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Trusted Contributor
Posts: 1,751
Registered: ‎03-11-2010

Re: Leasing a Vehicle vs Purchasing

I never leased a car -- only purchased new cars. 1-1/2 yrs ago, my Honda Accord broke down - after me driving it for 29 yrs - had no car payment for 27 yrs. So - I called an ex-roomie who works at Lexus - and told him I need another Honda. Lexus owns Honda and Acura. He drove up in a grey metallic 2012 Honda Civic (larger than my Accord) - with 34,800 miles. The car was leased by one individual for the 3 yrs prior - with all the receipts of service. This is the first time I bought a pre-owned car and Lexus cleaned it to perfection and put on brand-new tires. I got a 3.9% interest rate for 5 yrs. I'll be paying off the $5,900 balance in a couple of months. Then - it will be all mine. I don't drive much these days - so I put on very little mileage. I took it to Honda a month ago - and it didn't even need an oil/grease. No charge.

I recommend buying.

 

 

Esteemed Contributor
Posts: 5,577
Registered: ‎03-09-2010

Re: Leasing a Vehicle vs Purchasing

We started out leasing our Lexus, and later decided to buy it since it had low mileage and was practically still new and  we didn't need a new car!

Honored Contributor
Posts: 18,792
Registered: ‎03-12-2010

Re: Leasing a Vehicle vs Purchasing

@ECBG No idea.  Go back to DR on next Tuesday, 14 March.  Heart

Super Contributor
Posts: 506
Registered: ‎03-09-2010

Re: Leasing a Vehicle vs Purchasing


ibb38 wrote:

software wrote:

Leasing is a scam.    So if you are financially stable, just buy outright.    

I buy cars, no payments.    Another scam, financing a car.   Even at zero interest.

 

I agree with you.

 


gidgetgh wrote:

I'm not a fan of leasing. You pay and you pay and you pay and at the end of the lease you have nothing. 


@software 


How is financing a car at 0% a scam? Woman Indifferent ??

 

@software,

Please explain how you think financing at 0% interest is a scam.  I just purchased a 2017 Ford Escape and am financing for 60 months at 0%.  I'm not a person who likes monthly payments (I have never used Easy Pay) but upon the advice of my financial advisor I decided to go for the 60 months at zero inteest and keep my money invested.  After reading your post calling financing at zero percent a scam, I called him at home and he laughed.  He said it's always better to use someone else's money for free.  He said it's a no brainer.  I used to pay cash for my vehicles but those days are over as I make more money with my investments and purchase with free money.  You made a statement but didn't back it up with any facts.    docsgirl

 

Esteemed Contributor
Posts: 7,050
Registered: ‎03-10-2010

Re: Leasing a Vehicle vs Purchasing

@Allegheny

I have never leased a car.  However, 4 years ago we purchased a leased luxury model car that was driven for a year and was in pristine condition with very low mileage.  To date, the car has 40,000 miles on it and is still in excellent condition.  Have you considered buying a formerly leashed vehicle?  We had never done that before (always bought brand new) but we are more than happy with our decision to purchase a leased car.  Since you are retired and drive minimal mileage each year this is something you may want to consider. 

~~~The Silver Fox~~~ In tribute to our beloved angel, Anika, 2-1-05 - 8-1-16. She taught us to be better people.
Respected Contributor
Posts: 4,377
Registered: ‎03-10-2010

Re: Leasing a Vehicle vs Purchasing


docsgirl wrote:

ibb38 wrote:

software wrote:

Leasing is a scam.    So if you are financially stable, just buy outright.    

I buy cars, no payments.    Another scam, financing a car.   Even at zero interest.

 

I agree with you.

 


gidgetgh wrote:

I'm not a fan of leasing. You pay and you pay and you pay and at the end of the lease you have nothing. 


@software 


How is financing a car at 0% a scam? Woman Indifferent ??

 

@software,

Please explain how you think financing at 0% interest is a scam.  I just purchased a 2017 Ford Escape and am financing for 60 months at 0%.  I'm not a person who likes monthly payments (I have never used Easy Pay) but upon the advice of my financial advisor I decided to go for the 60 months at zero inteest and keep my money invested.  After reading your post calling financing at zero percent a scam, I called him at home and he laughed.  He said it's always better to use someone else's money for free.  He said it's a no brainer.  I used to pay cash for my vehicles but those days are over as I make more money with my investments and purchase with free money.  You made a statement but didn't back it up with any facts.    docsgirl

 


@docsgirl exactly my thinking too- you're using someone else's money for free! The only thing is- don't let the dealership know your method of payment when you're negotiating the price. Don't let them  know if there's a trade in also - get a price based soley on the car.  I become a tough cookie when buying a car !

Respected Contributor
Posts: 2,684
Registered: ‎03-10-2010

Re: Leasing a Vehicle vs Purchasing

I have never leased a car.  I just purchased a new car last week.  

 

It seems leasing is more of a benefit for the dealership, than for me.  They are the ones that make out in the long run. 

 

 

Honored Contributor
Posts: 20,531
Registered: ‎03-09-2010

Re: Leasing a Vehicle vs Purchasing

When you buy a car at 0% interest you pay more for the car . They make the same money - just words on a paper - pay it now or pay it later - but you will pay it.

Trusted Contributor
Posts: 1,640
Registered: ‎03-12-2010

Re: Leasing a Vehicle vs Purchasing

Because of the popularity of leasing the market has an abundance of low mileage previously leased cars under three years old with low mileage. Easier than ever to negotiate a deal on such cars. Many are still under full warranty. You will pay more for a CPO car. I saved on my present car by not buying a dealer CPO. It is still under warranty and I have a great mechanic, so I saved about $2500.00 just on the car not being certified by the dealer. 

 

Doing your homework on line will get you an upgraded model for a lot less money by buying a vehicle returned from lease. Only drawback: financing a used car has a higher finance rate than financing new, but you are still saving big. The exception is buying the vehicle you are presently leasing. You end up paying so much more than buying that car new!

 

This way of buying a car is much more time consuming than walking into your local dealership on a Saturday afternoon and driving home later that same day with a new car. It took a long time to earn the money for your car. Be patient, do the work, get the car you love and enjoy the money you saved.

Frequent Contributor
Posts: 143
Registered: ‎01-21-2011

Re: Leasing a Vehicle vs Purchasing

Having always purchased my vehicles, I decided when I went on SS 2 years I was going to get my luxury dream car.  So I leased my beautiful Cadillac for a very reasonable rate,  I will get another new one in a few months.  I know it is money going down the drain, but for me to purchase a car like like this it would take several years of payments and I would have an old car at the end of the payments.  This lease gives me a new car every couple of years.  I still have my 11 year old CRV that is in excellent shape for grocery store runs and hauling things.  We have no debt, I have no kids and plan on leaving nothing when I die.  So leasing is going to be the way for me from now on.  If my beloved Honda gets to the point where I will sell it, I will lease another inexpensive car as my run around car.

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