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Unread 07-28-2007, 02:59 PM   #1
dpierson
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Join Date: May 2004
Location: Portland, OR
Posts: 868
Possible Commander For New Jeep

So I went to the dealer last night with the intention of looking at teh new Grand Cherokee. However I ended up test driving a Commander Overland after looking at them closer. I had never sat in one or really spent much time looking them over but I really like them for the third row seat and the slightly increased cargo room over the GC.

I am interested to get opinions from people on leasing versus buying. I plan to keep this Jeep for probably at least 10 years and with this new Lifetime Powertrain Warranty it makes me feel better about that idea. With the possibilty that they discontinue the Commander in a couple years is leasing better or worse? My thought was to lease it and then refinance the residual at the four year mark. However the higher payments for at extra year it might be worth it to simply own it at that point. Thoughts?

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Dan

Traded 8/9/07

[SIZE=1]Black 94 ZJ Laredo 4.0L 42RE/NP231 Command Trac
Sylvania Silverstars, Alpine CD Head Unit, Pioneer 3-Ways in the Doors, Blacked Out Grill, Kolak Exhaust, Clear Corners, Bilstein Shocks, Gas Tank Skid, Rear Hitch, Hitch Wiring, TC Skid, Hellwig RSB, Military FSB, Brembo Front Rotors, OME SS, B&M Supercooler, RE Tie Rod, Limited Power Leather Seats, 30x9.5 Toyo Open Country ATs, Optima Red Top

Next Mods: Upgrade Battery Cables, Sliders, Black Steelies, 3" Lift, Rear Locker, Bumper, HO Alternator, Winch, Driving Lights[/SIZE]
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Unread 07-28-2007, 07:46 PM   #2
soldierguy
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2012 JK Wrangler 
 
Join Date: Feb 2005
Location: Afghanistan
Posts: 536
The standard rules to go by when deciding whether to lease or to buy....

1. If you can't afford to purchase the vehicle, then you probably shouldn't lease it. With leasing, you're not gaining any equity in the vehicle at all. If you purchase, you at least have some equity in the vehicle, assuming you put a good down payment on it.

2. If you plan to have a vehicle for a long time, then purchase is the better option. Leasing is better if you change vehicles often and can use them as a business expense.

3. If you put lots of miles on a vehicle each year, don't lease. If you rack up miles fast and then decide at the end of the lease that you want something else, then you're stuck paying through the nose for excess mileage charges.

Something else to think about.....

At the end of the lease (4 years down the road), do you want to keep paying for another 3-5 years on the same vehicle? You'd effectively be making payments for 7-9 years on one vehicle. You wouldn't have any equity in the vehicle (where the vehicle's value is greater than the loan amount) until about the 5-6 year mark, unless you were to put a healthy down payment on the loan.

I'm not a fan of leasing because it's just not a good option for me. When I'm here in the states (I've been overseas for a loooooong time and just got back), I tend to put about 18K miles per year on vehicles. That right there is not a good match for leasing. I like being in a position of having some equity in a vehicle so that if I have to sell it on short notice, I can. With a lease I would have nothing. Sure, I could walk away from a lease anytime, but not without paying some hefty early termination fees and excess mileage charges.

I leased a vehicle once and will never do it again. My intent when I leased was just what yours is now...I wanted the vehicle because I liked it, but the only way I could afford it was to lease it. So I leased it and told myself that I'd buy it at the end of the lease. At the end of the lease, I ended up buying the vehicle to avoid the excess mileage charges even though I wanted to be driving something else...my plans and situation had changed, and I needed a larger vehicle, so I was stuck driving a vehicle I liked, but it was not appropriate for my needs at all. A short time later I got really lucky and was able to trade it in for more than what I owed on it...not much more, but at least I wasn't face down it it...the dealership I traded it at was a combination dealer of the brand of car I wanted to trade in and the brand of vehicle I wanted to buy...that's the only reason I got what I did for it in trade.

So I'd think really hard about leasing with the intent to buy it after the lease is up...unless historically you keep vehicles for a VERY long time and don't mind the negatives associated with a lease followed by a purchase, you might want to think about your plan a little more.

Just my two cents. Give me a break for going on so long....I just turned 40 so I feel like I have to share experiences...lol!
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2012 Wrangler Rubicon 2-door
2009 Aprilia Dorsoduro 750
2008 MV Agusta Brutale 910S
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