05-07-2013, 01:59 PM
Thanks for the comments.
I'm aware that I may rationalizing a deal rather than purchasing for our needs. However, there is something appealing about buying a used car that gives me a 1-year option to buy at a good price. The cost of that option is a bit pricey but I can negotiate that with the seller (ie, he throws in some cash). I know leases are generally for suckers but that is because you amortize a majority of the depreciation. However in this situation, it is taking over someone else's lease who put a substantial down payment down and has already taken 34% of the depreciation hit based on MSRP and residual value (maybe closer to 25-28% if he negotiated the cap cost).
Has anyone ever taken over someone's lease? I'd like to hear the caveats of that.
I'm aware that I may rationalizing a deal rather than purchasing for our needs. However, there is something appealing about buying a used car that gives me a 1-year option to buy at a good price. The cost of that option is a bit pricey but I can negotiate that with the seller (ie, he throws in some cash). I know leases are generally for suckers but that is because you amortize a majority of the depreciation. However in this situation, it is taking over someone else's lease who put a substantial down payment down and has already taken 34% of the depreciation hit based on MSRP and residual value (maybe closer to 25-28% if he negotiated the cap cost).
Has anyone ever taken over someone's lease? I'd like to hear the caveats of that.