Buying vs Leasing?

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  • dusk
    DUDERZ get a life!!!
    • Jun 2004
    • 7266

    Buying vs Leasing?

    Any opinions? We need to buy a car and are stuck between a rock and a hard place

    I don't mind buying an older car just not sure which one is more economical in the long run.
    ~ You are what you think you are ~


  • lilsensa
    DUDERZ get a life!!!
    • Jun 2004
    • 6675

    #2
    Re: Buying vs Leasing?

    The only thing about leasing a car, is that when that lease is up and you need a new car, you have nothing to trade in and you have to put down another down payment....
    RIP ~ Steve James







    Comment

    • Johnnyboy
      Addiction started
      • Jun 2004
      • 349

      #3
      Re: Buying vs Leasing?

      I leased for several years... IMO it comes down to the miles you are going to drive.

      More than 12k per year and you will owe money at the end. Less than you will be OK.

      Cars drop in value 20-40% (est) in value the minute you drive them off the lot. They are not an investment... Most leases have a tune up clause built in... Saves money as well over the term of the lease.

      I will say my current car I purchased and over the last two years it has been nice not to have a car payment... But next go round I will lease. You can get more car for the monthly payment vs. buying... As said above, nothing to show for it at the end of the lease...

      Good luck!
      Remember: You are never more than six days away from FRIDAY!!!

      Comment

      • Haziel
        Likes a finger upthere
        • Jan 2007
        • 3195

        #4
        Re: Buying vs Leasing?

        i've always wondered how much higher in % is the lease of a car regarding insurance compared to the insurance paid for a car you own .

        Comment

        • clintlove
          Hey girl, ya Hungry?
          • Jun 2004
          • 3264

          #5
          Re: Buying vs Leasing?

          Originally posted by lilsensa
          The only thing about leasing a car, is that when that lease is up and you need a new car, you have nothing to trade in and you have to put down another down payment....
          This is true, it's like renting a house, but usually if you stay with the same dealership, they will offer you and incentive to continue leasing with them, like help on the new downpayment. Ask about this at whichever dealership you decide to use. There is also a certain mileage point you have to stay under per year or there are penalty fees.

          I would actually like to lease a car myself, but the initial downpayment seems like a waste, so I would only do that if I had it floating around. However, I tend to want a new car every 3 or so years, so leasing is good for that. The vehicle stays in manufacture warranty during the lease, sometimes dealerships offer maintenance packages for free, and the monthly payments are considerably lower than purchasing a car. Stay with a car company you like, work out a prolong leasing program with that dealership and get a new car every 3 years.

          Music is the answer, to your problems. Keep on movin', till you solve them.

          sigpic

          Comment

          • Dhar_2
            meat and potatoes
            • Jun 2004
            • 18919

            #6
            Re: Buying vs Leasing?

            buy!

            leasing is like renting a house! you've nothing at the end of it.

            as stated before, the second you buy a new cat it depreciates, so depending on your budget and finicial situation think about buying nearly new or 0km. decent reductions on list prices.

            Comment

            • maddlingo
              Platinum Poster
              • Jun 2004
              • 1035

              #7
              Re: Buying vs Leasing?

              I would purchase a used car. Let someone pay the depreciation of a vehicle that is 3 to 4 years old. Cars are built to be a lot more reliable now a days. Look for a car that may have come off a lease and still has a balance of the factory warranty.
              "Dream as if you''ll live forever, Live as if you''ll die today." -- James Dean --

              Comment

              • Garrick
                DUDERZ get a life!!!
                • Jun 2004
                • 6764

                #8
                Re: Buying vs Leasing?

                unless you want a different vehicle every few years and don't mind continuously making payments, i'd buy. i bought because i didn't want to constantly be making payments.
                Should I fuck you at that not until the ass, inject then tremendously hard bumschen and to the termination in the eyes yes?

                Comment

                • Miguel
                  Are you Kidding me??
                  • Oct 2005
                  • 3182

                  #9
                  Re: Buying vs Leasing?

                  ^^ yes but after 5 years the car is going to need repairs from then on ...

                  Comment

                  • floridaorange
                    I'm merely a humble butler
                    • Dec 2005
                    • 29116

                    #10
                    Re: Buying vs Leasing?

                    (my wife and I own 1 car and lease 1 car)

                    It's totally up to you and what you value...

                    If you want a new car every couple of years and you have a high credit score, leasing is a good option, depending on how low of an interest rate you can get...

                    You need to bring someone with you to the dealer though, who is very familiar with leasing imo...This way you will get the best deal when it comes to payments and money down... You want to have a number set in stone for your payment, interest rate, and money down, as well as buyout option before you go.

                    That said, , it's not true that when the lease is over you are left with nothing, per say... When your lease is up, you have the option to buy the car at it's residual value, called a "lease-end buyout." The price is negotiable though (the residual buyout value) so again, it's best to have someone with you whose sophisticated when it comes to leasing...

                    The buyout is explained here: http://www.leaseguide.com/articles/lease_buyout.htm

                    good luck, let us know what you end up doing.

                    It was fun while it lasted...

                    Comment

                    • Kamal
                      Administrator
                      • May 2002
                      • 28835

                      #11
                      Re: Buying vs Leasing?

                      Originally posted by Miguel
                      ^^ yes but after 5 years the car is going to need repairs from then on ...
                      not if you're buying a japanese car.

                      IMO buy a low-mileage japanese" car that's 1 - 1.5 years old and is certified pre-owned. You'll get minimum 25% additional manufacturer's warranty (I got a 5 year / 100,000 mile warranty on my wife's car as it was an 07 model purchased in 08 and had 17,000 miles on it). It'll also last you till your ears fall off and you don't have to worry about putting miles on it (in our case, we put at least 20,000 miles each year)

                      of course like florida said, if you like getting the latest car every few years, just jump into a new lease but in most cases, the buy-out price at the end of your lease is higher.
                      www.mjwebhosting.com

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                      • clintlove
                        Hey girl, ya Hungry?
                        • Jun 2004
                        • 3264

                        #12
                        Re: Buying vs Leasing?

                        Originally posted by Dhar_2
                        the second you buy a new cat it depreciates
                        It's true, cats don't hold their value

                        Music is the answer, to your problems. Keep on movin', till you solve them.

                        sigpic

                        Comment

                        • dusk
                          DUDERZ get a life!!!
                          • Jun 2004
                          • 7266

                          #13
                          Re: Buying vs Leasing?

                          Originally posted by clintlove
                          It's true, cats don't hold their value
                          ROTFL... some might beg to differ

                          Thanks for all the valuable input guys... I definitely wanted to check out the lease option (but have no clue) however now I'm leaning towards buying.
                          ~ You are what you think you are ~


                          Comment

                          • floridaorange
                            I'm merely a humble butler
                            • Dec 2005
                            • 29116

                            #14
                            Re: Buying vs Leasing?

                            joking, but this would be fun:


                            It was fun while it lasted...

                            Comment

                            • toasty
                              Sir Toastiness
                              • Jun 2004
                              • 6585

                              #15
                              Re: Buying vs Leasing?

                              Totally depends upon your situation and what you value. Chrysler stopped leasing so I bought my current Jeep, but the Jeep I had immediately before this one was leased, and I've leased other cars along the way as well.

                              First thing to look at is your mileage. If you drive more than say 15,000 a year, I wouldn't even consider it. If you're routinely under 12K, it may be a good option for you.

                              Second thing to consider is this: leasing a car is basically a commitment to having a car payment for the foreseeable future. If you're the sort of person that would probably buy a new car every 2-3 years anyway, leasing could well be a better option for you, because your monthly payments will be less. Personally, I don't like driving a car that is out of warranty -- got burned with some significant repairs when I was younger, and just don't want to find myself in that situation -- so the peace of mind of knowing that I'm never going to be hit with a massive, out-of-left-field repair bill is worth coping with the fact that a car payment is just going to be part of my life. If you're like me or are otherwise OK with always having a car payment, why not pay less each month?

                              Third, are you going to be in a position to come up with a chunk of cash for a down payment or the upfront payments associated with your next vehicle when your lease is up? Make sure you plan for it.

                              You can definitely get more bang for your buck in terms of your monthly payment by leasing, but it's not a good fit for everyone. Make sure you go in with your eyes open as to what it is and what it isn't.

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