Getting a Car: Leasing vs Buying

[deadz]

I like leasing. Get to drive a 45k car for almost nothing. Lease all day long for me.

[oldtimer1]

I like leasing. Get to drive a 45k car for almost nothing. Lease all day long for me.

What does it cost you to drive a 45 K for three years leasing?  I figure about 17 to 20K in total payments. 

[deadz]

What does it cost you to drive a 45 K for three years leasing?  I figure about 17 to 20K in total payments. 

16,5

[Bevo]

Nothing wrong with leasing or buying depends on your prioritites. A lot of rich people like to lease and for damn sure they can afford those high end cars. It's because they don't have to worry about maintaining as the dealer like BMW will take care of everything and guys like to change cars every 3 years or so. Buying depends if you going to keep it for a long time cause if you don't a waste as cars depreciate. buying used probably your best bet, but I don't like used cars and neither does a lot of others. Luxury cars like BMW and some others have very attractive leases. Nothing wrong with either depends on your priorities like I said

[tu_holmes]

Leasing and renting is the biggest piss wasters of money.  Don't fall for that scam.

How is this?

Because you don't own it?

You do realize if you buy something (minus a house) by the time you pay for it, the value isn't anything.

Even a house generally you have to pay almost twice what the house is worth by the time you finish off a 30 year mortgage.

If you lease something or rent it, you are paying for a roof over your head or something to drive and you have many perks... Repairs are free because it's built into the agreement and it's not on you to pay for them.

Also, specifically to cars, if you like having a new car every couple of years or so... Or you're the type of person who gets a new car almost immediately after paying one off.

Why buy it?

You're going to have a payment anyway.

[tommywishbone]

Leasing, buying. . . you forgot stealing.

[Meso_z]

Buy a bicycle.

[oldtimer1]

16,5

If that's the total down payment and monthly total that is pretty cheap for a lease.

[OneMoreRep]

Assuming you don't work too far from your home (<5 miles), consider purchasing a nice bicycle.

You will never have to waste money on gas, car insurance, yearly inspections, tolls or parking.

You will not pollute the air or hurt the ozone.

You will never be stuck in traffic.

You will lose weight and build muscle. 

If you buy a foldable bike, you can keep it stored in your office closet.

"1"

[Agnostic007]

Assuming you don't work too far from your home (<5 miles), consider purchasing a nice bicycle.

You will never have to waste money on gas, car insurance, yearly inspections, tolls or parking.

You will not pollute the air or hurt the ozone.

You will never be stuck in traffic.

You will lose weight and build muscle. 

If you buy a foldable bike, you can keep it stored in your office closet.

"1"

That would work if it never rains or snows, and if you don't go anywhere after work and on weekends.

[OneMoreRep]

That would work if it never rains or snows, and if you don't go anywhere after work and on weekends.

If it rains, bring a change of clothes and wear a raincoat.

If it snows, take public transportation.

If you're going anywhere after work or on weekends, take a cab.

Bikes are a great option. 

"1"

[Agnostic007]

If it rains, bring a change of clothes and wear a raincoat.

If it snows, take public transportation.

If you're going anywhere after work or on weekends, take a cab.

Bikes are a great option. 

"1"

Maybe in some places they are. WOuldn't work for me. I live too far from work, cabs are expensive and there is no bus system close to my house

[Coach is Back!]

Can't believe some of you would rather throw away your money by leasing.

[BiGHer]

Can't believe some of you would rather throw away your money by leasing.

Coach your post earlier in this thread was spot on.  I read Dave Ramsey's "Total Money Makeover" about 2 years ago when I was not in a good place financially at all.  Although I wouldn't say I now live his methods to a T (although if I did, I'm sure I'd be far better off lol), what I have learned from him has been very helpful.

Currently reading Donald Trump and Robert Kiyosaki's "The Midas Touch."

[Coach is Back!]

Coach your post earlier in this thread was spot on.  I read Dave Ramsey's "Total Money Makeover" about 2 years ago when I was not in a good place financially at all.  Although I wouldn't say I now live his methods to a T (although if I did, I'm sure I'd be far better off lol), what I have learned from him has been very helpful.

Currently reading Donald Trump and Robert Kiyosaki's "The Midas Touch."

Great book. I'm in the middle of reading it as well.

[The Abdominal Snoman]

Leasing in most cases is a scam...And buying brand new in most cases is a scam.

[wild willie]

The minute you drive the car off the lot.....you lose roughly 5 grand.....cars depreciate like crazy. Just my 2 cents.

[basil]

No it doesn't, not even for a business. You can do the same thing if you own the vehicle by way of a straight-line depreciation. 

This.

[Agnostic007]

How is this?

Because you don't own it?

You do realize if you buy something (minus a house) by the time you pay for it, the value isn't anything.

Even a house generally you have to pay almost twice what the house is worth by the time you finish off a 30 year mortgage.

If you lease something or rent it, you are paying for a roof over your head or something to drive and you have many perks... Repairs are free because it's built into the agreement and it's not on you to pay for them.

Also, specifically to cars, if you like having a new car every couple of years or so... Or you're the type of person who gets a new car almost immediately after paying one off.

Why buy it?

You're going to have a payment anyway.

If you buy 1 or 2 yrs old, don't take a loan for 60-72 months on it, say pay it off in 3-4 yrs. Still residual value and if you drive it for 10 yrs which is typically what I do, then you have 6 yrs of zero payment. So no... "always have a payment anyway" is a rationalization to waste money. 

[jude2]

If that's the total down payment and monthly total that is pretty cheap for a lease.

You are correct. That must not be a nice and new car. I pay alot more than that for BMW and Cadillac.

[tu_holmes]

If you buy 1 or 2 yrs old, don't take a loan for 60-72 months on it, say pay it off in 3-4 yrs. Still residual value and if you drive it for 10 yrs which is typically what I do, then you have 6 yrs of zero payment. So no... "always have a payment anyway" is a rationalization to waste money.  

While I understand that you are nit-picking what I said, because you kind of like to do that... TRY TO COMPREHEND WHAT I WROTE.

"Also, specifically to cars, if you like having a new car every couple of years or so... Or you're the type of person who gets a new car almost immediately after paying one off."


If you are one of THOSE types of people, then you would still have a car payment.

So how is my statement incorrect Officer?

[Irongrip400]

No it doesn't, not even for a business. You can do the same thing if you own the vehicle by way of a straight-line depreciation. 

This. In 2010, I needed a new truck, and had already taken my draws for the year, so I bought two trucks. I needed a new truck and needed another work truck, so it worked out. I wouldn't recommend spending the money just because you have it though, had I not needed a truck I would've left the money in the account and paid the taxes on the profits. I also buy gently used, no sense in buying something brand new.

[hematocritter]

I sell Mercedes Benz lease returns for a living.
I used to never understand why people would lease cars, it seemed like throwing money away.
After being in the business for a while, I now understand the appeal for certain cars.
Status symbol cars that are incredibly costly to maintain and are not reliable (Land Rover, Mercedes Benz, etc)
are wise to lease because you never have to deal with them when they are no longer out of warranty. Some
manufacturers provide scheduled maintenance on their leases (BMW), including basics like oil changes.
Some leases are just to cheap to pass on.... Kia's new Optima comes to mind. $200 a month for a new car.
Financing that car or paying cash for it will ultimately be more costly than the total lease once the car is returned.

I personally would never own a Mercedes Benz out right. I would only drive one leased or under factory extended
bumper to bumper warranties. I've seen these cars only 2 years old having catastrophic engine failure for no apparent
reason. The supercharger can go bad at random on some of the AMG models, $10k in parts only on a car that books
now for $22k and originally cost $120k when new 4 years ago.

[Agnostic007]

While I understand that you are nit-picking what I said, because you kind of like to do that... TRY TO COMPREHEND WHAT I WROTE.

"Also, specifically to cars, if you like having a new car every couple of years or so... Or you're the type of person who gets a new car almost immediately after paying one off."


If you are one of THOSE types of people, then you would still have a car payment.

So how is my statement incorrect Officer?

And as you often like to do, you leave out anything you don't want to address. Your ENTIRE statement has a little more to it... like..

 How is this?

Because you don't own it?

You do realize if you buy something (minus a house) by the time you pay for it, the value isn't anything.

Even a house generally you have to pay almost twice what the house is worth by the time you finish off a 30 year mortgage.

If you lease something or rent it, you are paying for a roof over your head or something to drive and you have many perks... Repairs are free because it's built into the agreement and it's not on you to pay for them.

[deadz]

You are correct. That must not be a nice and new car. I pay alot more than that for BMW and Cadillac.

2011 Infiniti G37s, brand new, loaded