Here’s a prime example of leasing a new car vs owning a CPO model. This applies to most cars, but I’m choosing an extreme example to make some points. Maserati Ghibli 2018 (new) vs 2015 (lease return)
1. They both sound awesome, and have similar underlying parts. Most people won’t be able to tell the difference between the new 2018 and the old 2015. You will get the temporary dealer plates either way. Maintenance would be similar between the two, with a major service in there.
2. 2018 lease: $5999 + 36($699) = $31,163. You pay this amount and don’t have a car after the lease period. You’re out $31,163 overall, and you’re looking for another car to throw money at. If there is “excessive” wear and tear, mileage, scratches, and dents, you owe the difference. The insurance requirements are 15% higher here than the similar looking older one. You could buy it after the lease for $30k if you please, but you’ll be out $30k more if you do that.
3. 2015 owned: You pay $28,950. You own it outright. You need not worry about scratches, dents, or anything else. After 3 years, the car still looks similar to that 2018 model, except you could resell it for $15k. Insurance is lower. This means you’re out $14,000 if you sell it, but at least there is value. You could just keep holding it, given you would have spent $31k in lease payments and have no car. Don’t forget the money saved from not spending on the huge new car depreciation, and from not going into other cars you would have leased or bought following the lease. To sweeten it, you reinvest the $3k difference between leasing and owning. It grows to $5k during the 36 month period. Net cost: 14k-3k = $11,000. Wowza.
Once again, this is an extreme example. I’m facing a similar scenario with my CPO Hyundai Genesis. It’s much better to own a much more reliable car, but I do love Maseratis. 🙄
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