I have never purchased a land rover product before and wanted to know what the best option is. should i lease a new one or just purchase a used one. Would you recommend getting a used one with factory warranty or just leasing a brand new one
15K miles a year is way too much for me. i was thinking somewhere between 7,500 - 10,000. Plus i'm looking to stay within a certain price range monthly wise. Very tough spot, i don't know how the whole buying a car process works in the terms of depreciation. very familiar with leasing but lease requires (i think) full coverage insurance and so that's a bit over my budgetHard question to answer without more information. 15k max a year is good for me so I lease my dailie (g63 and rrs), and buy the toys and workhorses (siennas and vans).
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Absolutely agree. Electric technology is still in its infancy so long-term value is questionable and higher risk vs. conventional cars. Who knows what battery issues/costs there may be in the long-term and how much more attractive the latest electric car technology will be in the future? Therefore the advantages of leasing are more attractive for an electric car right now.Now, an electric car I would definitely lease, because when the lease is up, with advancements in technology, the battery will likely be much improved.
Yes, leasing is the same as just saying "It's just a rental". I often use that exact phrase. The thing you need to answer for yourself is whether and why you want to "own" the car or just pay for the use of a nice car each month.I feel like I dont really own the car, like it’s not really mine. And what if I got a small tear the seats, or a scratch on the bumper? Maybe I could live with it if it was my car, but I’d have to repair it with a lease.
Very interesting! What is your sales tax rate in TX?Finally, in TX, you pay sales tax on the full price of the car when leasing, up front. This is because the DEALER takes ownership from the manufacturer and at any change of ownership due to a sale (not inheritance/gift), taxes are due. Maybe you can roll it into the monthly payments but that will involve interest. Then, if you want to buy the car at lease-end, you pay sales tax AGAIN on the residual!!! So, anyone who cannot write off a lease in TX and gets one is a moron, and even if you can write it off, well that doesn't make it free! "It's a write off" as a (often sole) defense for spending money doesn't usually come out of a smart person's mouth! (I am a CFP® by the way)
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Very good advice. Other manufacturer finance companies automatically include gap insurance in their lease agreements, e.g., Audi and Mercedes, but it seems that Land Rover Financial does not do the same. it's a fairly small amount but you do need to ask for it explicitly from your insurance agent.Now, even if you have full coverage, you STILL want to ensure you have what is called GAP coverage. If you buy a new car for $80k and total it 6 months later, the value of it is probably $65k (its used and has maybe 10k miles, may be a model year older too). That is what you will be paid, but if paying maybe $1k per month in principal you will still owe $9k more than the insurance company will pay your bank. GAP coverage will cover this difference.
Ugh, that's unfortunate. Thanks for pointing that out and I will never lease in TX (unless I become a realtor)...Finally, in TX, you pay sales tax on the full price of the car when leasing, up front ... Then, if you want to buy the car at lease-end, you pay sales tax AGAIN on the residual!!!
I think this is a key point for luxury cars: Flexibility and shifting risk.Even if it costs a little more, I like having the option of not being stuck in a 5-6 year loan and being able to turn the car back in after three years if it has had mechanical problems.