For leasing, if you haven't done before maybe stay away if you don't have deposable income to throw money at. It's exactly what you are thinking, no equity after the term.kitscha wrote: ↑ Thanks all... responses/thoughts:
- we're currently in a 2009 minivan, it served us well but it's time has come
- option #1 is Honda certified - so buying used would still give us a solid three years and 90,000kms of warranty... but yeah, it's used (then again, is $10k+ less than new - that buys quite a few brakes and tires)
- stay away from the ex-rentals, got it!
- leasing new is def an option, I'm just nervous about sinking three years of payments into something that we eventually decide we don't want = no equity... can you help me understand the benefits? (new car I guess is the big benefit)
- if we dig for more options: older RAV 4 vs older Honda CR-V - which way would you jump?
Appreciate all the assistance so far!
If you bought the 2009 car new and drove for 10 years, leasing works totally opposite of that. Think of renting a car every 3 years. But you get to drive new ride every time.
There is some benefit of leasing like 0% lease interest rate vs 1.99% finance. In that case, better to lease and pay the buyout fees if you want the car after the term. But lease rates are usually higher then financing rates.