Thursday, August 23, 2007
It's a Jeep thing!
Oronzo's car (a 2002 Kia Rio) has been on it's last leg for a few months now, especially with his hour commute to work. We've put some money into it but the last mechanic to look at it warned Oronzo that the clutch could go at any time and the transmission was close too. We realized that it was time to look for another car because it wasn't worth it to dump more money into the Kia.

Oronzo did a lot of research before choosing the 2007 Jeep Compass 4x4. He wanted a small SUV type car that had more space, since our family will hopefully be growing in the near future, one that would get decent gas mileage, and one that would be versatile for in-town driving and for traveling. And, he wanted a 4x4 (I guess it's a Jeep thing).

Oronzo decided that leasing would be a good option for him, since he could write much of the expense of it through his business. I'm still not thrilled with the idea of making car payments for the next 3 years, only to give the car back at the end with nothing to show for it, but two of my siblings lease and they love it (more car for less car payments, they say) so I decided to let Oronzo have his way on this one.

After comparing many dealerships in our city and other nearby towns and cities, he got the best deal that he could locally. He signed the paperwork last night and left for work in his new car this morning with a big grin on his face.

So, do any of you lease or have you considered it?

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7:04 AM

At 7:54 AM, Blogger Annabelle said...

I like the car! No, we don't lease, we did once and then dh decided he wanted to buy the truck outright...yeah, that cost us twice as much money than if we would have purchased it in the first place!! However, I've heard others say they love the lease thing!

At 8:20 AM, Blogger Heidi @ GGIP said...

I think leasing is a bad idea in general. But don't stop reading now:) The one reason I think it is a good thing is if you need a nicer car than you can buy outright to give yourself the right image for your job. (Like realtors generally "need" a snazzy car, salespeople who entertain clients often, etc).

But otherwise, I have only seen people lose a lot of money off leases.

Just my two cents.

At 8:43 AM, Blogger Sally said...

We've never leased before - for the same reasons you've mentioned...It's almost time for me to get another car, and we haven't any car payments for a couple years, so I'm getting nervous! I think from now on, we're going to try to buy a used car - maybe a lease return -- almost new and less $.

I like the jeep...pretty cool looking!

At 10:18 AM, Blogger Judith said...

I leased once, but wouldn't do it again. May have let the car salesmen take advantige, when it would have been just as easy to buy.

But I do loves Jeeps! If I had millions, wouldn't want a big fancy automobile. Just give me a straight six engine in a Jeep Cherokee Sport. I've seen those relics of World War II climb right over snow mounds here.

At 10:56 AM, Blogger Happy Momma said...

We have some friends that ONLY lease, and they are thrilled with it. Most recently they have leased a Rodeo, Odyssey, and another Odyssey, he has leased a Accord, and now a Prius. They admit you have to be ridicuously careful with mileage and stains, the dealership will try to nickle and dime you over EVERYTHING when you go to turn it in, but as long as you read between the lines, they say all will go well. They also say NOT TO BUY in the end because your "balloon" payment will make you faint.

We considered it for a while but to be honest neither of us can recall why we "bought" our minivan. The reality of it for us is that leasing is a good option because in about 3 years we starte itching to get something new and different.....maybe next go round we will rent it.

At 11:11 AM, Blogger JulieM said...

I was in your shoes just a couple months ago. We haven't had car paments forever and then my husband car started to die. He crunched numbers and felt like by paying off his car and all the maintance the last couple years it would cost the same or less as leasing and less headache. I just hate that you are left without anything at the end of the lease. In the end I had to let go and trust him knowing that he does pray about it and try to make wise decsions for our family. Happy leasing ... we'll see how we feel about it in the end!

At 12:12 PM, Anonymous Killlashandra said...

I totally agree with your apprehension about leasing and then returning the car. That's good he can use it as a business expense, but be careful you don't think of all the money you've let go when the lease is up and you're either going to have to lease again or buy the car and continue to make payments.

I was disappointed when I leased a car. Especially when the whole you've run over miles at the end of your lease clause caught up to me. That was incentive to just buy the car right there.

Glad he likes it though!

At 2:00 PM, Blogger Carey said...

Leasing works for us. We are leasing a Saturn Relay. I really like it.
Youve been tagged, stop on by my blog and read all about it.

At 6:22 PM, Blogger Beckyb said...

We are tempted to try leasing - we've never done it before, but yes, we have a car that is on it's last leg and we may do the same thing- LOVE the car btw!!

At 8:58 PM, Blogger Sarah said...

We all make decisions, balancing needs and wants, but one thing we're personally hoping to do is live debt free, other than our mortgage. We own one car outright, but just purchased a used Honda Odyssey for family travel. We do have a payment with that, but hope to have it payed off within a year by making extra payments. Dave Ramsey's famous phrase goes, "Live like no one else now (meaning within your means, by cash, no debt) and you will live like no one else later (meaning more money from the returns of investment and lack of debt.) Best of luck/wisdom as you navigate financial decisions!
In Him,

At 9:17 PM, Blogger abebech said...

We've never leased, but we're on our own new automotive adventure -- Our other car is a Flexcar. Let us know how leasing goes, and we'll let you know how sharing a car with an entire city works for us :)

At 7:57 AM, Blogger Michelle said...

Hi OW.My dear Rob did lease at one time,it was before our time together.Thanks for the blog visit.Enjoy your ribs on the weekend!

At 3:28 PM, Blogger Munchkin Land said...

Ohhhh... That's pretty! That would make my husband smile for at least 6 months straight! =) Congrats on the new vehicle!


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