Should I lease a Jeep?

Rubicon John said:
My lease payment is simply added to my monthly budget. Much like a cable bill or any other luxury I don’t really need but enjoy having.
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If that’s how you want to budget and your fine with a car payment every month forever that may be the way to go. If you want to have the most money in the bank when you need it this is not the smart move. This can be debated until the cows come home, but you talk to any financial guru and they will not see it from your point of view just as you don’t see how making a car payment for 20 plus years is a smart move.
 
If you have a car, you have a car payment. Total cost of ownership is what you want to look at. Even if you buy with cash you are not done putting money into it. As it ages the yearly cost goes up.

If you lease forever you will always have a monthly payment. But you are insulated from any major repairs, forever. And you'll never be driving an old beat up thing.

It's a gamble either way, pick your poison. If you like doing your own repairs then buy and hold is probably best. If you pay a shop to do everything leasing starts to be much more competitive.
 
I get it. Vehicles require maintenance. It doesn’t add up to me. I can do a shit load of maintenance or repairs to my three vehicles every month for what payments would add up to. Just don’t abuse your vehicle and the proper maintenance will never add up to how much payments would be.
 
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Nimbley said:
I get it. Vehicles require maintenance. It doesn’t add up to me. I can do a shit load of maintenance or repairs to my three vehicles every month for what payments would add up to. Just don’t abuse your vehicle and the proper maintenance will never add up to how much payments would be.
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I’ve been driving a 2002 ranger for almost 2 years now lol and I’ve done an oil change every 6 months and put new wipers on. My insurance is 220 a year. My payment is zero
 
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Starrs said:
If that’s how you want to budget and your fine with a car payment every month forever that may be the way to go. If you want to have the most money in the bank when you need it this is not the smart move. This can be debated until the cows come home, but you talk to any financial guru and they will not see it from your point of view just as you don’t see how making a car payment for 20 plus years is a smart move.
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I think your thoughts about vehicle ownership are centered around long term ownership and ultimately spending less over a certain time span. You’re giving up many of the things I mentioned I lease cars for by striving to save money in the long term. And that’s fine.

I’m not saying you’re wrong or that I’m right, but a lease fits a different set of criteria. My wife and I have a detailed spreadsheet we use to input all our earnings and expenditures every month and that car payment is hardly burning a hole in our pockets. In fact we’ve put away quite bit recently into savings.

There is almost always a way to save money in life over what we are currently doing. There are also trade offs that go with saving money.
 
Starrs said:
I’ve been driving a 2002 ranger for almost 2 years now lol and I’ve done an oil change every 6 months and put new wipers on. My insurance is 220 a year. My payment is zero
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How much bodily injury liability coverage does a $220 annual premium cover? I don’t imagine much.

If you were ever found at fault in an accident requiring legal fees or medical costs, you would get sued for whatever your policy doesn’t cover.

I’m only letting you know this because it’s important when you factor in your long term monetary goals (which I know are important to you) and it usually doesn’t cost much more to increase your limits.
 
Rubicon John said:
How much bodily injury liability coverage does a $220 annual premium cover? I don’t imagine much.
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That sounds about right for 1 driver. I have $500,000/$500,000 and bodily injury is $222/year/driver (4 drivers) in my household, including a teenage driver. Then $350 for a $2m umbrella policy.
 
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I am on @Starrs side of this debate...I buy all my cars at usually 1 year old and pay them off in 3 years and keep them into 6 figures. The only car I probably should have leased is my wife's C300 benz. I just bought the extended warranty for it. I only paid $34 K for a car that listed for $59 2 years earlier.
 
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explorerlyon said:
$222 x 4 drivers = $880/year for bodily injury. One of those drivers is a teenager so his portion is actually higher while others are lower. An Umbrella policy is $350 for the entire year and I do suggest everyone have an umbrella policy.
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I didn’t know if the umbrella was $350 per driver. I also didn’t know if 222/driver includes the rest of your policy, such as comprehensive. Your post left some information out.
 
Rubicon John said:
I didn’t know if the umbrella was $350 per driver. I also didn’t know if 222/driver includes the rest of your policy, such as comprehensive. Your post left some information out.
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$222 was bodily injury and that was the topic being discussed. Of course the collision, comprehensive, towing, etc is additional, but a much cheaper cost of the insurance. Bodily injury is the expensive part.

I don't know if you are familiar with umbrella policies or not. But, they are usually just an annual premium, purchased separately from your car insurance and cover the entire household. Also covers slip and fall claims on your property and a bunch of other stuff. Umbrella policies are fairly cheap because all your underlying insurance (auto, home) has to have high bodily injury of $300,000-$500,000 depending on the insurance carrier.
 
cliffish said:
I am on @Starrs side of this debate...I buy all my cars at usually 1 year old and pay them off in 3 years and keep them into 6 figures. The only car I probably should have leased is my wife's C300 benz. I just bought the extended warranty for it. I only paid $34 K for a car that listed for $59 2 years earlier.
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I do honestly enjoy hearing people’s views on leases and I try to see where they are coming from, but plain and simple you either don’t want a payment or your totally fine making a car payment every month. 1-2 yr old under 20k miles is the way to go
 
explorerlyon said:
$222 was bodily injury and that was the topic being discussed. Of course the collision, comprehensive, towing, etc is additional, but a much cheaper cost of the insurance. Bodily injury is the expensive part.

I don't know if you are familiar with umbrella policies or not. But, they are usually just an annual premium, purchased separately from your car insurance and cover the entire household. Also covers slip and fall claims on your property and a bunch of other stuff. Umbrella policies are fairly cheap because all your underlying insurance (auto, home) has to have high bodily injury of $300,000-$500,000 depending on the insurance carrier.
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Actually he said his truck costs him $220 a year total to insure which is why I asked about bodily coverage.

Honestly though I am seeing that I’m coming off as an extreme douche and I don’t like to represent myself that way. I get way too into some conversations and that’s my bad.

So I will apologize for derailing the thread and hope we can all remain civil.
 
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