Car Lease v. Buying

[dovy2]

With minivan leases sky high now, I'm thinking of financing a used few-year-old car. any leads on where I can find a trustworthy dealer?

[Ays]

With minivan leases sky high now, I'm thinking of financing a used few-year-old car. any leads on where I can find a trustworthy dealer?

I've used icar in lakewood excellent service and stands behind his cars

[avromie7]

With minivan leases sky high now, I'm thinking of financing a used few-year-old car. any leads on where I can find a trustworthy dealer?

Lakewood Auto Sales.

[S209]

Toms River Auto Sales. Doesn’t always have the car you’ll need in but super honest and well priced. 732-547-4337

[dovy2]

Anyone familiar with deals on wheels in Newark?.

[ZCN]

So I definitely am in favor for buying a car over leasing, but I'm wondering if there are cases where everyone would agree leasing is the better choice. Right now, used minivan's (2014-2017) are extremely hard to find - I've had cars I called about and then went to look at the next morning, only to find they sold overnight. I'm not sure why supply is so low right now, but I saw some good deals on some sites where you can take over a lease and I'm thinking things might be better in a year or so. Anyone have any insights to share?

[sruly]

What's the cheapest Minivan to buy new?
Any current deals? Can also be last years (or older) model?

[junion]

Used car prices are way up due to Covid. Does anyone with experience in the biz think they know when they will come back down?

[Kobe Bryant]

So I definitely am in favor for buying a car over leasing, but I'm wondering if there are cases where everyone would agree leasing is the better choice. Right now, used minivan's (2014-2017) are extremely hard to find - I've had cars I called about and then went to look at the next morning, only to find they sold overnight. I'm not sure why supply is so low right now, but I saw some good deals on some sites where you can take over a lease and I'm thinking things might be better in a year or so. Anyone have any insights to share?

Supply is low DTC.
They aren't manufacturing as many new cars and that affects the used car market.

[Kobe Bryant]

Lakewood Auto Sales.

+100

[sruly]

Lakewood Auto Sales.

are they negotiable at all from their price list or do they want the price on the list?

[avromie7]

are they negotiable at all from their price list or do they want the price on the list?

I've negotiated in the past. It really depends on the car, if he knows the car will be snatched within the week at his asking price he has no reason to give you a discount.

[teon00x14]

So I definitely am in favor for buying a car over leasing, but I'm wondering if there are cases where everyone would agree leasing is the better choice. Right now, used minivan's (2014-2017) are extremely hard to find - I've had cars I called about and then went to look at the next morning, only to find they sold overnight. I'm not sure why supply is so low right now, but I saw some good deals on some sites where you can take over a lease and I'm thinking things might be better in a year or so. Anyone have any insights to share?

Ultimately, the answer will depends to where you are and what car you want to buy or lease.  The timing also play a big part in the buy or lease equation too.  For example, i would usually buy minivan or subaru vehicles than lease.  Being from California with very attractive incentives for EV, the argument for leasing is very convincing.  Having high incentives and offers, along with a nice negotiated discount, will offset any depreciation hit on buying or leasing a new car compared to buying used.  Just dont expect a one size fits all answer.

As for your other question regarding supply, there are more demands for used car and that has driven the price up to 20% in certain markets.  Many tends to buy used during tough economic situation.  That'll dry up whatever available supply out there pretty quickly.  It'll cool down in the next month or two as the market stabilizes.

[avromie7]

Ultimately, the answer will depends to where you are and what car you want to buy or lease.  The timing also play a big part in the buy or lease equation too.  For example, i would usually buy minivan or subaru vehicles than lease.  Being from California with very attractive incentives for EV, the argument for leasing is very convincing.  Having high incentives and offers, along with a nice negotiated discount, will offset any depreciation hit on buying or leasing a new car compared to buying used.  Just dont expect a one size fits all answer.

As for your other question regarding supply, there are more demands for used car and that has driven the price up to 20% in certain markets.  Many tends to buy used during tough economic situation.  That'll dry up whatever available supply out there pretty quickly.  It'll cool down in the next month or two as the market stabilizes.

The shortage of new vehicles due to plant shutdowns earlier this year will also affect the used car market because people are extending their current leases.

[avromie7]

PSA: If you know someone giving back a lease on a car you're interested in, find out what the the residual is because especially now it can be below the used market value. If you are giving back a lease, it may make sense to keep the car and flip it if the residual is lower than the market value.

[zale]

PSA: If you know someone giving back a lease on a car you're interested in, find out what the the residual is because especially now it can be below the used market value. If you are giving back a lease, it may make sense to keep the car and flip it if the residual is lower than the market value.

My lease residual seems to be right in line with the KBB value. Nothing special.

Are residuals negotiable?

[avromie7]

My lease residual seems to be right in line with the KBB value. Nothing special.

Are residuals negotiable?

Which KBB value? Trade in, private party, or dealer? Very often the residual is around the book value or higher, but with the used car market so hot there is a bigger chance of finding a good deal.

No. I know someone who really liked his car but the residual was very high. They wouldn't negotiate it down, so he followed the car to the auction and bought it for way below the residual.

[lubaby]

Are residuals negotiable?

Residual is built into your contract.

[zale]

Is there any benefit of leasing with the intent of buying the vehicle once the lease is up, as opposed to buying a vehicle outright?

My understanding is that since with a lease you don't pay interest, if you lease with the intent to buy, you are getting three years (or whatever the term of the lease is) interest-free.

What am I missing here?

[aygart]

Is there any benefit of leasing with the intent of buying the vehicle once the lease is up, as opposed to buying a vehicle outright?

My understanding is that since with a lease you don't pay interest, if you lease with the intent to buy, you are getting three years (or whatever the term of the lease is) interest-free.

What am I missing here?

That with a lease you are also paying interest