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Old 12-03-2012, 04:08 PM   #1
joedplumber
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Leasing a Vehicle

Thinking of leasing my next car since I only put about 8k miles per year.

My question is do you typically lease to be able to afford a nicer car that you could not otherwise afford to buy or do you lease the car you can afford to buy but have a lower monthly payment than had you bought it.

Just figuring what the typical reason for leasing is because leasing is much more cheaper on a monthly payment vs. buying. And of course I like the idea of a new vehicle every 3 years.

Also, I have no issue with always having a car payment (all about budgeting).
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Old 12-03-2012, 04:13 PM   #2
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Leasing our cars used to really bug my yankee minded father. He thought it was a huge waste of money...you have nothing to show at the end of the lease. But, when we lease a car, my dh knows that I have very dependable wheels.
We have always been able to have a car that we might not have been able to afford otherwise when leasing. And with my dd in college, we need something larger to get her to and from school.
When my dh's current lease is up in March, he thinks he will downsize and get something much less expensive in order to save some money.
I will look into the possibility of buying my car at the end of the lease..if the deal is good enough. That will get us through the college years. Then, I can downsize as well.
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Old 12-03-2012, 04:22 PM   #3
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Buying ends up being cheaper in the long run, so we buy.
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Old 12-03-2012, 05:15 PM   #4
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We always buy because we keep our cars for as long as possible. I had to replace my Camry 2 yrs ago after driving it 14 yrs. bought a new Fusion. But now our other car needs replacing 2005 Tucson which is worth nothing on trade. It's worth several thousand less than we got for our Camry which was totalled. Anyway I have never leased but considering it this time.
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Old 12-03-2012, 05:22 PM   #5
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Quote:
Originally Posted by kaligal View Post
Buying ends up being cheaper in the long run, so we buy.
Us too...but leasing is always tempting.
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Old 12-03-2012, 05:42 PM   #6
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I was just going to post about leasing too!

I have always owned my cars, so this is new for me. I am seriously considering leasing my next car. My minivan is a 2004, and I have 76,000 miles on it. Not bad for almost nine years, and we took that van to Florida, Georgia, Boston, Chicago, and other places. I only drive 7 minutes to work every day, plus take the kids to their various activities in town. My husband owns his car, so his can be the "road trip" car.

I am looking to do it because I had a huge car payment for 6 years, and as soon as I paid it off, things started going wrong. I haven't had A/C in three years because I'm too cheap to pay to fix it. Then I had a massive repair bill ($2,000) two years ago, and every time I take it for an oil change it needs a new this or that. I'm ready to drive something with a low monthly payment, that is always reliable. I'll still get one I can afford, in case I decide to buy it when the lease is over.
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Old 12-03-2012, 06:38 PM   #7
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We have always owned our cars. My "kids" cars were also bought used or new. About six years ago I finally decided to lease for the first time. I see it as a treat since there are usually a few models I like and can't decide. This allows me to try a new vehicle and it is always new and dependable. So now we lease one and own one (I am not counting my sons).
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Old 12-03-2012, 10:30 PM   #8
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The lease on our Honda van is coming up in a couple months, we will just buy out the lease. I leased my 07 Jeep and bought that out last year. I am looking forward to no vehicle payments in a couple months. We usually always lease out vehicles. If we don't like it or it is a POS, then we can just give it back to them and walk away. That is what we did with our 05 Grand Caravan. We also buy the extended warranties on our leased vehicles. That way we are never without a warranty while we are leasing.
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Old 12-04-2012, 07:08 AM   #9
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I'd strongly discourage anyone from buying out a lease, you're only extending your payments on 3 - 4 year vehicle further down the line; it makes zero sense. Not many people would consider taking a 6 or 7 year loan on a car, buying out a lease, especially financing it is very similar.
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Old 12-04-2012, 09:44 AM   #10
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Quote:
Originally Posted by jlewisinsyr
I'd strongly discourage anyone from buying out a lease, you're only extending your payments on 3 - 4 year vehicle further down the line; it makes zero sense. Not many people would consider taking a 6 or 7 year loan on a car, buying out a lease, especially financing it is very similar.
In our case we paid cash for the remaining balance, so we didn't have an extra loan to pay off. We will put the Honda on our line of credit when we pay that out. We will pay that off completely in about a year. When my current jeep dies, I will lease my next vehicle.
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Old 12-04-2012, 07:17 PM   #11
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I lease one of my cars and its great. Love having a warranty and a constant new car for travel/work. I plan on getting another lease after this one, its not because I can't afford to buy. Free maintenance is a great bonus! Don't really care if I always have a payment. I do have cars that I own outright and once those are run into the ground I will also purchase again in addition to leasing.

My parents on the other hand are outraged that I lease one car. Yet, not outraged enough since they keep asking if they can buy it out after the lease.
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Old 12-04-2012, 07:22 PM   #12
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well i dont know...... i ran the numbers for my car leased than buying out...........vs financing out right and it was CHEAPER to lease????..............and my car comes with free tires for life and free oil changes for the first yr....................
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