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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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should we buy or lease???
we lease a vehical now, and are in the market for a 2nd one.
We have been looking at a bunch and the lease payments are in the high 300s/mid 400s, no money down.
That seems alittle high for a leased car.
I wondered if it would be better to buy a car, this way in a few years we can always use it as a trade in, as opposed to leasing and having nothing after the 3 years.
Any thoughts????
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Posted 2/28/08 9:53 AM  |
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Long Island Weddings
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: should we buy or lease???
Posted by NewlyMrs
we lease a vehical now, and are in the market for a 2nd one.
We have been looking at a bunch and the lease payments are in the high 300s/mid 400s, no money down.
That seems alittle high for a leased car.
I wondered if it would be better to buy a car, this way in a few years we can always use it as a trade in, as opposed to leasing and having nothing after the 3 years.
Any thoughts????
Buy... buy... buy.
Don't forget if you trade in a car you own or financed, you are exempt from paying sales tax on the new car for the portion you are trading in. I saved over $2000 in sales tax on the last car I bought because I had something to trade in.
Plus you can always get a new car every few years if you buy. However if times get rough and start to have issues with a car payment, what are you going to do at the end of your lease when you have to return your car? At least if you financed at the end of your finance if you can't carry a car payment anymore at least you have something tangable.
Plus interest rates, cash backs, rebates, and overall deals are always better on buying than leasing.
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| Posted 2/28/08 10:09 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: should we buy or lease???
we lease. I like the arrangement. I like a new car every few years, I like not having to worry about breakdown and having to sell a car down the road or trade it in.
Our lease payments have always been between 300-400/month. Usually in the low to mid 300s. If you bought the same car, you would have to put down several thousand dollars to get that payment.
Then, you are paying tax on the whole amount. If you lease, you only pay tax on the amount you are leasing for.
I get ants in my pants. I like cars, I like the new ones that come out and I will be looking to sell mine way before I paid it off if I bought.
Everyone is different. Do what's good for you.
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| Posted 2/28/08 10:32 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: should we buy or lease???
I would always buy.
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| Posted 2/28/08 10:35 AM |
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Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
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Re: should we buy or lease???
Posted by Blu-ize
we lease. I like the arrangement. I like a new car every few years, I like not having to worry about breakdown and having to sell a car down the road or trade it in.
Our lease payments have always been between 300-400/month. Usually in the low to mid 300s. If you bought the same car, you would have to put down several thousand dollars to get that payment.
Then, you are paying tax on the whole amount. If you lease, you only pay tax on the amount you are leasing for.
I get ants in my pants. I like cars, I like the new ones that come out and I will be looking to sell mine way before I paid it off if I bought.
Everyone is different. Do what's good for you.
ITA
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| Posted 2/28/08 1:47 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: should we buy or lease???
i think it also depends ALOT on the amount of miles you plan to drive the car.
Most Lease's give you 12-15k a year
If you know your going to go over that, then its better to finance the car.
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| Posted 2/28/08 1:52 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: should we buy or lease???
Posted by ave1024
Buy... buy... buy.
most financial experts agree with this too. We have 2 nice cars paid off and nothing feels better!
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| Posted 2/28/08 2:02 PM |
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Ginger123
Sooo happy
Member since 8/07 1235 total posts
Name:
dana
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Re: should we buy or lease???
I think its pretty simple
Lease - if you like a new car every 3 years and dont want to deal with having to be at the auto shop for wear and tear fixes etc
Buy - if you drive more than 12-15,000 miles a year and do not like to have a monthly payment
Personally since I am in finance and I always want all my money in my control. I would never would put a large downpayment on something that is going to depreciate so quickly when i can be investing that money in something that is PAYING ME INTEREST.
Message edited 2/28/2008 4:12:31 PM.
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| Posted 2/28/08 4:10 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: should we buy or lease???
I like leasing... new car every 3 years, only pay for the time you have the car, lower payments for the car you want compared to buying, etc.
Cars almost always depreciate in value. Yes, it's nice to pay off a car and not have a car payment for a while, but you'll have paid for something that will eventually be worth nothing.
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| Posted 2/28/08 4:26 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: should we buy or lease???
well, like I mentioned I have leased before, so I know about the mileage and such.
But I guess my real question is, which is a better financial decision?
Which would be get more value in??
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| Posted 2/28/08 4:26 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: should we buy or lease???
Posted by CaMacho
lower payments for the car you want compared to buying, etc.
that is also what I wonder. I feel how much different are the payment of a lease vs finance.
I don't want to go into the dealership and seem undecisive.
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| Posted 2/28/08 4:27 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: should we buy or lease???
Posted by NewlyMrs
But I guess my real question is, which is a better financial decision?
Which would be get more value in??
IMO, a car is not an investment. it is something to get you from A to B, and then back again.
if you keep cars a long time, it is a better financial decision to buy.
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| Posted 2/28/08 4:28 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: should we buy or lease???
Posted by Ginger123
I think its pretty simple
Lease - if you like a new car every 3 years and dont want to deal with having to be at the auto shop for wear and tear fixes etc
Buy - if you drive more than 12-15,000 miles a year and do not like to have a monthly payment
Personally since I am in finance and I always want all my money in my control. I would never would put a large downpayment on something that is going to depreciate so quickly when i can be investing that money in something that is PAYING ME INTEREST.
ITA!
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| Posted 2/28/08 4:29 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: should we buy or lease???
Posted by NewlyMrs
that is also what I wonder. I feel how much different are the payment of a lease vs finance.
Well for my Jeep Grand Cherokee, it was about a $200 per month difference.
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| Posted 2/28/08 4:30 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: should we buy or lease???
Posted by NewlyMrs
Posted by CaMacho
lower payments for the car you want compared to buying, etc.
that is also what I wonder. I feel how much different are the payment of a lease vs finance.
I don't want to go into the dealership and seem undecisive.
it's a big difference. If you buy you would have to pay thousands down to get your payment in line with lease payments. You are only paying for about 50% of the car so your payments will be lower. Your interest rate could be lower as well.
You should go on edmunds.com look at cars you like and price them out. They have calculators to help you figure out the payments.
if you find that you would rather spend more on the payment then, you could put very little or nothing down.
Whatever you do, don't put a lot of money down on a lease. Put as little as possible.
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| Posted 2/28/08 4:32 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: should we buy or lease???
Posted by Blu-ize
Whatever you do, don't put a lot of money down on a lease. Put as little as possible.
I agree, I never put $$ down on a lease.
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| Posted 2/28/08 4:37 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: should we buy or lease???
i just wanted to add that I have seen a lot of commercials lately for good leasing rates on cars that I guess aren't selling well - minivans, trucks, compact cars of all makes and many models.
so if you don't really care about getting a specific type of car, you could save a lot of $$
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| Posted 2/28/08 4:37 PM |
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NewlyMrs
Laugh-Live-Love LIFE!
Member since 10/06 14432 total posts
Name:
Jennifer
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Re: should we buy or lease???
Posted by SweetestOfPeas
so if you don't really care about getting a specific type of car, you could save a lot of $$
unfortunately DH is a little picky. Plus we don't want another SUV, NO MINI-VANS.
I also don't believe in putting $$ down on a lease!
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| Posted 2/28/08 4:40 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: should we buy or lease???
Posted by NewlyMrs
Posted by SweetestOfPeas
so if you don't really care about getting a specific type of car, you could save a lot of $$
unfortunately DH is a little picky. Plus we don't want another SUV, NO MINI-VANS.
I also don't believe in putting $$ down on a lease!
my suggestion to you is to go to a few different dealers and get quotes for both leasing and buying. it's a PIA and it will probably take up some of your weekends, but it could pay off in the end.
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| Posted 2/28/08 4:42 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: should we buy or lease???
Before you do anything, find the car you like. Do your research online, look at cars on the road. When you have narrowed it down, go to a few dealers. Go in to the dealer with a car in mind and a price in mind. Go to edmunds.com. Go with the invoice price. That's what you negotiate on regardless if you lease or buy. There should be one price for both. Both are based on a "sales" price.
Ask them to run the numbers leasing and buying based on that price. You will see the difference. You want to put nothing down on both whether you buy or lease. Then you will see the difference.
Whatever you do, DO NOT TELL THE SALES PERSON A MONTHLY DOLLAR AMOUNT. You never want to negotiate on that.
Like I said before, do your research online and then you will go in informed and ready to negotiate.
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| Posted 2/28/08 4:59 PM |
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Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
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Re: should we buy or lease???
I always like leasing more then buying. A car depreciates in value the moment you drive it off the lot. I know with buying you have a trade in when you're ready for your next car. But you have to put down so much money to get your payments around where a lease payment would be. I don't put any money down with a lease and yes my payments are around $400 but if I purchased the car I would have had to put about $5,000 down to get those payments. To me that's just a waste. Plus I like getting a new car every 3 years. I never have to put a dime into my cars for fixing. I only have to spend on normal car maintenance. I've been leasing for about 10 years and I love it.
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| Posted 2/28/08 8:31 PM |
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