Leasing vs Buying a car

[gambit215]

You finance regular cars (Camrys, Accords, Altimas), You Lease Luxury (Beemer, Benz, Bentley) cars are machines, they break down like everything else, Lease when you can afford it, I would suggest you buy off your first car and maintain it....after you establish yaself, Lease your butt off

 

[luckyluchiano]

Originally Posted by Weekend Girl

Leasing is a horrible trap

Insurance was higher because I was scared **@#@@!% to damage the car and the payments go nowhere. At the end of your term they'll allow you to buy but only at its current value after driving it around for a few years. On a 20k vehicle you've dropped 12k into leasing over 4 years they'll offer you to buy at like 15k. Wack. A lot of people lease because cars depreciate in value pretty quickly depending on what you get so the resale value won't be as great. Higher end cars depreciate a lot more but the majority of us don't even have to worry about that anyways...

Financing > leasing. Leasing a new car every few years just to stunt is stupid as hell (unless you can write it off).

Trade in the current whip and try to finance something at a low rate. A lot of dealerships doing 0% at 48/60/even 72 months on new vehicles now. If you want a new car before you're done financing you can always trade in your vehicle and refinance for something else. At least your money is going somewhere.

Good stuff good stuff. I`m really looking to cop This Infiniti G35 lol saw some good prices on some 03-06 junts, and they are SEXY.

 

[luckyluchiano]

Also Whats a good down payment for a 13-15k whip?

 

[rudemiester]

Leasing is ideal for people who can afford to continually pay for the usage of a car.. While buying is for those who can afford to pay the purchase price off over a few years then will continue to beat the car for plenty of years after.. Leasing provides less headaches because you have lower monthly payments, fewer maintenance issues, and don't have the hassle of trying to sell a used car and at the end of your agreement you can trade in the vehicle for a new one or proceed to buy the vehicle if you dont want to let it go. Purchasing provides you with more stability and options in that you can modify the vehicle however you choose to, there are no miles restrictions, you can sell it whenever you feel like it and you'll pay less over the period of time it takes you to purchase one vehicle than it would over multiple periods of time that you'd be leasing several vehicles through..

 

[weekend girl]

Originally Posted by LuckyLuchiano


Good stuff good stuff. I`m really looking to cop This Infiniti G35 lol saw some good prices on some 03-06 junts, and they are SEXY.

Yeah its a buyer's market for used cars you can get great deals on a clean whip that's only a few years old.

I got my eye on some 05-07 lexus is300s for the low

Only problem is that some used vehicles at a good price have crazy mileage on em

Cars with females as previous owners are usually driven less hard so if you see that in the Carfax it *can* mean more longevity for the life of the car.

 

[limitedretroog]

Leasing is stupid. It's basically long term renting. I'd rather own.

 

[weekend girl]

Originally Posted by LuckyLuchiano

Also Whats a good down payment for a 13-15k whip?

It depends on how long you're comfortable financing the vehicle and the interest rate. Put as much down as you can I wouldn't recommend less than 2 stacks though.

 

[blckmagc88]

And how is this different from paying 1000+ a month for ur studio apartment in NYC? its not like you own that...

 

[nick0lis]

Originally Posted by ninjahood

leasing is good if you just wanna get rid of your car every couple of years...and if you have a business you can right off da lease as

a business expense...

if you OWN your car its a asset, and after its paid for you can do w/e you want to it..its yours.

a vehicle is never an asset

 

[limitedretroog]

Originally Posted by blckmagc88

And how is this different from paying 1000+ a month for ur studio apartment in NYC? its not like you own that...

Having a roof over your head while you save up to have a place of your own is different from long-term renting a car just to say you have one knowing that car won't be yours a couple years down the line.

 

[ilpadrino9]

Leasing has its benefits. First off, the monthly payments are typically lower than when you finance. Second, a lease period is usually 3 years rather than the 5 years for financing. This affords you some flexibility if you don't have the financial security needed. In that sense, LEASING makes more sense than financing if you don't make a lot of money or if you don't have job security. Also, your lease does contribute towards the purchase of the vehicle (if you so desire). It would be similar to a slightly higher APR by financing. I'm currently leasing a Civic and at the end of my 3 yr. lease, I can buy it off for $9,000. Let's see, a Civic with 36k miles for $9000? Not too shabby...

 

[waystinthyme]

Originally Posted by nick0lis

Originally Posted by ninjahood

leasing is good if you just wanna get rid of your car every couple of years...and if you have a business you can right off da lease as

a business expense...

if you OWN your car its a asset, and after its paid for you can do w/e you want to it..its yours.

a vehicle is never an asset

wrong. a car is a depreciating asset meaning it will generally lose value the longer you own it...in contrast, a house is an appreciating asset meaning it will generally gain value the loner you own it. although, different in some aspects, they are both considered assets.

-waystinthyme
  

 

[waystinthyme]

Originally Posted by ilpadrino9

Leasing has its benefits. First off, the monthly payments are typically lower than when you finance. Second, a lease period is usually 3 years rather than the 5 years for financing. This affords you some flexibility if you don't have the financial security needed. In that sense, LEASING makes more sense than financing if you don't make a lot of money or if you don't have job security. Also, your lease does contribute towards the purchase of the vehicle (if you so desire). It would be similar to a slightly higher APR by financing. I'm currently leasing a Civic and at the end of my 3 yr. lease, I can buy it off for $9,000. Let's see, a Civic with 36k miles for $9000? Not too shabby...

you do realize, that if you decide to buy...you're paying $9,000 + the amount of your three (3) years worth of lease payments, right? does it still seem like such a great deal to you? if buying out a lease was such a bargain, dealerships wouldn't do it...they do it, because it makes them easy money.

-waystinthyme

  

 

[mike23theking]

If you have the chips, leasing is the way to go. If you know you're "set" financially, you really can't go wrong. You can flip through cars every few years, THEN... when you're ready to purchase. Purchase.

That's what my pops did for the most part. We went through a grip of cars... Then when my parents finally said, "that was fun. let's buy"... they bought.


But if you want something you want to end up owning, then you know the obvious answer.

Another thing you want to consider is the car you want to (purchase/lease). ME PERSONALLY... I wouldn't want to purchase a Bimmer or Benz. That would be something I'd definitely lease. That way you wouldn't have to worry about the long term wear/tear with the Germans.  Whereas, you could purchase a Honda/Toyota and have relatively cheaper maintenance.

  

 

[rfx45]

What I dislike with leasing is the limited mileage.
Leasing is more suited for those who has money and prefer switching cars every 2-3 years.

 

[mike23theking]

Originally Posted by RFX45

What I dislike with leasing is the limited mileage.

good point.  completely forgot about that. 

The loophole with that is people who usually lease know to trade it in prior to the expiration of the lease.  ESPECIALLY if they've gone over the miles.

  

 

[derek916]

Originally Posted by Chest Rockwel

Originally Posted by stylez23

leasing will be more expensive in the long run, even if you don't buy it at the end of the lease.. you'll be spending thousands of dollars on something you don't own

i suggest you just save enough to buy the car upfront, my family has always done that... if they wanted a 50k car, they made sure they had 50k and would either pay it upfront or finance it for 2-3 years a most... you don't want to bury yourself in debt or be worried about making payments every month

Worst advice. Don't buy a 50k car if there is some concern that you won't be able to make the payments. You know your 50k instantly becomes around 40k as soon as you drive off the lot. Horrible way to throw away money. Never pay cash for a car unless you have tons of money and money is not an issue.
Simple . Lease a car if you like something new every couple years. If you don't care then purchase. I lease because I get sick of cars quickly. Plus I never have auto worries. Always under warranty. Just make payments and drive.


  

I'd rather finance and invest the rest into my portfolio

only time I'd pay cash if my credit was bad and the finance rates were

 

[ilpadrino9]

Originally Posted by waystinthyme

Originally Posted by ilpadrino9

Leasing has its benefits. First off, the monthly payments are typically lower than when you finance. Second, a lease period is usually 3 years rather than the 5 years for financing. This affords you some flexibility if you don't have the financial security needed. In that sense, LEASING makes more sense than financing if you don't make a lot of money or if you don't have job security. Also, your lease does contribute towards the purchase of the vehicle (if you so desire). It would be similar to a slightly higher APR by financing. I'm currently leasing a Civic and at the end of my 3 yr. lease, I can buy it off for $9,000. Let's see, a Civic with 36k miles for $9000? Not too shabby...

you do realize, that if you decide to buy...you're paying $9,000 + the amount of your three (3) years worth of lease payments, right? does it still seem like such a great deal to you? if buying out a lease was such a bargain, dealerships wouldn't do it...they do it, because it makes them easy money.

-waystinthyme

  

That's why I said that it would be similar to a slightly higher APR by financing. There is no doubt you spend a little extra by leasing, but you're buying yourself flexibility. For many people, this flexibility is of great value. My example just illustrated that your lease does indeed contribute towards the purchase of the car. 

 

[fresh2deff]

I turn 18 in August and was wondering how i go about leasing a car.... i make about 1200 a month and still live at home so i dont really have any bills to pay besides cell, internet, and going out.

 

[6 Rings G.O.A.T.]

I rather own..

 

[illfrozn]

Lucky, I seriously suggest you visit an automobile website like Edmunds.com and do some very real research. NT is great for opinions, but facts can sometimes get misplaced. It sounds like you need a little more information on leasing and don't want you to get stuck in a lease that you didn't plan out properly.

Overall, financing a used car is the cheapest way to go versus a lease or financing a brand new car. There's nothing wrong with leasing as long as you know what you're doing. A lot of people complain about leasing due to their misunderstanding about how it works and how to properly work a lease. A few things:

- Don't put money down on a lease EVER. Money put down on a lease does NOT help you except for lowering the payment. But total the car? You've lost that money and there's nothing you can do about it.
- Know the amount of miles you drive annually. People get in trouble because they drive 15,000 miles per year and sign a lease for 10,000 miles per year. Now, they're stuck paying for an additional 15,000 miles because they went over.
- Try not to sign for 39 months, settle for 36 months
- Ignore the specials on TV. There is usually a requirement to put down ~ $2500 and mileage is limited to 10,000.
- People lease BMWs, Benz, etc. because what happens when you finish up the warranty period? You're stuck with high maintenance costs. Average price for a MB oil change is $100 dollars at the dealership.
- Depending on the negotiation of the lease, you can sell the car at the end of the lease and attempt to make some money on the car. If the dealership wants $25,000 for the car outright after the lease, but you find a buyer that will pay $28,000 for the car, you're going to end up with $3000 in cash. That doesn't happen often, but yes, that is possible.

If you lease, be smart about it ...

 

[crcballer55]

Originally Posted by Derek916

Originally Posted by Chest Rockwel

Originally Posted by stylez23

leasing will be more expensive in the long run, even if you don't buy it at the end of the lease.. you'll be spending thousands of dollars on something you don't own

i suggest you just save enough to buy the car upfront, my family has always done that... if they wanted a 50k car, they made sure they had 50k and would either pay it upfront or finance it for 2-3 years a most... you don't want to bury yourself in debt or be worried about making payments every month

Worst advice. Don't buy a 50k car if there is some concern that you won't be able to make the payments. You know your 50k instantly becomes around 40k as soon as you drive off the lot. Horrible way to throw away money. Never pay cash for a car unless you have tons of money and money is not an issue.
Simple . Lease a car if you like something new every couple years. If you don't care then purchase. I lease because I get sick of cars quickly. Plus I never have auto worries. Always under warranty. Just make payments and drive.


  

I'd rather finance and invest the rest into my portfolio

only time I'd pay cash if my credit was bad and the finance rates were

someone please convince me why either of these are good options?  If you finance a $50k car that's worth $40k when you drive it off the lot, you're going to end up paying $65k for that same car.  that's a TERRIBLE use of your money.  your best bet is to get a car that's 2-3 years old and let the former owner take the biggest portion of the depreciation hit.  if you're ever tired of the car you just purchased, you can always sell it to someone else and buy a new car.

 

[chris nosnah]

Originally Posted by waystinthyme

Originally Posted by nick0lis

Originally Posted by ninjahood

leasing is good if you just wanna get rid of your car every couple of years...and if you have a business you can right off da lease as

a business expense...

if you OWN your car its a asset, and after its paid for you can do w/e you want to it..its yours.

a vehicle is never an asset

wrong. a car is a depreciating asset meaning it will generally lose value the longer you own it...in contrast, a house is an appreciating asset meaning it will generally gain value the loner you own it. although, different in some aspects, they are both considered assets.

-waystinthyme
  

But why would you want to OWN something that loses its value every day?

 

[crcballer55]

Originally Posted by chris nosnah

Originally Posted by waystinthyme

Originally Posted by nick0lis

Originally Posted by ninjahood

leasing is good if you just wanna get rid of your car every couple of years...and if you have a business you can right off da lease as

a business expense...

if you OWN your car its a asset, and after its paid for you can do w/e you want to it..its yours.

a vehicle is never an asset

wrong. a car is a depreciating asset meaning it will generally lose value the longer you own it...in contrast, a house is an appreciating asset meaning it will generally gain value the loner you own it. although, different in some aspects, they are both considered assets.

-waystinthyme
  

But why would you want to OWN something that loses its value every day?

almost EVERYTHING you own loses value.  Your TV, computer, clothes, appliances?  They are ALL worth less than when you bought them.  The thing they all have in common is that they hopefully give you a better quality of life.

 

[brettthejett]

Originally Posted by ninjahood

having nothing to show for when your lease is done is wack......

When your car is paid off all you have to show for it is no $$ and an old piece thats worth nothing