Leasing a car vs buying 2nd hand?

[yossi4k]

Leasing:
Pros; new car, under warranty, get a new car after 3 years
Cons; have to pay for every scratch, limited miles, you dont really get your moneys worth on the buyout option

2nd hand:
Pros; you own the car after you finish financing/paying up
Cons; no warranty neccesarily, car goes down in value very quickly

If anybody has other points to add feel free!
Also points to ponder: Which cars keep their value the best? Which cars get the best gas mileage? Which cars are cheaper to insure?

[muttman]

Leasing:
Pros; new car, under warranty, get a new car after 3 years
Cons; have to pay for every scratch

Honda leases come with a $1,500 damage fee waiver

[whYME]

car goes down in value very quickly

That's usually the case with a new car, usually not with a used car.

Conventional wisdom says buying a used car is the best value. although dan disagrees.

[yid]

depending what car you buy you might not need full insurance coverage, whereas on a lease you will.

[yossi4k]

depending what car you buy you might not need full insurance coverage, whereas on a lease you will.

Yes thats very true. Minimum insurance for an owned car is typically $1,500 less per year than a leased car

[muttman]

Yes thats very true. Minimum insurance for an owned car is typically $1,500 less per year than a leased car

I have a leased car and I pay less than $1,500 a year total

[txtmax4]

That's usually the case with a new car, usually not with a used car.

Conventional wisdom says buying a used car is the best value. although dan disagrees.

I think he essentially agrees, it's just that he introduces a 3rd option which is negotiating the price of new cars.

[txtmax4]

I have a leased car and I pay less than $1,500 a year total

Location?

[Mikeoracle]

I have a leased car and I pay less than $1,500 a year total

Same here, I have 2 leased cars and pay about $1000-$1100 per year for each. (in Lakewood)
When I made the calculations for myself, leasing came out to make the most sense.

[muttman]

Location?

Monsey, I pay $1,200

[yid]

Same here, I have 2 leased cars and pay about $1000-$1100 per year for each. (in Lakewood)
When I made the calculations for myself, leasing came out to make the most sense.

I have a leased car and I pay less than $1,500 a year total

For full coverage including fire and theft?

[txtmax4]

Monsey, I pay $1,200

Good rate I must say. Very good rate!

[Mikeoracle]

For full coverage including fire and theft?

Of course, its a lease, you HAVE to take full coverage.

[yossi4k]

I have a leased car and I pay less than $1,500 a year total

I was talking regarding rates in miami

[est]

Same here, I have 2 leased cars and pay about $1000-$1100 per year for each. (in Lakewood)
When I made the calculations for myself, leasing came out to make the most sense.

through which co?

[Mikeoracle]

through which co?

Geico.
Used to have 21st century and they were also pretty decent but GEICO came out a bit cheaper.

[Zeeeeks]

Good rate I must say. Very good rate!

In Monsey you should be able to do better. I pay under $800 for full coverage.

[muttman]

In Monsey you should be able to do better. I pay under $800 for full coverage.

How old are you? what company do you use?

[Zeeeeks]

How old are you? what company do you use?

Geico and I had that rate in my low twenties

[newcomer]

I have Travelers in NJ im paying $1,665 for a full year 2 newer vehicles one lease and one owned full coverege.