Newb Tryin to figure out Lease vs Buy
I can't figure out whether to lease or buy a new Jeep. I'm really new to this whole business and have been driving myself crazy researching up the wazoo. I'd love to drive a Limited - I couldn't afford to buy one... but I could afford a Laredo...
Say you were to lease a GC Limited right? They're offering some for around 313 per month (let's say 36 mo) plus - what - a 10% down payment (of 40k). So over the course of three years you just spent over 15k with nothing to show for it? Not to mention all the hidden charges and other BS I've been reading about. Then you got to go back in and have to come up with another big down payment to get your next car?
So that leaves me thinking I should buy a Laredo. (There's no option for something other than cloth in these things?!)
Say you were to finance a 30k Laredo - 25K at 2% over 60mo with a 5k down payment. So over that same 36mo period you would have spent around 20,500... and you got a three year old GC that you can trade in right?
Say a 30k Laredo dropped 50% and you could sell it after 36 mo for 14 or 15... would that then mean by buying you basically paid 5k to drive a Laredo? I forgot to add in IL taxes and fees which could be 2-3k if you buy. So -- 8k to drive a Laredo for 3 years?
So the big question there is what do you get when you take that GC back after three years... say 40k miles and in great condition?
Thanks for any advice.