That's what you keep a gun in your car for.Another advantage to leasing that seniors should consider: With a new car every 3 years, you don't have to worry about being stranded with a dead battery or any other mechanical problem. Waiting for help can end badly for anyone - especially seniors who are easier prey.
Wait, what am I missing, here? So, it's better to have the cash on hand, but never buy the vehicle??? How does that work, if you actually need the vehicle?IMO having the cash/investments on hand to buy a vehicle outright is sometimes better than actually paying cash for the vehicle.
It pays to do the math.
I've turned in 3 leased cars early - 2 of them 10 months early. I never lost a penny. The dealers are usually so anxious to lease another car, they're willing to pay off the lease on my car, as long as they know they'll make some money when they sell it.We've had more cars than I can count over our lifetime. We've leased and owned. We lost money leasing because we didn't understand the "process" of turning a lease in early. We were naive, to say the least, and the car manager knew it and took us for a ride...literally.
He was unscrupulous and when we walked in the dealership to ask questions about what was involved with turning in our car early and purchasing one, he jumped right on it. At the time, we leased (from another state) a 2013 Nissan Pathfinder Platinum edition and loved the car. He took our keys and pressured us and practically held us hostage for 5 1/2 hours. He wanted our car because he had a buyer already in mind. He wore us down and it cost us dearly. He refused to give us our keys back and we were ready to call the police. We didn't realize the unpaid lease would be rolled into the car we purchased. No one told us that. It was an expensive lesson to learn. We're still upside down on our car
We learned much later that he was fired right after that. We contacted Nissan when we got home but I don't know if it had any effect on his outcome. It didn't matter. We are still stuck with a huge car payment. Two more years to go.
We didn't have any problem with the lease itself...just a terrible car manager.
Thanks for the "encouraging" words. No, we're not assertive people. We learned a valuable lesson, though. Have a Happy Father's Day, anyway.I've turned in 3 leased cars early - 2 of them 10 months early. I never lost a penny. The dealers are usually so anxious to lease another car, they're willing to pay off the lease on my car, as long as they know they'll make some money when they sell it.
He "took your keys?" "pressured you?" "held you hostage?" No one can do any of those things without your help. Sorry, but your problem was a lack of assertiveness.
Yes, I'm aware of that info. With the two cars I considered turning in early, I simply said, "I won't pay any penalties or payments. If you want to lease me a new car, those are MY conditions; if you don't, no problem; I'll go elsewhere or I'll drive the car until the lease expires."Thanks for the "encouraging" words. No, we're not assertive people. We learned a valuable lesson, though. Have a Happy Father's Day, anyway.
Oh, and BTW...this is how a traditional lease is handled. I don't know what you had as you "say" you never lost a penny by turning it in early. :
This is a traditional lease termination, and it is an expensive option. When you return the vehicle to the dealership, you will be required to pay all penalties. In some cases,you may be required to make all outstanding payments, and pay additional penalties on top of any other fees.
This is a quote from JD Powers.
YupMy philosophy on vehicles is buy new, keep it well maintained, and drive it till it's ready for the junkyard.
My 2009 Accord has 120,000 miles on it and shows no signs of giving up the ghost (knock on wood). Since I'm 72 it might very well outlast me.
An LLC is a limited liability company. We have one because we own rental houses. If we lease a vehicle, we would use for getting around to our houses. Carrying equipment for maintenance, etc.What is an LLC? If the car is for personal use, I don't think you can get a tax break.