So i went to a Used car dealer today
sample offer:
Toyota Sienna 2011
$16,000
55k miles on it.
got me thinking
why lease a sienna for $300 a month + fees for pickup and deductable, over 3 years you pay ~$14,000 and then you have nothing
Here with the buying a used car, 1. after 3 years the car is worth ~$10,000 so you spent ~$6,000
Yes, having a leased car is a benefit as it's new etc. and you dont have to worry about any issues
BUT
1. Saving $8,000
2. How many issues will you have with a 3 year old car
3. You have the power to buy cheaper insurance as you don't need full coverage
your thoughts?
The real answer is one word: Mazel.
The car can be in pristine condition and give you five full years of perfect riding and no trouble, OR it can already be on its way to becoming a lemon, and you will have nothing but trouble.
Unfortunately, there is absolutely NO way of knowing if you will end up in the former category or the latter.
So, if
reliability matters very much to you, i.e. if you can't afford to wake up in the morning every once in a while and have to deal with your car not starting, or your brakes not working properly, it is a safer bet to lease. However, if you can handle trouble every now and then, like your car overheating on the highway or not starting up in the morning, you will indeed save money buying.
One last thing: Extended warranties are BULL. See here for reference:
http://www.consumerreports.org/cro/news/2013/07/is-it-worth-buying-an-extended-car-warranty/index.htm