Originally Posted by FirebaseD
So you can only drive your Crossfire 13,000 miles a year without paying for each mile there after... mmm let me see - 1,083 miles per month - 250 miles per week - 35.6 miles per day - that would be only one way to work each day for me, or one way back home after work each day, if I worked 7 days a week. Also hope your never involved in collisions, you get killed on diminished value at the end of the lease. Where is that deal?
hooah
LOL, this is why people think leasing is bad. They just don't understand how they work and thats OK, not everyone does. FirebaseD, those are some of the same misconceptions of the everyday consumer.
First off, it doesn't matter if you are leasing or buying your car, when you are driving it X amount of miles per year it is depreciating just the same. Those were miles you had to pay for in the end anyway, come trade in time or lease return time. The thing is people buy cars on a 5 year loan put on 20-25k miles per year and expect to trade up every 3 years and its NOT going to happen because they will be upside down "negative equity" because they are depreciating it faster than they are paying it off. Unless they put thousands down on it or go shorter term loan, THAT is the worst investment ever.
Secondly, because all leasing companies require full coverage insurance on the car you lease, you are never held accountable for damages beyond your deductible <different issue.
When you lease a car, at the end of your lease contract there is a line that says BUYOUT.
That is the number that the leasing company GUARANTEES your car to be worth with X amount of miles in X amount of months EVEN IF YOU WRECK YOUR CAR, it doesn't matter if it is now worth less than that number THAT IS PART OF THE LEASING COMPANIES GAMBLE, they have insured themselves for this type of incident.
You come out squeaky clean.