Purchase or Lease?

[MortMan]

My rule of thumb is to lease new or buy used. Since I am not a fan of used vehicles I am a new lease customer.

 

[Blondy1]

it really depends on what you planning on doing with it. If you plan on keeping it and driving in into the ground than purchasing is certainly the way to go. If you like to change vehicles every couple of years and you aren't one that puts a lot of miles on than leasing might be for you.

---------- Post added at 12:20 PM ---------- Previous post was at 12:15 PM ----------

on another note, we used to do this with my grandmother, she would lease a car, right before the lease was up she would sell it outright and make a few bucks on it and then lease another one. Her vehicles were always kept immaculate and with low miles, and she liked to get in a new one every few years...

 

[magiaone]

I leased for the main reason, I do close to 20K+ a year. So within 1.8 years I would be out of warranty, in another 1.5 yrs the truck would be upside down, and in 5 yrs it would be worthless. I ve owned and leased, and I traded in my 14 Grand Cherokee to pre pay 90% of the lease with the equity I had in the Jeep.

Whilst I agree its nice to drop $65K cash and not have a payment, or buy, it didnt work for me, and if you ever need that money then you are likely to take a bath on the sale.

These trucks wont increase in value, so its all about limiting the financial loss.

Leasing works for me now my commute mileage has doubled, i also own a 2014 2SS RS Convertible (new) but thats 1 yr old with 1500 miles on it and is a keeper. I needed something that can tow the boat and hand back after 2 yrs and get another, so I got the tahoe.

Each to their own...... I just dont see the point of emptying an account just not have a payment.

 

[jl449]

it really depends on what you planning on doing with it. If you plan on keeping it and driving in into the ground than purchasing is certainly the way to go. If you like to change vehicles every couple of years and you aren't one that puts a lot of miles on than leasing might be for you.

I Purchased my 2002 Tahoe brand new. Had 5 years of payments and 8 years of no payments. Now I'll buy a new Denali and follow the same concept! If you maintain and take care of these vehicles they will last.

 

[George C]

I think which route is more about where you are in life. 15 years ago, I would have probably leased a cheaper vehicle due to the lower payments. I had plenty of debt, building a new house and a new business, and cash was tight. Now, I'm debt free across the board, so my thinking is different.

 

[b4z]

These never lease comments make me laugh. If cars were purely a financial decision we would all be driving 5 year old civics for 10 years.

 

[Terrell2014]

Leasing works well in certain instances such as if you are a business owner and use the vehicle for said business, you can virtually write the whole thing off gas included and almost ride for free. Also you can lightly mod a leased vehicle just have to put it back to stock at lease end. I have leased but mostly bought my vehicles, if you only have one vehicle in your stable maybe you ought to buy because they will nickle and dime you for mileage overages and cosmetic damages. Leasing is essentially renting but if your money allows for such an extravagance go for it, we are all renters at one time or another.

I get a vehicle allowance from my company, leasing works for me. I have done this on three vehicles now and you have to be honest with yourself and very candid of your driving habits- pre load the contract with miles and buy the wearguard or other damage program (usually 400 to 800 bucks). I modded the crap out of my last vehicle, drilled into the dash, cut holes and did not get jammed up on a single item i "un did" when I turned it into Ford, not a single question as I had wearguard. Again, leasing is there for certain situations. I can easily lease or afford to buy a Denali, but I choose to drive a nice SLT Yukon with but one upgrade, 20's . If my job changes and I lose my allowance then I don't want to be married to a vehicle that I don't want to fund. I am perfectly happy in a Kia Optima or a similar sedan. I need/want a vehicle to move clients and gear around with some "room". This works- *and I have some money left over each month..

---------- Post added at 11:15 PM ---------- Previous post was at 11:15 PM ----------

These never lease comments make me laugh. If cars were purely a financial decision we would all be driving 5 year old civics for 10 years.

True dat....