Posted on: 08-04-10 19:28:39
Hello,
We are new in Canada, and I am searching for car. After searching several option we have decided to buy car on lease. So either we will take over someone's lease or buy new car on lease.
Please share your experience and any drawbacks of leasing car.
Thnx
you cannot "buy" a car on lease, it is not yours, it is essentially a longer form of rental. There are several clauses when you lease a car like annual max mileage (if you cross that you have to per km) etc. At the end of the lease you can decide to buy the car based on the depreciation value or you can go for another lease. Since you are new to Canada, suggesting you to buy a used car depending on your budget (you will get road worthy cars with high mileage ~200K kms for $2k), get comfortable on the roads and later go in for a leased or new car.
Hi,
Thanks for input.
I am looking for car for one year so buying with finance is surely not my option.
I have seen many used car around 5k but looking towards its milage, maintainace cost I would definately lose around 2-3k when resale it after one year.
So in that case I was thinking to lease take over for one year in which car will be reasonably new and maintainance will be on dealer or putting some downpayment and lease of one year will come around 2-3k for one year for small or mid size car.
Also I am hoping I would not exceed allowed km as 24k km per year is more than enough for me.
Quote:
Originally posted by desi28
Hi,
Thanks for input.
I am looking for car for one year so buying with finance is surely not my option.
I have seen many used car around 5k but looking towards its milage, maintainace cost I would definately lose around 2-3k when resale it after one year.
So in that case I was thinking to lease take over for one year in which car will be reasonably new and maintainance will be on dealer or putting some downpayment and lease of one year will come around 2-3k for one year for small or mid size car.
Also I am hoping I would not exceed allowed km as 24k km per year is more than enough for me.
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You want 'ONLY' a 12 month lease, is that it? Please see if anyone will provide you with one.
You are right you will loose 2-3K and a lot more, after you find a company that leases just for 12 months.
2-3 K per year is not a realistic figure. Just for one reason, you have lease, insurance and maintenance, just basic Car wash per week and oil change every 1500 Klicks. All these are at your cost. Some New cars come with a few oil changes. Also you will need a replacement or one on loan on those days. Make sure you have it written in the contract.
You will not get 2K per month as mileage without charges. They are in the money making business and will flog you for anything over a 1000 klicks.
You have to fill gas for the run, that will be $100/m may be less in the summer.
You will have to do the exercise and when you do, please tell us too. Alternately, rent on the days that you will have the need and take the Public Transport on the days that you run local. Get a bus pass.
Freddie.
You can get the car for one year or less on lease at leasebusters.com
Good luck
Quote:
Originally posted by desi28
Hi,
Thanks for input.
I am looking for car for one year so buying with finance is surely not my option.
I have seen many used car around 5k but looking towards its milage, maintainace cost I would definately lose around 2-3k when resale it after one year.
So in that case I was thinking to lease take over for one year in which car will be reasonably new and maintainance will be on dealer or putting some downpayment and lease of one year will come around 2-3k for one year for small or mid size car.
Also I am hoping I would not exceed allowed km as 24k km per year is more than enough for me.
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Growing Old Is Mandatory ..Growing UP is Optional
Thanks freddie,
Yes I am aware that apart from lease I have to pay maintainance,insurance and parking. I have budget of around 300$ for lease per month and insurance,parking,gas and maintainance for 500$ around.
As Ashwini suggested, on leasebusters I have shortlisted at least 5 cars (civic,sentra,cobalt etc.) which has 12 month or less lease term remaining with average 2000 km per month allowance. (total km remaining more than 30000 upto end of lease).
Also rental car with damage insurance cost around 1200$ per month (for above mentioned cars). So I thought to take lease for 12 months or less (lease takeover). Nissan provide 12 month lease on new cars while all others have min 24 month terms. I am going for test ride for some of those today and will post here my experience.
Quote:
Originally posted by desi28
Thanks freddie,
Yes I am aware that apart from lease I have to pay maintainance,insurance and parking. I have budget of around 300$ for lease per month and insurance,parking,gas and maintainance for 500$ around.
As Ashwini suggested, on leasebusters I have shortlisted at least 5 cars (civic,sentra,cobalt etc.) which has 12 month or less lease term remaining with average 2000 km per month allowance. (total km remaining more than 30000 upto end of lease).
Also rental car with damage insurance cost around 1200$ per month (for above mentioned cars). So I thought to take lease for 12 months or less (lease takeover). Nissan provide 12 month lease on new cars while all others have min 24 month terms. I am going for test ride for some of those today and will post here my experience.
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I think we need to do*some serious Math here before we "jump into the lease or buy" decision.
If you saw an Off lease Cobalt and also did the financial calculations: Vs. a Purchase: 2006 COBALTS are going for $8999. Divide that by 12 it comes to $750 plus 250 for insurance + registration and taxes, you will come up with a Used car, Three years old that could be paid off in an year. At the end of 12 months you will have a car, as opposed to leasing for what you are quoting here, paying the lease and their insurance, I have no clue as to figures you want to place opposite to this. Can you provide your lease quotes to do some calculations.
With the figures that I am providing you here, Will you go for an used car PURHASE.?
You must be loaded. http://www.ooyyo.com/en/used-cars/chevrolet-cobalt/canada
Freddie.
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