Lease HHR?
12-02-2005, 11:42 PM
#1
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Join Date: 10-05-2005
Location: MI
Posts: 49
Lease HHR?
I haven't got my HHR, yet. Should be here next week. I'm probably going to lease it, and I was just wondering whether or not anyone else has decided to lease instead of buy.
Just curious,
shugga
Just curious,
shugga
12-03-2005, 06:39 AM
#2
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Join Date: 10-14-2005
Location: Rochester,N.Y.
Posts: 9,121
If you plan on keeping the car past the term of the lease its not woth it. When you get to the end of your lease and want to buy the car you'll end up paying more than its worth by at least a couple of thousand dollars. 
With my Mustang I paid like $5000 more than the car was worth (negative equity) at the end of the lease, but at that point I didn't care because I had a couple of thousand into it and wouldn't give up my car. You are limited to the amount of modification you can do to the vehicle if you plan on returning it. The only way a lease is good is if you could otherwise not afford the vehicle or if you like to keep you car fairly stock and turn it in for another new lease vehicle at the end of the term. I will never lease a vehicle again, I learned from that mistake! 
I went back to buying with my HHR. 
My first two vehicles I bought then I tried leasing and now I'm back to buying. 
The ony reason I decided to take the lease was the monthly payments worked out a little less than outright buying it but I was an idiot for letting the dealer talk me into it. 
With my Mustang I paid like $5000 more than the car was worth (negative equity) at the end of the lease, but at that point I didn't care because I had a couple of thousand into it and wouldn't give up my car. You are limited to the amount of modification you can do to the vehicle if you plan on returning it. The only way a lease is good is if you could otherwise not afford the vehicle or if you like to keep you car fairly stock and turn it in for another new lease vehicle at the end of the term. I will never lease a vehicle again, I learned from that mistake! I went back to buying with my HHR. My first two vehicles I bought then I tried leasing and now I'm back to buying. The ony reason I decided to take the lease was the monthly payments worked out a little less than outright buying it but I was an idiot for letting the dealer talk me into it.
Last edited by captain howdy; 12-03-2005 at 09:11 AM.
12-03-2005, 08:48 AM
#3
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Join Date: 10-05-2005
Location: MI
Posts: 49
Yeah, I guess I should have explained my reasons for leasing.
The payment is cheaper. A three year, 15,000 mile lease is about the same as a 5 year loan as far as the payment goes. I wouldn't want to finance it for 5 years, though. I would only want to do 4 years.
I plan on keeping the car stock. With my current truck I've dumped about a thousand dollars into it, and it hasn't helped at all with the trade-in. With the HHR, it looks like there is going to be a lot of aftermarket support. If I lease, I won't dump a bunch of money into aftermarket parts.
I turn over cars pretty fast. But with a lease, since it is a contract, I really can't do that ( I can, but that's just silly). I have had my current truck for almost 2.5 years. I know that in about 3 years, I will probably want a different car. I will want something that is bigger or maybe smaller or maybe something new that just came out or I will just talk myself into it. It's sort of a compulsion, my wife is the same way.
So that's pretty much why I've decided to lease.
Your comments are welcome, however, and they do give me something to think about.
Thanks.
The payment is cheaper. A three year, 15,000 mile lease is about the same as a 5 year loan as far as the payment goes. I wouldn't want to finance it for 5 years, though. I would only want to do 4 years.
I plan on keeping the car stock. With my current truck I've dumped about a thousand dollars into it, and it hasn't helped at all with the trade-in. With the HHR, it looks like there is going to be a lot of aftermarket support. If I lease, I won't dump a bunch of money into aftermarket parts.
I turn over cars pretty fast. But with a lease, since it is a contract, I really can't do that ( I can, but that's just silly). I have had my current truck for almost 2.5 years. I know that in about 3 years, I will probably want a different car. I will want something that is bigger or maybe smaller or maybe something new that just came out or I will just talk myself into it. It's sort of a compulsion, my wife is the same way.
So that's pretty much why I've decided to lease.
Your comments are welcome, however, and they do give me something to think about.
Thanks.
12-03-2005, 09:07 AM
#4
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Join Date: 10-14-2005
Location: Rochester,N.Y.
Posts: 9,121
It sounds like a lease is right for you. Your right about putting money in and trade in value. Dealerships dont seem to care but if you find a private buyer you can get more than if the car is non modified. I decided to just trade my car to the dealer and just take the loss because trying to sell your car yourself can be a pain in the a** and I wanted to get into my HHR as quick as possible. I know that the dealer was probably quick to point out all of the modifications when they sold it even though they wouldn't give me any more money because of them.
12-03-2005, 10:05 AM
#5
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Join Date: 10-14-2005
Location: SoCal
Posts: 5,359
The only other disadvantage I can think of to leasing, is that you are required to keep higher insured values on the car. The Bank who "buys" your lease is considered the owner, and they want to be covered in case you mash into a Lamorghini Diablo! Having a higher insured amount guarantees (in most cases), that they won't be sued as principal owners of the vehicle.
Just a heads-up, look into this with your insurance company before signing the papers.
Hope it helps,
Just a heads-up, look into this with your insurance company before signing the papers.
Hope it helps,
12-03-2005, 10:16 AM
#6
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Join Date: 10-14-2005
Location: Rochester,N.Y.
Posts: 9,121
Your kind of right there but if you get a loan for your vehicle the bank is still the owner untill your paid off. When I leased I had to raise my level of insurance but it didn't bother me that much because I already had to carry high levels of insurance with my previous car loan. No matter lease or loan the bank who owns the vehicle wants to make sure you are covered.
12-03-2005, 11:40 AM
#7
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Join Date: 09-23-2005
Location: Staten Island, NY
Posts: 4,466
Did anyone here get the Smart Buy Option. I did. Its like a lease. Bascially i'm paying for the 4 years the actally price of the car almost that is. At the end there is a ballon payment which is the tax, finance, and difference of the cost of the. During the 4 years you do have the title of the car and can sell it. At the end of 4 years I can either walk away and not pay anymore money and give back the car, or I can get a new one as a trade or, or I can pay the balloon payment.
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