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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Spinoff to lease vs buy ..when you purchase a car
In the other thread people have mentioned that lease payments are more than loan payments. I am surprised by this, since I always found it to be the opposite.
It made me curious as to what the average loan term is these days since a long term would make the payment significantly lower.
What type of term do you go with?
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Posted 6/8/10 10:43 AM  |
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GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
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Re: Spinoff to lease vs buy ..when you purchase a car
We went with a 60m loan, but pay double every month so we can finish early.
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| Posted 6/8/10 10:44 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Spinoff to lease vs buy ..when you purchase a car
mine is 60- really 58 b/c they made the first 2 payments
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| Posted 6/8/10 10:46 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Spinoff to lease vs buy ..when you purchase a car
I wanted to buy outright.
But since the rate was so low we are paying $600 over the course of our loan.
My husband felt he could make more then $600 bucks via investing and money markets over the life loan so he preferred to finance thought it was a better decision dollar for dollar
Message edited 6/8/2010 10:51:30 AM.
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| Posted 6/8/10 10:50 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Spinoff to lease vs buy ..when you purchase a car
When I purchased my car I did it with a 60-month plan but paid extra each month so it was paid off faster.
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| Posted 6/8/10 10:57 AM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: Spinoff to lease vs buy ..when you purchase a car
I've only purchased 2 new cars. The first was a 3 year loan and the 2nd we bought outright.
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| Posted 6/8/10 10:59 AM |
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Re: Spinoff to lease vs buy ..when you purchase a car
Most people go with 60 months. When you lease it is usually less per month, however in the long term you end up paying more.
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| Posted 6/8/10 10:59 AM |
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Re: Spinoff to lease vs buy ..when you purchase a car
Posted by KerriSteve
Most people go with 60 months. When you lease it is usually less per month, however in the long term you end up paying more.
ETA: I have never financed or leased a vehicle.
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| Posted 6/8/10 11:01 AM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: Spinoff to lease vs buy ..when you purchase a car
This is interesting, I thought 60 months was the average, I did lease a car in college and it was much less to lease than buy the same car, so maybe things have changed since then?
After my college lease I started buying used, the first one was a 36 month term and the most recent we bought outright.
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| Posted 6/8/10 11:37 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Spinoff to lease vs buy ..when you purchase a car
Posted by KerriSteve
ETA: I have never financed or leased a vehicle.
same here
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| Posted 6/8/10 11:43 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Spinoff to lease vs buy ..when you purchase a car
I've bought cars outright, leased and financed.
I've done 24 months, 60 and 72 months (esp on 0-.09% interest deals)
Leases are generally cheaper per month than financing.
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| Posted 6/8/10 11:56 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Spinoff to lease vs buy ..when you purchase a car
We finance for 60 months.
We just bought a 2010 Hyundai Santa fe....
Cant remember the exact #s but it was like $100 more per month to lease. (3 year lease vs 5 year fiance)
Not sure about all cars but I think some companies are shying away from leasing and therefore the charges are more than they were a few years ago!
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| Posted 6/8/10 5:10 PM |
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CunningOne
***
Member since 5/05 26975 total posts
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Re: Spinoff to lease vs buy ..when you purchase a car
The first car I ever owned, I financed for 60 months. It was the longest 60 months ever! I was so happy once it was paid off, really wish I had done 3 or 4 years....
I leased the next few cars I've had. The car I currently own, an 09 Enclave, we own outright. Best decision for us, love being car payment free.
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| Posted 6/8/10 8:39 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
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Re: Spinoff to lease vs buy ..when you purchase a car
My DH bought his outright. I financed - 48 months, but paid additional money and paid it off in 30.
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| Posted 6/8/10 10:11 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Spinoff to lease vs buy ..when you purchase a car
Bought outright and had a 36 month term with 0% interest. I think a 5 year term is the most popular, but it adds a lot of $$$ onto the price of the car.
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| Posted 6/8/10 10:35 PM |
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