Lease

campersam9 · 06-07-2020, 02:59 PM

Anyone lease there tow vehicle ? We are not sure how we want to go an suv or a truck. The motors get less pistons and more hp with turbo. I don’t like the heat and rpm you have to use to pull 5000 lbs.

**Midnightmoon** · 06-07-2020, 03:07 PM

Absolutely yes. My 2018 F150 was a 24 month lease. With that said, I liked it so much that I bought the lease out when it expired.

NewBlackDak · 06-07-2020, 06:20 PM

What trailer? Anything with significant tongue weight warrants a truck.

campersam9 · 06-08-2020, 04:53 AM

We have a v-6 suv with 90,000 miles on it. This January we will be running away from winter. When the car lets go we will replace it and our trailer. Want to try to stay around 5000 lbs .

Danno · 06-08-2020, 07:14 AM

We always lease one vehicle. As long as you can keep the miles down, then leasing is the only way to go. I've had this discussion a dozen times with others, and by the end they agree. Its not worth buying new with the intent of selling it in 3-4 years, and it's really not worth it to buy a used vehicle that's already 3 years old. At the end of the day it will cost you just as much, and you are driving an older vehicle out of warranty.
The most important number to look at when leasing is the residual value. One percentage makes a big difference. I just leased a 2020 Chev Silverado even though they look like crap. The reason is because the residual is 74% over a 24 month lease. The equivalent GMC Sierra was 69%. Same truck basically, but the GMC would have cost over $150 more per month. Also, buy or lease a truck in February or March because thats when the best rates are.

Danno · 06-08-2020, 07:16 AM

Quote:

Originally Posted by Midnightmoon

Absolutely yes. My 2018 F150 was a 24 month lease. With that said, I liked it so much that I bought the lease out when it expired.

Must have been out of love because that makes no financial sense.

Jopopsy · 06-08-2020, 07:51 AM

I leased. I’m glad I did too as I ended up back in a motorhome so I have nothing to pull now.

3 year lease, 2 years to go. July 2022 will be the first time in forever that I end up at a car dealer w/o having to worry about a trade-in value. Should be much less stressful.

**Midnightmoon** · 06-08-2020, 08:46 AM

Quote:

Originally Posted by Danno

Must have been out of love because that makes no financial sense.

Not correct. Because of the lease conquest incentives that Ford had in place at the time I started the lease in May of 2018, I ended up almost $2500 ahead of where I would have been if I would have paid cash for it up front.

Leasing isn't what it used to be or the huge negative that many people feel that it is. Of course every deal is different. But, if you shop the manufacturer's deals and aren't brand loyal, you can make a lease work to your advantage.

**norty1** · 06-08-2020, 08:49 AM

Can a fifth wheel hitch be installed in a lease?

**Midnightmoon** · 06-08-2020, 08:55 AM

Quote:

Originally Posted by norty1

Can a fifth wheel hitch be installed in a lease?

At least with Ford, any factory available accessory can be added as part of a lease if it is done as part of the deal. It has to be returned with the lease however if you choose to turn the truck in at the end.

When I initiated my lease (I don't know if it is the same now), Ford wasn't leasing the Super Duty Line through Ford Credit. The dealer did have lease packages available with 3rd party lease companies for the Super Duty if you wanted to go that route. Since I was going with a 150, I didn't do much additional research on that possibility.

NewBlackDak · 06-08-2020, 09:33 AM

Quote:

Originally Posted by Midnightmoon

At least with Ford, any factory available accessory can be added as part of a lease if it is done as part of the deal. It has to be returned with the lease however if you choose to turn the truck in at the end.

When I initiated my lease (I don't know if it is the same now), Ford wasn't leasing the Super Duty Line through Ford Credit. The dealer did have lease packages available with 3rd party lease companies for the Super Duty if you wanted to go that route. Since I was going with a 150, I didn't do much additional research on that possibility.

Shouldn’t need it if the truck has the puck system.

**Midnightmoon** · 06-08-2020, 09:34 AM

Quote:

Originally Posted by NewBlackDak

Should need it if the truck has the puck system.

Good point.

Danno · 06-08-2020, 11:08 AM

Quote:

Originally Posted by Midnightmoon

Not correct. Because of the lease conquest incentives that Ford had in place at the time I started the lease in May of 2018, I ended up almost $2500 ahead of where I would have been if I would have paid cash for it up front.

Leasing isn't what it used to be or the huge negative that many people feel that it is. Of course every deal is different. But, if you shop the manufacturer's deals and aren't brand loyal, you can make a lease work to your advantage.

But now you will be driving a vehicle that will soon be out of warranty, and you could be in to a brand new truck for about the same money. If we were talking vehicles 20 years ago, I wouldn't be too concerned. Back then, they didn't have variable valve timing, turbos, displacement on demand, 8-speed transmissions, etc... Its just not worth the risk anymore as any failure could cost $5-8K in repairs. I'm on my 17th new vehicle, and will never ever buy used or drive one out of warranty.
I would be curious to see what that Ford truck will cost you in the end once you pay it off. If you break that number down monthly, you'll see that in the end you would have been better off leasing a 2020. Not arguing, just stating what has worked for me.
I just leased a loaded 2020 Chev RST fairly loaded, and the lease is $480/month CND with zero down. I couldn't buy one for that.

Jopopsy · 06-08-2020, 11:16 AM

The last two I leased, I leased with longer mileage terms to cover me. The Ford I have is a 19500 mile / year lease. Which was awesome - until the quarantine.

Now I’m probably not going to use those miles. Choosing the right allotment is always tough b/c a lot can change over the 3 year term.

I’m on the fence as to if I want to lease again in 2 years.

**Midnightmoon** · 06-08-2020, 12:00 PM

Quote:

Originally Posted by Danno

But now you will be driving a vehicle that will soon be out of warranty, and you could be in to a brand new truck for about the same money. If we were talking vehicles 20 years ago, I wouldn't be too concerned. Back then, they didn't have variable valve timing, turbos, displacement on demand, 8-speed transmissions, etc... Its just not worth the risk anymore as any failure could cost $5-8K in repairs. I'm on my 17th new vehicle, and will never ever buy used or drive one out of warranty.
I would be curious to see what that Ford truck will cost you in the end once you pay it off. If you break that number down monthly, you'll see that in the end you would have been better off leasing a 2020. Not arguing, just stating what has worked for me.
I just leased a loaded 2020 Chev RST fairly loaded, and the lease is $480/month CND with zero down. I couldn't buy one for that.

It all comes from your perspective. Realize that the truck that this 2018 F150 replaced was a 2004 Cummins Ram with ~500K miles on it. I don't have any issue with owning something out of warranty. I certainly support your decision to continually lease. If it works out better for you to always have something under warranty, then continual leasing is perfect for you.

There are multiple ways to "own" a vehicle out there because not all of us are in the same situation. Over the years, I have purchased them outright, financed for a short term to be eligible for dealer or manufacturers incentives and then paid them off, and have even done a 0% finance on my wife's 2010 Ram that made no financial sense to pay off early. The lease and then purchase happened to work out better this time for me money wise due to the available incentives as I mentioned previously. It may not the next time around. I will certainly research it when the time comes.

Danno · 06-08-2020, 01:02 PM

Like you said, we are all in different positions, so what works for one person may not be ideal for another.
One thing I have learned over the years is that ANY half decent vehicle you drive (unless its a 20 year old beater) will cost you around $500/month to drive. This applies to leasing or financing. Being in Canada, leasing has another perk for us because we only pay taxes on the lease value, not the total value of the truck. Having a 13% sales tax up here, that makes a huge difference.
They finally opened up campgrounds up here, so hopefully I'll be able to get some use out this new truck. I bought it in February and have only driven 1100 miles with it. I still don't know how well it will tow.

Jagiven · 06-08-2020, 01:41 PM

Quote:

Originally Posted by Danno

But now you will be driving a vehicle that will soon be out of warranty, and you could be in to a brand new truck for about the same money. If we were talking vehicles 20 years ago, I wouldn't be too concerned. Back then, they didn't have variable valve timing, turbos, displacement on demand, 8-speed transmissions, etc... Its just not worth the risk anymore as any failure could cost $5-8K in repairs. I'm on my 17th new vehicle, and will never ever buy used or drive one out of warranty.
I would be curious to see what that Ford truck will cost you in the end once you pay it off. If you break that number down monthly, you'll see that in the end you would have been better off leasing a 2020. Not arguing, just stating what has worked for me.
I just leased a loaded 2020 Chev RST fairly loaded, and the lease is $480/month CND with zero down. I couldn't buy one for that.

I really think it is a personal thing! I have a few friends that insists on a new leased vehicle every 18-24 months. Absolutely afraid of not having a warranty. I am the total opposite. I also always skip warranties on items I purchase.

I have only every purchased 1 new vehicle in my life, which is my 2007 Dodge. My purchase goal is to buy a used car that is less than a year old, which I have always done (excluding that truck). My newest vehicle is a 2019, purchased in August, again purchased used, with a full warranty.

Currently my average age of all my licensed vehicles is 32 years old. None of them ever have stranded me. I have never had any major issues. I have had to replace a few parts here and there, such as a muffler, brakes, tires, but not much more. I always keep up on my maintenance. Modern vehicles are rock solid, my very old cars do not get driven in the winter, but I can easily put on 7K plus miles a year during the summer months. If you are going to have issues with a new car you will know quickly.

I have saved tens of thousands of dollars not replacing a perfectly good vehicle. I may have spent $3K -to $4K on maintenance (oil, tires, brakes) on all my cars in the 12 years, while I did not have a car payment, verses the $37+K on additional car payments, based on my last car payment.

Not one of my vehicles have ever been on a tow truck. I do make sure maintenance is done when needed.

Leasing, really is a personal thing. If your comfortable, it is not an issue. If I ever have a car that I do not trust, it will be fixed or it will be gone!

OP, I would say determine how much tow vehicle you need for your camper, and extras. While shopping for your TV, look at your options. Look at your pricing, do you want a new vehicle every 2-3 years, or do you want to pay it off and keep it for a number of additional years.

jpgale · 06-08-2020, 02:27 PM

I would say it is a personal thing, the first new car I got when I first got to the US was leased, I put $4k down to get that lease and was leasing it for 3 years at the end of that 3 years I had nothing, I would need to find the downpayment again, with a loan I at least have the minimal trade in value, I have since gotten 5 new vehicles and 1 used. I have also split into 2 tracks with the only used vehicle being the start of the truck track which I replaced with a new vehicle at the end of last year. My Daily driver however in the 15 years I have been in the US has gone from the least to having a $7000 trade in on top of the extra downpayment, on the mini van I just got because of the 0% incentives. I tend to over pay my loans and get them paid off way before the term, It took me 2 years to pay off my trailer, I expect I will be able to pay the new truck off in around 4 years (if my plans work out), the new mini van make no sense to pay off except I like having the pink slips. I grew up with my parents getting a new used car every 3 years and build up value in the trades, the UK car market is now based around this with Hire Purchase types 3 year systems.

I intend to keep my new pickup truck for 20 years and I don't expect to have many issues, the minivan will be kept until it no longer makes sense for the family as I will not buy a second van after it. I am comfortable repairing myself and I am a software engineer so am very comfortable with fixing computers and stuff so that does not scare me at all.

To the OP I think Jagiven has it perfect, only you know what is best, we can help advise if the TV is enough for your trailer, but the rest is up to you situation and opinions.

**norty1** · 06-08-2020, 02:38 PM

It's good to think about these things.

I never even considered a leased tow vehicle but at my age, if I needed a replacement for the one I have now, I would be foolish to not consider a 2-3 year lease. I have no regrets buying my 06 PSD new. I may have to do a comparison cost on the other options. But hind sight is always 20-20.

Danno · 06-08-2020, 05:41 PM

Quote:

Originally Posted by Jagiven

Currently my average age of all my licensed vehicles is 32 years old. None of them ever have stranded me. I have never had any major issues. I have had to replace a few parts here and there, such as a muffler, brakes, tires, but not much more. I always keep up on my maintenance. Modern vehicles are rock solid, my very old cars do not get driven in the winter, but I can easily put on 7K plus miles a year during the summer months. If you are going to have issues with a new car you will know quickly.

The problem is that cars built in the past 10 years cannot be maintained at home anymore. I have built a dozen engines and have always done my own transmissions too. The problem today is that a lot of the parts are not available, and access to the computer system can only be done by the dealer or if you have access to a $8K scanner with the latest updates. you can't even replace calipers anymore because as soon as you crack the bleeder screw you need a computer to bleed the brakes. It's BS but that's the way the new vehicles are.

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