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  1. #1
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    buy or lease a vehicle

    Am needing to get a different family car this fall. Don't want to buy new but instead possibly something used in good shape. What have some of your experiences been with leasing a vehicle? Is this a good option? I would be interested in hearing pros/cons to each.



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    Re: buy or lease a vehicle

    How many miles are you planning on driving per year? I drive way more than the 12,000 you are allowed per the lease.

    I'm actually a big fan of buying new and driving the car into the ground. I don't think you save that much money buying a used car with 20,000 or 30,000 miles on it and you lose around 2 years of it's life.



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    Re: buy or lease a vehicle

    How many miles do you drive a year? Do you have expendable income and don't plan on keeping the car for more than 3 years? Do you plan on buying the next new model of car you already own as soon as it comes out? or upgrading to that manufacturers next higher level? I've had good experiences and bad with each. Seriously, if you see yourself in a new car, better car in 3 years, lease, if you plan on keeping if for 5-10 years buy. Leases are great if you don't plan on sticking with the car for more than a couple of years and you don't mind a car payment. Buying is for those who plan on getting a few bucks for a trade in or for selling before they buy their next.



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    Re: buy or lease a vehicle

    Don't lease unless you like new paint. Slightly lower payments, but you don't have anything left at the end of the term, and have to pay in if you go over on mileage. Get the best car you can afford and pay it off. You can save money buying from private individual, but taking more risk. Best bet is to find a dealer you trust and get a program car with 10-15k miles on it in a reputable brand, or get a new car with fewer options, and pay it off as soon as you can. Then drive it till it costs too much to fix it. That's my opinion. Good luck.



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    Cool Re: buy or lease a vehicle

    If you plan on buying a new car every 3 years anyway = lease

    If you plan on buying a car and driving it for a long time = buy

    I like to buy 3 yr old cars that came off lease. They have approx 36,000 miles on them and they are cheap vs. buying new. I drive them for approx 5 yrs then find myself wanting something different.


    King James

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    Re: buy or lease a vehicle

    Quote Originally Posted by InCytful View Post
    Don't lease unless you like new paint. Slightly lower payments, but you don't have anything left at the end of the term, and have to pay in if you go over on mileage. Get the best car you can afford and pay it off. You can save money buying from private individual, but taking more risk. Best bet is to find a dealer you trust and get a program car with 10-15k miles on it in a reputable brand, or get a new car with fewer options, and pay it off as soon as you can. Then drive it till it costs too much to fix it. That's my opinion. Good luck.



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    Re: buy or lease a vehicle

    InCytful is 100% correct.



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    Re: buy or lease a vehicle

    Quote Originally Posted by GrayerClone View Post
    Am needing to get a different family car this fall. Don't want to buy new but instead possibly something used in good shape. What have some of your experiences been with leasing a vehicle? Is this a good option? I would be interested in hearing pros/cons to each.
    buy used in good shape.

    1. buyers market for everything right now.
    2. ever wondered why car dealerships will continue to push lease when you've told them no to lease?
    3. dealing with dealerships puts you on an uneven playing field. Deal with a private car owner, if at all possible.



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    Re: buy or lease a vehicle

    Quote Originally Posted by CyPride View Post
    buy used in good shape.

    1. buyers market for everything right now.
    .
    I have been trying to buy a pickup and I cannot get dealers to deal at all. Dont want to give anything on a trade and wont come down on price.


    The gap in our economy is between what we have and what we think we ought to have--and that is a moral problem, not an economic one. - Paul Heyne

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    Re: buy or lease a vehicle

    Quote Originally Posted by jsb View Post
    How many miles are you planning on driving per year? I drive way more than the 12,000 you are allowed per the lease.

    I'm actually a big fan of buying new and driving the car into the ground. I don't think you save that much money buying a used car with 20,000 or 30,000 miles on it and you lose around 2 years of it's life.
    There are multiple mileage levels in leasing - I've seen up to 18k a year. Leasing is not for everyone, but for others it works out great. You have the advantage of the car being under warranty for a majority of the time you own it, and you have the advantage of a new car every 3-4 years. As for having nothing left at the end, I've seen some pretty good deals for cash back with a lease lately up to $3000.

    The other myth - you have to put money down - no you don't. All you're doing by putting money down is lowering your monthly payment. When I leased my current vehicle, they gave me multiple options with various amounts of money being put down. My parents have leased for 15 years, and never once have they put any money down, they just sign and drive. Although some leases require you to make the first month's payment when you lease the vehicle.

    Again, as others have said - how much you drive really determines if you want to lease, and it's not for everyone. I will probably buy my next car, and pay it off so I can pass it to my daughter to have a car when she's old enough to drive, but I've enjoyed my leasing experience with my current vehicle.



  11. #11
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    Re: buy or lease a vehicle

    Do some googling on this question. I believe you'll find most financial experts will advise against leasing.


    CCG

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    Re: buy or lease a vehicle

    Regardless of how long you keep a car it usually doesn't make sense to lease. I've bought a ton of cars and every time I run the numbers it just doesn't make financial sense. Leases are usually for people that can't afford a certain kind of car to get that car.



  13. #13
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    Re: buy or lease a vehicle

    Today 90% of the time you are better off buying. There are a few companies that make it worth while to lease because they keep the residual around 65%+. Plus with interest rates as low as they are your buying payments are not much different than leasing.

    I just went through this process of this week because I got my wife a new car for our anniversary (scored big brownie points)! I ended up leasing, but 2 of 3 the cars she wanted I would have been better off buying.

    Also it greatly depends on how many miles you drive, more than 12k/year = buy.

    If you buy, look for a car that is a year old with 10-20K miles, save a ton of money and get the remainder of the factory warranty!!!



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    Re: buy or lease a vehicle

    Buy from a trusted salvage dealer. Family networking in the midwest is great for this type of thing. Almost everybody in Iowa knows a family friend that repairs and sells salvage vehicles. Get a car, run it to the ground. Repeat.



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    Re: buy or lease a vehicle

    Quote Originally Posted by kingcy View Post
    I have been trying to buy a pickup and I cannot get dealers to deal at all. Dont want to give anything on a trade and wont come down on price.
    kingcy - they won't deal at all? what brand? i assume new? if you don't need one yesterday, that is good - keep at it, keeping working with them and don't just give in.

    interesting article i saw on this topic, which might mirror your experience:

    No deal: buyers will see fewer discounts for cars- Yahoo! Autos Article Page



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