Originally Posted by dmz
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!
Best post here. There's no such thing as a paid-for BMW.
And all this stuff about how the world ends if you run over your lease miles is crazy. How is paying $1600 to drive a $50,000+ car 10,000 miles during the prime of its useful life getting killed? I'm on pace to run over by 6-7000 miles on my lease and I could care less. The $800-900 I'll owe is a small price to pay for being able to take some trips and get some extra seat time in my 135 'vert.
In the end leasing vs. buying comes down to one's personal situation, what the individual values, and the math. Anyone arguing that leasing or buying is always is a bad idea just doesn't have a good understanding of the pros and cons of both approaches.