lease or buy?

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diymirage

diymirage

HP@idle > hondaHP@redline
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as you guys may know, i need a new family hauler
now, i have always bought my vehicles, but the junk they sell nowadays inst the solid investment it used to be

having said that, i have NO IDEA what leasing entails, but i seem to remember some of you do, so lets hear it
 
IMO leasing is more suited for folks that would typically buy new and trade in every 3-4 years on another new vehicle.
 
...and not put hardly any miles on per year.

...and take meticulous care, or be prepared to pay high retail for any damage.
 
Leasing is dicey. Had a buddy who hit his mileage cap and the car sat in his driveway for about 4 months to avoid the high rate charges for every mile in excess of the contract.
 
diymirage said:
as you guys may know, i need a new family hauler
now, i have always bought my vehicles, but the junk they sell nowadays inst the solid investment it used to be

having said that, i have NO IDEA what leasing entails, but i seem to remember some of you do, so lets hear it
Click to expand...

How many miles do you drive a year. Most leases only allow 1000 per month (12000 per year), last I knew.

I had a friend lease a vehicle, he racked up the 12000 miles in about 8 months and had to buy a beater to drive for the remainder of the year, or pay big bucks for overages.
 
WV64Signet said:
Leasing is dicey. Had a buddy who hit his mileage cap and the car sat in his driveway for about 4 months to avoid the high rate charges for every mile in excess of the contract.
Click to expand...
Bad Sport said:
How many miles do you drive a year. Most leases only allow 1000 per month (12000 per year), last I knew.

I had a friend lease a vehicle, he racked up the 12000 miles in about 8 months and had to buy a beater to drive for the remainder of the year, or pay big bucks for overages.
Click to expand...


HAHAHAHAHA, posted the same thing at the same time, lol.
 
My general rank-order is

New
Certified Used
Used

I don't usually consider a Lease because I drive my vehicles until they either stop running or hit a repair level that exceeds the value of the vehicle.


I actually knew someone who was renting cars a month at a shot because it was less costly than leasing and unlimited mileage.

Good luck
 
Don't lease. You will be going backwards every day you drive it.
 
I have leased a few cars. I have no regrets. You can also buy out the lease at the end. I just bought my leased 2018 buick encore this past May because of the low mileage.
 
I you have a life-long monthly budget line item for "car payment" and drive very little, it could make sense.
 
YY1 said:
I you have a life-long monthly budget line item for "car payment" and drive very little, it could make sense.
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Yep. The wife and I could probably get by with a lease, we drive a little less than the 12,000 mile deal (I don't know if that has changed). But, IF we wanted to take a long trip I would still have to rent a vehicle just the same, as it would likely put me over on mileage.

Eelco, you may have the option to increase the mileage allotment, but it will cost ya extra every month.

Auto manufacturers aren't doing you any favors, they are gonna make their money.
 
Can't say from personal experience but my dad leased a car once when I was a kid in the 90s, said it was a big waste of money and he'd never do it again. Now he just buys vehicles straight-up cash (and I do too) since transactions with interest are against our religious beliefs. Of course for some things it's the only way but I'd rather drive a used car I paid for once with cash than make monthly payments on something newer for years after. The way I see leasing is just a long-term rental, the car is never really yours. Although these days you pretty much have to get something over 10 years old or be loaded with money to buy without financing or leasing.

It's a great trick the banks and automakers pulled where they made it "normal" to buy a $30k+ car and finance it for 5+ years after. Seems crazy to me, debt of any kind gives me heartburn. I'm far from any expert on financing or economics but it really doesn't seem like a sustainable system in the long term :realcrazy:
 
leasing can be great for some.. its not for everyone though.. it also really depends on what you are leasing.. toyota and honda make great leases because of how well they hold their value. if over on mileage its usually around 20 cents a mile. some dealers will forgive up to a certain amount of miles if you are getting another car from them. if too far over you just trade it in before the lease is up.. you can trade towards another lease too if you want.

i leased the tacoma i had. didn't really want to buy it because i wasn't sure how long we were keeping the travel trailer we had at the time.. we decided the tacoma was too small for what we needed and traded it in on a GMC. they gave us over what the buy out was. leased the GMC because again we weren't sure we wanted to keep the trailer long term and i sure as hell didn't trust the gmc (wouldn't have trusted a ford or dodge truck either) enough to pay the stupid money they wanted to buy it.. figured if it was trouble or we didn't need it any longer i could get out of it fast which is what happened.. we ended up getting rid of the trailer and buying a class c motor home.. called the dealer and they were interested. i still had like 8 months on th elease if i remember correctly.. i'd have been happy if they just bought it and said no more payments you are good to go.. hell they gave me $4200 after paying the lease out.. i was quite happy..:)
 
there are tons of sites out there that will explain everything you need to know about leasing a car.. read up and go in with the knowlege.
 
abodyjoe said:
leasing can be great for some.. its not for everyone though.. it also really depends on what you are leasing.. toyota and honda make great leases because of how well they hold their value. if over on mileage its usually around 20 cents a mile. some dealers will forgive up to a certain amount of miles if you are getting another car from them. if too far over you just trade it in before the lease is up.. you can trade towards another lease too if you want.

i leased the tacoma i had. didn't really want to buy it because i wasn't sure how long we were keeping the travel trailer we had at the time.. we decided the tacoma was too small for what we needed and traded it in on a GMC. they gave us over what the buy out was. leased the GMC because again we weren't sure we wanted to keep the trailer long term and i sure as hell didn't trust the gmc (wouldn't have trusted a ford or dodge truck either) enough to pay the stupid money they wanted to buy it.. figured if it was trouble or we didn't need it any longer i could get out of it fast which is what happened.. we ended up getting rid of the trailer and buying a class c motor home.. called the dealer and they were interested. i still had like 8 months on th elease if i remember correctly.. i'd have been happy if they just bought it and said no more payments you are good to go.. hell they gave me $4200 after paying the lease out.. i was quite happy..:)
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That happened to my son. He got a $9000 refund simply because of the "Fair market value" language in the contract. Because of the chip shortage and the jump in used car values. He used it as a down payment for his new Jeep. He bought this one. The big check at the end probably won't ever happen again.
 
3forty said:
I have leased a few cars. I have no regrets. You can also buy out the lease at the end. I just bought my leased 2018 buick encore this past May because of the low mileage.
Click to expand...
How much did you pay to buy out? Oh and thanks for the red X.
 
MopaR&D said:
Can't say from personal experience but my dad leased a car once when I was a kid in the 90s, said it was a big waste of money and he'd never do it again. Now he just buys vehicles straight-up cash (and I do too) since transactions with interest are against our religious beliefs. Of course for some things it's the only way but I'd rather drive a used car I paid for once with cash than make monthly payments on something newer for years after. The way I see leasing is just a long-term rental, the car is never really yours. Although these days you pretty much have to get something over 10 years old or be loaded with money to buy without financing or leasing.

It's a great trick the banks and automakers pulled where they made it "normal" to buy a $30k+ car and finance it for 5+ years after. Seems crazy to me, debt of any kind gives me heartburn. I'm far from any expert on financing or economics but it really doesn't seem like a sustainable system in the long term :realcrazy:
Click to expand...
I've seen banks and institutions that finance for 84 months, 7 years !!
 
toolmanmike said:
That happened to my son. He got a $9000 refund simply because of the "Fair market value" language in the contract. Because of the chip shortage and the jump in used car values. He used it as a down payment for his new Jeep. He bought this one. The big check at the end probably won't ever happen again.
Click to expand...

yup covid was great for getting rid of stuff. may not get a big check but something like a tacoma usually ends up with equity at the end of a lease because they hold their value so well.. gotta be careful of what ya lease..
 
diymirage said:
as you guys may know, i need a new family hauler
now, i have always bought my vehicles, but the junk they sell nowadays inst the solid investment it used to be

having said that, i have NO IDEA what leasing entails, but i seem to remember some of you do, so lets hear it
Click to expand...
I don't know how it is where you live, but here in Missouri you still have to pay sales tax and personal property tax on a lease, there's still a down payment required. With that being the case here I'd say it's cheaper to buy, besides after the lease is up you have to either buy, release the vehicle or lease another vehicle. I've always put down at least half when I buy a car and I pay it off in half of the contract time ie a 5 year note I pay it off in 2 1/2 year's. Leasing is a joke in my opinion.
 
My wife was leasing a car when we met. Ran way over the mileage limit and had to pay for every little paint chip. They took her to the cleaners.

We'll never lease again!!
 
66fyssh said:
My wife was leasing a car when we met. Ran way over the mileage limit and had to pay for every little paint chip. They took her to the cleaners.

We'll never lease again!!
Click to expand...
My son leased a GTI, 3 yr deal. In 2 yrs he was at the mileage limit. If I hadn't stepped in when he decided to buy it he would have been seriously fleeced !
 
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