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MomMom
LIF Toddler
Member since 9/10 428 total posts
Name:
hi
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Lease a vehicle or finance/buy poll
What do you do and if you don't mind, can you share your reason why you prefer that? I am debating on what to do and would like opinions.
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Posted 6/4/14 4:15 PM  |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Lease a vehicle or finance/buy poll
I buy. I modify all of my vehicles, and I keep them for 10+ years, so the math is pretty straight-forward for me.
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| Posted 6/4/14 4:17 PM |
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MomMom
LIF Toddler
Member since 9/10 428 total posts
Name:
hi
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Re: Lease a vehicle or finance/buy poll
Posted by GoldenRod
I buy. I modify all of my vehicles, and I keep them for 10+ years, so the math is pretty straight-forward for me.
What about the money you have to put in to do maintenance, fix things, etc? Do you do all the scheduled maintenance?
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| Posted 6/4/14 4:20 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Lease a vehicle or finance/buy poll
I buy. I feel like with leasing you are spending all this money and have nothing to show for it at the end
I like buying a car, paying it off after a few years, and then not having a car payment for a while.
I don't need a new car every 3 years.
I like to drive them into the ground.
DH is also excellent at maintaining and fixing our cars so mechanic costs are very minimal for us.
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| Posted 6/4/14 4:21 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54917 total posts
Name:
..being a mommy and being a wife!
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Re: Lease a vehicle or finance/buy poll
Posted by MomMom
Posted by GoldenRod
I buy. I modify all of my vehicles, and I keep them for 10+ years, so the math is pretty straight-forward for me.
What about the money you have to put in to do maintenance, fix things, etc? Do you do all the scheduled maintenance?
My DH does all the scheduled maintenance- including brakes etc himself.
Tires are really all we have to buy.
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| Posted 6/4/14 4:21 PM |
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MrsT809
LIF Adult
Member since 9/09 12167 total posts
Name:
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Re: Lease a vehicle or finance/buy poll
Posted by NervousNell
I buy. I feel like with leasing you are spending all this money and have nothing to show for it at the end
I like buying a car, paying it off after a few years, and then not having a car payment for a while.
I don't need a new car every 3 years.
I like to drive them into the ground.
DH is also excellent at maintaining and fixing our cars so mechanic costs are very minimal for us.
Same here.
DH does most of the maintenance and we try to buy cars that will last us a long time and have good resale value.
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| Posted 6/4/14 4:25 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Lease a vehicle or finance/buy poll
Posted by MomMom
Posted by GoldenRod
I buy. I modify all of my vehicles, and I keep them for 10+ years, so the math is pretty straight-forward for me.
What about the money you have to put in to do maintenance, fix things, etc? Do you do all the scheduled maintenance?
$4k per year on a lease ($300ish/month) vs $400 a year on standard maintenance (oil changes, wipers, bulbs, etc). Even on an older car, the repairs are never $4k per year.
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| Posted 6/4/14 4:27 PM |
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ANewDayHasCome
Love multiplies, not divides
Member since 11/12 14481 total posts
Name:
Me
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Lease a vehicle or finance/buy poll
We lease. Dh can go into the financial side of it. I just like getting a new car every 3 years.
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| Posted 6/4/14 4:33 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Lease a vehicle or finance/buy poll
We own one car outright. It's mine from college. The other one we lease b/c we just don't have the money for a DP and the monthly payments to finance.
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| Posted 6/4/14 4:39 PM |
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dctead
It's 5 o'clock somewhere!
Member since 11/10 2139 total posts
Name:
Emily
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Re: Lease a vehicle or finance/buy poll
I've always leased in the past... I enjoy getting a new car every three years... and I live and work in the same town so I never have to worry about miles etc (My car is currently 1 yr old an has 4500 miles on it!)
For a while DH and I both leased - but last year we decided to finance one car so eventually we'll only have one car payment (mine).
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| Posted 6/4/14 4:42 PM |
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sunnyflies
LIF Adult
Member since 9/09 1757 total posts
Name:
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Lease a vehicle or finance/buy poll
Most people do not pay cash for their cars, not according to dealers I have been speaking with in the course of getting three new vehicles this year (we leased two, and bought one). Most people lease, I was told, and some finance their purchase rather than pay all cash.
People like new cars for many reasons - safety, and few mechanical problems are among them. Leasing, then rolling into a new leased vehicle three years later works for many. DH did not have to put an extra penny down to get his new leased 2014 Prius in January, thanks to a special offer he was sent. However, he opted to put half down on the truck he bought to replace his ten year old one and financed the balance.
I chose to lease a luxury car that includes maintenance in the payments. It's not cheap, but leasing is far cheaper than buying such a vehicle. I may buy it out at the end of the lease, if I really like it, but I will make a lower offer that the buyout price on the lease. I've done that before successfully, and kept the vehicle for more than 15 years.
Message edited 6/4/2014 4:49:39 PM.
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| Posted 6/4/14 4:43 PM |
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MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Re: Lease a vehicle or finance/buy poll
If you're not buying a car outright, then lease.
we always lease b/c maintenance is taken care of (including oil changes) at no additional cost, the price of the vehicle through leasing is financially stable compared to financing (end up paying a lot more for the value of the vehicle) as well as the rapid rate of depreciation, and we love getting a new car every few years.
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| Posted 6/4/14 4:44 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Lease a vehicle or finance/buy poll
We have always bought in the past. Financially it makes the most sense for us. Dhs last car we had for 12 years. We barely spent anything in maintaining that car....maybe $5k over the 12 years. We made our money on that car and dh got $3500 at trade in. We were car payment free for 7 years!!
Sh just leased for the first time. The only reason was he wanted a fun car and we have two small boys. I questioned the practicality of that car long term. So we agreeded to lease. He loves his car and its nice to know that if it doesn't work for our family in 3 years we move on. Plus we got a good deal. We only put our trade in down and pay under $300 a month for a $36k (msrp) car with 2 years of maintenance included. So for this time leasing worked better for us
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| Posted 6/4/14 4:50 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Lease a vehicle or finance/buy poll
Posted by MrsMerlot
If you're not buying a car outright, then lease.
we always lease b/c maintenance is taken care of (including oil changes) at no additional cost, the price of the vehicle through leasing is financially stable compared to financing (end up paying a lot more for the value of the vehicle) as well as the rapid rate of depreciation, and we love getting a new car every few years.
You do realize that with a lease you are already paying for depreciation, and technically paying the highest rate of depreciation on a car (first three years of owning it). The entire calculation of a lease payment is based on the residual value of the car would be after the lease is up. Subtract the sales price of the car minus the residual, and that equals the depreciation you pay (plus interest of course).
I always buy because I prefer the flexibility and IMO you have way more flexibility with a finance vs. a lease.
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| Posted 6/4/14 4:55 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Lease a vehicle or finance/buy poll
I like to buy my car. I like going years without car payments and taking a 4 year loan to finance. I keep a savings account and take $50 a pay check and keep it for car maintenance (minimal with warranty) and then I can also have some for a down payment if it is needed. I like to drive the car until it doesn't run! I have a long commute as well so leasing would never work for me. I drive 30k miles a year commuting
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| Posted 6/4/14 5:09 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Lease a vehicle or finance/buy poll
Posted by GoldenRod
I buy. I modify all of my vehicles, and I keep them for 10+ years, so the math is pretty straight-forward for me.
This.. exactly
I've modded all my cars even my 01 Tribute SUV of hard abuse has an aftermarket intake! LOL (Xmas gift from my hubby)
Every time we get a new vehicle it lasts maybe a month before something's changed.
But even so, that Tribute isn't heavily as modded as my Mazda6. I still rather own. I have now owned these two for 9yrs. Its my going 'average'. I expect another 5yrs about of both of them.
So yeah 15yrs the math works in my favor!
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| Posted 6/4/14 5:23 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Lease a vehicle or finance/buy poll
I only lease. I would never drive a car to the point I have no payments. I just won't take the chance of it breaking down when I am taking my kids around. And yes i know a new car can break down but the chances are much less. I like a new car and being able to try different cars every few years. Our needs as a family change and leasing lets me not be trapped into a car and trying to sell it or playing the am I upside down with a financed car.
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| Posted 6/4/14 5:30 PM |
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MomMom
LIF Toddler
Member since 9/10 428 total posts
Name:
hi
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Re: Lease a vehicle or finance/buy poll
Posted by ave1024
I always buy because I prefer the flexibility and IMO you have way more flexibility with a finance vs. a lease.
in what sense? Can you elaborate?
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| Posted 6/4/14 5:42 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Lease a vehicle or finance/buy poll
Posted by MomMom
Posted by ave1024
I always buy because I prefer the flexibility and IMO you have way more flexibility with a finance vs. a lease.
in what sense? Can you elaborate?
Read the posts here. People stuck with cars they don't want, going over mileage, etc. Why are you going to pay for mileage if you don't end up using it, or the flip side what If you go over your mileage you are screwed and are stuck with a predetermined buyout.
If I "own" a car I can sell it whenever I want. If I have a lease, the process is more involved. There are also more fees involved with a lease. Fees when you buy the car. Fees when you give it back. If I own the car if I want to trade it in I can try to negotiate more for the trade vs. what a lease may have said it was worth.
You can get preferred financing as low as 0% with many manufacturers, you don't typically see zero money factor leases.
The only advantage I see with leasing is the tax breaks a business gets if it's leased under a business. It's just as easy to finance and trade in every three years vs. leasing every three years.
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| Posted 6/4/14 5:56 PM |
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jerrysgirl
I love my hot dog!!
Member since 6/06 5357 total posts
Name:
E & J
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Re: Lease a vehicle or finance/buy poll
i buy. i did lease once since i could not finance at the time, but then i ending up buying the leased vehicle.
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| Posted 6/4/14 5:57 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Lease a vehicle or finance/buy poll
Posted by alli3131
I just won't take the chance of it breaking down when I am taking my kids around. And yes i know a new car can break down but the chances are much less.
I understand the point you are trying to make but as long as you maintain your vehicle there is no reason to believe that it will simply break down.
My Jetta had 100K miles was 8 years old when I traded it in, never once broke down....
My DHs Maxima had 140K miles was 12 years old never broke down....
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| Posted 6/4/14 5:58 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Lease a vehicle or finance/buy poll
Posted by ave1024
Posted by MomMom
Posted by ave1024
I always buy because I prefer the flexibility and IMO you have way more flexibility with a finance vs. a lease.
in what sense? Can you elaborate?
Read the posts here. People stuck with cars they don't want, going over mileage, etc. Why are you going to pay for mileage if you don't end up using it, or the flip side what If you go over your mileage you are screwed and are stuck with a predetermined buyout.
If I "own" a car I can sell it whenever I want. If I have a lease, the process is more involved. There are also more fees involved with a lease. Fees when you buy the car. Fees when you give it back. If I own the car if I want to trade it in I can try to negotiate more for the trade vs. what a lease may have said it was worth.
You can get preferred financing as low as 0% with many manufacturers, you don't typically see zero money factor leases.
The only advantage I see with leasing is the tax breaks a business gets if it's leased under a business. It's just as easy to finance and trade in every three years vs. leasing every three years.
But selling a car within the first few years you will most likely be upside down and if you sell it you will still need to come up with money.
As for mileage- if you know your driving you can come pretty darn close to the allotted mileage. I have never once been over or way under. I have leased 8 cars. I know what I can do and structure my lease that way.
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| Posted 6/4/14 6:00 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Lease a vehicle or finance/buy poll
Posted by Kelly9904
Posted by alli3131
I just won't take the chance of it breaking down when I am taking my kids around. And yes i know a new car can break down but the chances are much less.
I understand the point you are trying to make but as long as you maintain your vehicle there is no reason to believe that it will simply break down.
My Jetta had 100K miles was 8 years old when I traded it in, never once broke down....
My DHs Maxima had 140K miles was 12 years old never broke down....
Honesty for me the maintenance is minor. I like to be able to change cars without the hassle of trying to sell on my own or trading it in which means I'm not getting the money the car is worth cause dealers only pay you wholesale auction price.
Here's and example. I was single and had a mini copper. Within that lease I got married and pg. Can't realistically have a baby in a mini without space issues. I was able to get a new car when the lease was up that fit our new life. If I bought that mini I would have financed and had to wait to sell it when I owed less gambit was worth. Minis hold their value so it wouldn't have been forever but if I had a car that doesn't hold their value it might have been a few years.
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| Posted 6/4/14 6:06 PM |
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Re: Lease a vehicle or finance/buy poll
I'm on my 2nd lease and like going this route for all of the reasons already mentioned,
My Jeep is also our family vehicle. DH buys all his vehicles because they are for his business and he can run them into the ground.
I am considering buying next time around because I really like the Wrangler (have a GC now) and from what I've learned, they do not go down in value much or change a whole heck of a lot.
We'll see.
I have 2 more years to decide.
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| Posted 6/4/14 6:26 PM |
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jam11308
Member since 11/07 7273 total posts
Name:
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Lease a vehicle or finance/buy poll
I lease pretty much for all of the reasons that alli3131 mentioned. I used to buy my cars outright, but I like a new car every few years & it seemed silly for me to keep financing and then selling the car, so I tried leasing & it's great (I'm on my second leased car). With my last car I never came close to touching the mileage/going over because I took a realistic look at how much I drive & set my mileage accordingly.
My husband, on the other hand, likes to buy his cars & keep them for as long as he can.
Message edited 6/4/2014 6:55:08 PM.
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| Posted 6/4/14 6:53 PM |
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