Any one leased a car for 3 years

[nere]

Hi All

I am on valid visa for next 3 years and am on a long term project.

I am planning on taking a new car on lease for 3 years. I am getting a great deal and I think I will be able to easily meet the yearly mileage rules.

The only thing is no other Indian/east Asian I know has taken a car on lease and every one seems to be against it.

Has anyone on this forum taken a car on long lease.

I mean new car at dirt cheap price for 3 years. And insurance expenses etc are the same.

Thanks

[insubuy]

Yes, I have leased it for 3 years. What exactly is the question?

Neither buy nor lease are wrong on their own. It depends upon your preference.

If you would like to keep the same car for 10-15 years, buy the car. If you would like to change cars every 3 years, go for lease. Obviously, you would be paying more for lease in long run, but you can drive diferent cars every few years, they are all new, under warranty. Of course, if you are not planning to be in the US for more than 3 years, lease is good too.

[nere]

Thanks

I will like to know what additional costs are incurred.

Also is maintenance/insurance same as purchased car? Can you give me some tips to get a good deal.

Thanks

[insubuy]

I don't think there are any additional costs involved. You just pay your monthly payment.

Maintenance/insurance is the same.

I didn't look for any deals. Therefore, I can't give you tips on that.

[kabkaba]

Just Google Lease vs Buy and you will get plenty of information on this topic.

Lease is effectively paying for the car's depreciation. So if the new car costs 20K and sells for 13K after 3 years, you pay the 7K. So the payment obviously is less than buying. The only advice I will give you is instead of focusing on the payment, look at the buying, selling price and interest rate used to calculate the lease payment and make sure those are reasonable.