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 167296 times)

Offline Dan

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Re: Car Lease v. Buying
« Reply #420 on: February 14, 2016, 03:28:50 PM »
Don't need such good mazel, breakeven point is before most cars need heavy maintenance.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Sport

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Re: Car Lease v. Buying
« Reply #421 on: February 14, 2016, 03:31:25 PM »
Don't need such good mazel, breakeven point is before most cars need heavy maintenance.
How do you calculate the breakeven point ?  Someone quoted you as saying after 65 months.

Offline mgarfin

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Re: Car Lease v. Buying
« Reply #422 on: February 14, 2016, 03:32:55 PM »
Dont fully understand this discussion, bottom line compare your monthly payments between leasing and purchasing. It should be irrelevant what contributes to the payments.

Why is it irrelevant  that on a lease you pay every 24-36 months an extra $1500-2200?

Offline Sport

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Re: Car Lease v. Buying
« Reply #423 on: February 14, 2016, 03:37:40 PM »
Why is it irrelevant  that on a lease you pay every 24-36 months an extra $1500-2200?
It's not irrelevant but the best way to accurately compare buying to leasing is by rolling everything into monthly payments. Under that premis its  its irrelevent what is being rolled into the monthly payments.

Offline Ydad

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Re: Car Lease v. Buying
« Reply #424 on: February 14, 2016, 04:50:36 PM »
How do you calculate the breakeven point ?  Someone quoted you as saying after 65 months.
What needs figuring? Take the (lowest) price of any car and divide it buy the monthly cost of it's corresponding lease (rolling the upfront payments into the monthly cost). That's how I would calculate.

Offline cozmohoot

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Re: Car Lease v. Buying
« Reply #425 on: February 14, 2016, 04:52:32 PM »
Don't need such good mazel, breakeven point is before most cars need heavy maintenance.
+1, even buying a slightly used car will save money vs leasing.

Offline Sport

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Re: Car Lease v. Buying
« Reply #426 on: February 14, 2016, 04:58:28 PM »
What needs figuring? Take the (lowest) price of any car and divide it buy the monthly cost of it's corresponding lease (rolling the upfront payments into the monthly cost). That's how I would calculate.
If thats all you put into the n consoderation then Your monthly payments will almost always be higher when purchasing. The most important factor is that you own the value of the car.

Offline Ydad

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Re: Car Lease v. Buying
« Reply #427 on: February 14, 2016, 06:23:22 PM »
If thats all you put into the n consoderation then Your monthly payments will almost always be higher when purchasing. The most important factor is that you own the value of the car.
I hear that. Just ran some numbers and what I got was basically after about 8 years the payments on a lease would pay for the car. And obviously then you are left with the value of an 8 year old car, versus leasing where you are left with nothing. That's what I was trying to figure.

Offline Dan

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Re: Car Lease v. Buying
« Reply #428 on: February 14, 2016, 06:28:38 PM »
I've had my Altima 2.5SL since May 2011.
$28K sticker, paid $21K.
Leasing would have been about $350/month. After 3 years I'd have paid $12,500 and been left with nothing.

I've only put 16K miles on it and it's worth about $13.5K today.  So I've used it for 57 months and "paid" $7.5K in that time period, or about $131/month.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline elit

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Re: Car Lease v. Buying
« Reply #429 on: February 14, 2016, 06:32:51 PM »
I've had my Altima 2.5SL since May 2011.
$28K sticker, paid $21K.
Leasing would have been about $350/month. After 3 years I'd have paid $12,500 and been left with nothing.

I've only put 16K miles on it and it's worth about $13.5K today.  So I've used it for 57 months and "paid" $7.5K in that time period, or about $131/month.
16k miles is very little over 5 years may worked for you but that's not a typical scenario

Offline Dan

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Re: Car Lease v. Buying
« Reply #430 on: February 14, 2016, 06:36:18 PM »
16k miles is very little over 5 years may worked for you but that's not a typical scenario
Of course not, still the numbers for buying will always be better.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline MarkS

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Re: Car Lease v. Buying
« Reply #431 on: February 14, 2016, 07:00:39 PM »
What it boils down to is:
Is leasing fun because you get a brand new car every 2-3 years?  Yes. Very
Is it cheaper (or at least break even) compared to buying? No.

It costs more. If you are willing to pay that premium to always have a new car go ahead. But don't fool yourself into thinking that it is cheaper.

Offline Dan

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Re: Car Lease v. Buying
« Reply #432 on: February 14, 2016, 07:10:23 PM »
What it boils down to is:
Is leasing fun because you get a brand new car every 2-3 years?  Yes. Very
Is it cheaper (or at least break even) compared to buying? No.

It costs more. If you are willing to pay that premium to always have a new car go ahead. But don't fool yourself into thinking that it is cheaper.
Exactly.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Sport

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Re: Car Lease v. Buying
« Reply #433 on: February 14, 2016, 07:29:03 PM »
What it boils down to is:
Is leasing fun because you get a brand new car every 2-3 years?  Yes. Very
Is it cheaper (or at least break even) compared to buying? No.

It costs more. If you are willing to pay that premium to always have a new car go ahead. But don't fool yourself into thinking that it is cheaper.
Yup. Though it's more than just more exciting to lease, you also don't have to go through the hock of selling a car every x years.

Offline yelped

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Re: Car Lease v. Buying
« Reply #434 on: February 14, 2016, 08:06:08 PM »
Yup. Though it's more than just more exciting to lease, you also don't have to go through the hock of selling a car every x years.
Well, it's only once in 10-12 years, hopefully.

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Re: Car Lease v. Buying
« Reply #435 on: February 14, 2016, 09:41:31 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)

Offline Venilla

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Re: Car Lease v. Buying
« Reply #436 on: February 15, 2016, 01:35:22 AM »
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)
Seems like a valid point to me. Another question I have, I am willing to pay the premium to get a new car every 2-3 years, will it still be cheaper to buy?
I like vanilla but my name is Venilla.

Offline ya

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Re: Car Lease v. Buying
« Reply #437 on: February 15, 2016, 09:50:06 AM »
I've had my Altima 2.5SL since May 2011.
$28K sticker, paid $21K.
Leasing would have been about $350/month. After 3 years I'd have paid $12,500 and been left with nothing.

I've only put 16K miles on it and it's worth about $13.5K today.  So I've used it for 57 months and "paid" $7.5K in that time period, or about $131/month.
Unless your drunk your not paying $350 for an Altima

Offline cozmohoot

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Re: Car Lease v. Buying
« Reply #438 on: February 15, 2016, 12:46:51 PM »
Seems like a valid point to me. Another question I have, I am willing to pay the premium to get a new car every 2-3 years, will it still be cheaper to buy?
If you plan to sell every 2to3 years then you might as well lease.

Offline cozmohoot

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Re: Car Lease v. Buying
« Reply #439 on: February 15, 2016, 12:49:58 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)
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.