Buying vs Leasing...(wrong forum sorry!)

I know alot of people lease because they want a new car every 3 years. I have had my current car for 10 years so clearly I am not one of those people...

I keep going back and forth between leasing a new car and buying a used car. For me, it almost makes no sense to lease because I really don't drive all that much. It would make more sense to finance a car so that I own it and have something to flip in the end.

Thoughts? Do you lease or buy and why?

Message edited 12/29/2009 11:56:31 AM.

Re: Buying vs Leasing...

I just financed a car in April, but before that I leased beacuase I wanted a new car every three years.
Since we just bought a house, for us it's financially better to buy this way once this car is paid off we don't have a car payment.
We also lease a truck, so we will have the one we bought to run into the ground then eventually only have one car pymnt.It also makes more sense for us to lease one & buy one because we want one really nice car (which we will lease once the one we just bought is paid off), and one to run around towm in...

Re: Buying vs Leasing...

I buy b/c I keep a car until it dies! We did have to replace a car in April so we bought but did not finance it. I don't drive as much anymore. I've had the car for 8 months and only have 6300 miles on it (for me that's not alot b/c my job is 50 miles round trip but I'm only PT now). I don't see what the benefit is to leasing. I know some believe the benefit is getting a new car every 3 years but if you take care of your car after 3 years it should still be almost like new!

If yuo don't drive much you colud probably get a long life out of a car. Have you thought about buying a returned lease? I hear you can get good deals on those!

Re: Buying vs Leasing...

If you like having a new car every few years and don't rack up the mileage then a lease is more for you. Even though you don't drive a lot, you seem like you don't care to have a new car every few years. Buying something used, just off lease, might be a smart idea, because then you won't be taking on the huge depreciation that goes along with purchasing a new car. Plus a lot of auto makers are now doing warranties on their pre-owned vehicles.

Re: Buying vs Leasing...

We do both. We bought my DH a Certified Pre-Owned car. After buying his car, I don't think I'd ever buy a new vehicle. We got a less than 1 year old car for about $10k (or maybe it was even $15k - I don't remember) off what the brand new ones were selling. And it's still under warranty.

I lease because we are TTC and I don't know what size vehicle we will need as our family grows. Once we're done having kids I will probably buy a Certified Pre-Owned vehicle and enjoy not having a payment for a while.

It's also nice having one new vehicle and one that we own and can run into the ground.

Re: Buying vs Leasing...

Re: Buying vs Leasing...

We are in the same boat. Currently DH and I are both leasing cars.

I had a Lexus that I financed and was pre-owned and i got a warranty for it. As soon as the warranty was up, parts started breaking and were expensive. It was a year before the wedding and we didnt know where we were going to live or what kind of cars we would need, so I leased a Nissan Altima for 2 years, which is up this July.

DH decided to just buy out his lease when its up since he has a small sentra he is going to use for a station car. I am starting to lean towards financing a used car for me, but DH hates used cars

We are shopping around now for cars bc it takes me so long to decide. DH had a BMW X3 and he wants to get a used one since it would be more affordable, but I just dont know (and this is the man who hates used cars). The problems I had with the Lexus and the $$ i spent fixing it is coming back to haunt me.

So right now I dont know if we are going to lease or finance. Like you said, financing feels like throwing money away to me too.

Re: Buying vs Leasing...

Posted by KP7309

We are in the same boat. Currently DH and I are both leasing cars.

I had a Lexus that I financed and was pre-owned and i got a warranty for it. As soon as the warranty was up, parts started breaking and were expensive. It was a year before the wedding and we didnt know where we were going to live or what kind of cars we would need, so I leased a Nissan Altima for 2 years, which is up this July.

DH decided to just buy out his lease when its up since he has a small sentra he is going to use for a station car. I am starting to lean towards financing a used car for me, but DH hates used cars

We are shopping around now for cars bc it takes me so long to decide. DH had a BMW X3 and he wants to get a used one since it would be more affordable, but I just dont know (and this is the man who hates used cars). The problems I had with the Lexus and the $$ i spent fixing it is coming back to haunt me.

So right now I dont know if we are going to lease or finance. Like you said, financing feels like throwing money away to me too.

Re: Buying vs Leasing...

I am not a fan of leasing as it's a never ending car payment. We have a 2006 and 2005 model car in our household and I have them BOTH paid off. It's so nice to not have a car payment.

I am now using the money I would have put towards the car payment into a deposit account. When it comes time to buy my next car, will probably be able to pay it cash.

Also that money I am putting into my deposit account is also there in case I ever have to deal with any repairs.

Re: Buying vs Leasing...(wrong forum sorry!)

It really depends -
I can see both sides of the coin and I have done both .......

For ME, leasing a car is a waste b/c I NEVER drive anywhere. I walk to the train, commute on the LIRR .......so I drive on the weekends and that's it -

I paid $300 a month for 3 years and returned my Acura w/ less than 13k miles on it - It KILLED me to give them back that car in such perfect condition w/ NO mileage when if I financed it, I would have had it paid off in 2 more years and STILL had a car in almost perfect condition - KWIM?

Both our VW and Acura are financed now. - If I beat the hell out of my cars, I'd want a new one every 3 years, but for 2 people who never drive, the car still looks ard runs as if it's brand new when it's paid off - I'd rather be w/o a car payment until I decide I want a new car

Re: Buying vs Leasing...(wrong forum sorry!)

Posted by KittyGags

Posted by KP7309

We are in the same boat. Currently DH and I are both leasing cars.

I had a Lexus that I financed and was pre-owned and i got a warranty for it. As soon as the warranty was up, parts started breaking and were expensive. It was a year before the wedding and we didnt know where we were going to live or what kind of cars we would need, so I leased a Nissan Altima for 2 years, which is up this July.

DH decided to just buy out his lease when its up since he has a small sentra he is going to use for a station car. I am starting to lean towards financing a used car for me, but DH hates used cars

We are shopping around now for cars bc it takes me so long to decide. DH had a BMW X3 and he wants to get a used one since it would be more affordable, but I just dont know (and this is the man who hates used cars). The problems I had with the Lexus and the $$ i spent fixing it is coming back to haunt me.

So right now I dont know if we are going to lease or finance. Like you said, financing feels like throwing money away to me too.

We have a leased X3 right now and we LOVE it. Just trying to get something a little cheaper...

Re: Buying vs Leasing...(wrong forum sorry!)

Re: Buying vs Leasing...(wrong forum sorry!)

I don't need a new car every few years and I take care of my car by doing the regular maintenence, so I don't lease. For me, it's a waste of money to lease. Aside from always having a car payment, your car insurance goes down as the car gets older. I had my last car for 13 years and it was really only in the last year or two that repairs starting becoming more expensive and troublesome than they were worth.

I understand why people do it, but for us, it doesn't really make sense.

Re: Buying vs Leasing...(wrong forum sorry!)

we buy, there is really no benefit to leasing except a never ending car payment.

Re: Buying vs Leasing...(wrong forum sorry!)

We lease a 2010 Mercedes & finance a 2007 Scion TC. The Mercedes is our fancy car & we like it to always be new so it's replaced every 3 years (this is our 2nd benz) The Scion is our economy car so I don't care if it's new. By the time we are ready for a baby the Scion will be super old and we'll buy a Jetta or something with 4 doors.

Re: Buying vs Leasing...(wrong forum sorry!)

I drive to much to lease...I was 20k miles over 4 months before my lease was up

So I bought my suv and plan on keeping it till it falls apart

I might end up going to the car auction and getting a second car in a year or 2...we have a friend that's a used car dealer and you can some good stuff- but I would buy that cash

Re: Buying vs Leasing...(wrong forum sorry!)

I had a 13 yrs old car before I leased my Escape .... I don't htink I will buy again - IMO cars nowadays are not built to last without major repair and upkeep - not like cars a decade ago. I love just driving my car in to get fixed for free at the dealerships...

Re: Buying vs Leasing...(wrong forum sorry!)

We both own our cars, and drive them to the ground. Literally. Our 97 jetta, may it rest in peace, has finally checked out, after 190K!!!! so we are looking into financing a SUV. To me, I like not having a car payment, its like a light at the end of a tunnel. Plus we have a house upstate, that's 100 miles away, it adds up.

I can see how some people prefer leasing, it would be nice to have a new car every 3 years! But its just not a priority of us.

Re: Buying vs Leasing...(wrong forum sorry!)

Well I guess I made my decision. I signed the papers today to buy the car I was looking at!

Can't wait to pick her up!!!!

Re: Buying vs Leasing...(wrong forum sorry!)

I bought a certified used car and got a great deal because it was only a few months old. I hate having a car payment. I cannot wait to pay it off and bank that money! But I understand those that lease for various reasons. I think it's different for each person.

Re: Buying vs Leasing...(wrong forum sorry!)

DH had bought a 2003 truck, and we had it until april of this year, its just about paid off too, 6 year finance, plus he put 12k down on it.

After all those years, u get to have so many problems, the warranty is up, and to fix it can really get costly. It had alot of miles on it.

Now we are leasing, for the first time ever.
I am currently over the miles, but i have the car 3 years, and hope to just trade it in, for a new one and continue with the payments.

I would rather not worry about fixing, transmissions, etc.

DH owns his car, it will be 7 years old, he has already put a new tranny in it, and tons of other repairs, i wish he would sell it and lease a new car, but its a corvette and apparently it would be a crime to sell it