Jump to content
gleninjersey

Do You Lease Or Buy Your Vehicles?

Recommended Posts

Just now, Krdshrk said:

I only buy.  I view leasing as a long term rental.  Mileage restrictions suck as well.

This

Leasing makes no sense to me.  Take my money for the term of the lease, charge me for ANYTHING when I return it, and I get nothing at the end.

Share this post


Link to post
Share on other sites

I used to think leasing was a crock too. Then five years ago I did the math.

The last car I owned was an Olds Intrigue loaded. I owned it for 13 years and 160,000 miles. After I sold it I added up the cost of the car, maintenance and repairs and divided by the number of months. Answer: $285/month.

So now for an extra $25 to $50 per month I can drive a brand new car and have no unexpected repair bills. Everything's always under warranty. (Of course the insurance on a new vehicle is more than it was the last 9 years on my Intrigue.)

One other thing. If the car you own is seriously damaged in an accident, that fact will greatly reduce the resale price when they run the CarFax report. You have to eat the loss. In the case of the lease, you hand in the key and walk away. (This assumes in both cases you have the car repaired under insurance.)

Of course getting a good price on a lease is a whole other post.

  • Like 5

Share this post


Link to post
Share on other sites

I lease only because there is no daily driver that I want to own.  At least I have yet to find one.  I also don't wan to be responsible for repairs in 3 years.  Maybe if I find something I want to keep, I will buy it.  

The amount of money I paid out over the course of my last lease (up Feb 4) is less than the amount of depreciation the car has experienced over the last 3 years.  If I had bought the car, I would have lost money trading it in over the the cost of my lease. 

If I was to get a Vette, I would buy it cause I know I would want to keep it.  Otherwise, I lease. 

Share this post


Link to post
Share on other sites

The cheapest way to have a car is to buy a two or three year old car and drive it till it stops moving.  But cheap does not always mean best.  That 12 year old car might just give up the ghost when you are in a bad part of town, and oh crap you live in New Jermany and can't have a gun with you :)  Leasing is actually cheaper than buying if you want a high priced luxury car.  Leasing is cheaper than buying if you want a new car every two years, especially if you don't want to have to deal with selling a car privately.

As mentioned if you have major damage to a car, even if "perfectly" repaired that car will never be worth what a clean one will be that did not have that damage.  

I had a leased car that was rear ended under the Betsy Ross bridge near Philly.  The back was totally smashed and the car was just driveable.  The lease was up a two weeks later and I was leaving on a business trip to Europe three days later.  I took the car to the dealer the day before I left with the insurance info and police report and said here is your car I am done you deal with it.  That was the last I ever heard of the car and they handled everything.

 

Bottom line, there is no one right answer, even though for most I agree that generally better to buy if you can't take the lease payments as a business expense.

 

 

Share this post


Link to post
Share on other sites

Both, I own my wrangler and my truck and lease the wife's vehicle. I'll keep the jeep forever and when the truck dies I'll buy another used truck as a DD. I'd rather my wife have a newer dependable vehicle to drive our daughter around in and not worry about breaking down. My wife is a stay-at-home mom so she will definitely be under the 15K miles per year. However the next vehicle we are probably going to end up buying a Toyota sennea because the venza is just not big enough especially now that we're planning on getting a third dog. 

Share this post


Link to post
Share on other sites
23 minutes ago, fishnut said:

Both, I own my wrangler and my truck and lease the wife's vehicle. I'll keep the jeep forever and when the truck dies I'll buy another used truck as a DD. I'd rather my wife have a newer dependable vehicle to drive our daughter around in and not worry about breaking down. My wife is a stay-at-home mom so she will definitely be under the 15K miles per year. However the next vehicle we are probably going to end up buying a Toyota sennea because the venza is just not big enough especially now that we're planning on getting a third dog. 

Sienna is nice.  Going total Minivan eh?  

  • Like 2

Share this post


Link to post
Share on other sites
3 hours ago, DTtuner said:

Lease only makes sense if you can deduct it as a business expense.

Otherwise, it's for people who can't really afford what they are driving...

 

4 minutes ago, Ray Ray said:

So true

I agree.  No sense repeating what's already been said.

Share this post


Link to post
Share on other sites

I buy because I want to own what I have, tend to drive way over what the allowed mileage is and will maintain/repair pretty much anything.  I enjoy time spent in the garage so it saves me money to buy, especially when I get a good rate on a loan.  I also keep my cars a long time.

Share this post


Link to post
Share on other sites

Use to lease now we buy. When my wife and I were younger it was nice to get a new car every three years.   We work in the same town we live in so the millage was never a problem.  Once the dealers started offering zero percent it makes more sense to buy.   

Share this post


Link to post
Share on other sites
1 hour ago, Krdshrk said:

Sienna is nice.  Going total Minivan eh?  

Ehhhhh yeah I think so for the wife. Plan on doing allot more road trips the next few years. The venza is just to small, I was liking the grand cherokee but obviously the minivan has allot more cargo room for around the same price.

I'm keeping the wrangler so I'll still be cool enough. Lol

 

Share this post


Link to post
Share on other sites
25 minutes ago, fishnut said:

Ehhhhh yeah I think so for the wife. Plan on doing allot more road trips the next few years. The venza is just to small, I was liking the grand cherokee but obviously the minivan has allot more cargo room for around the same price.

I'm keeping the wrangler so I'll still be cool enough. Lol

 

You can be cool with a minivan.  A friend  who's single bought a minivan for a daily driver.  He did a lot of camping, kayaking, scuba diving, rock climbing, skiing, etc and needed something he could haul his gear in.

He does have a 911 for when he really wanted to look cool. 

  • Like 1

Share this post


Link to post
Share on other sites
59 minutes ago, EX Carnival man said:

Use to lease now we buy. When my wife and I were younger it was nice to get a new car every three years.   We work in the same town we live in so the millage was never a problem.  Once the dealers started offering zero percent it makes more sense to buy.   

zero% is awesome. like paying cash but better because you get to spread it out over some yrs if you want and can put that $ to other uses in the mean time.

  • Like 1

Share this post


Link to post
Share on other sites

I always bought for myself and leased for my wife. She always wanted a new car every 2 to 3 years because she could never find something she would want to keep for longer. 2 years ago I leased for myself for the first time, biggest mistake I ever made, only to get lower payments. I love the car but I would have saved in the long run if I bought it initially, because even though I had lower payments I will end up paying more in the long run because I am forced to buy it out due to my excessive miles. I basically got financially screwed on the deal, by about $3k. I will never lease again. And we just bought a car for my wife, no more lease there either.

Share this post


Link to post
Share on other sites
43 minutes ago, GRIZ said:

You can be cool with a minivan.  A friend  who's single bought a minivan for a daily driver.  He did a lot of camping, kayaking, scuba diving, rock climbing, skiing, etc and needed something he could haul his gear in.

He does have a 911 for when he really wanted to look cool. 

His 911=My wrangler 

I just don't have a fast vehicle anymore because I can't afford another speeding ticket let alone another licenses suspension. And I know I'm not responsible enough to keep it within the speed limit. Hehe 

  • Like 1

Share this post


Link to post
Share on other sites
7 hours ago, fishnut said:

Ehhhhh yeah I think so for the wife. Plan on doing allot more road trips the next few years. The venza is just to small, I was liking the grand cherokee but obviously the minivan has allot more cargo room for around the same price.

I'm keeping the wrangler so I'll still be cool enough. Lol

 

Check out the Pacifica. We had to go the minivan route for the wife. Its like the bridge of the Starship Enterprise.  I hated giving up the Jeep but have to admit it is infinitely easier to cart the kids around in. 

We leased that since I’m pretty sure we won’t want it after the term is up. It will probably need to be burned by CDC. 

Share this post


Link to post
Share on other sites
1 hour ago, Zeke said:

I’ll Buy what you leased. Certified, extended warranty, cheaper.  Never will lease, and never will do factory new again.

Road hard and put away wet.  Pass

Share this post


Link to post
Share on other sites

i don't like leases. i think that the guy that thought that idea up realized just how stupid the general population can be.....pay a bunch for the car.....then give it back. then they sell it.

 

 i only really suggest leasing to those that want to drive higher end eurotrash. i tell em to lease, keep up on basic maintenance, and if they still like it, trade it back, and lease another. that keeps em from having to deal with the inevitable expensive breakdowns that WILL happen.

  • Like 1

Share this post


Link to post
Share on other sites
51 minutes ago, voyager9 said:

Check out the Pacifica. We had to go the minivan route for the wife. Its like the bridge of the Starship Enterprise.  I hated giving up the Jeep but have to admit it is infinitely easier to cart the kids around in. 

We leased that since I’m pretty sure we won’t want it after the term is up. It will probably need to be burned by CDC. 

Were moving to New Hampshire, the Sienna is the only minivan that is AWD currently. 

Share this post


Link to post
Share on other sites
5 minutes ago, fishnut said:

Were moving to New Hampshire, the Sienna is the only minivan that is AWD currently. 

Roads up there are well groomed.  Put on snow tires and FWD is fine.  My parents have lived in Vermont for years.  The AWD Sienna is only available in 7 Passenger and they wanted the 8 passenger, so they got the FWD version.

It's all about proper tires.

  • Like 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...