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pros and cons of leasing a car-why do you or dont you
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lululu
LIF Adult
Member since 7/05 9508 total posts
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Re: pros and cons of leasing a car-why do you or dont you
Posted by ChilisWife
We had always leased until I got tired of having a car payment so we bought (financed) a car. And then, just as I was warned, as soon as the warranty expired things started to go wrong and we kept sinking money into the car, so now I had a finance payment AND had to pay to fix the car. So we went back to leasing. It's really a personal decision. But in my opinion, they don't make cars like they used to back in the day when you could buy a car and it would last forever with minor repairs. Now if one single thing goes wrong its thousands to fix!
We have had the total opposite experience as I said in a prior post. When I was growing up our cars broke down all the time!!! I remember having to roll down the windows in the sweltering heat and turn the heat on just to cool down the engine so the car wouldn't overheat. I don't think I have ever had a car overheat since I started buying cars 20 years ago. And we have a car that is 11 years old now! Still nothing.... Maybe my parents were just buying sh*t cans and we can afford higher end cars but I never see cars pulled over to the side of the road broken down and I feel like the shoulder of the parkways were littered with broken down cars when we were growing up. I think the main difference now is that if you have an electrical problem that will cost you $$$$ whereas we didn't have those issues with cars growing up.
I do think it's just bad luck that something always goes wrong when the warranty expires.
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Posted 5/23/19 3:30 PM  |
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Ghostowl02
LIF Zygote
Member since 3/19 32 total posts
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Katareen
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
Wouldn’t everyone prefer not to have debt? Why owe more money to more people if you don’t have to?
We have one newer car (still paying off) and a 10yr old car that very rarely needs repairs. It has been paid off for 5 years...that’s $12,000+ we would’ve paid into a monthly lease.
Well of course. But one car payment doesn’t make for debt. I think people get crazy with the Dave Ramsey method and think that all debt is bad.
We need to lease because right now my car repairs are no longer covered by warranty. Even though the warranty is good thru June. We’d have to pay over $1200 to fix it. And then what happens next... something else goes... it’s never ending
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| Posted 5/23/19 3:52 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: pros and cons of leasing a car-why do you or dont you
Posted by Ghostowl02
Posted by Katareen
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
Wouldn’t everyone prefer not to have debt? Why owe more money to more people if you don’t have to?
We have one newer car (still paying off) and a 10yr old car that very rarely needs repairs. It has been paid off for 5 years...that’s $12,000+ we would’ve paid into a monthly lease.
Well of course. But one car payment doesn’t make for debt. I think people get crazy with the Dave Ramsey method and think that all debt is bad.
We need to lease because right now my car repairs are no longer covered by warranty. Even though the warranty is good thru June. We’d have to pay over $1200 to fix it. And then what happens next... something else goes... it’s never ending
I think that leasing a car and getting a brand new car every three years is a luxury and if you can't afford to do that, you shouldn't. There are definitely benefits to leasing a car but if you are trying to use a financial argument as one of them, I think that is not a great one. Financially speaking the best thing to do would to be to purchase or lease a pre-owned vehicle because the value of a car declines significantly in the first couple of years.
And now I am sure that everyone will just down my throat and point out that they don't want to buy a car that they aren't sure the exact history of, however if you lease a preowned car and you have issues, it's the dealers problem not yours. I am strictly speaking financially. Of course there are benefits to having a brand new car every few years, just financial motivation shouldn't be one of them.
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| Posted 5/23/19 5:42 PM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: pros and cons of leasing a car-why do you or dont you
Posted by lululu
Posted by Ghostowl02
Posted by Katareen
Posted by Ghostowl02
Can I ask why always having a car payment is a bad thing?? Debt is something we all deal with, for the most part. Millions lease so there must be something to it.
We are looking into it for my car, I’m tired of putting money into my car. In 10 years I may not want to lease and we will buy a car.
Wouldn’t everyone prefer not to have debt? Why owe more money to more people if you don’t have to?
We have one newer car (still paying off) and a 10yr old car that very rarely needs repairs. It has been paid off for 5 years...that’s $12,000+ we would’ve paid into a monthly lease.
Well of course. But one car payment doesn’t make for debt. I think people get crazy with the Dave Ramsey method and think that all debt is bad.
We need to lease because right now my car repairs are no longer covered by warranty. Even though the warranty is good thru June. We’d have to pay over $1200 to fix it. And then what happens next... something else goes... it’s never ending
I think that leasing a car and getting a brand new car every three years is a luxury and if you can't afford to do that, you shouldn't. There are definitely benefits to leasing a car but if you are trying to use a financial argument as one of them, I think that is not a great one. Financially speaking the best thing to do would to be to purchase or lease a pre-owned vehicle because the value of a car declines significantly in the first couple of years.
And now I am sure that everyone will just down my throat and point out that they don't want to buy a car that they aren't sure the exact history of, however if you lease a preowned car and you have issues, it's the dealers problem not yours. I am strictly speaking financially. Of course there are benefits to having a brand new car every few years, just financial motivation shouldn't be one of them.
Totally agree with this.
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| Posted 5/23/19 5:50 PM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: pros and cons of leasing a car-why do you or dont you
Posted by NervousNell
Posted by Sash
Also for leasing I don’t like the mileage limitations and I would always feel nervous about accidents, dings, scratches etc.
I felt the same about the accidents etc but accidents are covered by insurance and as long as you get it fixed- as you would if you owned it and got in an accident- you are fine. DH got backed into and his front end destroyed. $6k worth of damage. The body shop fixed it better than new and it wasn't even a question when we returned it.
Dings only have to be fixed if they are bigger than a golf ball and scratches longer than a credit card.
The had said to us- in 3 years we are not expecting a showroom new car back- we are expecting a 3 year old car back with the normal wear and tear of 3 years on it.
So I feel better now about that part of it.
The other stuff- I hear ya. I was very against it for a long time myself.
My DH always has had good experiences with leases. He wanted me to get one but I said no because it wasn’t for me. I didn’t let him get one for work because he is going on construction sites and his mileage is always out of control.
I think they both have benefits and drawbacks it’s what works for the individual.
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| Posted 5/23/19 5:55 PM |
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| Pages: 1 2 [3] |
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