(Closed) Leasing a car

posted 5 years ago in The Lounge
Post # 2
8998 posts
Buzzing Beekeeper

View original reply
mml624:  my husband did back when we were dating and I personally think it’s a waste of money – you always have a car payment. 

Post # 3
1591 posts
Bumble bee
  • Wedding: November 2010

I, too, think it’s a waste of money. You usually have to have a considerable amount up front, plus monthly car payments and adhere to an annual mileage limit. Plus, when your lease is up, you don’t get anything in return like you would if you sold it. 

Post # 4
908 posts
Busy bee
  • Wedding: October 2016

I did it with the car I own now & would never do it again. Now that I know their MO. I was desperate at the time… my car needed a whole new engine & I needed a new car asap. It had been more that 14 years since I had purchased one. So first thing they do is tell you a very high price for monthly payments if you buy. Of course I couldnt afford it then they tell you lease which is WAY cheaper. They ended up giving me a better deal on my trade in & it was then do-able. 

I beat myself up alot… why didnt we try & get that price lowered to buy the car. I ended up purchasing my car & now have another 6 years to pay on it. I just keep thinking if I would have skipped the lease crap I only would have had 3 more years car payments.

That all being said I guess its a good deal if you want to trade you car in in 3 years & you dont go over your mileage. 

  • This reply was modified 4 years, 6 months ago by  tiffany7.
Post # 5
7473 posts
Busy Beekeeper
  • Wedding: February 1997

The only thing that has kept me from leasing is the normal/average 15K miles a year restriction. My mum is getting older, and I travel often to make sure she is okay. Additionally, we live in a less urban area, so to get to the places I want to go, it takes more miles than average. So while I try not to rack up the miles, I often go over what a lease would allow, making a lease less than ideal for me.

Overall, though, if you want to avoid the initial depreciation in a new vehicle, don’t drive over 15K miles a year, keep your vehicles in relatively nice condition and enjoy having a new model year every few years, then leasing might very well work out well for you. It is usually the last thing I mentioned that keeps people leasing, though – they want something new all the time and are willing to pay for it.

  • This reply was modified 4 years, 6 months ago by  echomomm.
Post # 6
316 posts
Helper bee
  • Wedding: December 2017

Technically buying a car is a waste of money as your car depreciates in value the moment you take it off the lot. That being said, I currently lease and actually love it. If you like having a brand new car, maintenance included and will continue to lease, I think it’s for you. Idk where people are getting the payments are high and you gotta put a lot down from. My payments for a brand new Camry XLE so the deluxe Camry is $353 a month. My down payment was a little over 2 grand. I got a discount for just separating out of the Air Force but student graduates get a discount too. My mileage is 20K a year. And my lease is only for 2 years. The longer the lease the cheaper  car. 

Basically, I like to lease as I know first hand how expensive buying a used car is. Sure I don’t have to pay monthly payments but I do have to pay for maintenance and if it’s a shitty car it’s expensive. Personally, there’s a downside for buying and leasing. It all depends on you but don’t let people tell you, it’s a waste of money and you gotta do this and that when they’ve never leased before. 

Post # 7
861 posts
Busy bee
  • Wedding: March 2010

I lease and I have for years. I currently have a BMW X3. it’s $500 a month. they pay for all maintenance (including changing out windshield wipers, oil changes, car washes, and even filling up washer fluid! and I get free snacks and lattes while it’s being handled). when the lease is up I hand them the keys and either walk away or I get a discount on my next lease with them. I think it makes sense. my insurance is not high at all. (pay $150 a month for me and my husband, we also have a pickup). I like new cars and I can afford it. so why not? I also never pay for repairs or maintenance. maybe if you don’t have good credit the lease payments would be more?

sometimes people say it’s a waste, but often I see those same people buying a new car every few years and always having car payments anyhow. and they often (like a PP stated) lost lots of money on buying brand new. they depreciate immediately. and sadly, if you want a new car in a few years, you’re usually upside down on the loan. and sometimes the only way to get out of it is to buy another new car with a discount so you can get a new loan to cover the new car’s cost with the rest of what you owe tacked onto the loan. it can be a mess! 

I totally get that some people are ok with older paid off vehicles and that’s great for them. a lot of people spend their money elsewhere. as long as we’re all happy with our choices! I often have to do long road trips for work. I like having a car I love to ride in for hours and one that I feel 100% safe in. personally leasing works for me and I love it. 🙂 

  • This reply was modified 4 years, 6 months ago by Profile Photo nifer317.
Post # 8
605 posts
Busy bee
  • Wedding: February 2016

Everyone can absolutely do whatever they want, but I have to say that I paid off my car early, and it feels amazing not having any car payments. It frees up so much money in my budget to save or spend on what I actually want. 

Post # 9
1908 posts
Buzzing bee
  • Wedding: February 2015

If you prefer to always have a new car, leasing is a good option. I’ve financed and traded cars in quickly and ended up having a lot of negative equity. If I would have leased, that wouldn’t have been the case. But, if you don’t want to have car payments continuously, then financing may be better. It really depends on if you prefer new and basically want to “rent” your car and easily walk away from itnafter your term is up.

Post # 10
1206 posts
Bumble bee
  • Wedding: September 2015

It’s definitely a good option if you want a new car often or if you need a cheaper payment (I’m not sure where people are getting the higher lease payments from, I have always seen lease payments less than monthly financing payments). I personally liked buying my car and being able to pay it off early. I’m not interested in a car as an investment or having a new car often (I prefer to use my car until I actually need a new one) so buying was a better option for me. I just love not having a car payment and being able to put that money elsewhere. 

Post # 11
461 posts
Helper bee
  • Wedding: March 2016 - Miami

View original reply
mml624:  I’m currently leasing mine (2015 Honda Civic EX for $220/month). I disagree that it’s a waste of money. Sometimes it does make sense to buy a car but always keep in mind that all cars are a depreciating asset. They are not an investment. So while yes you’ll get some money out of it when you eventually sell it, you only get a fractiuon back what you put in. It’s not like a house that will increase in value over the time you own it.

I decided to lease my current car because I had my previous car for ten years. And while it was great not having car payments those last 5, it was right around the time the car was paid off that it started having more and more frequent issues and needing more expensive repairs. The last couple of years I drove it, it had become so unreliable that I just wanted something that would be brand new and in warranty. Plus I leased a coupe, and I know in a couple of years a two door car is going to be an issue when we have kids (good luck getting a car seat back there).

Also, my payments and the downpayment were quite a bit lower than had I bought new. And buying used (my last two cars) means you’re already closer to that “needing repairs” period.

I don’t know that I’d keep leasing one car after another, but I think sometimes it makes sense if at the time you need low payments, don’t want to worry about repairs, and think you’ll want a different car in a few years anyway. I haven’t decided if I’ll lease again or buy when this lease is up but I don’t regret my decision to lease this one.

Lastly, my dad used to drive cars for 15 yeas until the wheels were practically falling off. He was so against leasing. Until he couldn’t decide what to get next and just leased as a temporary measure. Now he only leases cars. He doesnt mind the downpayment each time because it means he gets a new, problem-free car.

  • This reply was modified 4 years, 6 months ago by  LaHormiga.
  • This reply was modified 4 years, 6 months ago by  LaHormiga.
Post # 12
11391 posts
Sugar Beekeeper
  • Wedding: June 2015

View original reply
LaHormiga:  I agree. 

I lease mine and I prefer it to the paid off car I had. I have the things I need for work, like a mobile hotspot, and I don’t have to worry about maitenance or things not working. I also love the service,the free loaners and the way they hustle to help you out when you bring the car in.

to each their own!

Post # 13
521 posts
Busy bee
  • Wedding: January 2016

Leasing a car is very, very rarely a good idea. From a finance perspective, buying an affordable, reliable, used car in cash is the best option.

Post # 14
448 posts
Helper bee
  • Wedding: May 2017

It depends on how you drive. I drive all the time and lots of miles, so leasing a car would make absolutely no sense. I personally do not think they are a waste for someone who isn’t driving all over all the time.

Post # 15
15062 posts
Honey Beekeeper
  • Wedding: June 2011

If you have high mileage or like to have a new car every few years, then leasing is probably a good option.  Personally, I think it’s a waste of money and don’t buy into the ‘maintenence free’ point at all.  Lets say a lease is anywhere from 200-500/month, over the course of a year that’s 2400-6000.  So the question is, if you were to buy, after you’ve paid off your car, do you really think you will spend 2400-6000 *every year* after that you own your car?  If yes, then ok, leasing is the really pretty much the same.. .if not, then sounds like leasing will end up costing more.  My DH’s first car was a used car he bought for 6k and drove for about 11 years… that comes out to about 45/month and had no issues except the horn needed fixing once, and then the 2nd gear went out, which is when we got rid of it at 15 years old.  We’re not really car people and don’t care for the new car aspect, just the financials (mostly, we did buy new against our financial smarts cause I just wanted to own new) and plan to drive our cars to the ground for 10+ years.

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