Anyone go from always buying their cars to leasing?

[antmaril]

I have been leasing my cars since 1995. I don’t want my car to get old. It may not make the best economic sense, but I don’t care. Leasing works for me.

 

[Klayfish]

I have been leasing my cars since 1995. I don’t want my car to get old. It may not make the best economic sense, but I don’t care. Leasing works for me.

And there's absolutely nothing wrong with that. If you've got the resources and it's something you want to do, then go for it! It also makes a good balance in the market place, people like me will then buy those cars that come off lease. I just bought my latest car about a month ago. It was leased new in the fall of 2014 (though the car is a 2013 model year) on a 3 year lease. Turned in at the end of 2017. Sat on a dealer lot for about 4 months before I bought it, so I got it for about 40% of what it cost new...and it still smells new, looks great, runs perfect, etc... I'll keep it for a little bit and then do it again.

 

[tvguy]

I have been leasing my cars since 1995. I don’t want my car to get old. It may not make the best economic sense, but I don’t care. Leasing works for me.

That pretty well sums it up. Personal choice, but the most expensive option to have a car.

 

[MrsPete]

Leasing is an expensive way to have a car. Remember, renting is another word for leasing. Would you really want to rent a car all the time?

Leasing a car is a way to make sure you ALWAYS have a car payment.

The cheapest way to have a car is to "get yourself a car ahead"; that is, save 'til you have money to pay for a new car (let the bank pay interest to you instead of you paying interest to a car payment) ... and keep it in the bank 'til you actually NEED a new vehicle. Pay cash for a modest car, treat it like a baby, and drive it 'til the wheels fall off. My current car is eleven years old and has roughly 130,000 miles on it. Aside from oil changes and new tires, it needed essentially nothing 'til about the nine-year mark ... at that point, I put about $4,000 into it, and it's running like a new car now. My expectation is that I'll give it to my daughter next year, and I'll get a new car.

 

[jjjones325]

I put 25K miles a year on a car, so leasing is definitely not an option for me. However, my wife puts about 6K on her car, so we lease hers. Her current lease is up in October. If we bought it outright, I would have to finance that car for 60 more months to keep the same payment she has now. So, to us, it make sense just to lease another and pay maybe $30-$50 more a month for a new car, rather than the same payment we have now for a 3 year old car. Agree with the earlier poster than cars are not investments for us.

Now, my 2007 Honda Accord is still plugging along at 278,000 miles, so whenever that baby dies, I'm getting another Accord.

 

[Klayfish]

Leasing is an expensive way to have a car. Remember, renting is another word for leasing. Would you really want to rent a car all the time?

Leasing a car is a way to make sure you ALWAYS have a car payment.

The cheapest way to have a car is to "get yourself a car ahead"; that is, save 'til you have money to pay for a new car (let the bank pay interest to you instead of you paying interest to a car payment) ... and keep it in the bank 'til you actually NEED a new vehicle. Pay cash for a modest car, treat it like a baby, and drive it 'til the wheels fall off. My current car is eleven years old and has roughly 130,000 miles on it. Aside from oil changes and new tires, it needed essentially nothing 'til about the nine-year mark ... at that point, I put about $4,000 into it, and it's running like a new car now. My expectation is that I'll give it to my daughter next year, and I'll get a new car.

From a strictly financial standpoint, that's true. I wouldn't lease a car, except under very, very limited circumstances (I leased one...an electric car, and government rebates made it a no brainer). Nor would I buy a new car, again for financial reasons. However, even being a completely cheap person, I simply wouldn't do what you do. I love cars too much and get bored pretty quickly. They're not just transportation appliances to me, so while I don't lease or buy new, I don't do it the absolute 100% cheapest way possible. I'm not driving something until the wheels fall off or until I absolutely NEED a new car. Like I said, I got my current car just last month and have no expectation to keep it more than 18-24 months, maybe less, depending.

 

[dalmatian7]

Actually, you COULD be paying more in insurance for a leased car...because you would want to have Gap Insurance. This is because if the car is totaled in an accident, you still owe for the car...the payments that are still due AND the residual value...because now there would be no car to turn in.

Watch Gap that may be included in your car insurance. Some will only pay if you are not at fault in an accident leased or purchased vehicles.

The biggest thing with a lease is how many miles you put on in a year. If you put on a lot like me, you either can't do it or you will pay a ton in purchased miles. Always be certain of how many miles you put on in a year before getting into a lease. Also, you can purchase wear and tear insurance at the time of purchase if you have a concern over nicks, scratches, and tire wear.

My office mate is a widow in her 60s, puts 5,000 miles a year on her car and needs to feel confident that she has reliable transportation. A lease makes sense for her. She has a payment that is reasonable, she is never out of warranty, and since her brand includes scheduled maintainance, she only pays for state inspection. Her brand loyalty is usually worth $750-$1500 in additional rebates.

Just like with anything, run the numbers over the long haul. Also, make sure you understand what taxes are due at the time of signing and if they are included in the payment you have been quoted.

 

[georgina]

So, I work in insurance and we were discussing Volvo's leasing program in a team meeting. It's interesting to lease a car like a cell phone. My coworker researched it and the insurance is included through Liberty Mutual. I have never been inclined to get a Volvo, but interesting just the same.

Volvo wants you to pay for your car just like your smartphone

https://mashable.com/2017/09/22/volvo-xc40-lease-smartphone-plan/#yr6JjwsHsPqt

Care by Volvo
https://www.media.volvocars.com/us/...ll-be-as-hassle-free-as-having-a-mobile-phone

? We buy our cell phones outright also. No leasing here of cars or cell phones!

We had a Vovlo once. Made the mistake of getting an XC-90 the year they came out. Thing was such a lemon, they were always replacing something, including the entire transmission. Once the warranty expired, we traded it in on a more reliable non-Volvo vehicle.

 

[DLgal]

I'll probably lease my next car, in a couple years when I hand down my 2007 CR-V to my teenager. I barely drive 5k miles per year, garage park my car, and am VERY much a neatfreak, so my cars stay nice inside and out. I'd like a more luxury SUV, but don't want to pay close to $50K for one. I am all about renting things. We will be perpetual house renters, so why not the car too?

I leased my first car as a college student and had no issues. It was a great way to be able to afford a good, safe, reliable car (Honda Civic)

 

[4kids4karen]

My cousin is a older single woman whose car kept having issues and was always in the shop. She was spending way too much on car repairs. She just leased her first vehicle and loves it.
Now that my lease is coming to an end, I think I will buy the next one. But unless there is something negative that happens when I return the lease, everything has gone really well so far.

 

[tvguy]

My cousin is a older single woman whose car kept having issues and was always in the shop. She was spending way too much on car repairs. She just leased her first vehicle and loves it.
Now that my lease is coming to an end, I think I will buy the next one. But unless there is something negative that happens when I return the lease, everything has gone really well so far.

Well it does depend on how reliable a car you have, if you keep the oil changed, and how much you drive.
My mom got 27 years out of her Pinto wagon. Replaced a water pump, a radiator, a fuel pump and an a/c compressor, $1,300 in repairs in 27 years (not counting oil changes, tires and brakes). First nine years she had the car she was still working and commuting to work, but still driving only 3,000 miles a year. Next 18 years she drove it every day and put 1,000 to 1,500 miles on it a year. At 77,000 miles, it spun a bearing, probably from lack of use.

 

[4kids4karen]

Well it does depend on how reliable a car you have, if you keep the oil changed, and how much you drive.
My mom got 27 years out of her Pinto wagon. Replaced a water pump, a radiator, a fuel pump and an a/c compressor, $1,300 in repairs in 27 years (not counting oil changes, tires and brakes). First nine years she had the car she was still working and commuting to work, but still driving only 3,000 miles a year. Next 18 years she drove it every day and put 1,000 to 1,500 miles on it a year. At 77,000 miles, it spun a bearing, probably from lack of use.

Reliability and convenience are important to a lot of older single women. She likes that with her lease, everything is included (oil changes, etc).

 

[Klayfish]

Well it does depend on how reliable a car you have, if you keep the oil changed, and how much you drive.
My mom got 27 years out of her Pinto wagon. Replaced a water pump, a radiator, a fuel pump and an a/c compressor, $1,300 in repairs in 27 years (not counting oil changes, tires and brakes). First nine years she had the car she was still working and commuting to work, but still driving only 3,000 miles a year. Next 18 years she drove it every day and put 1,000 to 1,500 miles on it a year. At 77,000 miles, it spun a bearing, probably from lack of use.

You can't compare a Pinto wagon to a modern car. That entire car cost $1300 in parts even when it was new, and if you barely drive it you're not going to have a ton of repairs anyway.

You're not going to spin a bearing from lack of use. It probably spun a bearing at 77k because it was an old Pinto.

 

[tvguy]

You can't compare a Pinto wagon to a modern car. That entire car cost $1300 in parts even when it was new, and if you barely drive it you're not going to have a ton of repairs anyway.

You're not going to spin a bearing from lack of use. It probably spun a bearing at 77k because it was an old Pinto.

LOL. It was a $5,000 car new. Yeah, DD just bought a 2017 Fusion Hybrid. The technology is scary in that thing. Or DS's 2013 VW Jetta. The LCD screen that controls the a/c and radio went out. Good thing they got the extended warranty, right? Wrong, THAT part is specifically excluded from the warranty. $2,000 they want to fix it. Buttons worked just fine

 

[tvguy]

Reliability and convenience are important to a lot of older single women. She likes that with her lease, everything is included (oil changes, etc).

Well, I guess it depends on your definition of "older single women". Mom was 53 when she bought the car, and 80 when she got rid of it.

 

[Anthony1971]

If I am buying a Honda or Toyota I am buying it period you can make out far better selling then turning it in after the lease. If I am buying a European car I am leasing it..hose things while one comment said are not quality.. they in fact are but are just very expensive to maintain after the warranty is up and become a liability after they are 5 or 6 years old... cars in between these.. I would likely buy used as the resale value in general stinks.... In newer cars chances are you will not have any repairs until you hit100+k miles and a lot of Honda's and Toyotas go far longer with nothing going wrong other than an sensor... but there are always exceptions... if you want a new car every few years lease but if it is a Honda or Toyota explore the number as you will make out better buying and selling it after 3 or 4 years and will not have the hassles of the lease return if you have excessive damage or needed maintenance.

 

[4kids4karen]

Well, I guess it depends on your definition of "older single women". Mom was 53 when she bought the car, and 80 when she got rid of it.

And has a knowledgeable son to help her. My cousin's son died in a motorcycle accident, she is on her own. I don't think using your mom specific situation is comparable situation for others.... because we don't know others individual situations. It's great everything worked out for your mom.

 

[Klayfish]

If I am buying a European car I am leasing it..hose things while one comment said are not quality.. they in fact are but are just very expensive to maintain after the warranty is up and become a liability after they are 5 or 6 years old... cars in between these.. I would likely buy used as the resale value in general stinks....

That was me that said that. If you think European cars are reliable, more power to you, but just make sure your wallet is nice and fat. Yes, they're more expensive to maintain, but their reliability is poor, especially Germans, especially VAG (VW/Audi Group). It just is what it is. That's a huge reason their resale value is horrid, especially when they're out of warranty. Darn shame too, because many of them are so much fun to drive. Almost bought a BMW last month, but just couldn't bring myself to take on the risk.

 

[tvguy]

LOL. It was a $5,000 car new. Yeah, DD just bought a 2017 Fusion Hybrid. The technology is scary in that thing. Or DS's 2013 VW Jetta. The LCD screen that controls the a/c and radio went out. Good thing they got the extended warranty, right? Wrong, THAT part is specifically excluded from the warranty. $2,000 they want to fix it. Buttons worked just fine

And has a knowledgeable son to help her. My cousin's son died in a motorcycle accident, she is on her own. I don't think using your mom specific situation is comparable situation for others.... because we don't know others individual situations. It's great everything worked out for your mom.

Not as knowledgeable as I would have liked to have been. Just 2 years earlier I recommended she buy a Buick Apollo. 2 years and 16,000 miles miles later......and 3 transmissions paid for by Buick, I discovered what a lousy recommendation I made for her. 6 months later I bought a new 1974 Pinto, and my mom fell in love with it, so when it was time to dump her lemon, she bought a Pinto.

 

[kymom99]

I'm 53 and don't consider myself to be particularly old, BUT if I didn't have a husband and lots of family around I would probably budget for a newer car more often. It's not because any of us are mechanical, it's just that if I end up with a car that won't start there are lots of people I can call to help. We also tend to keep one car in our household that is fairly reliable and the others can be older because then we can swap around as the situation may indicate. Right now we have a 2002, 2007, and 2012. Will probably replace the 2002 in a couple years with something used but will likely keep it as an extra. My husband works very close to home so a car that can get him there in a pinch is worth keeping around for us.

So my point is, if I was alone in my household I probably couldn't afford to maintain 2 cars in case one was in the shop. And if I needed to get to work and didn't have a lot of family around I wouldn't want to rely on an older car. I have a friend who is in this position right now. Her 2012 Subaru with 75k is giving her trouble. She is considering trading it in even though she had hoped to get many more years out of it. Her family doesn't live around here and she needs a reliable car. She would probably be a good lease candidate. Everyone's situation is different.