Lease or buy an LR3?

[PaulLR3]

I've read that a 3.0 diesel V6 is being developed for the LR3 as well as a 5.0 V8 with 350 HP to replace the current V8. There were also spy pics of these engines being tested in LR3s in Finland. Of course you really can't trust these "spy" stories. I'm trying to decide if it makes sense to lease an LR3 for 24 months then turn it back in for a diesel or new V8. I know depreciation is high on the LR3 and SUV sales are dropping as people opt for crossovers and better gas mileage. Then again, if I buy an LR3 now, we would probably keep it for at least 50,000 miles, which for my wife is 5 years of driving. What are your thoughts on leasing vs. buying an LR3?

 

[vinnysca]

If you plan to switch cars every couple of years and if you already own another vehicle free and clear (which you might need to use so that you don't pile up miles on your lease vehicle), then leasing would be for you. But, if you're like me and want to keep your vehicles for as long as they can run, then buying it would be better.

Also, think about, "do you really need more than 300 hp?" What are you trying to haul? If any. Interest rates are low right now, and might be coming down even more. So, waiting for that extra 50 hp might not be worth it.

300 hp has more than enough "ummmmph". It gets me to where I need to be. I'm not a drag racer in it and won't be. Geez, it's several hundred more pounds heavier than my Suburban and it's shorter! Besides, who here goes FAST when they are off road anyway?

So, if I were you...get your LR3 now and don't wait for the new enginie. It'll just be thirstier for gas anyway.

Vince.

 

[Cascade Rovers]

Leasing isn't what it used to be. Back in the mid to late 90's banks smartened up after getting stuck with lease returns they owned for more that they were worth. Now residuals are set low and many times you pay more not less to lease. With interest rates the way they are right now buying is the way to go. The money factors on a lease don't compare. Don't wan't to loose $5000 after you've crossed the curb? Why not pick up a nice used 2006 or 2007?

Good luck either way.

 

[roverman]

Never buy a new one if you're watching your pennies. It all depends on how often you are going to turn it over though. If you're going to keep it 2 years...lease. A lease will cost you about 14k out of pocket, whereas I bought my '05 used for $25000 off! I'll be getting the extended warranty and running it until it won't run no mo.