Buying vs. leasing a car
07-29-2008 | 08:57 AM
#1
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Buying vs. leasing a car
I am looking into getting a new car. Looking at 2007 and newer. Are there any benefits of leasing vs buying. I do not have cash to pay straight up for the car, regardless i would be making payments.
07-29-2008 | 10:32 AM
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From: 737 CA
You don't have money and you want a nice car? Try buying an older car and pay cash or get a small loan. I'm a 737 Captain at a major and I drive a 10 year old Corolla. Why get into debt? Leasing is throwing your money away. Look at it like renting a car for three years. A car is a car. Wheels, seats, and a steering wheel. Don't over pay for one.
07-29-2008 | 10:36 AM
#6
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From: 737 CA
I lease. I don't live too far from my base and I drive there. I won't go over the mileage limit unless I do a lot of driving on my days off which is unlikely given the price of gas. At least with a lease you are under warranty the entire time and you can get a new car every three years.
I agree with Otto to some extent except that some leases require little or no money down and the monthly payments can be very low.
I agree with Otto to some extent except that some leases require little or no money down and the monthly payments can be very low.
07-29-2008 | 10:46 AM
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From: FDX 767 FO
Just my .00002 cents (<---weak dollar)
07-29-2008 | 10:58 AM
#8
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From: Bus driver
Leasing only works out if you drive little, want nice cars (expensive) and want new cars every couple years. Beyond that buy one a few years old, take care of it, and save the rest of the money.
Only make payments on APPRECIATING assets.
Only make payments on APPRECIATING assets.
07-29-2008 | 11:11 AM
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From: Out.
07-29-2008 | 11:37 AM
#10
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From: USAF
If you have reliable transportation, drive it until the wheels fall off. If you need a "new to you car," listen to Ottopilot. Investing your hard earned cash in something that depreciates is bad juju. IMO if "you don't have cash" then you can't afford it. Use that payment amount to invest while the market is down. In the long run it is the best call.
Just my .00002 cents (<---weak dollar)
Just my .00002 cents (<---weak dollar)
If you must lease a car.. just try to think about how your finances will be once the lease is up and no car, back to square one (yes there are options with that lease, but basically it's starting over again). If you didn't have a car payment and increased insurance you'd save about $600/month + x amount down = $3600/year x 3 years = $10,800 + x amount down, maybe $13,000. That is a sizeable amount to put down on a newer car, or even a used lease turn-in. Keep driving a junker for another 3 years invest your money while the market is down and you are looking at having around $30k in your account. After driving the junker for 6 years, you could buy a new car cash and have an extra $600/month income.
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