Your point about not making payment after you pay off the car is the biggest myth on car car purchase. The truth is you will always pay for a car either from the continuing depreciation and the continuing repairs and maintenence on a older car you own. What good is to own a piece of dated machinery when it looses value on a daily basis and parts keeps wearing down and in need of replacement?
The other myth is that if you drive a lot you get killed on the mileage penalty. It's all about planning ahead. I drive a lot and my lease allows me to drive 15k miles a year and my payments did not go up too much. The extra mileage is on 16cent a mile. That is only $1600 for an extra 10k miles. Divide the amount through the life of a 3 year lease and we are talking about $45 more a month than the typical 12k miles a year lease. Yeah, that is a fortune alright!
Originally Posted by wj4
With leasing, you're going to be making monthly payments forever. While with buying, one day the car will eventually be yours and the monthly payments will stop.
I personally can't lease a car now because of the mileage I put on. But there are cars out there I would consider leasing (would have to be a 2nd car for me and not a DD) as oppose to buying because the value would severely tank after several years.