- 2017 Mazda CX-5
Get your hands on a low mileage 2017 GT! Newer models might have that annoying cylinder deactivation option
Why didn't you just purchase this vehicle instead of lease it?A lot of people have been saying how now is the worst time to buy a car due to shortages and a few people brought up the idea to lease until this shortage hopefully blows over.
Capitalized cost $31,740
Lease term: 24mo/15k
First month's payment ($457) and DMV fees ($220) up front = ~$770
Monthly payments = $457/mo
The OP's lease is costing $11,000 for 2 years, and he will need 5 2-year leases over the next 10 years.Over the course of the 9 years that's about $2500 / year.
I agree with this.But again it's a matter of perspective and what you want to spend your money on. I like having a newer car and am willing to throw money at it.
Everyone "wastes" money on things and in ways other people think are silly, but it's all in the way you decide what's important and what's not.
Honestly all friends and family I know who are leasing vehicles are either having too much money to spend, or they’re doing business. Actually one good friend of mine who owns a business tried a leased Mercedes S Class and started buying the car again after the lease ended. He said leasing a car definitely is more expensive with everything considered. Other than the extra cost mentioned, you’ll find additional taxes and fees, higher insurance rate, and some additional expenses such as the property tax only on leased vehicles in Texas, etc.I agree with this.
If you are willing & able to responsibly "waste" money on a lease, because you want to always drive the latest/greatest vehicle, then more power to you.
Though even if you are "willing to throw money at it", it's important accurately quantify the cost. In the OP's case, leasing will cost an extra $30,000+ over 10 years vs. buying.
But it doesn't sound like the OP values having a brand new car like you do.
He wasn't even considering leases and actually planned to purchase a used vehicle.
So in the OP's case, he would almost certainly have been better off purchasing the car instead of leasing it.
Leasing is virtually always going to be significantly more expensive than buy/hold for 10 years. With a lease...He said leasing a car definitely is more expensive with everything considered.