Never leased, and typically prefer buy, but I'm looking at leasing because of a specific scenario. (And I live in Nashville and fully familiar with Dave Ramsey).
I've got an 04 Accord. Last year, wife got a 14 Acadia Denali. I've got a taste for the features that come with it. I need to replace the Accord, but don't necessarily need same size. It already needs repairs that are probably half it's value, so I don't want to sink cash in to it when it's pretty much stabalizing in old Honda value. It is, however, owned free and clear.
I'm considering leasing a new Audi A3 (although after looking at them, I may decide they are too small). That said, can someone explain leasing to me. I don't want to buy, because I don't want it long term. I'm considering a 2013 Audi A4 with 10-20k miles, which have the same general price point.
So, my question: how do I best compare buy/lease, IF I fully intend to keep it roughly 3 years. At the end of the lease, I just start over (and would intend to buy 100%, hopefully an A6, or something comparable). If I buy, I would probably intend to pay it off over 3 years then selling it. But, if the purchase/sales price and the lease payments are roughly the same, what is really the better option?
My credit is avg (I got in a fight with Chase and let cards default for pride and the "I'll just buy things from now on" mentality, then promptly wrecked a car and HAD to finance something...sigh). So I'm probably not getting some 1.9% rate on purchase, or anything that applies to perfect buyers.
Lend me your knowledge (and argue amongst yourselves in the process).
I've got an 04 Accord. Last year, wife got a 14 Acadia Denali. I've got a taste for the features that come with it. I need to replace the Accord, but don't necessarily need same size. It already needs repairs that are probably half it's value, so I don't want to sink cash in to it when it's pretty much stabalizing in old Honda value. It is, however, owned free and clear.
I'm considering leasing a new Audi A3 (although after looking at them, I may decide they are too small). That said, can someone explain leasing to me. I don't want to buy, because I don't want it long term. I'm considering a 2013 Audi A4 with 10-20k miles, which have the same general price point.
So, my question: how do I best compare buy/lease, IF I fully intend to keep it roughly 3 years. At the end of the lease, I just start over (and would intend to buy 100%, hopefully an A6, or something comparable). If I buy, I would probably intend to pay it off over 3 years then selling it. But, if the purchase/sales price and the lease payments are roughly the same, what is really the better option?
My credit is avg (I got in a fight with Chase and let cards default for pride and the "I'll just buy things from now on" mentality, then promptly wrecked a car and HAD to finance something...sigh). So I'm probably not getting some 1.9% rate on purchase, or anything that applies to perfect buyers.
Lend me your knowledge (and argue amongst yourselves in the process).
