Lease or Buy a new car?

[Dryburn]

I am looking to get a new car this Spring. There will be no trade-in of any sort.

I have never leased a car for a long period of time. I understand that with a lease, the monthly payments , but can be less, but then you also don't own the car in the end.

For those of you have done both which did you prefer, and why?

Thanks for any input.

 

[IcSyU]

Are you going to drive it until the wheels fall off? Buy.

Do you like a new vehicle every couple years and drive a lot of miles? Buy.

Do you like a new vehicle every couple years and drive very few miles? Lease.

 

[ArgentCy]

The payments are smaller because you didn't buy anything. I would never recommend a flease but I've also never had one.

 

[Gunnerclone]

Lease for brand new. That’s how I roll. I wouldn’t be able to afford a 2018 Audi Q5 if I bought it. I also have a bunch of cc debt and a big old mortgage payment for my brand new suburbs house. I also take vacations on a whim that I put on my MC Metal and I laugh at all the losers driving used Chrysler mini vans and living in austerity while they die while I’m on the beach. The only thing I use cash for are drugs and at the strip club.

 

[CtownCyclone]

Straight cash, homie! Dave Ramsey! Leasing is for sucks! Savings! Cash!

 

[Gonzo]

I've done both. Both have advantages. One of the big things I like about leasing is peace of mind knowing that if anything major goes wrong, I don't have to pay for it. I bought a year-old Pilot,3+ years ago, take good care of it but it's stressful knowing that if anything major goes wrong it's a whole lotta cheddar out of my pocket to get it fixed. With a lease you don't have to worry about that.

 

[Tre4ISU]

Lease for brand new. That’s how I roll. I wouldn’t be able to afford a 2018 Audi Q5 if I bought it. I also have a bunch of cc debt and a big old mortgage payment for my brand new suburbs house. I also take vacations on a whim that I put on my MC Metal and I laugh at all the losers driving used Chrysler mini vans and living in austerity while they die while I’m on the beach. The only thing I use cash for are drugs and at the strip club.

You had me for a second there.

 

[Tre4ISU]

Depends on what you're buying. I've found that leases are pretty good if you're not willing to be stubborn in the buying process.

 

[Gunnerclone]

You had me for a second there.

That’s all true. Except the strip club part. Haven’t been to a strip club in over a decade.

 

[Cyclone.TV]

The payments are smaller because you didn't buy anything. I would never recommend a flease but I've also never had one.

You can buy the car for the value that is agreed upon, though. So you easily buy it once the lease is up - or before. So you can think of it more of a trial run to see if you want the car, I suppose.

 

[cycloner29]

I leased mine but then again my company is paying for my lease, my insurance and yearly registration. I got to pick out what I wanted. Pretty sweet!

I did wait to the end of the month as dealers tend to have quotas they need to reach so whether you lease or buy something to remember.

 

[Cyclonepride]

Straight cash, homie! Dave Ramsey! Leasing is for sucks! Savings! Cash!

I just empty out my couch cushions when I need a new car, cause that's how I roll.

 

[ArgentCy]

I just empty out my couch cushions when I need a new car, cause that's how I roll.

Couldn't resist. You mean like this?

 

[CtownCyclone]

Couldn't resist. You mean like this?

I had him pegged for this one:

 

[jc4cy]

I had him pegged for this one:

I figured this one. You now, as soon as they get the claymore clacker shift knob and the footprint gas pedal installed

 

[1973 Banker Clone]

Never lease a car for personal use. There is a reason Dave Ramsey calls it a car flease. The true interest rate cost on basically all leases is 15%.

 

[capitalcityguy]

There is no beating around the bush, leasing is a bad personal financial decision (assuming you are paying for it...not your employer or business you own). Period.

That said, as long as you:

* have zero debt
* have enough saved so you can't outlive your assets even if you were hit with an unexpected financial emergency....

....go for it because money isn't really in issue for you.

But if you're like the other 90%-95% of us, you'll want to avoid leasing at all costs.

The only ones promoting leasing to average Americans are:

* the auto industry and those associated with it.
* people that leased and are trying to justify their past decision(s)

Who doesn't promote leasing? Individuals who understanding personal finance. People highlighted in books like "The Millionaire Next Door".

 

[brokenloginagain]

i spent most of my life as a "pay cash for used" kind of guy. i've now leased twice, because certain medium/higher priced cars have amazing lease deals, such that the total cost of the lease (incl. interest) was less than the depreciation had I bough it. plus you get free maintenance and pay zero down.

assuming higher interest rates these days however, those days may be over.

just remember you can negotiate the price you pay and the interest rate with various dealers.

 

[CyArob]

I figured this one. You now, as soon as they get the claymore clacker shift knob and the footprint gas pedal installed

Not sure anything beats this:

 

[capitalcityguy]

I am looking to get a new car this Spring. There will be no trade-in of any sort.

I have never leased a car for a long period of time. I understand that with a lease, the monthly payments , but can be less, but then you also don't own the car in the end.

For those of you have done both which did you prefer, and why?

Thanks for any input.

Have you calculated how much you need to save for retirement and if so, are you on track?

It the answer is no, leasing a car shouldn't even be a blip on your radar screen at this point.