
Originally Posted by
MuscleInk
I have leased and owned. Before leasing a vehicle, my opinion was much like TR's - I hated the thought of making payments on something I would never own. When I had my own corporation, leasing was pretty much a no brainer. I could lease the car through the corporation and right the expenses off for business. Every 3-5 years I could get a new car and not worry about paying out of my own pocket.
I have a vehicle now that I own and am paying monthly payments. The payments were originally more than $1000 per month but I've refinanced it and dropped it down to $400. My wife does't like leasing, but it does have some advantages. As long as you stay under the millage allowance, AND your lease payments aren't some unruly amount, a lease allows you to upgrade every 3-5 years and get a new car. For some people, that might be a very attractive option. Sure, you never own the vehicle, but if you lease one you fall in love with, most dealerships will sell the car at the end of the lease for a reduced price if you wanted to. When you purchase a vehicle, sure you own (eventually), most people still make monthly payments which may be the same or lower than a lease depending on the vehicle, but you're not likely to trade up the vehicle and if you did, the value of the trade in, especially with a dealer, is low.
I would consider leasing a car for myself in the future, but I would also look at a five year lease term versus a five year finance term and see what the side by side monthly costs to lease or own would be before making a commitment.