Buying vs Leasing?

[Kat]

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.

^^that + depends on what price-range youre after, if you want more expensive car the best way to go is to lease, or you can take over a lease from someone else and get yourself a year old gem.

[Jenks]

Re: Buying vs Leasing?

if you are incorporated a lease can be written off as an operating expense, and the mileage is a huge deduction. i've leased cars since i graduated college for the tax beneits alone.

[floridaorange]

Re: Buying vs Leasing?

^but the car has to display a sign / sticker / magnet advertising your company right?

[dusk]

Re: Buying vs Leasing?

Alrighty, so we ended up buying a 2003 Honda Civic Sport, got a really good deal on it and we are quite happy with it.

I am gonna wait a couple years before I decide to lease the Infinity that I've always wanted

[Jenks]

Re: Buying vs Leasing?

^but the car has to display a sign / sticker / magnet advertising your company right?

no.

[Jenks]

Re: Buying vs Leasing?

Alrighty, so we ended up buying a 2003 Honda Civic Sport, got a really good deal on it and we are quite happy with it.

I am gonna wait a couple years before I decide to lease the Infinity that I've always wanted

nice!

[clintlove]

Re: Buying vs Leasing?

2003 Honda Civic Sport

Very good car, and fun to drive too!

[floridaorange]

Re: Buying vs Leasing?

you can get several 100 k miles on the civic although the gas mileage won't be as good after 100 k I would imagine... bet it's pretty quick too.

...how many miles per gallon does it get now? road / highway? what color?

[maddlingo]

Re: Buying vs Leasing?

When you say a Civic Sport are you talking about the SI like the one pictured below? If so it is a really great car, quick and good on gas mileage.

[dusk]

Re: Buying vs Leasing?

^^^ Now that's really sweet, would have loved to get that, however the one we got is a 2003. Still pretty cool looking.

[dusk]

Re: Buying vs Leasing?

.

...how many miles per gallon does it get now? road / highway? what color?

Its silver, don't have it yet so not sure of all the tech details.

Anyone have an idea what "off lease" means when buying a used car?

[floridaorange]

Re: Buying vs Leasing?

Off-lease: vehicles returned to the financial institution at the end of a lease term. Closed auctions are usually the only venue for such financial institutions to dispose of a large volume of end-of-lease returns. The terms of a lease normally put a restriction on the number of miles driven, require regular maintenance and penalize for excessive wear. Usually, off-lease vehicles are returned within 2–3 years, often before their original factory warranty expires.

[dusk]

Re: Buying vs Leasing?

^^^ Good stuff, thanks John.