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Discussion starter · #1 ·
Im looking into leasing a new 2019 f150 xlt, I will be trading in my 2016 f150 which I owe $14000, which gives my a positive equity of about $15000. The question is how does this work? Do they pay off loan and give my a check for the $15000? I have never leased before, so Im not sure how that works. I traded every 3 years, with less than 36000 miles. Or os it smarter to just refinance?
 
they pay off the loan and usually use the equity as a down payment. You don't want to put that much down on a lease though. At most only 2-3 grand. I am on my 3rd F150 lease and while i love leasing its not for everyone.
 
Are you saying that they are essentially giving you $29000 for your truck? If so, then I think you have it right. They probably cut the bank a check and you a check. Or they just cut you a check that you take to the bank, either way, same deal.

Buying, if you can afford it, is always better than leasing imo. I leased for a couple of reasons, not just that, but at the end of the lease you will be either buying the truck probably for more than you want to pay, or turning it in and going through the whole money down/etc negotiations all over again. plus you have to deal with mileage. If it isn't that I've never seen anyone get the "advertised" lease price (its almost always more for some reason), its that they get you with the 10000 miles a year lease which seems the typical starting point nowadays.

So its $149/month but what you don't know is that is base model, 10000 miles a year, and $3000 down. By the time your done figuring it all out, your payment is closer to $300/month, and you don't own any of it.

If it were me, and I liked the truck and it had low mileage like you said, and no issues, I would probably just keep it. Refinance it, or whatever. At least you know the history of your truck. Or if you want a new one, buy it if you can. The way the prices are nowadays, I'd almost look for a used 2018 or wait a bit to find a used 2019 and buy that. Saves you some money, and still practically a new truck.
 
^very well put, the TV ads are very deceiving. You can lease an STX or base XLT for next to nothing but once you get up to a 302A XLT prices really go up, forget leasing a lariat or anything higher.

I lease because i like always having a vehicle under warranty and like a new vehicle every few years, plus with the discounts i get it really makes it attractive but yes you do have that constant payment
 
Discussion starter · #5 ·
Just to clarify my question, I will either lease or buy a new truck, since I like to trade every 3 years. My current payment is relative low($456) per month. I'm just trying to figure out my best option. I would definitely not put down a large down payment on a lease if I was to go that route. I just like to ask questions on this forum and get everyone's opinions
 
are you one to modify your trucks a lot or keep them pretty stock?
 
If buying is working for you now, I wouldn't change. The only reason would be if you saw a significant decrease in payment, and could handle the mileage limitations. Unless your getting some magic from your dealer with A plan discounts and what not, I'm guessing leasing isn't going to do this. Go in and find exactly what you want on the lot, and ask what the lease price would be with lets say $2500 down. Then ask what the payment would be if you bought it and put $15k down. If your not saving $100 or more a month on the lease, I wouldn't lease. Just remember, you will never get that down payment back from the lease. You could always try for a $0 down lease (i doubt think they do this though), and at least you keep that money, but your payment will be much higher as a result.

I wonder, do they have any 0% financing programs now? If you can buy on a 0% (or close to it) program, that is the absolute best way imo. You get to use that money for free and all your payment goes towards the cost of the vehicle. Even at 2% finance that is still a good deal.
 
every once in a great while they have 0 down leases, rare though
 
To me, leasing works well if you don't drive over the limited miles allowed per year and you need a new vehicle every 3 or so years...

I don't fall under either of those categories, so I like paying off a vehicle and driving it to the ground and then getting the next "new" thing about every decade or so.. :)

My last F150 was a 97 and then now a 13 so there you go..

Anyway, don't matter what a bunch of interweb goofs thinks... It's what is going to work for you.

Good luck!

Mitch
 
The biggest question with a lease is mileage. If you go over the allotted mileage, you will get *raped*. No lube involved. Run it up too far and you're stuck with either paying huge penalties or having to buy out the vehicle (which, if you want a new truck every few years, isn't the option you want).

Bottom line, make sure you read everything in minute detail and make sure you're willing to comply with everything.
 
Anyway, don't matter what a bunch of interweb goofs thinks......

Good luck!

Mitch
That's me! An interweb goof

And it's true too. What I think can't actually matter that much.

But still, leasing would suck for anyone who thinks the oem-as-delivered F150 is an 80% finished product that is waiting for the owner to address the shortcomings.

I gotta buy it so I can finish it so I can enjoy it until it's a family members turn to wear it out.



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If you’re having to make separate posts online about purchase price and then about leasing, are you barely scraping into the new truck? Why not just keep your low mileage 2016?

I hate to tell people how to run their lives, but my gosh it’s lovely having no car payment. I’m fortunate to have lost the “new car every 2-3 years” syndrome by my late 20’s. But, hey, it’s your life and your money.
 
Discussion starter · #13 ·
Well, I'm definitely not scraping by! Im just trying to figure out the best route to go. Yes, I can keep my 2016 truck, which is in Perfect condition, but I like a new truck every 3 years. Im just trying to get inputs and opinions
 
Leases are not that bad...you pay a little more but you get a new truck every 2 or 3 years and you shouldn't buy any brakes or tires. I've done them all buying worn out cars,new and leases. My 65 year old father decided after years of the same thing wrenching on them to go with a lease.

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I'd be a perfect candidate for leasing if they came with Bilsteins, 35's, Audiophile entertainment, Lariat Sport grills, and 400+ HP, and 15,000 miles per year.

But they don't. So I'd be driving it every day tortured by not being able to address the OEM shortcomings.

An F150 is the most amazing canvas in all of the personal transportation world. But they come unfinished. Even the $65,000 examples.

Porsche makes a few vehicles that I could lease. :)

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I usually spend 10 years or so in a vehicle, and like having no payments for a period of time, so I'd be a terrible candidate for a lease. I have 72,000 miles on my '16, so there's that factor too. We also had a pretty poor experience with my wife's last lease and it left a bad taste in my mouth for leases.

2016 2.7 4x4 screw
 
I usually spend 10 years or so in a vehicle, and like having no payments for a period of time, so I'd be a terrible candidate for a lease. I have 72,000 miles on my '16, so there's that factor too. We also had a pretty poor experience with my wife's last lease and it left a bad taste in my mouth for leases.

2016 2.7 4x4 screw
Ya true...but when your getting another one the wave a lot a things wrong with the vehicles. Leases are a pain for that when you want to walk away and go to another manufacturer.

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When my wife leased the car, she told the sales lady that she drives X number of miles a year, and she would definitely go over on the miles. She'd never leased before and wanted to know if that would be a problem. The sales lady said, and I quote, "No, not if you turn it back in here, and buy something else from us. They let that slide."

Turned out to be a total crock of crap. The sales lady used my wife to get some numbers that day. When she turned the car in we were hit for over 4,000 dollars that were tacked on to the next car, so we are currently very upside down on it [emoji2957]. We weren't married when she got the leased car. I was there but had no say, and with the last one I wasn't there. She's banned from purchasing any more vehicles on her own. Lol.

She should have gotten something in writing, or not believed that junk.

2016 2.7 4x4 screw
 
My guy, the fella I bought from for about 15 years, LOVED Brenda. She was always bringing him banana nut bread she made herself and also overseeing his health issues. (he had heart issues and high blood pressure, she was a cardiac research nurse)

Richard would give Brenda a better "deal" than he'd give me. And he had no problem rubbing that fact in to me.

Of course, that was win win for me. Why would I object? Lol

Richard passed away in his driveway one day while loading up his Excursion to go to Daytona for the 500. He never missed it.

And most of you fellas know about Brenda. I lost her 5 years ago today. (Easter Sunday April 20th 2014)

It's a bitter sweet weekend obviously. But those two working a deal is actually cherished memories. It was a hoot to watch.

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