Used car vs leasing

[boomersmom]

My son needs a car for getting back and forth to school and work. I was just wondering if anyone has an opinion on leasing a car vs buying a used one. The price of used cars is so high.

 

[tink_n_pooh]

It really depends on the specifics like what kind of car? how many miles does he drive? will he take care of the car well enough to not end up with fees at the end of the lease? is he going to put money down to lease? how is his credit? what are his plans for a car in 2-3 years?

 

[JDUCKY]

I leased a car once. Never will again (unless I hit Powerball or something).

Better off buying a reliable used car that he can use for years if it's maintained well (and no accidents)

 

[Jenny3]

We bought DD17 a used Toyota this winter. It's nothing fancy, but it was one of those cars that had the original owner, garage kept, maintained every 6 months and in mint condition for an older car.

IMO, it was better buying her a dependable, cheaper car than having the stress of a monthly payment.

 

[disneymomto5]

I know I'm in the minority here, but I love leasing. True you never actually own the car, but you also never have those repair bills and you get a nicer car for usually less than a car payment. However, with leasing you have to be careful on how many miles you use and you do have to maintain it. I think it's a personal choice and how you feel comfortable. My college age son just bought a used car that is supposed to be very reliable and has nothing but bills since he drove it off the lot.

 

[EMAW_KSU]

My son needs a car for getting back and forth to school and work. I was just wondering if anyone has an opinion on leasing a car vs buying a used one. The price of used cars is so high.

Leasing is the most expensive option.

 

[disneymomto5]

I know I'm in the minority here, but I love leasing. True you never actually own the car, but you also never have those repair bills and you get a nicer car for usually less than a car payment. However, with leasing you have to be careful on how many miles you use and you do have to maintain it. I think it's a personal choice and how you feel comfortable. My college age son just bought a used car that is supposed to be very reliable and has nothing but bills since he drove it off the lot.

 

[pintamino]

I know I'm in the minority here, but I love leasing. True you never actually own the car, but you also never have those repair bills and you get a nicer car for usually less than a car payment. However, with leasing you have to be careful on how many miles you use and you do have to maintain it. I think it's a personal choice and how you feel comfortable. My college age son just bought a used car that is supposed to be very reliable and has nothing but bills since he drove it off the lot.

I bought a "reliable" used car out of college and had issues as well. Currently leasing, and the payment is worth the peace of mind of not having constant issues with my car. I've had a couple used cars, and I'd only buy a certified pre-owned if I ever did it again -- you just never know with a used vehicle, especially in private sale. Right now I'm thinking I'll buy out the lease at the end, but who knows where I'll be in 2 years.

Leasing is the most expensive option.

May be the "most expensive" but may also be the "most valuable" given a situation. For example, if the OP's son is going to move to a city after school and not take the car, it could be worth it to lease.

 

[boomersmom]

Thanks for the replies. He currently had a used car that has become a money pit. That is why I was wondering about leasing a new one.

 

[Colleen27]

Since you're asking about this on his behalf I assume he's fairly young? That in itself is a good reason to steer clear of leasing IMO. Young adults frequently aren't conscientious or detail-oriented enough to get through a lease without racking up penalties. A friend spills a Coke, another one smokes in the car and leaves a burn mark, they go on one too many road trips or drives out to the beach, they change jobs or start dating someone who lives across town... Just about everyone I know who leased a car in their late teens/early 20s has a story to tell about the penalties they got hit with when the lease was up.