xvbigmickxv

Hey guys, Im new to the whole buying a car thing, just turning 17 and no parental guidance, I was wondering what the pros and cons of leasing an xb would be, because I cannot afford to purchase one, but I would be able to lease it. Can anyone explain to what what eactly that is? thanks a bunch guys

OldYeller

When you lease, the theory is that you are paying just for the use of the car and not to own. At the end of the lease period you walk away with nothing to show. It is like renting rather than buying a house. The downside is that there are often limits on the lease like mileage. If you drive more than 12 or 15 thousand miles a year a lease would not be for you as you would have to pay an extra cost per mile. When you buy you own the car at the end of the payments and there is no restrictions on mileage. The leases are more profitable for the dealers so they might push them over buying. If you go to the Scion site they have a feature that allows you to see what a lease would cost vs. a 4 or 5 year loan. Good luck!!

jay_man2

Not to rain on the parade, but I doubt you could lease at 17. In most states, I believe you have to be at least 18 to enter into a contractual agreement. You can't even rent a car from most rental companies until you're 25, because of their policies and insurance conerns.

xvbigmickxv

Well, Im saving up some money first, so I will be 18 by that time, was just hoping toi get some info on it so I could start planning on what i wanna do.

FaulknerScion

you can do that? i would try to put a down payment on it... build up you're credit... and never lease to own....

iankruk

damn i thought i was the only one trying to do this. It seem like a lease tho makjes your payments less rather than if you finance it. That why i was thinking about leasing but id rather own the car and the onbly thing holding me back is how much my insurance goes up. My payments now on my 1988 Alfa Romeo Milano are 182 a month. a 2006 Scion XB makes my payments go up to 344.83 a month that about 4000 a year That why im debating not doing it but my car is starting to take its toll in the age and reliablitly

kdepew

Leasing is typically done by people who either want to drive a new car every few years or who can't really afford the car they want to drive. Lease payments are lower than car payments, but of course, you never own the car. If you always lease your cars, you always have monthly payments. If you buy your cars and keep them for 10 years or so, you end up having alot of times in your life you don't have any payments at all.

I would never lease a car. If I can't afford the payments on a 5 year loan, IMO, I can't afford the car and should either save up longer or buy something cheaper. I'd also never want to switch cars every few years.

It's just my opinion, but if you are 17 and can't afford to purchase an xB, go with a less expensive but reliable car. A 5 year old Corolla should not cost too much and should easily last you at least 5 more years, which is time to either finish college or have a reasonably good job if you are not going to college. You have plenty of time to buy nice cars later. Stretching your finances at 17 or 18 could close doors to education and stuff or make things much more difficult than they have to be.

iankruk

kdepew that was some darn good advice it made me think twice.

Jeremiah_xB

i'm leasing and it was the best option for me. you ahve the option to change your lease over to owning whenever you want. on toyota financial's website you can see exactly what your payoff is to own it (on the lease) and it has a calculator there also...i'd talk to someone who works for scion first and let them explain it to me...i was weary at first but everything the guy said made sense to me...i can always buy it outright later and it's NOT just like renting...at the end of the lease you have the option to finance the rest which is around 6 thousand...i'd rather pay the 6 grand later then have it tacked on now...i just think of it as a longer buying process myself...the mileage rules only apply if you DON'T buy it at the end of the lease...i think scions have a strong market and re-sale value so i'm not afraid of the car being worth less then 6k when my lease is up...

PBflorida

don't listen to the smooth talking salesman, leasing is genrally a bad deal economically. The only people who should consider a lease are rich people who like to trade cars frequently for fun, businesses who want steady payments and other accounting perks, and people who are hard on cars and don't want to take care of them. If you drive gently and take good care of your car then leasing is a horrible deal you'd be much better off buying.

Jeremiah_xB

matter of opinion i guess :shrug:

hotbox05

buying out a lease is MUCH more expensive than just buying the car. and if you start buying and making full paym,ent and choose to get another car you can always sell it .........

hotbox05

leasing is for rich people who always want new stuff or people who like to have things that are out of their means. aka living like they're rich......

x-ray_Bravo

My grandfather always bought his cars, until he turned 70 or so. Then he started leasing, so he wouldn't leave his family the hassle of paying off his car, or trying to sell it. We were very thankful he was so thoughtful for us! I miss him.

Jeremiah_xB

that's me...i <3 living like i'm rich...in an econo box

Jeremiah_xB

here's a page i found on leasing vs buying...seems to have all the facts straight

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

hotbox05

i was referring to the majority of leased cars in being that most are higher end cars.

Jeremiah_xB

lol i'm just playin man...for me leasing is better because i've never had a car more then 3 years...i usually wreck them before the end of my loan

hotbox05

yeah if you wreck a lease car sure insurance fixes it but you will normally have extra fees to pay at least one of my friends had to

Jeremiah_xB

oh no when i wreck a vehicle i go hardcore...this was my last truck: