigated that further.
posted by joan_holloway at 12:55 PM on August 19, 2015 [1 favorite]

You are driving a 17 year old car- so you had what, like 12-plus years without a car payment? That's a lot of money saved! Camrys last forever- why not see what the payments would work out on a 2-3 year old Toyota certified Camry. If you are used to a 17 year old car, a newer Camry will be amazing. At the end of three years, you would have a paid off car that would probably give you another 5-8 years of high quality service, and more than that if you are ok with more regular visits to the shop.
posted by rockindata at 6:49 PM on August 19, 2015

My dad happened to be a GM for a Jeep dealership for over 23 years. Perfect candidates for leasing will have two things in common: 1) They look forward to driving a new car every few years 2) They don't go over the mileage.

You're a perfect lessee.
posted by lock sock and barrel at 11:57 AM on August 20, 2015