Quote:
Originally Posted by Isaac Zachary
Of course to jump through the hoops to just get a tax credit via leasing means learning a whole new way of obtaining a vehicle. In other words, it opens up a can of questions (they might be wormy questions) that I'd need answered. Do I get to purchase the vehicle after I lease it? How would that compare to someone buying a new one and getting a full tax credit? What if I go over the mileage limit during the lease? I did over 30,000 miles the first year I had the Avalon, for an example. Does having a lease mean I get free oil changes at a dealer hundreds of miles away (or at least 70 miles to the nearest dealer)?
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Sometimes you need to learn new things.
Yes, you can purchase a leased vehicle at the end of the lease. The purchase price is set when the lease contract is calculated before you sign the lease documents so you know the purchase price upfront.
Leasing is slightly more expensive than buying. When I leased my 2016 Spark EV it was about $500 more expensive to lease instead of buying up front. There are a few fees involved with a lease. A lease then buy is very similar to a balloon loan.
If you go over the allowed mileage you pay BIG mileage fees if you turn the car back in. If you buy the car it doesn't matter. (I leased my 2003 Jetta TDI Wagon with 10,000 miles allowed a year even though I knew my wife was going to be driving 25,000 miles a year just to commute to the university. I leased instead of purchased to lower my payment an give me some wiggle room in a VERY tight budget)
Whether maintenance is included in the lease price depends on the vehicle brand. Generally it is only luxury brands that include maintenance.