Do you Buy or Lease?

[beowulf]

Never have leased, I drive a Jeep Wrangler and have for years now and I do some minor to medium off roading and would not be able to do mods and also worry about damage if I leased.

 

[silkyjohnson50]

Lease all day. I'm on my second consecutive lease after owning.

 

[New Jersey]

Buy pre-owned, low-mileage. Let some poor sucker lease it and pay a lot of that initial depreciation first.

 

[David Dennison]

Buy pre-owned, low-mileage. Let some poor sucker lease it and pay a lot of that initial depreciation first.

Insurance is what killed me when I bought a new car (esp that first year), I think leasing is the same because you need full coverage.

I regret buying a new car simply because I dont drive it enough, I think I have put 14k miles on it total in the first two years.

 

[guinness]

Insurance is what killed me when I bought a new car (esp that first year), I think leasing is the same because you need full coverage.

I regret buying a new car simply because I dont drive it enough, I think I have put 14k miles on it total in the first two years.

Eh, I got you beat.

A little over 18k for a nearly 5 year old car. Thought I was going to move to LA + gas was $4/gallon at the time. Still drives well, but it will probably fall apart before it gets broken in.

Now I walk to work, and the closest big 'cities' are about 3 hours away in either direction (Spokane or Bozeman).

I bought by the way, which is fine, as a lease I would've had to return to the dealer, and I'm now about 1100 miles away from my dealer in California.

Insurance is cheapish through Costco, about half of what I was paying through AAA.

 

[Honour Over Glory]

I bought my Rubicon.

 

[beowulf]

I bought my Rubicon.

Gotta with a Jeep! Do you do any off-roading?

 

[Honour Over Glory]

Gotta with a Jeep! Do you do any off-roading?

I have only taken it on one camping trip so far, it's still brand new, I plan to go camping later on in the summer as well and hopefully break it in more.

 

[Stjonnypopo]

Buy.

I bought my first new car at 21, paid it off super quickly cause I lived with my parents at the time, and I've been trading it in for nicer cars and only paying the difference ever since.

If I didn't have this equity that I was rolling I would probably be leasing instead.

 

[New Jersey]

Buy.

I bought my first new car at 21, paid it off super quickly cause I lived with my parents at the time, and I've been trading it in for nicer cars and only paying the difference ever since.

If I didn't have this equity that I was rolling I would probably be leasing instead.

My long-term automobile situation will ideally be similar to this.

 

[End of Line]

Buy. I've got a 60 mile round trip every day driving to and from work. Lease would be impossible for me.

 

[Flukeshot]

Awesome to see how many other Jeep owners there are... you can't lease those. Haha. Too many opportunities to do stupid/fun stuff with them.

The resale value is insane. Not worth trying to buy a 2 to 4 yr old used because the discount vs new is not enough of a difference.

 

[New Jersey]

The resale value is insane. Not worth trying to buy a 2 to 4 yr old used because the discount vs new is not enough of a difference.

Wranglers are definitely an exception, not the rule.

WRXs, too.

 

[Penguins23]

I have one of each so I voted for lease because it needed my help in the poll lol.

 

[Jacques The Mayor]

Awesome to see how many other Jeep owners there are... you can't lease those. Haha. Too many opportunities to do stupid/fun stuff with them.

The resale value is insane. Not worth trying to buy a 2 to 4 yr old used because the discount vs new is not enough of a difference.

We need a wrangler thread

 

[TorMenT]

Bought a brand new Jeep Cherokee 2016 model year last Labor Day. No problems with it, and love it so far.

 

[rynryn]

i think it depends on the vehicle. if you're looking at something with great resale value that a lot of people tend to hang onto otherwise you can make premium selling it private party. or get a lot for it from a dealer because they'll have a lot of interest in a, say, 4 year old Highlander.

if there's a ton of the car you want on the used market it's probably better to lease it.

 

[Hawksfan2828]

Buy because it make no economic sense to lease......Not that I even drive a new car anyway...I drive a classic in the summer and a van in the winter......

 

[Bjorn Le]

Buy because it make no economic sense to lease......Not that I even drive a new car anyway...I drive a classic in the summer and a van in the winter......

It does if you're buying a new car every 2-4 years and aren't buying the car outright when you purchase it. You're literally saving thousands of dollars then.

 

[chicagoskycam]

I buy typically German cars, BMW or Merc pre-owned. They come with a full 5 year warranty including maintenance, I would never own one of these outside of their warranties.

The last one I leased new, now different states have various laws around this and you may want to check. Currently in IL you only pay tax on the amount of your lease vs. the full value of the car, it used to be the full value. Cars that retain their value better are going to lease better. Depending on the vehicle you want it may not lease well at all and you should buy it. Compare what you're paying with the lease and what you would pay to own it.

As mentioned if you want a new car every 3-4 years and don't drive a ton, leasing may be the way to go. You will get more car for your money in the end. If you want no car payments and something reliable after warranty I would stick with Honda, Toyota, Nissan, Kia... Some American models as well as I'm not as versed on them. Some people love to drive their car in to the ground. I had a Nissan Xterra at one point and never did anything to it and it just kept going. So abused...lol.

Things have changed with technology where it used to be easy to work on your own car, not as much anymore.

 

[ViD]

What are the thoughts on the lease takeover? No need to pay the down payment and no need to be stuck for 3 years, but drive it for like 12-15 months as a long time test drive

 

[Bjorn Le]

What are the thoughts on the lease takeover? No need to pay the down payment and no need to be stuck for 3 years, but drive it for like 12-15 months as a long time test drive

There's a transaction fee to switch the lease. It depends on the make, but it's usually between $500 and $1000. It's basically a down payment. It's not a bad idea, but you have to get lucky enough to find the car you want. Furthermore, sometimes people will ask you to pay them to take over a lease. It's a way to get a shorter term lease, but it's not without its costs.

 

[AtlantaWhaler]

My wife and I split. She leases and I just paid off my Accord last month. We figured it's the best of both worlds. One paid off, the other will always be new with low maintenance.

 

[Isles72]

leasing has worked out well for me . My sales rep knows the ballpark payment I'm comfortable with and always finds a way to initiate talks that lead me into my next lease without worrying about the end of lease paperwork on the current vehicle .

last time , she took me out of my lease 6 months early with no penalty to me and into a newer model of same SUV with 0% lease rate , free remote starter and some other goodies .

granted , I dont put on alot of miles so I'm sure they make a tidy profit from the vehicle they take off my hands

 

[adsfan]

I always buy. I try to take care of my cars. My old Tercel lasted 14 years before my daughter hit a deer in Vermont. Due to low miles, the insurance company gave $1500 more than I expected. My current Corolla is about to turn 8 and gets 33 mph. I got 39 mph on a trip to Indy with a tail wind. I have about 56k miles on it.