Ask a car salesman
My brother in law leased a Tahoe. On trip down to FL the air conditioner stopped working. While down in FL he took it to a local Chevy dealer to get it fixed.
However, my BIL had to pay for the repair because he was over his mileage? This happened this past spring.
My question is, is that normal if you are over you mileage the repairs are your responsibility?
The other question is, does the dealer care how many miles you put on each year (do they really check), or just the total at the end??
You can get a more accurate answer from something like kelly blue book (kbb dot com). I would think a 10 yr old car with 100k has considerable life yet which would be reflected in the price depending too on condition of rest of the car. Not sure why the mileage info on the title would affect price.
Ok i just recently found out a vehicle in Wi. that is 10 years old or older the miles is exempt, ( on the title) I have 2 vehicle's that are exempt. So my question is if a vehicle is 10 years or older but has lets say 100,000 miles or less should the price of the vehicle reflect the low miles?
Were on 4th lease. Small SUV Ford Escape. I pay extra for a policy to cover damage if any at end of lease. I think its great. Nice up to date car all the time. Only problems we have are the electronics and that's us not the car. 4 cylinder with charger goes plenty fast enough entering freeways.
I leased my first vehicle last year 2015 just after Christmas a 2016 Ford explorer. It is my wifes vehicle and her commute to work to is about 2 miles. We took a family vacation to Kentucky last year and it just turned 12,000 miles on it this week. Mileage is not a problem for us. I was also wary of having nothing at the end of the lease. We saved $150 a month with a lease instead of buying. We always put our vehicles on a 6 year note. Usually would get a new vehicle about the time we paid it off anyway. I guess I except the fact that we will always have a car payment. I like the fact that the main family vehicle is updated and dependable. We also got some features like heated seats, leather, navigation that we never would have paid for if we purchased. Even after 3 years the buy out would probably be about we would have still owed anyway. When the lease is due in 2019 I will find out how it goes. Because I will be well under mileage I hope for some equity.
You never want to lease with the intention of building equity ! 85 % of the time that doesn't happen. Leasing is definately not for everybody. However is has developed into 25% of our New car business because of the affordability and tax savings. Lease customers only pay approx 50% of the sales tax that you pay when you "Buy" it. The advantage of a lease is your payment is significantly less than a purchase payment and you typically don't have any repair expenses to fork out either. No tire expense, No brake expense etc etc. It is true that you dont have ownership of the vehicle at the end of the lease term but in its place you should have the difference in the payments in the bank instead of the equity in the vehicle. If you lease you will probably always have a car payment, but its usually half what a purchase payment will be and your usually always under warranty and driving a car with the latest technology and safety features. If your the type of driver that keeps a vehicle for a long time then leasing is not for you. Its just an alternate way of financing a car or truck
I too would like to understand vehicle leases as I'm about a year from replacing my old pickup. How do you build equity in a leased vehicle? I never considered that option because I always viewed leasing as a way to get a new vehicle at a reduced monthly payment. Downside was that after the term was up, you're left with nothing unless you buy the vehicle.