Never leased a car before. Any thoughts?

steveg95

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I am considering trading in my 2022 Mach e. I was planning on buying, but the dealer is really pushing leasing for various reasons. I've never leased a vehicle. I'm looking for any opinions on lease vs buy.
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Get all the numbers up front with the complete lease agreement filled out with those numbers before you agree and sign. Lots of slimy bait and switch lease offers out there. Typically I'm not a fan of leasing, usually too many restrictions on mileage and sometimes other factors and it often costs way too much to increase mileage allowances.

BUT... I would consider it for an EV if the mileage allowances work. In the case of the Mach-e, it is eligible for the $7500 federal rebate when leased. So if Ford Credit or other leasing party will extend that credit and roll it into the deal as a discount, then it starts to make sense. We ordered a '25 Mach-e and will be buying. I did look at leasing at the time we ordered and would cost too much to give us 60K miles allotted for a 3 year lease that its better off to buy and then sell/trade later.
 

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I am considering trading in my 2022 Mach e. I was planning on buying, but the dealer is really pushing leasing for various reasons. I've never leased a vehicle. I'm looking for any opinions on lease vs buy.
Put as little money down as possible even if it makes the payment a little higher. God forbid you total the car a month down the road you will never get that money back. They are going to get their money one way or another, you don't want to put a big chunk of change down up front and be without that cash. The vifeo shared is also helpful. The best thing you can do is try and negotiate on price and or the residual if you want to buy at the end.
 

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Leases on EVs are, IMO, the way to go. The market is shifting and moving in ways I can’t predict. EVs, at this point in the cycle, after purchase lose a lot of equity. Newer models are going to have newer features and newer tech.

I went zero down. I know that I am paying an interest rate each month on the money but in the end, 3 years, my bet is the value of the car will be lower than the residual value on the lease. If I am wrong on the value, I can buy and make a decision.
 


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Ask Dave Ramsey about leasing….
Pretty sure he is going to say you have to start with a used vehicle before telling you that leasing is evil.

Is it the most financially beneficial way to have a car? No, that would be buying the cheapest reliable car (used) with cash (or 0% loan) then driving it until it physically can not be driven anymore.

But that doesn’t mean leases can never work out as beneficial, just not as much as “optimal”.

You’re losing money either way, 99.9% of the time no one makes money off buying a car.
 

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Pretty sure he is going to say you have to start with a used vehicle before telling you that leasing is evil.

Is it the most financially beneficial way to have a car? No, that would be buying the cheapest reliable car (used) with cash (or 0% loan) then driving it until it physically can not be driven anymore.

But that doesn’t mean leases can never work out as beneficial, just not as much as “optimal”.

You’re losing money either way, 99.9% of the time no one makes money off buying a car.
It…was…a…joke….
 

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I am considering trading in my 2022 Mach e. I was planning on buying, but the dealer is really pushing leasing for various reasons. I've never leased a vehicle. I'm looking for any opinions on lease vs buy.
You might want to do some in-depth research on the advantages/disadvantages of each, there are plenty of online articles & videos. It really depends on your unique situation as to which is best, and what kind of deal is available for each method. I know there are some dealers putting a ton of incentives on a lease, on top of what Ford has already applied, on the leftover 24's, but inventory is shrinking quickly. I was able to get $15K in cap cost reduction on my '24, along with a good money factor (interest rate), so the lease was the better option for me. But there are many things you need to consider, that only you can answer, so do your homework!
 

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It'll be a long time before I even think about leasing an EV again. Unless you drive so much a lease doesn't make sense, I wouldn't risk buying and being screwed by the EV depreciation curve. But as others have said, everyone's situation is different.

If you want to do research, the LeaseHackr forum is a good place to start. For my Mach-E I used a lease broker. It saved me hours of work and headache and got me a better deal that I probably have could have negotiated myself.
 

HuntingPudel

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I did my first lease ever at the end of November of ‘24. The incentives for leasing were so much better than the incentives for buying that it made sense. I would just say to compare the options side by side and make your decision based off of which one makes you feel most comfortable. ??
 

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The lien holder requires higher insurance limits which could be an eye opener
 

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Get all the numbers up front with the complete lease agreement filled out with those numbers before you agree and sign. Lots of slimy bait and switch lease offers out there. Typically I'm not a fan of leasing, usually too many restrictions on mileage and sometimes other factors and it often costs way too much to increase mileage allowances.

BUT... I would consider it for an EV if the mileage allowances work. In the case of the Mach-e, it is eligible for the $7500 federal rebate when leased. So if Ford Credit or other leasing party will extend that credit and roll it into the deal as a discount, then it starts to make sense. We ordered a '25 Mach-e and will be buying. I did look at leasing at the time we ordered and would cost too much to give us 60K miles allotted for a 3 year lease that its better off to buy and then sell/trade later.
I was told at dealer ….. no rebate on these at all. Especially when leased…. Was he wrong???
 

tpsfoto

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I just leased mine in December…..
Buying one would be $5k off and another $1k for charger / install ( I have one already)

leasing $10500 off sticker, also $1k for charger
After all payments and buyout at end lease was less money than buying it in the first place.
Plus after 3 years you can see if a new one at that time is a better option
Also after 3 years your bumper to bumper warranty is over.
Mine was 10500 miles per year. Nothing down $543 per month. Premium X with a charger, upgraded paint, weather tech style mats including trunk mat, plus carpet mats as well.
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