Buy or lease?
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Super Moderator
Joined: Jan 2008
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From: Maine, Virginia
Buy or lease?
Yes, this has been discussed a thousand times and I'd like to visit the topic yet again.
So, please let us know which you prefer and why.
Thanks for any replies.
So, please let us know which you prefer and why.
Thanks for any replies.
Carpenter Local 745
Joined: Apr 2006
Posts: 5,794
Likes: 11
From: on da beach
Buy, since I keep my trucks for at least 10 years.
My wifeʻs Explorer is now 10 model years old (90,000 miles on the odometer), and we plan to replace it in a couple of
years.
Having no payments after 5 to 6 years is a plus too.
My wifeʻs Explorer is now 10 model years old (90,000 miles on the odometer), and we plan to replace it in a couple of
years.
Having no payments after 5 to 6 years is a plus too.
Moderator
Joined: May 2007
Posts: 158,421
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From: Greenfield, MA
Depends on personal circumstances...for some leasing is the way to go...not so much for others. If you "need" to have the latest and greatest...leasing just may be for you.
Some advantages of leasing...
A) Generally a 3 year lease payment will be approximately equalto a much longer purchase payment.
B) Your vehicle will generally always be covered by a manufacturers warranty.
C) You have some control at the end of the lease...you know what you would have to pay to buy the vehicle. With a buy...you don't have any idea of what the vehicle is worth when you're through with payments.
D) Generally...repaired accident damage doesn't affect the lease end value...it absolutely affects the trade value when your loan is paid and you're shopping for a new vehicle.
E) For business use...tax paperwork is easier.
F) If you're "upside down on your trade"...the negative equity is easier to assume in the lease...generally at a lower cost.
There are other advantages to a lease...but...that's enough for now.
Some advantages of leasing...
A) Generally a 3 year lease payment will be approximately equalto a much longer purchase payment.
B) Your vehicle will generally always be covered by a manufacturers warranty.
C) You have some control at the end of the lease...you know what you would have to pay to buy the vehicle. With a buy...you don't have any idea of what the vehicle is worth when you're through with payments.
D) Generally...repaired accident damage doesn't affect the lease end value...it absolutely affects the trade value when your loan is paid and you're shopping for a new vehicle.
E) For business use...tax paperwork is easier.
F) If you're "upside down on your trade"...the negative equity is easier to assume in the lease...generally at a lower cost.
There are other advantages to a lease...but...that's enough for now.
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Super Moderator
Joined: Jan 2008
Posts: 40,024
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From: Maine, Virginia
The time is nearing for me to want to replace my 2004 Expy. I'm definitely going to explore all options and give more attention to a leasing option I'm nearing 13 years old with 115K miles and she's been very good to us. I'm not satisfied that time and miles will be so gentle in future vehicles.
i ain't rite
Joined: Mar 2005
Posts: 65,505
Likes: 5,563
From: Marlboro Mental Hospital.
with advancing age my parents were having problems getting in and out of cars.
so i sold both of the cars and leased a 2014 edge.
now they do not drive much being 86 years old, but they still need transportation if no one is around.
in october when the lease is up mom said she will be giving up her license. dad stopped driving last year after the minor stroke.
so in october i will be taking the buy out and getting a 2014 edge with 6,000 miles on it for $14,000
i buy because i drive a vehicle until it falls apart.
so i sold both of the cars and leased a 2014 edge.
now they do not drive much being 86 years old, but they still need transportation if no one is around.
in october when the lease is up mom said she will be giving up her license. dad stopped driving last year after the minor stroke.
so in october i will be taking the buy out and getting a 2014 edge with 6,000 miles on it for $14,000
i buy because i drive a vehicle until it falls apart.
Cargo Master
Joined: Jul 2006
Posts: 3,014
Likes: 91
From: Concord, CA
Depends on personal circumstances...for some leasing is the way to go...not so much for others. If you "need" to have the latest and greatest...leasing just may be for you.
Some advantages of leasing...
A) Generally a 3 year lease payment will be approximately equalto a much longer purchase payment.
B) Your vehicle will generally always be covered by a manufacturers warranty.
C) You have some control at the end of the lease...you know what you would have to pay to buy the vehicle. With a buy...you don't have any idea of what the vehicle is worth when you're through with payments.
D) Generally...repaired accident damage doesn't affect the lease end value...it absolutely affects the trade value when your loan is paid and you're shopping for a new vehicle.
E) For business use...tax paperwork is easier.
F) If you're "upside down on your trade"...the negative equity is easier to assume in the lease...generally at a lower cost.
There are other advantages to a lease...but...that's enough for now.
Some advantages of leasing...
A) Generally a 3 year lease payment will be approximately equalto a much longer purchase payment.
B) Your vehicle will generally always be covered by a manufacturers warranty.
C) You have some control at the end of the lease...you know what you would have to pay to buy the vehicle. With a buy...you don't have any idea of what the vehicle is worth when you're through with payments.
D) Generally...repaired accident damage doesn't affect the lease end value...it absolutely affects the trade value when your loan is paid and you're shopping for a new vehicle.
E) For business use...tax paperwork is easier.
F) If you're "upside down on your trade"...the negative equity is easier to assume in the lease...generally at a lower cost.
There are other advantages to a lease...but...that's enough for now.
i ain't rite
Joined: Mar 2005
Posts: 65,505
Likes: 5,563
From: Marlboro Mental Hospital.
unless specified, here in joisey the lease mileage is 12,000 per year, which breaks down to a little under 33 miles a day
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Joined: May 2007
Posts: 158,421
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From: Greenfield, MA
Don't forget that leases also have an allowed amount of miles you can drive per year. I've seen 10,000 and 12,000 as typical on 3 year leases and then you pay 0.20 cents per mile over. Out my way it is typical to put on 15,000 per year easily if you work. That is only 312 miles per week. So you should know what your mileage will be.
Generally advertised leases are calculated on 10 or 12,000 miles per year. You can, however, buy more miles at a fixed price. One of my corporate customers used to buy 95,000 mile 3 year leases for cars for his sales reps.
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