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Discussion Starter · #1 ·
Hi All,
I have a 2010 Unlimited Islander with 60K. I like it a lot, but I know I'm about to enter a period of potential repairs and maintenance. I'm also jonesing for a sporty convertible for commuting that wouldn't require the work to go topless my Jeep does.

Here's what I'm thinking: I could trade in and pick up a one year old Mustang convertible and finance about $9k for $150/mth. and then lease a brand new Unlimited for, I'm guessing, $350/mth. The two would be just about $100 more/month, both in warranty, better commuting mileage with the Mustang, and lower overall mileage on each (I drive about twenty a year).

Thoughts? I'm not good at putting repair money aside, and having a convertible AND a Wrangler (for days with the kids) might be win/win.
 

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Discussion Starter · #3 ·
The Murano is gone and was way overpriced. But, yes, I only need it as a four-door SUV convertible.

My original thought was to buy a 2-seater convertible, then I would need a Wrangler, but with the Mustang I could always use a truck.
 

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I am not a lease expert but I may be able to contribute a bit on this topic.

My disclaimer: I am currently in my first lease on a 2012 VW Passat that will expire in May. I have never considered leasing a Jeep so I am not familiar Jeep specific lease programs.

My thoughts:

-Negotiate the price first then lease payment. Negotiating a lease is not as straight forward a purchasing. Researching online is helpful.
-How much will you be required to pay upfront? You can put more down to reduce your lease payment but not sure if I would recommend that. I was required to put down $2,000. Sometimes offers pop up that do require money down.
-How many miles will you be allowed? Since you will be dividing the miles between two vehicles you should be good here. Mileage is a negotiable.
- A lease will improve your credit score (obviously if payments are current and timely )
- You will probably have to pay a predetermined fee upon turning the vehicle in at the end of the lease. My VW is costing me around $400.
- As long as the vehicle does not have have significant damage upon the termination of the lease you will avoid other fees.
-I do not think you will want to modify your JK since you will probably have to turn it in stock.

My overall lease experience was good. I needed a vehicle at a time when I started a new career. I did not have the time to research vehicles so I decided to replace the outgoing vehicle with the current model. This was due to an unexpected estimate of $2,500 in repairs to 13 year VW Passat with over 100K miles. I drive less than 10K a year so mileage was not a problem for me.

Good luck.
 

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I leased only because there's a lot of uncertainty in my future and I needed a "back out" plan if i needed one. I went into the lease with the intention of buying afterwards (23k) but i leased so if you know what hits the fan, im not stuck with a payment i cant afford for the next 6 years. I also wanted to know exactly what the 2017 would have before I make my purchase. Granted, if you KNOW you want a jk and you KNOW you have a steady income, then by all means, buy it, not lease. thats up to you! :)
 

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I'm leasing because of bk on my credit file and it's about $99 less a month than purchasing. I plan to buy when the lease is up and hopefully my bk is off my credit file so I can get a better rate. If I would have bought and had a 7 year loan, I would not have been able to get the JKWW. It would have been too much for me to pay. The residual when the lease is up is around $20k. The back-out is also nice if I would have to take that route, I think it's $995. I paid $2k down and pay $380/mo. Of course after the mods I made I probably should have leased a base Sport with hard top, auto and a/c. And yeah, I've already heard a million times the 'You don't need a/c if you have a soft top'.
 

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You are not going save money owning or leasing two vehicles if that is your goal even if the Mustang gets twice the mileage of the JK.

I suggest you drive a new JK for a weekend so you can experience how much much better the 3.6 makes the JK on the road. Get the dual top option. The Sunrider premium top is very easy to open partially or completely, unless you really have to have push button operation.
 

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???

You're concerned about "maintenance and repairs" so you are going to go out and purchase / lease 2 vehicles instead?

Justify it however you want, but what you propose will never make sense financially. All to justify NOT spending the 5 minutes it takes to get the top off your jeep?

It's your money, do what you want. Just don't kid yourself into believing it's a sound financial move, because it's a pretty dumb move IMO.
 

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Discussion Starter · #9 ·
You're concerned about "maintenance and repairs" so you are going to go out and purchase / lease 2 vehicles instead?

Justify it however you want, but what you propose will never make sense financially. All to justify NOT spending the 5 minutes it takes to get the top off your jeep?

It's your money, do what you want. Just don't kid yourself into believing it's a sound financial move, because it's a pretty dumb move IMO.
I know what you mean, but if I add the costs to repair my Jeep out of warranty, it would be prohibitive to own--I've replaced my heater core, which had to be re-fixed because of a bad rattle, intermediate shaft, I'm losing oil somewhere, EGR valve, the rear differential needed replacing, etc. and that's only in three years and 50k miles. I'm at the point I'll be getting into ball joints and other wearable suspension parts.

I may not save money monthly, $400 vs. $500, but in the long run it'll be...easier? Especially since I'm not disciplined to put money aside for repairs.
 

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My take on it is that leasing is good and bad. My parents leased a ram when we first moved to the area because we needed another vehicle and could not pay out of pocket on an old beater and had no money for a down payment. The restrictions on the lease became a problem only near the end of the period when the vehicle gained some minor damages and my parents had to pay for it.
Personally, I just bought a new jk with 2k as a down payment because I plan to own it well after the Jeep is paid for, so estimated 10+ years
 

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I wouldn't worry too much about leasing and things like wear and tear, mileage and taking it off road. If you don't destroy the vehicle, negotiate a great price, all you do is sell the vehicle instead of turning it in, art any time during the lease. I've done that now on 2 occasions and both times I had equity in the vehicle, even with $0 down on both.
 

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I would never lease a Jeep but that is just me, I see a trail and I am going up it.

But here is another option to consider and you may laugh but forget the Mustang and trade the Jeep for another Jeep. You current vehicle should be worth somewhere around 20K on a trade. That is a big dent in whatever you want to get, less than $10K to finance if you go with a sport.

Now the part where you will laugh, Lease a Nissan Leaf. This depends on your compute but at $199 it is to good to pass up. This is strictly a commuter vehicle. Not counting the lease cost this cost me about 50 cents a day to drive, I have a 20 mile round trip commute.

Under this setup you would probably drop your current payments by $100 a month.
 

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Sorry but your 5 year old Jeep is still a long way off from cost prohibitive repairs. The extra cash in car insurance for the second vehicle would likely more than cover any needed maintenance.

If you want two vehicles then go for it; but it's impossible to justify financially.
 

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Discussion Starter · #14 ·
I would never lease a Jeep but that is just me, I see a trail and I am going up it.

But here is another option to consider and you may laugh but forget the Mustang and trade the Jeep for another Jeep. You current vehicle should be worth somewhere around 20K on a trade. That is a big dent in whatever you want to get, less than $10K to finance if you go with a sport.

Now the part where you will laugh, Lease a Nissan Leaf. This depends on your compute but at $199 it is to good to pass up. This is strictly a commuter vehicle. Not counting the lease cost this cost me about 50 cents a day to drive, I have a 20 mile round trip commute.

Under this setup you would probably drop your current payments by $100 a month.
Actually, we had a Versa we traded in for a Cherokee back in October! Loved it as a commuter car, but it was...soulless.
 

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If you have to lease you can't afford the vehicle. That's always been my thinking.

Why do you think there are so many 2 and 3 year old BMWs, Mercedes, Land Rovers etc on used car lots...
 

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I'd keep the 2010. Add up the lease payments for three years, plus the upfront investment. Do you really think you'll spend that much on the upkeep of a Jeep that is barely broken in? New is nice, but there is something to be said about a paid off vehicle. I bought a 2001 GMC Sierra in Oct 2000. It was paid off within two years and I kept it for a total of 14 years. No payments for 12 years and I put maybe $2000 to $2500 in it for repairs and replacement items after the warranty ran out, as well as regular oil changes. That includes $800 for a fuel pump and all the fluids being replaced and $600 for tires. The only reason I sold it was I had no room after I bought the Jeep. I plan on keeping the Jeep for way more years than a lease would run. No way would I lease.
 

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Discussion Starter · #17 ·
A few things have occurred to me these last couple days:

1. Money is less important to me than not having to think about warranty/repairs, etc.

2. I get bored of vehicles quickly (three years, tops).

3. I've either had the Jeep long enough to be bored, or I'm not the "Jeeper" I thought I was, because for a few months I've been picking apart things I'm not thrilled with--those might be going in the new models, which I'll try in fall if I'm missing mine since...

I bought a red and black 2013 Mustang convertible yesterday, so my Jeep is going away. It was cool for a few years, and I'm sure I'll miss the Jeep wave, but I sure am looking forward to sporting around! I'll buy or lease an SUV (maybe a new Wrangler) or truck in fall and have the best of both worlds.

Thanks for the thoughts, all.
 

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... and lower overall mileage on each (I drive about twenty a year).
Putting less mileage per year could have some side benefits too.

Insurance rates drop, and drop substantially, if you can get one or both vehicles below some mileage threshold (mine is 7K per year).

In my state, you are except from Emissions Inspections if you put on less than 5K per year on a vehicle. Might not mean much for a newer vehicle that's still under warranty, but for a 2010, such might help.
 

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If you have to lease you can't afford the vehicle. That's always been my thinking.

Why do you think there are so many 2 and 3 year old BMWs, Mercedes, Land Rovers etc on used car lots...
Huh? All you are doing with a lease is paying for the depreciation of the vehicle plus a little interest. Because you are only paying for the depreciation and not the full vehicle price, the payments are lower. If you like to switch vehicles every few years, leasing is the way to go.

I've leased 5 vehicles. There are also other advantages. Leasing lets you drive the vehicle for a few years and if you get sick of it, just turn it in. Sometimes things that eventually drive you crazy about a vehicle won't be obvious from a test drive. Also, if you wreck your vehicle with a lease, you fix it and turn it in. If you own it and it is wrecked, it will be harder to resell a wrecked vehicle on the private market with things like Carfax these days. That happened to two of my leased vehicles, one of them was in two accidents and neither one my fault. Just turned in the vehicle.

Having said that, I would only lease a Wrangler if I didn't intend on modifying it or if I knew I was going to buy it as lease end. Part of the fun of Wranglers is all the mods.
 
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