lease vs buy auto

[SearChart]

Originally Posted by RHIII

I buy

I do too

[CamSLC]

Ive done both for years. As @wantonebad says "it's simple comparative math"

Cars have unfortunately become no more than a consumer electronic for transport. It's an iPhone or a television that moves you around a city. They basically all depreciate at some rate drastically or less. You run the numbers and it's just a little more to have a nice, newer, modern, and SAFER one to transport yourself and your family. Thats were I'm ok spending a little more. If your fine driving an old one and the newness doesn't allure you, thats great too

I've never liked the idea of "owning" outright a depreciating asset. Why park 20-50k in a necessary expense that will absolutely be worth less later. If your home was depreciating 10%++ annually every year you lived in it, we would all be renters.

[IntenseImage]

We buy simply because we put too many miles on to lease

[sokoloka]

I always buy.

[droptopman]

Lease. Like a new car every 3 years. Tech changes so fast now. Models are upgraded regularly. Mine current AMG is a 2018 and the 2020 version has a bunch of new options I would like. I do the math each time, but last 4-5 I have leased. If a nice low mile CPO is available when I am ready to order I might buy. Lots of variables. Generally the math favors a lease for me.

[Jay (Eire)]

Originally Posted by powerfunk

I refuse to be forced into financing; that's not how I want to buy cars and I won't let banks force themselves into my life.

To be clear it’s the dealer that is “forcing” financing on you not the bank.

[GoingPlaces]

Lease new buy CPO.


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[GeoffEff]

Originally Posted by GoingPlaces

Lease new buy CPO.


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This is exactly what I’ll be doing in the future. The last two cars my wife and I each bought (we currently still have) will be our last new. She drives 10-12k a year and I drive 25-30k a year so it’s a little more difficult for me to find something with lower miles. Either way, I’m done taking the depreciation hit on new, especially on my German cars.

[singe89]

Originally Posted by GeoffEff

This is exactly what I’ll be doing in the future. The last two cars my wife and I each bought (we currently still have) will be our last new. She drives 10-12k a year and I drive 25-30k a year so it’s a little more difficult for me to find something with lower miles. Either way, I’m done taking the depreciation hit on new, especially on my German cars.

Totally agree with this. Had an AMG Mercedes, 2 Audis and... Maserati and would never buy those new again. Just not worth it. CPO pay in cash and drive for 5+ years and over 100k miles seems to be the best cars for the $$$.

However, for trucks like a Raptor I would buy new because I wouldn't want the potential abuse another owner would put it through not knowing their capability offroad.

[MP5]

Find nice car you want, wait 2-3 years for one of the lease drones to return car, buy cash. Drive it for 2-3 years then sell your former 2-3 year old car that is now 4-6 years old. That way i get two cars i like to drive for the price of one. I get a 2-3 year old nice car and my daily errand, shopping, beater that just happens to be a huge chunk of the new 2-3 year old car when i sell.

[tudorbaja27]

I walk

[bobernet]

I used to always buy 1-2 years old, pay cash, sell at 100k miles +/- a bit. I did the math and was spending very nearly as much as just leasing. The most recent two, we leased. Will see if we stick to this or go back to buying. Avoiding the re-sale, trade-in, junk is nice.

[wear4l]

Buy only if you trust the reliability of the band and you plan on using it for a good number of years.

[vicsdca]

I lease because I don't want any of the trouble of owning a car. I just return it after 3 years and pick up a new vehicle. This way I don't have to worry about lemons, reliability issues and minor accidents reported on the Carfax that devalue your car. Besides, I like driving newer cars equipped with the latest safety features and what not. Buying a car will never ever cross my mind unless it's a collectible car. Also, when I lease I always put $0 down and negotiate the monthly payment until it fits my car budget. I only lease what I can afford. Sometimes at the end of the lease, Carmax offers me more than the residual value of the car when I didn't drive the car much. In that case I purchase the car at the end of the lease and sell it to Carmax. They make the process very easy.

[kwcsports]

Originally Posted by powerfunk

Life without a car payment is the way to go for me. Had to pay extra for my Toyota recently because I refused to do financing. I refuse to be forced into financing; that's not how I want to buy cars and I won't let banks force themselves into my life. Plus I get to drive a car (as much as I want) that doesn't belong to a bank. I guess I'm a weirdo though.

Agree 100%, Cash is King, no payments for me.