Talk > Automotive Social > Lease vs Finance or Own?

Lease vs Finance or Own?

If you can buy outright - do so. Leasing does not make sense the vast majority of the time and can b rife with loopholes. Dealing with how many miles you can out on a leased car is enough for me - no way.

Trade in usually is not a good thing if you want to get the most value out of the car. If you do not want to have the hassle of selling it - then trade in.

TONS of links on the lease vs buy like this one:

»www.edmunds.com/car-leasing/comp···car.html

BTW - it is either lease or buy - does not really matter on the buy side if it is financed or purchased outright - both times you are buying.

Remember - not all pre-owned cars have warranties... Certified pre-owned will have the best warranties and if it is not certified - be careful that the 'warranty' is really just a service contract. Run away from service contracts and do not accept any 'warranty' that is not provided by the car manufacturer.
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Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain

reply to RobNyc
if you do not have the raw cash on hand to buy it outright, finance it.

I know the lease sounds great that you get a new car every few years but Leasing can also be a minefield of future fees if you do not completely baby a car.
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[65 Arcanist]Filan(High Elf) Zone: Broadband Reports

reply to RobNyc
Forgot to mention, on my next purchase don't want to spend more than 10k-12k on a car if I'm buying it outright of course I wouldn't be able to get any of the car of my choice from a private seller at that price but I prob can through the insurance auction. For example my cousin just got a car for my dad Clean Title Toyota Camry 2007 4cyl 119k miles with some minor-damage to the headlights for $6,2xx.

I just don't feel like paying those high fees for a 0 mile car when I can get a better deal on a certified-pre-owned from what I am reading, but then certain vehicles that I like and the better gas mileage are coming in the 2009+ edition. My friend just financed a 2008 BMW 550i I personally don't like bmw's maintenance (very costly) but it is a nice car, but he didn't tell me how much he is paying monthly. Are leases usually more expensive than financing?

Read the link provided and search for other links as well. Some times buying a new car is about the same price as used.
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Brian

"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain

reply to RobNyc
Out here you can not resell a salvage titled car, so a trade-in is out of the question!
All you can do with it is junk it!

reply to RobNyc
Me personally I would never buy a car that has a salvaged title. It's a pain in the near and far future with those cars. I'm against leasing as well. Why not just finance and pay monthly? You really get nothing after leasing a car.

reply to RobNyc
The one time that a lease makes any sense is on a new model introduction. They have NO resale history and can really depreciate. My example is a 2006 Honda Ridgeline. I leased one on a 42 month lease, with a buy out of $19K. That is what Honda expected to be able to sell the vehicle for after 42 months. At the end of my lease, there were all kinds of them on the Honda Dealers lot for $16K. I offered them $16K for my leased vehicle and they refused. Their reply was: " A contract is a contract". I bought an '06 Dodge RAM Hemi extended cab (twice the truck) for the same price.

reply to RobNyc
Leases are generally a bad idea. Not always, but most of the time.

How much do you drive a year? Leases have mileage limits.

After spending all that money on a lease, you have nothing to show for it. With financing, at the end you own the car!

With loan rates of 0.9% APR being common, financing is very, very cheap. But you won't get that rate on a used car.

reply to Waterbug

reply to CylonRed

said by CylonRed:

said by I AM:

I'm against financing as well. Why not just finance and pay monthly? You really get nothing after leasing a car.

Financing or leasing...

reply to I AM

reply to RobNyc
if you have the money, always trade in your cars for newer and different and treat them semi gently leasing can work.

My wife and i can barely get a new vehicle and drive it into the ground. Bought a new suv this year will probably keep it for ten years hopefully or more. Already telling our six year old not to spill or kick it to death inside as he may end up with it later as a first vehicle.

reply to fwdworkzzzz

reply to RobNyc
Is the inconvenience of driving during the winter worth the cost of a new car? If not stick with what you have. As a first time car owner I purchased a new 2007 Chevrolet Aveo and financed it.

Worst mistake I ever did when it came to cars. If you could afford the payments then go ahead and purchase one if you like but you better have some job stability or some way to pay it off because you start missing on payments they will take it away. You have a car that takes you from point A to point B and it's treating you right.

Save up your money for a new car that you can purchase outright with AWD later on but remember that back then AWD didn't exist and people drove just fine back then too.

reply to RobNyc
a good FWD car will be good in snow too, its RWD to avoid. I got stuck behind a BMW once on a slush covered movie theater parking lot. really a brand new 7 series worth 80k should not be an epic fail on some packed snow and partly melted slush on a minor slope while my 11yr Impala does not even trigger its traction control.
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[65 Arcanist]Filan(High Elf) Zone: Broadband Reports