I'm in sales at a toyota dealer and around 60% of our sales per year are leases. never put any money down like they said!!!! The nice thing about a lease is a lower monthly payment and always having a car thats under warrenty!! Unless you are a cash car buyer, a lease is a nice option. After 3 years of driving the car you get to take a step back and figure if you like the car enough to continue to own it, or if another option might be better for you. It's like tim said, it'll take 2-3 years of paying a 60mth note to even start dipping into the equity of the car and by that time your so far upside down it it that your hosed.
for example on a new toyota camry; est. $24k price plus tax title & doc fees
0 down purchase 60mths @2.9% -- $480-$500 per month
0 down lease 3/12k-- $289-$300
and that's if negotiation skills blow and they get you at msrp
are the savings worth it to you?
Typically look for what has the best incentivized lease program
usually with toyota's you can lease 3-4 new cars with the same money that would buy 1 new one. That means 3-4 new cars always under warrenty over 9-12 years in the same cost as one purchased. and typically 85% of poeple trade their cars in before they are even payed off reguardless!!!