Contributors to this thread:
Has anyone leased a Dodge lately?
The reason I ask is because I was taught early on that a vehicle lease is a waste of money. We went out to look at Dodge trucks for mama bear and were looking at used initially. While talking to the dealer, he mentioned their lease program to us. I have not looked into the details of the program yet, but if it's as good as he described it I'm willing to entertain it.
Have any of you got any experience with Dodge lately? Apparently, all lease programs are different, but were looking strictly at Dodge.
FYI...the dealer let us take the truck home until Tuesday! Every one of you guys knows that since she has it ALL weekend...and she's ALL-ready thrilled; "I'm buying a truck whether I know/like it or not!!! Lol!
NOW you understand why I'm looking for reviews!!?
Thanks in advance!
My Son in Law's Dad has a 2017 Dodge. He swears by them.
Thanks Bent! I own my 4th one now, so there is no question it'll be a Dodge Ram. It's the leasing part I need guidance on! At my age I'm getting paranoid about doing big money stuff! Lol!
Sorry. I miss read your thread. I have a 2011 Chevy, 1/2 ton. I really don't care much for it. That being said, my 2000 Chevy had 246,000 miles on it, with original engine, and transmission. Didn't use any oil, that i knew of. A friend of mine was driving a Toyota Tundra the other day. I asked him where his Chevy was? I think it was a 2015ish. He told me he got rid of it because Chevy was having some trouble with the Truck kicking down to 4 cylinders, on highway. Not sure of the year of trucks. He said it was costing approximately $1200.00 to fix, and it was causing them to use oil. Maybe somebody will chime in, that knows more about this. I am sure that GM has corrected the problem on today's trucks.
I am still driving my 2007 with Cummins engine and 175k miles. Great truck, needs some tlc here and there but I own it. This is my second Dodge Ram and very happy with it. Would love a new one but the price tag of new trucks scares me. I think the most important part of a vehicle lease would make sure you know all the details before signing on the dotted line.
70lbdraw, just like anything else in life there are pros and cons. If you drive no more than the agreed upon mileage (miles at the end of the lease) and keep the vehicle in really good shape, leasing can be a good deal. You don't have to worry about being upside down after the lease has expired. You just walk away. If by some chance you have some equity, you have the option of buying it at an already agreed upon price. If you lease for 24-36 months you should be always be under the full warranty. You're responsible only for the scheduled maintenance, taxes, fuel, and insurance, just like any other vehicle. The monthly installments are normally a little less than a conventional loan payments.
The cons would be putting a lot more miles on it and you find yourself paying 20-25 cents a mile. That means writing a check for $2-2,500.00 for an excessive mileage charge if you had say 10,000 extra miles on it. It's worse if you have damage, hail, or have smoked in it. That could add to several thousand more that you get to pay at the lease end. Like I said there are pros and cons. Good luck on whatever you decided, Gene.
Some will say you don't own it when you lease it. But do you really consider it a good deal if you buy a car or truck, finance it and after 36 months and you have several thousands dollars of negative equity?
70lbdraw, 1st lower your poundage and you'll shoot better. What Canepole said is pretty spot on. Wheather you lease or buy, you're going to lose money on the deal unless you're my brother in law and I don't believe a word he says.
If I remember right, insurance is higher for a leased vehicle vs owned. I listen to Dave Ramsey a lot and he is always railing on car "fleases".
"70lbdraw, 1st lower your poundage and you'll shoot better."
Ben h, if you were the guy who's window I accidentally shot out last weekend, I apologize. Lol!
Seriously, thank you for all of the replies! You also raise some great questions I intend to ask!
Gene, is it unreasonable to lease for 24 or 36 months and trade up as you go? Provided the vehicle is well kept?
Dodge trucks since 1970. Presently still have my '78 Powerwagon, a 98 Ram 4x4,and the wife drives an '04 short box 2wd . All bought and paid for from day one. Leasing costs more than buying one outright,and after paying a shitload of money you don't own anything!
If you plan on always having a newer vehicle and a payment, leasing isn't a bad way to go. If you are over mileage you can usually negotiate something if you are leasing again. Or, just buy it then. New vehicles are great but they aren't much of an investment no matter how you buy or lease them. You rarely get back that initial loss that comes the day it goes from new to used.
Bentstick: you can address the GM 4-cyl. problem with as $200.00 gizmo that plugs into the computer test port. It overrides that stupid event.
Dave Ramsey and Clark Howard advise against leasing a vehicle.
Might can look into their take on it.
I'm on the other page as I keep cars and trucks at least 10 years. So a loan is the only way to go and I owe it free and clear the last 4-6 years I have the vehicle with no payments.
SB - "a 98 Ram 4x4"
I am amazed that you still have that truck here in MN. I got rid if my 99 Ram about 5 years back and everything was rusting.
I agree with the buy option if you keep your vehicles for a while although it us a lot cheaper if you can do most of the routine work yourself.
If you answer yes to these questions then a lease is a good thing to consider for your wife. If you answer no to any of them then I would look to purchase.
1. Does she drive her vehicle less then 10-12,000 miles per year?
2. Does she like to have a new vehicle every 3 years?
3. Do you like low mileage vehicles that are under warranty?
4. Do you like a lower monthly payment as opposed to a larger outlay of cash and higher monthly payment but better residual in the end?
My wife leases and answers yes to all of these questions. It's a great deal for her. She always wants a new vehicle every few years, doesn't put on a lot of miles, and likes the low payments she gets. Other than that it is really no different than buying a new vehicle and making payments but trading it in every 3 years.
"after paying a shitload of money you don't own anything". There ways of doing that with a loan as well! I have never leased a vehicle....I have tried to make it have financial sense......but I could never get there.
Brootsky said it best. Bottom line is that if you don't put on many miles per year AND like to have a nearly brand new vehicle every 3 years then leasing is a cheaper payment than owning and is the way to go. If you don't, run the hell away from a lease.
Also, as stated above Dave Ramsey is right on with this. Pay cash for a vehicle and upgrade as you save money. But then again, I only look at Dave Ramsey advice for people loaded with bigtime debt!!!! Because to live like nobody else so you can live like nobody else is a load of crap if you aren't covered up in debt. You can also die like nobody else while never enjoying life or anything in it.
We keep our vehicles for a long time (10+ years). In our case we do not need to buy the latest and greatest nor keep up with the Jones's. I believe there is a point on a curve where you start making (save) money by keeping your vehicle for "X" amount of time vs buy/lease for 3 years then get another.
When you lease a car, you are basically paying for nothing but depreciation, interest, and fees. And you have possible mileage and excess wear fees. None of that ever made any sense to me. It's a great deal for the lessor, but not so much for the lessee.
Been leasing my wife's vehicles since 1995 and what Brotsky said is the truth. We are on lease #9 in that time. All I've ever done is put a battery in a 2011 Maxima that the dealer would not take care of besides normal oil changes. We have never put on a tire or paid for any type of repairs. For me it is peace of mind knowing that she can take off on a trip and be in a reliable vehicle. They say you don't town a lease vehicle but in reality you don't own any vehicle there is a loan on....just ask your banker until the last payment it made. And by then most people are wanting to trade anyway.
Leasing is best if you drive low miles, you are unlikely to get dings/dents (its just a loaner, really and they charge you for every scratch), and you don't know if you are going to keep it. My opinion is you BUY cheaper cars and LEASE the more expensive cars with higher residual value (less depreciation means lower lease payments). I would not lease a "dodge truck" based on its residual value and likely use.
For example - It was the same price to lease a Hyundai Sonata and a Buick Enclave. Because the Buick had much less depreciation over those 3 years.