Quote:
Originally Posted by Dion
You'd be surprised how many people are "empty millionaires". That is, they lease the Benz/RangeRover/BMW, then they beg, borrow and steal to scrounge enough cash for a massive mansion. Unfortunately, the houses are, in many cases, literally empty. It's all about keeping up with the Joneses.
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I don't get the hate for leasing vehicles. Some people like a new car every three years. If that's what you choose to spend your money on, it's way cheaper to lease each time than to buy. Your monthly payments are lower and at the end of the term you can just walk away from it. For business purposes, you can usually claim higher expenses for leasing, compared to purchasing the vehicle and claiming CCA. Many people don't know anything about repairing cars, and don't want to have to go through this process when the car gets age on it. There are many reasons why people lease, and if you can afford it, why not?
For the record, I purchased a 2008 BMW X5 this year and paid with a cheque. I have leased one car in the past and wish I had leased the one I had before my current vehicle. I had a tough time trying to sell it and leasing would have cost me less over the six years I owned it.