Tuesday, November 16, 2010

Leasing Verses Buying

This week is full of appointments for us. Monday was hair appointments for Randy and I. Tuesday, hair appointments for the kids. Wednesday, eye appointments. Thursday, the Thanksgiving Feast at school and Friday, nail appointment. Saturday will be another busy day with us out and about.

Randy and I have been discussing automobile leasing verses loan buying for several months now. I was against leasing as I could see no sense to it. We purchased our SUVs three years ago . . . they are 2007 & 2008 models. We have low mileage on both with super low mileage on mine. Katelyn has a 2007 Ford Edge also with extremely low mileage. We LOVE, LOVE, LOVE warranties and find they are a must. Well, our warranties are coming to an end on our vehicles and even though they are low mileage, things still break. A few months ago I had to have one of my door handles replaced on the outside of my SUV  . . .  a simple yank by a four year old broke the crazy thing. Of course, it was under warranty and was replaced a few days later.  Hubs has been watching the newspaper every week for those "special" deals on new automobiles. We have discussed many times that we wished Katelyn's Edge had the Navigation System and Onstar included in it . . .  although it is a nice little car, a few things were missing that Randy and I deemed necessary for a not quite 18 year old girl.

Randy's SUV has been vandalized two or three times now by someone stealing the center decorative area of his SUV rims. The replacement for each center is about $100.00 . . . I know, it is crazy!!! Besides replacing stolen items on the vehicle, the SUVs suck down gas in an unbelievable way. The highest MPG we have gotten on either SUV is 11 MPG.

Yesterday, while at my hair appointment Hubs brought by a Crossover to look at. It was lovely. So, once my hair was done, I went home to apply makeup and then we headed over to the car dealership. Our usual salesman was not in, so we spoke with a new one . . . not a great move. To say the least, he simply didn't get the point of the amenities we insisted be on the vehicle. We were getting a pretty good price on the trade in for the Edge and the payment per month wasn't bad. The Lease per month was even better. Since we drive extremely low miles, we felt the Lease was the best option for us.

So, Katelyn will be driving a new one of these once the Dealer locates the vehicle . . .


This baby is loaded.

She is getting the 2011 Crystal Red one.

Randy and I were amazed at the low cost of leasing verses what we are currently paying per month on our SUVs. The difference is quite startling. So, we weighed our options and then had the dealership assess our SUVs to determine a trade in value. My SUV has just under 10,000 miles on it and is in excellent condition . . . After the loan is paid off, a considerable amount of money back AND leasing at a low rate . . . we will be saving 1/2 of our monthly payment if we trade in and lease the vehicle above. I found that quite amazing.

Randy's SUV has a little over 20,000 miles on it and is in great condition so he didn't get the money back that I did, but was happy with the trade in value. It was totally unbelievable that we could lease two of these vehicles for what we were paying to buy one vehicle. Thus saving an entire auto payment each month.

Not to mention we will get money back on our extended warranties for each SUV that
we would have begun using soon.

This morning we went back into the dealership with more questions. Our salesman was back in today and was already searching for vehicles that met our specifications. Nothing was available in what we preferred according the the specifications the "new" salesman had set up. Upon asking a few more questions, we found out that the "new" guy had not designed the car as we had discussed. Our regular salesman started over and located each Crossover in the color and specifications we wanted. Randy, Katelyn and I were all a bit irritated at "the new guy" and his inability to grasp exactly what we were wanting in the vehicles.

So, to make a long story a bit shorter . . .

We are waiting to hear that the Dealership can "obtain" each Crossover in the color and specifications we want and if they can . . . when will they be ready for us to pick them up.

If all goes well and the Dealership can actually obtain all three vehicles, we are in for a few changes:

Each crossover seats five.

Our SUVs sit either six or seven.

I struggled a little within myself thinking I could not sit all five of my children in the crossover. However, Katelyn will be 18 early next year . . . she will probably be choosing to drive herself.
Besides, whenever we go anywhere as a family we ALWAYS take two cars. Randy drives his SUV and I drive mine . . . we give the boys the option of who they want to ride with.
It works out well for us.
So, I guess the loss of one or two seats is really not a big deal.

The fuel mileage in the SUV - 11 MPG - even on the highway.
The fuel mileage on the crossover - 18/25 MPG.

The monthly payment . . . quite a savings.

I will let you know how this one comes out!

(by the way . . . a new pickup for work has also joined the family)

5 comments:

Jeanette said...

Leasing is a great way to go if you don't keep your cars forever. You guys don't. We leased our last two cars but bought the girls' car. My car will be replaced with something much smaller when the lease is up. We just need the space to get us through the next few softball years! Bill's car was a much better deal on a lease than buying and he can get whatever he wants when the lease is up. What color are you and Randy getting? Three Crossovers?! And people laughed at us when we bought two Accords :}

Mimi said...

Hi Julie, Here's a great article with the pros and cons of leasing vs buying and with dollar comparisons.
Love the Crossover!

Mimi said...

http://www.edmunds.com/advice/buying/articles/47079/article.html

Mimi said...

Article-link-
http://www.edmunds.com/advice/buying/articles/47079/article.html
Hugs! Mimi

Julie said...

Thanks Mimi for the links . . . I will definitely check them out!

I was hooked on the crossover when I drove it! We currently have Cadillac Escalades in the Diamond white - 2 of them.

Jeanette, the more I think the lease thing through, the more I agree with you and Randy.

We have asked the dealership to get . . .

the red for Katelyn

the flannel gray metallic for me

the black for Randy - he wanted the gray metallic as well, but they couldn't find the exact one we wanted.

Not sure when they will arrive.

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