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 167233 times)

Offline sillypainter

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Re: Car Lease v. Buying
« Reply #560 on: October 25, 2020, 11:29:19 PM »
That with a lease you are also paying interest

And the purchase price can be dramatically cheaper if negotiating as a purchase.

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Re: Car Lease v. Buying
« Reply #561 on: October 25, 2020, 11:55:32 PM »
And the purchase price can be dramatically cheaper if negotiating as a purchase.
Not if you know how to negotiate. Incentives are generally different for leases and purchases. You have to be familiar with each to know what makes sense for each car at each time.

Offline the great

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Re: Car Lease v. Buying
« Reply #562 on: December 13, 2020, 11:16:30 AM »
I'm looking into buying a new or barely used Honda/Toyota minivan. What is the best route to go?

P.s. I didn't find a separate thread for car buying,

Offline emak

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Re: Car Lease v. Buying
« Reply #563 on: January 09, 2021, 09:56:56 PM »
Recently bought a used Honda Odyssey with low mileage. Is it worth considering buying an extended warranty from a third party? The Honda one expired

Offline shmooz

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Re: Car Lease v. Buying
« Reply #564 on: January 09, 2021, 10:15:27 PM »
Recently bought a used Honda Odyssey with low mileage. Is it worth considering buying an extended warranty from a third party? The Honda one expired

Have bought some warranties and even though many say it's not worth it, I always came out ahead.

I bought the easy street from penfed.

Only pays if you plan to keep the car for the duration.

It is 'bumper to bumper' meaning it covers everything but replacement parts.

A few pointers, Don't forget you have it! Which is not so simple after a few years.

Once they have paid the value of car at the time of the claim they won't pay anymore. With an odyssey it holds value so it's a good choice for a warranty.  A Hyundai would not be.

For example on my minivan the sliding door motor went, my mechanic refused to touch it, went to dealer, they covered the $2k


Offline emak

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Re: Car Lease v. Buying
« Reply #565 on: January 09, 2021, 11:04:34 PM »
Have bought some warranties and even though many say it's not worth it, I always came out ahead.

I bought the easy street from penfed.

Only pays if you plan to keep the car for the duration.

It is 'bumper to bumper' meaning it covers everything but replacement parts.

A few pointers, Don't forget you have it! Which is not so simple after a few years.

Once they have paid the value of car at the time of the claim they won't pay anymore. With an odyssey it holds value so it's a good choice for a warranty.  A Hyundai would not be.

For example on my minivan the sliding door motor went, my mechanic refused to touch it, went to dealer, they covered the $2k


Thanks, will check this out

Offline jackst

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Re: Car Lease v. Buying
« Reply #566 on: January 10, 2021, 06:10:15 PM »
does anybody have any idea which bank to go to for car financing for somebody that doesn't have the best credit score

Offline avromie7

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Re: Car Lease v. Buying
« Reply #567 on: January 11, 2021, 10:12:09 AM »
does anybody have any idea which bank to go to for car financing for somebody that doesn't have the best credit score
Credit Unions are usually better, but AYLOR if you need to worry about ribis.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline jackst

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Re: Car Lease v. Buying
« Reply #568 on: January 11, 2021, 10:54:36 AM »
Does anybody know of a bank thats good so won't have ribis questions

Offline Lurker

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Offline Ver hut gazugt

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #570 on: August 01, 2021, 10:53:14 PM »
Yep.

Not sure what he is replying to but I just bought a used car and my payments are higher then my lease was.

I know I own the car after that but at that point I don’t think there will be that much value, once you factor in the extra cost of maintaining an older car.

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #571 on: August 01, 2021, 10:58:49 PM »
Not sure what he is replying to but I just bought a used car and my payments are higher then my lease was.

You are comparing buying now (when prices are extremely inflated) to leasing  at pre-covid prices.

Offline Ver hut gazugt

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #572 on: August 01, 2021, 11:03:20 PM »
You are comparing buying now (when prices are extremely inflated) to leasing  at pre-covid prices.

I got mine at similar price as before covid maybe paid 1-2k extra.

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #573 on: August 01, 2021, 11:04:09 PM »
Not sure what he is replying to but I just bought a used car and my payments are higher then my lease was.

I know I own the car after that but at that point I don’t think there will be that much value, once you factor in the extra cost of maintaining an older car.
Wrong thread, but really not true. Only in extreme cases of either an awesome lease deal (not awesome for a lease, awesome, period) or a lemon of a used car racking up repair bills, will it even be close. Though, obviously, if you sell the car every 3 years, you are not going to see the biggest savings.

Offline Euclid

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #574 on: August 01, 2021, 11:09:39 PM »
Wrong thread, but really not true. Only in extreme cases of either an awesome lease deal (not awesome for a lease, awesome, period) or a lemon of a used car racking up repair bills, will it even be close. Though, obviously, if you sell the car every 3 years, you are not going to see the biggest savings.
As has been discussed before, the X factor is your time. With a used car you will inevitably be hit with an inopportune maintenance - and depending on how your schedule/time is quantified this can cause a used car to be a greater cost than initially estimated.

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #575 on: August 01, 2021, 11:12:38 PM »
As has been discussed before, the X factor is your time. With a used car you will inevitably be hit with an inopportune maintenance - and depending on how your schedule/time is quantified this can cause a used car to be a greater cost than initially estimated.
Not so inevitable these days. Besides, these type of things can happen with brand new cars, too.

Offline ExGingi

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #576 on: August 01, 2021, 11:18:24 PM »
Not sure what he is replying to but I just bought a used car and my payments are higher then my lease was.

I know I own the car after that but at that point I don’t think there will be that much value, once you factor in the extra cost of maintaining an older car.

Do you know how lease payments are calculated?

Pay close attention to steps #1 and #7. https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

I've been waiting over 5 years with bated breath for someone to say that!
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Offline Lurker

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #577 on: August 02, 2021, 02:28:52 AM »
Not sure what he is replying to but I just bought a used car and my payments are higher then my lease was.

I know I own the car after that but at that point I don’t think there will be that much value, once you factor in the extra cost of maintaining an older car.

I don't know the specifics of your case, but it doesn't match up with any scenario I've encountered. IME, the optimal scenario is buying a 1-3 year old car, using it for 3-5 years, and rolling into the next one.
Failing at maintaining Lurker status.

Offline Euclid

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #578 on: August 02, 2021, 08:18:06 AM »

Offline avromie7

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Re: Re: Fuzzy Math - Personal Finances In The Frum World
« Reply #579 on: August 02, 2021, 08:51:52 AM »
I don't know the specifics of your case, but it doesn't match up with any scenario I've encountered. IME, the optimal scenario is buying a 1-3 year old car, using it for 3-5 years, and rolling into the next one.
ideally closer to 5 years especially if you are trading in. The trade in itself can cost a few k.
I wonder what people who type "u" instead of "you" do with all their free time.