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Old 04-17-2013, 08:47 PM   #1
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Grad Student Getting First 4x4: Buy/ Lease, and Insurance Cost

I'm going to grad school for 2 years in Utah.

It'll be such a shame if I never get to explore its remote wilderness, just because I don't have a 4x4.

So:

- Lease one.. On Jeep's website, it says leasing a Brand New Sport for 24 months is less than $400/mo [$9,600 2 years]

- I can buy a preowned, and the furthest I can go is $10,000. But with that price, I reckon it's gonna have lots of miles, and need some tune up crap..

Another thing is:
Being out of state, I have to get my own insurance, which presumably is more expensive than extending my parents policy. I'm 23, 2 speeding tickets.

Progressive gimme a ridiculous quote - $1,200 for 6 months. I wonder if it's me being underage, or my violations.. But I see some post in here, people pay 70, 80 bucks a month. How much do you pay for yours?

What do yall folks think I should do..buy one or lease one?

Or based on my case, do you suggest me getting other 4WD alternatives?

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Old 04-17-2013, 11:18 PM   #2
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I bought a pristine 3 year old Sahara with never-off-pavement 15000 miles, show room condition, for less than then-current base model new.

Gave my financial institution $3000 down & payments I could afford, now have less than 2 years to pay off.

I've leased rigs before. It's tricky and more expensive than you want to believe, unless you have superior experienced financial advisers.

If I were 23 yo grad student living in Utah, having a Jeep would be mandatory.

Insurance? Mine is about $400/year....but I'm a geezer in a rural area with no issues.

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Old 04-17-2013, 11:41 PM   #3
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wrangler is good, dont rule out a cherokee

Condsider:

I bought a 99 grand cherokee a few years ago, used, for 6300. leather, 4.7L v8, 4x4, hitch, well maintained, low miles. good in snow, good interior volume, good at mild offroad and overlanding. Drove it for 2.5 years, sold it for 6000 in 1 day. If that meets your offroad plans, may be worth a look.

Or an older wrangler, learn to do your own tune up stuff...

Utah is worth exploring...for sure.
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Old 04-17-2013, 11:45 PM   #4
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Lease of a 4x4 and plans to USE a 4x4 as they are intended don't mix. Dings and scratches add up as do the miles of exploring plus you have to leave it stock unless you are good with tools and can put it back 100% stock on turn in. Jeeps Wranglers hold their value very well so if you buy its not so bad. I personally only lease new cars, buy used. Wrangler was the ONE exception. Its low ownership costs and resale value are why compared to BMW's and Mercedes. The insurance angle, you will have to deal with it no matter what you drive so think of it that way...... a Wrangler will keep you from getting any more speeding tickets.
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Old 04-17-2013, 11:49 PM   #5
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Lease is for "new every two" kinda folks or for business write off...expense vs depreciation
You need to consider what you are going to do after grad school A wrangler is the type vehicle that you keep just to have makes a great second sitting in the drive.
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Old 04-18-2013, 05:35 AM   #6
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As to your insurance quote, I think that is more a function of your driving history than the Jeep itself.

I just got a quote a few days ago for the 2013 10A Rubicon that I am waiting on, and it was actually 3$ cheaper per year than my current 2010 Nissan Frontier Pro-4X truck.

So, a Wrangler is definitely not at the top of the insurance list when it comes to cost.
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Old 04-18-2013, 07:51 AM   #7
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Don't lease. You'll worry about your mileage and dings every single day. I leased once for financial reasons and it was a terrible idea. I ended up passing it on to my younger brother after a year cause he didn't drive anywhere but to school, work, and back, whereas I drive about 2,000 miles a month.

What you have quoted for a lease isn't that far off from what I'm paying monthly on my new JK. Why lease when you can own for a little more? As a current grad student (done in August, woo!), I understand being broke.

As for being out of state, you don't exactly need a new insurance policy. My mother was listed as the primary driver on my Grand Cherokee, meanwhile, it was 1500 miles away with me at school. A little fibbing, sure, but I couldn't afford to even register it under my new address, forget being able to afford that PLUS an under 25 y/o driver with speeding tickets.

When I bought my JK, my insurance only went up $5 from my GC. I expected much more, but I won't complain
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Old 04-18-2013, 07:52 AM   #8
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Yeah mine was $20 cheaper a month then my 3 series coupe so ot will level out when your tickets roll off. Also not all states report so if you get a Utah license.........
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Old 04-18-2013, 09:07 AM   #9
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Don't immediately assume your insurance will be terrible. I'm 23 and pay about $700 a year for good coverage and a very low comprehensive deductible. I believe one speeding ticket was recent enough to impact that rate as well.

I had to shop around some as I was getting quotes all over the the place. I think Liberty Mutual wanted something like $1,800 a year
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Old 04-18-2013, 09:18 AM   #10
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Yes, as stated above do not lease!! If you are wanting to use the Jeep for what it was built for, then you are going to get the "mod bug"!! With a lease you can mod it and do what you want, BUT when it comes time to turn it in, that thing had better be back to stock and in decent shape. If you want to explore Utah with a rig that was made for what the state has to offer, buy one!! Who cares if it is an older rig with some miles on it, repairing it is half the fun. As mentioned, you will always be worrying about every little ding and going over the miles. I had leased a car a long time ago and everything went great. When it was time to turn it in, my mileage was good, the car was in great shape and cared for, but they came back at me and said I need to replace the tires before I could turn it in or pay a huge fee. Uuggghh, I eventually just went and put some used tires on it. I know the monthly payment sounds nice on a lease but you are SO restricted to what you can do with it and that makes it not worth the hassle.
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Old 04-18-2013, 09:19 AM   #11
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When I was a student in another state I was honest with my parents insurance company and they were fine to cover me still under my parents. The big thing is to not change your address away from theirs. I'm from Utah and was in 2 different states, Arizona and Colorado, and as long as I stayed a student and kept them up to date I was good.

Have fun playing in Utah and I would buy a older Wrangler because then you won't be paranoid about a scratch or two.
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Old 04-18-2013, 11:36 AM   #12
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My monthly insurance payment for a 2006 Ford Fusion with 170,000 miles was $82.67 a month. My monthly insurance payment on my 2013 2 door Sport with hardtop is $77 per month (no clue if there is even a difference in price with hardtops vs softops--didn't ask). I did not make any other changes to my policy. Oh, and I'm 37 with no traffic violations, etc.

Have you discussed with your insurance provider that you will be in school and only a temporary resident of UT vs. being "domiciled" there? Domicile > Residency. Your insurance provider may not allow for that distinction in your parents' policy and base the price solely on where vehicle is located? If so, does your parents' insurance policy allow a time frame for the length of time a vehicle can be out of state without having to obtain your own policy? Ex...if the policy allows for up to 3 months or up to X% of the time, will you be driving back to your "home state/domicile" so as not to violate said time frame? Is that even an option for you to drive back on long weekends, holidays, etc.? What about other insurance options in UT? Hopefully, these questions will help you make a better decision for you.

Best wishes to you in your scholastic endeavors!
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Old 04-18-2013, 01:34 PM   #13
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My insurance on my 06 is $700/yr for minimum full coverage through wawanesa insurance. I'm 26y/o and I believe I still have one point and one accident on my record. If I get anymore they drop I believe. Also they're only available for resident of California and Oregon I believe. You would have to call to confirm that though
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Old 04-18-2013, 07:17 PM   #14
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im 21 and just bought my 2010 sport in november for an absolute steal ($19,995, 29,900 miles, ac, power windows/locks, 17's, and a hard top) i think my quote from progressive was $100 a month but since my mom was kind enough to put me on her plan its considerably cheaper (no help there) look used and find a sport with a soft top and 16's, they run around $16,000 used with relatively low miles here in michigan, and theyll do anything you need them to do. also dont forget about TJ's. those you can find for dirt cheap and fit your $10,000 cap with low miles and have a wayyyy better motor. also if you find a good late 90's early 2000's cherokee, dont pass it up. best of luck.
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Old 04-18-2013, 07:31 PM   #15
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Quote:
Originally Posted by JayDubya View Post
My monthly insurance payment for a 2006 Ford Fusion with 170,000 miles was $82.67 a month. My monthly insurance payment on my 2013 2 door Sport with hardtop is $77 per month (no clue if there is even a difference in price with hardtops vs softops--didn't ask). I did not make any other changes to my policy. Oh, and I'm 37 with no traffic violations, etc.

Have you discussed with your insurance provider that you will be in school and only a temporary resident of UT vs. being "domiciled" there? Domicile > Residency. Your insurance provider may not allow for that distinction in your parents' policy and base the price solely on where vehicle is located? If so, does your parents' insurance policy allow a time frame for the length of time a vehicle can be out of state without having to obtain your own policy? Ex...if the policy allows for up to 3 months or up to X% of the time, will you be driving back to your "home state/domicile" so as not to violate said time frame? Is that even an option for you to drive back on long weekends, holidays, etc.? What about other insurance options in UT? Hopefully, these questions will help you make a better decision for you.

Best wishes to you in your scholastic endeavors!
Thanks a lot, some of the question does ring a bell..
As you said, my parents policy does have an out of state "grace-period".. but I'm from Boston. Do you get it?
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Old 04-18-2013, 07:40 PM   #16
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I wouldn't do a 'little fibbing' to the insurance company as this will leave you with no coverage in a accident for misrepresentation, as one posters suggests(plus it lacks integrity....your a grad student and probably know better anyway). If you are a student, most companies will still consider you a resident of your parents as long as you still live at home part time. Shop around...
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Old 04-18-2013, 11:14 PM   #17
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get a cheap junker in college. it's more fun that way. treat yourself after you graduate. i had a honda civic that was held together with duct tape.

my progressive insurance on the '12 is $85/6months with almost every option.
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Old 04-19-2013, 12:22 AM   #18
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Some people are in a position to buy a new car in college, others aren't. Only the OP knows. If I had to study hard AND hold down a job for school and living expenses I would be hesitant to sign on for a $600 a month anchor. If you can great if not find a nice used TJ and go enjoy it.

I will echo others sentiments with the insurance company. Dont mess around with addresses, where you live, etc. If you are going to be a resident of UT get a UT license and claim your addy. You could be in a world of hurt if it goes wrong. I know. People do it all the time. However if you run into a bus of Jerries kids while drunk with a bunch of strippers in your Jeep........ the insurance company will look for anyway to get out of being liable for your... er.... transgressions........
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Old 04-19-2013, 12:40 AM   #19
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Insurance? Mine is about $400/year....but I'm a geezer in a rural area with no issues.
$400/year for full coverage? you must be in a very good neighborhood.
I drove a beaten up 10-year old Eclipse when I was in grad school, even I was doing TA that had my tuition fee covered.
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Old 04-19-2013, 01:00 AM   #20
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I'd highly recommend getting a Compass 4x4, preferrably used (2011 is when the redesign happened). It will get you around on trails and lake getaways just fine. You'll save a lot of money on fuel as well. You don't need a rock crawling wrangler, save it for when you graduate.
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Old 04-19-2013, 01:01 AM   #21
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I'd highly recommend getting a Compass 4x4, preferrably used (2011 is when the redesign happened). It will get you around on trails and lake getaways just fine. You'll save a lot of money on fuel as well. You don't need a rock crawling wrangler, save it for when you graduate.
Are you high? A compass? Did you hit your head?
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Old 04-19-2013, 01:02 AM   #22
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Never having had insurance before is costing you a lot. After 6 months you'll be able to get a much better price. Pick up a late model JK for the $400 or less a month and enjoy! At least it will be yours when your done paying.
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Old 05-22-2013, 08:39 AM   #23
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Don't immediately assume your insurance will be terrible. I'm 23 and pay about $700 a year for good coverage and a very low comprehensive deductible. I believe one speeding ticket was recent enough to impact that rate as well.

I had to shop around some as I was getting quotes all over the the place. I think Liberty Mutual wanted something like $1,800 a year
What provider do you have?
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Old 05-22-2013, 10:09 AM   #24
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An older Grand Cherokee may be a good option for now. We were looking at selling our '97 but since it would only bring about $2500 my undergrad daughter is driving it. The older GC's have the 4.0L straight six engine which is a great reliable engine.

Not a Wrangler or even close but still a capable off-roader if you respect its limitations. Also a much cheaper vehicle should equate to much lower insurance premiums.
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Old 05-22-2013, 06:37 PM   #25
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Never having had insurance before is costing you a lot. After 6 months you'll be able to get a much better price. Pick up a late model JK for the $400 or less a month and enjoy! At least it will be yours when your done paying.

And when and if you get tired of it and want to upgrade, you can trade it in with great resale value.

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