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Is leasing a car a good idea?
According to Jeff, who leased a 2022 Tesla Model S, it is a financially savvy idea even though the Tesla dealer says he owes $2,200 for wear and tear items. In his TikTok video clip (@jeff.for), he explains that the dealer stated he owes money for a scuff in the paint, the tinted windows will need to be removed, and a scratch on one of the wheels needs to be repaired.
Are these items subject to excessive wear and tear when returning a Tesla lease?
Jeff says, “So, I went to return my leased Tesla Model S, and I get to the dealership, and there are like, we already know you sent in photos to the team for lease returns. However, this is how much you owe for excessive damage and wear and tear.”
He says, “The bill was $2,200, and I was like, I’m not paying that. I’ve had this car for three years; there will be some wear and tear.”
“This is what they said they were charging me for.”
- There was a $1,300 charge for a minor scuff on the paint on the driver’s side of my car.
- They charged me $600 to remove the window tint I had installed on the Model S.
- Then, they charged me an additional $200 for a small scratch on the passenger side wheel of my car.
“I told them I’m not doing that. I’m not paying for all of that.”
Jeff heads to a nearby body shop.
“So, I leave the Tesla dealer, find a body shop nearby, show them the scuff, and ask them how much they would charge to repair it. So, the body shop tech grabs a liquid from the shop, rubs it on the car, and removes the entire scuff. I don’t know what it was, but it was some kind of magical liquid. The scuff was completely gone.”
The Repair Was Free
“I asked him how much I owed him. He said, ‘No, you are good. It’s free.’ I was stunned and thanked him.”
“Next, I went to a tint shop where I had the window tint put on. I asked them how much it would cost to remove it from my car because it’s leased. They told me it would cost $50 to remove the tint from my windows. $50.”
$2,000 in charges cost Jeff $50 to fix himself
“So, I had them do it, and now, I’m shocked because the Tesla dealer would charge me $600 to remove the tint. They would charge me $1,300 to fix the scuff in the paint. Do you mean to tell me they would charge me $2,000 for something I had fixed for $50? Are you kidding me?”
“I told them I won’t fix the wheel because I don’t have time for it. I will pay them the $200 for the wheel. So, I will lease a new car, and I’m out of here.”
Why Did Jeff Lease Another Car?
He says, “I’ve been getting comments that leasing a car like a Tesla is a scam and extremely stupid.”
Jeff emphasizes, “It’s funny to read that because I have always leased my cars. I bought a car once; it was a mistake, and I will never make that mistake again. I do not want to keep a car for the entire term of the loan. It’s so unlikely because I won’t keep a car that long. Leasing allows me to choose a new car every few years, and I love that.”
Jeff Admits He Likes Driving A New Car
“I must admit I want new things and like the excitement of driving a new car.”
Jeff Will Never Buy a Car
Jeff shares, “When I lease a car, I only keep it for two or three years. I can turn it back in, and it’s not my problem after that. No maintenance issues and things to fix. It’s a hassle-free experience.”
“When you buy a car, the odds are you will want to trade that car in after a few years before the loan term is up. So, you will likely be upside down on the loan and owe more than the car is worth.”
“Then you have to turn around and buy another new car you want, and they wrap that negative value from your trade into the new loan. And that cycle repeats.”
“When I turn in my leased Tesla Model S, they take the car back. I’ve paid my monthly lease payment, and that’s it. I’m done with that car. It’s someone else’s problem if it needs major repairs.”
He Says Buy A Car If You Want To Keep It
“If you want to buy a car, pay it off, pay for all the repairs, and keep the car forever, good for you; buying a car is a good idea.”
“However, buying a car that way is not a good idea for me. So, leasing a car is best for me, but buying a car is not a good idea.”
Should You Lease Or Buy A Car?
Leasing a car works for Jeff, but it may not be the best option for everyone.
Bankrate suggests that the decision to lease or buy a car depends on your specific needs and preferences. Leasing a car is similar to a long-term rental, where you pay for the use of a vehicle for a set period, typically two to four years.
Buying a car means you own the vehicle outright after the loan is paid off, or if you pay it in full.
Here’s a breakdown to help you decide if leasing or buying is best for you:
Leasing might be a good option if you:
- Leasing might be a good option if you want to manage your budget effectively. Lease payments are usually lower than loan payments for the exact vehicle because you only pay for the car’s depreciation during the lease term, plus interest and fees. This can help you drive a better car for less money.
- Prefer driving a new car every few years: Leasing allows you to drive a newer model with the latest features and technology more often, without the hassle of selling or trading in your old car.
- Don’t want to worry about depreciation or selling: You avoid the hassle of selling or trading in a used car at the end of the lease.
- Drive fewer miles annually: Most leases have mileage restrictions, and exceeding the limit can result in significant fees.
- Want to try out a vehicle before committing to a purchase? Leasing allows you to experience a car for a shorter period of time.
Buying might be a better option if you:
- Plan to keep the car for a long time: You’ll eventually own the car and have no monthly payments after the loan is paid off.
- Want to build equity: Your car becomes an asset, and its value can be used as a down payment for a future purchase.
- Drive many miles: No mileage restrictions exist when you own a car.
- Want to customize your car? You can modify the vehicle as you wish without incurring any penalties.
- Prefer a straightforward process: Buying a car is generally easier to understand than leasing.
Important Considerations:
- Costs: Compare upfront costs (down payment, fees), monthly payments, and potential end-of-lease or maintenance expenses.
- Mileage: Accurately estimate your annual mileage to avoid exceeding lease limits.
- Wear and tear: Consider how you use the car and potential wear and tear charges.
- Flexibility: Evaluate your need to sell or trade in the car at any time.
- Credit score: Your credit score impacts your eligibility and the terms of both leases and loans.
Conclusion
Jeff’s experience leasing a 2022 Tesla Model S is a compelling case study. Despite the dealer’s claim that he owes $2,200 for wear and tear items, Jeff still believes leasing is a good idea. This real-life example highlights the process of leasing a car, including its potential costs and benefits.
NerdWallet says that the decision to lease or buy depends on your circumstances and priorities. Consider your budget, driving habits, and the length of time you plan to keep the car to make an informed decision. You can also use a lease versus buy calculator to help compare costs.
It’s Your Turn
Do you lease your vehicle, or did you buy it? Click the red Add New Comment link below and let us know.
Check out my Tesla Model 3 story: No One Believes Me, But It’s True, I Parked My Tesla Model 3 In the Front Of the Restaurant, and When I Came Out, It Had Driven Itself To the Back.
I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you’ll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.
Photo credit: Denis Flierl
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Source: torquenews.com
