We leased a car - Page 3

SahmIam · ‎04-16-2010

@esmerelda For many, yes. I remember reading that leases outnumber purchases now. Also, I remember when a car loan was 3 years. When we went to purchase our sons' car, we were offered 7 year and 10 year financing...I had no idea!

It's also popular to lease for 3 years and then purchase it with 7-10 years financing. Again, it offers many the chance to purchase the car of their dreams by giving them 13 years to pay it off. For those like my husband and I who keep our cars forever (or until they die), having payments that for so long is fine with them (not us but hey, whatever works for ya).

For DH and I, we've been burned too many times with a new car being a piece of junk. Yes, a lease can break down but...depending on the lease, someone will come and get you 24/7 no matter where you are and you have a replacement vehicle delivered to you until the car is fixed. In our situations, the issues were severe enough that we were able to break our contracts and get our deposits back. I don't care what car you're driving, you do NOT expect a new car to break down a week, month a year after having it. Many think that the more expensive it is, the better made it will be....not true. Personally, give me an older car without all the gizmos and a good mechanic to keep it running; our Blue Burro is the perfect example of this.

x Hedge · ‎08-18-2016

@millieshops and @Abrowneyegirl ,

I'm currently without a car and I'm pretty sure I don't want to buy another one. Don't want to insure a car that's mostly sitting at home anymore.

I've been weighing my options and appreciate you're posts. I'm looking at leasing, renting, and "car share" options.

haddon9 · ‎03-09-2010

@Abrowneyegirl wrote:
@libbyannE wrote:
We always buy German cars, although the last two were assembled in South Carolina, Never a problem, If you lease a car, you commit yourself to monthly payments forever and never own anything. We pay cash, so never a payment.
What are you talking about? Why do you say, "commit yourself to monthly payments forever?" That makes no sense.

Never say never. We own and have owned a lot of luxury imports- some with MAJOR problems some a joy. It is like buying an appliance or anything else now-a-days it is a gamble.

I agree. We used to feel the same way but almost 2 years ago I went into a dealership expecting to purchase a car. Instead I decided to lease for the first time ever. I can get a new leased car in another year or buy the one that I have.

I've had no complaints so far!

Bridgegal · ‎03-09-2010

I hope you love your new car.

I've never leased a car. We buy a 1-2 or so year old car and write a check for it. I hate car payments with a passion.

So, I'm no expert on leasing.

Dave Ramsey does say that of all the ways to have transportation, leasing is the most expensive, by far. But it sounds like leasing gives some people peace of mind so if paying way more for a car is worth the peace of mind, who is anyone else to say it's a bad idea.

lovesrecess · ‎03-14-2010

We leased a car one time only. Not a good experience. We did not want to be making payments forever and never own the car. Sure you can buy it at the end of the lease but you overpay for what you are buying. We did the research. I like the idea of no car payments so we buy Lexus and keep them. Mine is 12 years old and DH’s is 10 years old, no payments and run perfectly, all you have done is regular maintenance.

esmerelda · ‎03-10-2010

@SahmIam wrote:
@esmerelda For many, yes. I remember reading that leases outnumber purchases now. Also, I remember when a car loan was 3 years. When we went to purchase our sons' car, we were offered 7 year and 10 year financing...I had no idea!

It's also popular to lease for 3 years and then purchase it with 7-10 years financing. Again, it offers many the chance to purchase the car of their dreams by giving them 13 years to pay it off. For those like my husband and I who keep our cars forever (or until they die), having payments that for so long is fine with them (not us but hey, whatever works for ya).

For DH and I, we've been burned too many times with a new car being a piece of junk. Yes, a lease can break down but...depending on the lease, someone will come and get you 24/7 no matter where you are and you have a replacement vehicle delivered to you until the car is fixed. In our situations, the issues were severe enough that we were able to break our contracts and get our deposits back. I don't care what car you're driving, you do NOT expect a new car to break down a week, month a year after having it. Many think that the more expensive it is, the better made it will be....not true. Personally, give me an older car without all the gizmos and a good mechanic to keep it running; our Blue Burro is the perfect example of this.

@SahmIam If I'd had experiences like yours, I might think like you do. Fortunately I haven't had a new car be a "piece of junk." But I probably haven't bought as many new cars as you have, so maybe it's law of averages...or something. The last new car I bought (before the one I currently have) was 27 years old when I sold it.

Leasing is becoming more popular, so I guess it works for some.

I doubt I'll ever lease a car.

*********************
Keepin' it real.

Reever · ‎03-14-2010

Dave Ramsey calls a lease a "fleece". He is convinced that you wind up spending more leasing a car than buying one outright. Dave's rule of thumb is never to buy a car more than 1/2 of your income. So if your income is 50,000 the maximum you should pay for a car is 25,000.00 Dave believes it is wiser to buy a reliable used car than a new one because of the depreciation factor.

GenXmuse · ‎05-15-2016

Congratulations! Piece of mind is the most important with any decision.

sunshine45 · ‎03-09-2010

@Reever wrote:
Dave Ramsey calls a lease a "fleece". He is convinced that you wind up spending more leasing a car than buying one outright. Dave's rule of thumb is never to buy a car more than 1/2 of your income. So if your income is 50,000 the maximum you should pay for a car is 25,000.00 Dave believes it is wiser to buy a reliable used car than a new one because of the depreciation factor.

@Reever

i am definitely a believer of purchasing a good used car.

have had new and have had used......used cars have always been a good investment and they are easy to sell once i get tired of them.

********************************************
"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing." - Albert Einstein

SahmIam · ‎04-16-2010

@esmerelda The only reason we bought so many cars was due to the fact that each one had an issue with it; those cars were all bought/leased in a row and after the Excursion, we gave up. That's why I'm sharing a car with my son; we tired of dealing with the nonsense. So, we watch CarMax and when we see something that fits our needs, we'll buy it. No more new cars, no leases.. we'll stick with a good used car from CarMax.

I think many believe that a NEW car means no issues. We haven't found that to be true in a long, long time. Maybe we have rotten luck. We thought going with a new higher end vehicle was the answer. Nope, it wasn't. I think many believe it too considering the stories I've heard that have been similar to our experience.

The last GOOD new car we bought was the Matrix which my husband drives.