Poll

Do/Would you Lease or Buy?

Only Lease.
71 (21.9%)
Only Buy.
91 (28.1%)
I judge both options and usually lease.
64 (19.8%)
I judge both options and usually buy.
74 (22.8%)
I don't have a car.
24 (7.4%)

Total Members Voted: 324

Author Topic: Car Lease v. Buying  (Read 167293 times)

Offline elit

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Re: Car Lease v. Buying
« Reply #440 on: February 15, 2016, 12:56:29 PM »
A 1 or 2 year old Honda or Toyota will be very reliable.
Again, if you don't mind owning it for 6 years the value will still be there.
I bought a 4 year old odyssey 7 years ago and if I would have leased it would be 3 or 4 times the price by now.
Edit, also, it can still sell for a few grand even though it's old.
But I was saying the lease option would be a t and c not honda

Offline cozmohoot

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Re: Car Lease v. Buying
« Reply #441 on: February 15, 2016, 01:45:17 PM »
But I was saying the lease option would be a t and c not honda
Understood.
I think a used Honda drives better than new tandc.
I rented a brand new Chrysler and it had gadgets but was not quiet or smooth

Offline Ydad

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Re: Car Lease v. Buying
« Reply #442 on: February 15, 2016, 03:33:45 PM »
The one scenario you guys are missing is where the vehicle you would buy would not be the same your leasing. What I mean by that is let's say i need a mini van. If I am buying I'm not going to buy a town and country or the like bc they don't last as long and don't have a good resale value so I would need to go with sienna or Odyssey which new will cost me north of 30k. don't have the exact number what that would cost to finance but I would assume around 500 a month (based on my quote I recieved of 18k being 350 a month.) Or I can get a slightly used sienna/odyssey but that would still be pretty expensive monthly and the resale value is lower and risk of large expenses higher. However if I lease it's only for two years so I can get the town and country for only 270 a month with no maintenence (plus it comes with features I would not be getting if buying a base model sienna/odyssey)
For 18k you could get a 2-3 year old sienna that would do you a whole lot better than the t&c.

Offline EJB

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Re: Car Lease v. Buying
« Reply #443 on: February 15, 2016, 04:20:41 PM »
Better value is buying a 1 year old car and financing it at 1.75%. When buying a brand new car you pay a premium to be the first person to drive it out of the lot. Let someone else pay that premium and shave a bunch of $$ off the price. 

I got a 6 month old car for 6K off the going price for new. It was a unique situation and not really replicate-able but you should be able to shave a few thousand off for being willing to not get a brand spanking new car.

True, but spanking new cars also typically come with better warranties/assurance that the car is in 100% good shape. There's always a greater risk with used cars that there are issues with them

Offline AROCKS1

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Re: Car Lease v. Buying
« Reply #444 on: April 13, 2016, 09:37:23 AM »
I would appreciate feedback for the following scenerio:

I currently have about 1.5 years left on my 2015 altima lease (paying 150 a month = approx. $2,000 till the end of my lease). My assumtion was was that I was going to lease a similar car again costing me between $7,500 and $9,000. Totaling out to between $9,500 and $11,000 over the next 5 years.
I have the option of buying a very well maintained 2008 infiniti EX with 100,000 miles on it for approx $10,000.

Obviously if all the above is equal I would buy the car considering I will break even after 5 years, and only stand to gain after that. BUT:

1) Will the buyout offers on my current lease making leasing cheaper than buying in this scenerio?
2) What is the likelyhood that maintenance within 5 year span will make leasing cheaper?

Offline cozmohoot

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Re: Car Lease v. Buying
« Reply #445 on: April 13, 2016, 09:51:15 AM »
If happy with the altima why not buy that out? Low miles and driven by you and will hold its value.
Leasing will not be cheaper however you cut it. Convenient yes, not cheaper.
This has been discussed over and over .

Offline AROCKS1

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Re: Car Lease v. Buying
« Reply #446 on: April 13, 2016, 11:30:31 AM »
If happy with the altima why not buy that out? Low miles and driven by you and will hold its value.
Leasing will not be cheaper however you cut it. Convenient yes, not cheaper.
This has been discussed over and over .

I did not outfit the altima that I am in with the  features that I want in a car I will hold on to (backup camera, usb, power seats). The infiniti has all that.

Offline ya

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Re: Car Lease v. Buying
« Reply #447 on: April 13, 2016, 12:46:56 PM »
I did not outfit the altima that I am in with the  features that I want in a car I will hold on to (backup camera, usb, power seats). The infiniti has all that.
infiniti  is almost 10 years old...

Offline Got a clue

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Re: Car Lease v. Buying
« Reply #448 on: June 15, 2016, 08:23:52 AM »
Is there a credit pull every time I inquire into what my financing rate would be from a certain bank? 

Offline ual902

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Re: Car Lease v. Buying
« Reply #449 on: June 15, 2016, 09:49:08 AM »
Looking to go luxury from a camery 2016, what you think of the Hayundai Genesis 2016 for luxury?.

Offline sammy n

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Re: Car Lease v. Buying
« Reply #450 on: June 15, 2016, 09:59:50 AM »
Looking to go luxury from a camery 2016, what you think of the Hayundai Genesis 2016 for luxury?.
Won't do an suv?

Offline ual902

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Re: Car Lease v. Buying
« Reply #451 on: June 15, 2016, 11:13:13 AM »
Won't do an suv?

Which SUV? Thought the Genesis is a decent price for Luxury, I'm Financing.

Offline sammy n

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Re: Car Lease v. Buying
« Reply #452 on: June 15, 2016, 11:14:03 AM »
Which SUV? Thought the Genesis is a decent price for Luxury, I'm Financing.
What price range are you looking at?

Offline ual902

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Re: Car Lease v. Buying
« Reply #453 on: June 15, 2016, 11:20:01 AM »
What price range are you looking at?

$36K ish

Offline Toasted

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Re: Car Lease v. Buying
« Reply #454 on: June 15, 2016, 11:37:46 AM »
$36K ish

How about the Lincoln MKX?

Offline yg99

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Re: Car Lease v. Buying
« Reply #455 on: June 16, 2016, 01:43:29 PM »
Am I missing something? Why isn't anyone figuring the trade-in value for a 3 year old car?

Agreed that the first time around leasing is cheaper per month. But every time after that wouldn't the trade-in value lower the monthly payments significantly?

I know it's a hassle to sell a used car every 2-3 years, but trade-ins are painless. Less money, I'm sure, but no hassle and no worries about excess mileage, wear etc.

Offline Ergel

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Re: Car Lease v. Buying
« Reply #456 on: June 16, 2016, 03:34:07 PM »
When you lease, they factor in the residual value into the price of the last
Life isn't about checking the boxes. Nobody cares.

Offline ExGingi

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Re: Car Lease v. Buying
« Reply #457 on: June 16, 2016, 04:09:15 PM »
When you lease, they factor in the residual value into the price of the last
And if you know anything about how lease payments are calculated, you are actually paying interest on that residual value throughout the lease.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline skyguy918

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Re: Car Lease v. Buying
« Reply #458 on: June 16, 2016, 04:23:09 PM »
And if you know anything about how lease payments are calculated, you are actually paying interest on that residual value throughout the lease.
The comparison is to financing, where you're also paying interest on the full value.

Offline skyguy918

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Re: Car Lease v. Buying
« Reply #459 on: June 16, 2016, 04:24:58 PM »
Am I missing something? Why isn't anyone figuring the trade-in value for a 3 year old car?

Agreed that the first time around leasing is cheaper per month. But every time after that wouldn't the trade-in value lower the monthly payments significantly?

I know it's a hassle to sell a used car every 2-3 years, but trade-ins are painless. Less money, I'm sure, but no hassle and no worries about excess mileage, wear etc.
You realize that this is exactly what a lease is, right? You buy the car and the financing company is lending you the full amount, with an agreement to buy it back from you for the stated residual value at lease end.