Less than a year before my Z's lease is done. 2003 Touring 6spd.

What do I do?

Buy it? Residual with tax and BS fees will be about $19,000.

Get a new one on a own, not lease?

Get a used one (newer than mine) as a own?

 

If it's treated you well over the years, keep it.

 

If your satisfied with it keep it. If you want to stay with the Z keep the one you have I wouldn't buy another Z. It might be newer but nothing beats knowing where a car has been and how its been treated since it was new. You might get a newer used car with less miles but who knows if its been beat on or abused or not.

 

19k isn't a bad figure to buy an 03 touring. Just depenends on how much you've paid on your lease over the last 3 years.

 

Buy an '06 or an '07.

 

I don't know what to tell you, other than you should have bought it to begin with. Do you lease your house? What about your appliances? I guess it could make sense for certain people but I never have understood why people do it. Once the lease is up you're right back where you started with nothing.

I'm pretty sure with leases they can bill you for extra miles, damage, and disposition fees. There is a lot of fine print. How much is the car worth? If the cars worth is greater than or equal to what they want for it, then it would be ok to buy it. I don't think it really matters what you've payed already, because that money is gone no matter which way you look at it. Look ahead. Also, if you think you want to give it back, also factor in what you might get billed for.

 

I thought a lease would work well for people who like to change cars every few years.

 

If you have to ask....

 

What he's paid on his lease really has nothing to do with what he decides to do at this point.

He's probably paid somehwere around $15000 at this point. That money is spent and gone. Wheter he buys his current vehicle, buys a comparable used one, or leases a new one, or buys a new one, 1) he has still paid $15000, and 2) that has no effect on the price or suitability of whatever vehicle or payment arrangement he chooses next.

bill

 

Leasing is just another alternative way to finance a car. And in fact, when you buy a car, unless you keep it until its fully paid off, most of the time you have no equity in it anyway ("upside down" in car dealer talk). And very few buyers keep a vehicle until its paid off.

"Leases and loans are simply two different methods of automobile financing. One finances the use of a vehicle; the other finances the purchase of a vehicle. Each has its own benefits and drawbacks"

"So, buying a car with a loan is essentially like putting money into a declining-value savings account — you never get out as much as you put in. A portion of every payment you make is lost to depreciation and finance charges. What you have "to show" for your investment when your loan is paid off is only the part that is left over after depreciation and interest. A terrible investment by any measure. But cars are not usually purchased as investments, are they?"

"Leasing, then, is similar to buying, but without the equity "savings account." You only pay for what you use and don't put anything into "savings." It's true that you'll own nothing at the end of a lease; you'll have nothing "to show" for the money you've put into it. But... what you don't own is the same part of the car — the depreciated part — that a buyer too doesn't own at the end of his loan. Again, a car's value depreciates the same amount whether it is leased or purchased."

...it's very common with car leases and loans, in these days of 0% interest, no down payment, and delayed payments, to owe more than your car is worth for most of the life of the financing.

http://www.leaseguide.com/lease03.htm

I am self-employed. I always own at least 3 vehicles. And I get a new one about every 2-3 years. Currently have an '05 Camry, '02 Nissan Frontier, my new Z, and my pristine '97 Miata (soon to be sold)

Sometimes I lease (if there is good deal available) but usually i buy and pay cash. But even paying cash is not as good a deal as it seems. If I put $30,000 of my money in a vehicle, that means I will either take it out some investment that is earning money, or even more likely, I will have to borrow more money to operate my business, and pay interest on that money. Either way, I "pay" the interest. And the car depreciates anyway. So like the article says, anyway you cut it, cars are a bad investment.

Leasing is just a financing alternative that 1) gives you lower payments, and 2) allows you to change cars more often.

bill

 

Risk of getting another used one could be a lemon.

Get a used roadster and transfer your mods.

 

IMHO, The decision to buy or lease also depends on your lifestyle..and in my case, primarily my line of work: Pharmaceutical Sales.

The company provides me with a 4 door sedan (I have an '05 Pontiac Grand Prix) that gets replaced every 60K miles. They pay for ALL expenses related to the car, including gas.

This car is used Mon-Fri as a daily driver (weekends also, if I want, of course).

The Z gets driven on evenings/weekends/days off etc. and sees ZERO duty during the winter season.

For me, A lease makes perfect sense....I bought the car in December '04 and now...1 year and 8 months later, the Z ONLY has 7,000 miles on her.

Hell...They might even give ME money back for keeping the miles so low

 

Oh, yeah...I'll bet they will.

That's another concern with leasing. In your case, your actually paying for miles you aren't using. Drive it some more!!

bill

 

Yeah Bill ...I do plan on spending more time in the Z...It's just so nice NOT having to dish out as much money on gas, if I were to drive her EVERY nite and EVERY weekend..lol (guess I'm just spoiled having a company gas card for my Grand Prix).

You DO make an excellent point as far as paying for miles that I'm not using...hadn't really thought about it like that!

BTW...I know they won't give me diddly for lower miles than normal at the end of the lease...BUT I might be able to work something out on my next car...most likely a Z convertible or G35, since they WILL be able to get more $ on selling my off-lease Z!

 

If money was your #1 priorioty then leasing is a bad way to go as you will always be making payments, where as if you buy a car and keep it atleast 10 years then you will be saving quite a bit of money.

But if your the type of person who always has to have the lastest and greatest and end up getting a new car every two-three years then leasing is probably a better way to go then buying.

 

I'll agree leasing is an alternative to buying, given the financial needs and the car ownership habits one has. I tend to keep cars well after they are paid off as long as they are not a POS in which I will trade them in.

If the cars been good to you with little to no problems I'd say keep it. Just remember you are the one that has to drive/pay for it!

 

give it back and get an 07 or wait for an 08

 

Yes, it is usually possible to negotiate lower miles/lower payment. Or...you can buy/sell the car yourself and capture the premium market value.

bill