Lease or Buy - What is your preference?

[TourGuide]

I wish I could afford to buy this next vehicle, but I have this feeling I'll end up in a lease again. I hate leasing because it is essentially a long term rental agreement. What do you think?

 

[dman]

Buy. If you can't afford a new car, you can buy a newer-used card. In 5yrs you'll be happy you did. Own 3 cars outright now, only one was purchased brand new, others were purchased a couple years old. No car payments = 🙂

Honestly, as soon as we payed off the last two (a month apart) I had an urge to go buy a new car. That's diminished and I enjoy having the extra $$$ each month. No problems with maint. at this point either.

Anyway, my relatives all lease. They like having a new car every 2-3yrs and the worry-free operation.

 

[TourGuide]

You know, that's the thing - if you get into a 2-3 year lease, you don't really gain anything on a new car payment.

I think the disappionting thing is, when you start shopping around to see what $300 a month will buy you and you realize, sh*z I'm going to have to scale back my expectations. That bites.

 

[RossMAN]

With new car financing around 0%, 1.9% and 3.9% APR I'd say BUY.

However if I were to get a luxury car I'd probably lease, just so I could get a new luxury car every 3 years but the damn restrictions suck.

 

[Spikey289]

I bought my first brand new car this past Oct. I like that better because I have no miles restriction plus I can mod the car if I want. i.e. tint, wheels things like that. I pefer to buy. But it depends on what you can afford.

 

[RossMAN]

Originally posted by: Spikey289
I bought my first brand new car this past Oct. I like that better because I have no miles restriction plus I can mod the car if I want. i.e. tint, wheels things like that. I pefer to buy. But it depends on what you can afford.

Congrats on your new car purchase, we just bought our very first BRAND NEW CAR (owned 3 used cars before that).

What year/make/model did you get?

 

[Acts837]

$40k Suburban

$650 payments vs $390 lease ...hmmm, I'm throwing my money away for now.

 

[StageLeft]

Originally posted by: TourGuide
I wish I could afford to buy this next vehicle, but I have this feeling I'll end up in a lease again. I hate leasing because it is essentially a long term rental agreement. What do you think?

You said it all right there. If you can't afford to buy you shouldn't lease.

 

[Acts837]

Sometimes people don't have many options. My case...

We chose to have a large family.
I have steady income but don't make alot (military).
I'm gone on a moments notice for undetermined time periods.

Hence, big realiable vehicle + medium income = lease for now

 

[fyleow]

Do you pay tax on used cars?

 

[ptyes]

Finance a car is the best option for the cash-strapped person who needs a car fast with a reliable source of income. If you are running on REALLY thing ice and leasing is the only option you can financially handle, than that's what you got to do. I'd consider looking into used cars which you can pay cash down first.

 

[TourGuide]

I'll probably end up looking for something recently used and putting some money down. This has worked well for us in the past.

 

[aircooled]

Buy. Especially if mileage restrictions are an issue (as they are for me).