Leasing vs. buying a vehicle? Vehicle recommendations?

I love my Mazda CX-5. Had a CX-7 before but didn't like some of the sight lines. Anyway...it's close to 36,000 miles now, had it almost 4 years now. The lease is up in Jan. We've leased cars since 1994...had a new baby and dh didn't want to be worried about car issues. Then dd went to college and had started driving. So, it made sense to keep a relatively new car.
But...I'm not sure what I'm going to do in Jan. We thought about buying the CX-5 if the buy out figure was good enough. But, it might be time to just buy new and drive it for 10+ years.
Leading is certainly more expensive in the long run...higher taxes, higher insurance, you have nothing when the lease is up. So you have to start all over again.
 
Thank you so much everyone for the replies! I didn't have a chance to quote each one, but you've certainly all helped convince me buying is the way to go rather than leasing for our situation. And I appreciate the specific vehicle recommendations, I'll pass all of this along to DH, he needs to start test driving some options to see what he likes.

About the problems we've had with the Kia and the warranty, the warranty is limited so it hasn't covered the things we've started having trouble with. Last year the van was making a horrible, ear-piercing squeaking noise, and I took it both to our dealer and an independent mechanic, both said they didn't hear any squeaking (I had it on video tape and the entire neighborhood could hear it when we drove by) and they said they couldn't find a hunting wrong with the vehicle. Turns out the squeaking was from the alternator and our van broke down in small town Kentucky on a Saturday, no mechanics could look at it until Monday, so we were stranded there for two days. Our warranty didn't cover anything on the alternator. Now my compressor just went out and it's costing us $1100 to repair that, also not covered under warranty. Prior to this we did have another issue covered under warranty, a recall also covered, and then one additional problem (I can't even remember now) not covered under warranty. So that may not make it a lemon, I'm not sure, but DH's car is almost six years older and didn't experience any of those problems.
 
Klayfish said:
Hopefully I can help here. Cars are my life. I work in auto insurance claims, race cars and they're just my hobby....uh, addiction.

First, leasing typically costs a little more than buying. How much depends on the car and the incentives being offered. You'd just have to do the math. How much do you have to put down, how much is it per month? What is the charge when you turn the car in? How many miles can you get on the lease? Then get numbers for what it would cost to buy it. But really, it sounds like you keep cars a long time, so you're probably better of buying anyway.

Cars are actually built now to last much longer than they did 15-20 years ago. Consumers demand cars that can rack up the miles, so new cars hold up much better than they did in the 80's, 90's or even early 2000's. Your experience with the Sedona is unfortunate, but unquestionably not reflective of the brand. We've had Sedona's as our family transportation since 2007 and have beaten the DAYLIGHTS out of them. Had our first one from 2007 until 2015 and put 120,000 hard miles on it. This included towing race cars, landscape trailers, raising 3 kids, etc... It never once broke down or needed anything more than routine oil changes, brakes and such. We're now on our second one and it's trouble free. If you're looking for value, Kia and Hyundai (they're the same company, Hyundai owns Kia), are about as good as you'll get. Chock full of features, reliable and cost less than Honda, Toyota. That's not at all a knock on Honda or Toyota, they have impeccable reputations for a reason. Not sure where you heard the newest Corollas have had all kinds of problems, but that's actually not correct at all. They're as bullet proof as ever.

In general, the Asian and Korean cars will be your most reliable. This is Honda, Toyota, Hyundai, Kia, Mazda. Nissan is pretty reliable, though not quite up to the rest (they're owned by Renault). The "American" car companies are getting better, but not quite up to Asian and Korean. So that would be Ford and GM (Chevy, Buick, Caddy, GMC). Chrysler is owned by Fiat, and their quality reputation lags far behind the others. Last in quality will be your German cars. VW, Audi, Mercedes, BMW, Mini (British in name, but owned by BMW), etc... They're a TON of fun to drive, but trouble waiting to happen.

I know, I know...I'm sure there are people with VWs that have 200k miles with no trouble, and people with Hondas that have 50k miles and are lemons. It can happen. But I'm referring to the general trend.

Without a doubt, look at gently used cars. Most companies have a Certified Pre-Owned program if you're really concerned about warranty. You'll pay a bit more, but still get a good value. It'll get you a warranty typically good for a few more years and 100k total vehicle miles. You can find a 2013-2014 Honda Accord (which I would HIGHLY recommend if you want something a bit bigger than the Corolla) for under $15-$17k. It'll have under 40k miles or so and last forever. Hyundai and Kia depreciate quickly when new, so you can get them for a steal gently used. Because I drive 110 miles per day round trip to work, plus mileage I put on after work taking my kids to/from sports practice, I need a car that I can just beat to death. Just picked up a 2013 Hyundai Elantra with 60k miles for under $9k. Gets 37mpg and will be bullet proof for years to come if I chose to keep it that long...I'm one of those guys who likes to change cars often and typically have several cars at any given time. I've lost count of how many I've owned over the years

I'm not really a fan of SUVs, they're more of an image thing than safety or practicality. But if you really want one, the CR-V or Rav-4 (which buy the way is essentially a Corolla on stilts, same platform used to make both), Hyundai Santa Fe will be your best bets. Mazda CX3 is also worth a look. I'd also suggest looking at the Mazda 5 if you want something more practical. It's a mini minivan. Based on the Mazda 3 platform, so it's nice to drive, reliable and can seat 6. Otherwise, I'd take a long hard look at the Honda Accord, Toyota Camry, Kia Optima or Hyundai Sonata. Big (the Accord is cavernous inside), fuel efficient, reliable as gravity, cheap to maintain.
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Thank you so much for taking the time to type all that out, very helpful info, I'll definitely have my DH read this!







Wow, a 26 year old Toyota Corolla, too funny! That is great though. Congrats on your Nissan!

flyingdumbo127 said:
Hi Katie01, my Corolla was 26 years old! (It was my Grandma's originally and then she gave it to me when driving was no longer safe for her). It's last few weeks, I did not feel comfortable driving it because I knew it wasn't completely safe. Last week, I was able to get a new Nissan Versa (I will post a picture of it in my thread later, thanks again all for the help with that) I had gone to CarMax and also looked at used cars online. Keep in mind, I know zip about cars. It very much surprised me at how expensive a used car is! I saw (I think) a 2014 Chevy Sonic at CarMax that had 40,000+ miles on it and reeked of cigarette smoke selling for over $14,000. My new Versa did not cost all that much more. I never would have thought that until starting the car searching process. I would recommend highly checking out True car's website, I'll post this in the other thread too. You are able to put in the type of car you want and it will give you dealer choices. At the end, you can print out a certificate for a guaranteed no haggle price. Doing that along with Nissan incentives saved over $2000. Triple A also offers a car buying free service. Happy and safe driving to you and your husband :)
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katie01 said:
Wow, a 26 year old Toyota Corolla, too funny! That is great though. Congrats on your Nissan!
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You'd love my Suburban. October marks 29 years since I bought it. Repairs are SOOOOOOOOOOOOOOOO much cheaper than buying a replacement vehicle. I couldn't afford to replace it frankly, cost $18,200 brand new, now they run over $40,000.
 
Has he test driven anything yet? That should help him to narrow down what he wants. Has he looked into the Honda HRV? It's a cross between the fit and crv and sits higher than a sedan. Good luck!
 
tvguy said:
You'd love my Suburban. October marks 29 years since I bought it. Repairs are SOOOOOOOOOOOOOOOO much cheaper than buying a replacement vehicle. I couldn't afford to replace it frankly, cost $18,200 brand new, now they run over $40,000.
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Nice! We did have a used Suburban for awhile but must not have been made as well as yours, it was leaking oil continuously and rusting out :( You're right though, new ones are crazy expensive!


No, he hasn't test driven anything, I think he did mention a Honda HR-V at one point as an option. He definitely wants something that sits higher than a sedan. We both feel like we are driving a go-kart when we drive his car! He's over six feet tall and I'm just under that, so it doesn't feel good to be all crammed low to the ground

Skippy918 said:
Has he test driven anything yet? That should help him to narrow down what he wants. Has he looked into the Honda HRV? It's a cross between the fit and crv and sits higher than a sedan. Good luck!
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Glad I could help. Just a few items for thought. I don't know which generation Sedona you have. You said you've had it 10 years, so that takes it back to 2006. The Sedona changed generations for the 2006 model year. So if you have an '05 (or I think they built some of the old generation in early '06) that van didn't have the bullet proof reliability the newer ones (2006-2014 generation) did. Kia and Hyundai have come a super long way in quality over the past 10-15 years. When they came to the US in the 80's, they were awful. Got gradually better. By the '00s, they were pretty good, but not top notch. Now they've reached that upper level with Honda and Toyota.

Keep in mind you mentioned the alternator and compressor failing. Not sure how many miles you have on your Sedona, but those are both routine wear items. Every car, even the Prius or Honda Accord, will need those replaced at some point in their life. Not long ago, 80k miles was about average. Now, you should expect to get 100k-150k out of those items, but it's not unheard of for them to fail earlier. So that may have just been a regular wear item. Most manufacturers offer 5 or 6 years and roughly 60k miles on those parts because they are wear items and need replacement eventually, just like tires and brakes.

Most of the small SUVs are based on car platforms, as they're not designed at all to go off road. The CR-V is a Civic under it's skin, the RAV4 is a Corolla, the new Honda HR-V is a Fit underneath. That's not a bad thing by any stretch. For on road use, it's actually a very good thing. It makes them more fuel efficient, better handling and easier to drive than old fashion SUVs. The HRV is a very nice vehicle, though rather small.


tvguy, you're not kidding about the Suburban. They're awesome trucks. We had a 1993 Suburban for several years (roughly 2005-2009) and LOVED it. Didn't drive it a ton because it was a gas hog, but we loved them. My wife would kill to have one, but new they actually can easily top $55-$60k now. Way, way, way out of my reach. Even used, they're still big $$$$.
 
katie01 said:
Nice! We did have a used Suburban for awhile but must not have been made as well as yours, it was leaking oil continuously and rusting out :( You're right though, new ones are crazy expensive!
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No rust issues here in California.
 
scrapquitler said:
Since your husband currently has a 15 year old vehicle, and it sounds like he doesn't have a problem driving the same car for a long time, I'd recommend doing what we do: buy new and drive it for a long time. I like that method because yes, I have a payment for a couple years (usually 3 or 4) and then I go 6 years or more without one. I never have to worry that the car might be unreliable, because I KNOW that it has been well maintained.
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My wife and I have been driving leases for many years, and we like leasing. But honestly, this advice seems to fit your husband's real-world situation better than leasing.
 
Klayfish said:
Glad I could help. Just a few items for thought. I don't know which generation Sedona you have. You said you've had it 10 years, so that takes it back to 2006. The Sedona changed generations for the 2006 model year. So if you have an '05 (or I think they built some of the old generation in early '06) that van didn't have the bullet proof reliability the newer ones (2006-2014 generation) did. Kia and Hyundai have come a super long way in quality over the past 10-15 years. When they came to the US in the 80's, they were awful. Got gradually better. By the '00s, they were pretty good, but not top notch. Now they've reached that upper level with Honda and Toyota.

Keep in mind you mentioned the alternator and compressor failing. Not sure how many miles you have on your Sedona, but those are both routine wear items. Every car, even the Prius or Honda Accord, will need those replaced at some point in their life. Not long ago, 80k miles was about average. Now, you should expect to get 100k-150k out of those items, but it's not unheard of for them to fail earlier. So that may have just been a regular wear item. Most manufacturers offer 5 or 6 years and roughly 60k miles on those parts because they are wear items and need replacement eventually, just like tires and brakes.

Most of the small SUVs are based on car platforms, as they're not designed at all to go off road. The CR-V is a Civic under it's skin, the RAV4 is a Corolla, the new Honda HR-V is a Fit underneath. That's not a bad thing by any stretch. For on road use, it's actually a very good thing. It makes them more fuel efficient, better handling and easier to drive than old fashion SUVs. The HRV is a very nice vehicle, though rather small.


tvguy, you're not kidding about the Suburban. They're awesome trucks. We had a 1993 Suburban for several years (roughly 2005-2009) and LOVED it. Didn't drive it a ton because it was a gas hog, but we loved them. My wife would kill to have one, but new they actually can easily top $55-$60k now. Way, way, way out of my reach. Even used, they're still big $$$$.
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Our Sedona was a 2006, so right over that cut off, but maybe they have indeed improved even more since then. And I see what you're saying about the wears and tear items. I guess we just got lucky with the Toyota not needing them. I think the alternator giving out on us and stranding us in Kentucky made it all seem even worse than if it had just gone out on us at home, you know? Ever since then I'm just nervous driving it long distances. I know it can truly happen with any vehicle though, at any time.
 
Klayfish said:
Glad I could help. Just a few items for thought. I don't know which generation Sedona you have. You said you've had it 10 years, so that takes it back to 2006. The Sedona changed generations for the 2006 model year. So if you have an '05 (or I think they built some of the old generation in early '06) that van didn't have the bullet proof reliability the newer ones (2006-2014 generation) did. Kia and Hyundai have come a super long way in quality over the past 10-15 years. When they came to the US in the 80's, they were awful. Got gradually better. By the '00s, they were pretty good, but not top notch. Now they've reached that upper level with Honda and Toyota.

Keep in mind you mentioned the alternator and compressor failing. Not sure how many miles you have on your Sedona, but those are both routine wear items. Every car, even the Prius or Honda Accord, will need those replaced at some point in their life. Not long ago, 80k miles was about average. Now, you should expect to get 100k-150k out of those items, but it's not unheard of for them to fail earlier. So that may have just been a regular wear item. Most manufacturers offer 5 or 6 years and roughly 60k miles on those parts because they are wear items and need replacement eventually, just like tires and brakes.
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I have a 16 year old Civic with 175k on it and I'm still on the original compressor and alternator. I was under the impression that newer cars break down more because of more electronics, therefore more things can go wrong.
 
Thanks, Katie. It was a blessing to have lasted so long for sure. I'll also always have Grandma memories with it.

Tvguy, wow to your car being 29! That's awesome.

I forgot to mention before to be sure and ask if a dealer offers a prepaid gift card (usually there are choices) just for taking a test drive. I was able to get a $25 GC to Wal-Mart for test driving the same car I ended up getting (a couple months before) at a different Nissan dealer than where I purchased.
 
msjprincess said:
The best car we ever had was our Hyundai Elantra. We had it for about 15 years years and put more than 200K miles on it before we got rid of it. Never had any repairs besides normal maintenance. It's still running, we gave it to a friend's son.
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I had a 2003 Hyundai Elentra GT for 11 years, and it was the worst car I ever owned. I had to replace the thermostat 5 times. Every little thing in it quit working or broke: the the air vent control stuck on defrost and wouldn't change; the passenger power mirror wouldn't adjust; the latch for the hatch stuck in the open position (rusted?) and I had to force it closed; the hatch lock would stick and not open at all; etc... >:(

I hated the thing and couldn't wait to get rid of it.

I have read many glowing reviews of the sedan version, like pp's, though, so maybe it was just the GTs. Or, I got a lemon. :confused3

My suggestion: avoid the GT!
 
Skippy918 said:
I have a 16 year old Civic with 175k on it and I'm still on the original compressor and alternator. I was under the impression that newer cars break down more because of more electronics, therefore more things can go wrong.
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Yes, they have a lot more modern electronics, which leave more things with potential to break. In those cases you'll tend to get warning lights on the dash, or a radio on the fritz, or a power seat stops working. Not so much of being left stranded. It also depends largely on the quality of the manufacturer. Again, the Japanese and Korean brands are very well designed and built, so you'll have very few of these problems. The German cars are nightmares...that's why they depreciate ridiculously fast.

Wear items typically fall in line with the overall quality of the car. Honda will tend to last longer, even on wear items. I've seen Civics and Corollas with 200k+ miles on original alternators and such, but at that point it's "borrowed time". They will fail eventually. Honda had an issue with a transmission supplier in the late 90's, early 00's where they had some quality problems. Outside of that, if prices were equal, I'd take a Honda product every time...i.e. I'd pick the Accord over the Sonata hands down.

smadath, remember, you're talking about a now 13 year old car who's design is even older than that. In those days, Hyundai quality wasn't what it is today.
 
smadath said:
I had a 2003 Hyundai Elentra GT for 11 years, and it was the worst car I ever owned. I had to replace the thermostat 5 times. Every little thing in it quit working or broke: the the air vent control stuck on defrost and wouldn't change; the passenger power mirror wouldn't adjust; the latch for the hatch stuck in the open position (rusted?) and I had to force it closed; the hatch lock would stick and not open at all; etc... >:(

I hated the thing and couldn't wait to get rid of it.

I have read many glowing reviews of the sedan version, like pp's, though, so maybe it was just the GTs. Or, I got a lemon. :confused3

My suggestion: avoid the GT!
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I don't even think you can compare the 2003 models of Hyundai cars with today's models. They are almost like different cars now. The quality of the early 2000 cars was not very good.
 
Against our better judgement, we leased DH's Equinox. We are not crazy about the vehicle or the lease, but it was what we could afford at the time. We put about $3K down and are paying $209 a month- and counting down the days until the lease is up. A year later, in a different world financially, we purchased my Kia Soul at 0% financing. I love it! Spacious inside, carries a good amount of cargo with careful packing, and I'm getting 34mpg (WAY better than the 17mpg I was getting with my Grand Caravan)! If we can scrape together the cash for a down payment, we'll probably buy another Soul, new, when DH gets rid of the Equinox (which he calls "Vern"... vernal equinox, get the joke?). Only 14 months to go!
 
smadath said:
I had a 2003 Hyundai Elentra GT for 11 years, and it was the worst car I ever owned. I had to replace the thermostat 5 times. Every little thing in it quit working or broke: the the air vent control stuck on defrost and wouldn't change; the passenger power mirror wouldn't adjust; the latch for the hatch stuck in the open position (rusted?) and I had to force it closed; the hatch lock would stick and not open at all; etc... >:(

I hated the thing and couldn't wait to get rid of it.

I have read many glowing reviews of the sedan version, like pp's, though, so maybe it was just the GTs. Or, I got a lemon. :confused3

My suggestion: avoid the GT!
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Possibly. Mys sister bought an Elantra the year after we bought ours and she's still driving it. It may not have been my favorite car but it definitely gave us the least problems. Right now we have s cars/trucks that need repairs. So I'm really missing that Hyundai. LOL
 
Christine said:
I don't even think you can compare the 2003 models of Hyundai cars with today's models. They are almost like different cars now. The quality of the early 2000 cars was not very good.
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The one that I had over 200K miles on was a 2002. My sister is still driving her 2003 with no problems.
 
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