Current Events > Buy or lease your car?

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lilORANG
01/19/20 9:18:07 AM
#1:


CE surely has opinions.
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BignutzisBack
01/19/20 9:31:54 AM
#2:


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KillerSlaw
01/19/20 9:32:25 AM
#3:


If it flies, drives or floats you lease it, at the very least if it is brand new.

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MachineJaipur
01/19/20 9:34:21 AM
#4:


Leasing is fancified renting

So no, buying is preferable if you can afford it
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CableZL
01/19/20 9:36:24 AM
#5:


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KillerSlaw
01/19/20 9:36:30 AM
#6:


MachineJaipur posted...
Leasing is fancified renting

So no, buying is preferable if you can afford it

You lose more money from depreciation and maintenance, though.

Again, if we're talking brand new.

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Veggeta_MAX
01/19/20 9:37:17 AM
#7:


Brand new cars will take less to take care of.

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KillerSlaw
01/19/20 9:38:45 AM
#9:


Veggeta_MAX posted...
Brand new cars will take less to take care of.

Brand new cars are not brand new forever. Down the line you're going to be paying for maintenance and repairs because you "own" it.

And if you don't plan on owning the car for more than 5-10 years, what's the fucking point since you've just lost all your money on resale due to depreciation.

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CableZL
01/19/20 9:38:58 AM
#10:


KillerSlaw posted...
You lose more money from depreciation and maintenance, though.

Again, if we're talking brand new.

With leasing, you're not going to retain any value, though because you're putting money into something you're just gonna give back in a few years.

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KillerSlaw
01/19/20 9:40:57 AM
#11:


CableZL posted...
With leasing, you're not going to retain any value, though because you're putting money into something you're just gonna give back in a few years.

You're making the mistake of thinking that most cars hold any worthwhile value.

Cars don't work the same as real estate or houses. Cars don't build equity (typically)

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CableZL
01/19/20 9:42:04 AM
#12:


KillerSlaw posted...
You're making the mistake of thinking that most cars hold any worthwhile value.

Cars don't work the same as real estate or houses.

My 2013 Camry just got appraised at $10k yesterday, so I think that's worthwhile... I'm about to trade it in for my dream car in a couple months.

Of course they don't build equity, but they retain more value over time, relatively. Because I own the car, that $10k is mine. If I leased it, I would have put however much money into it and just given it back and not had any value at all at this point.

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#13
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vigorm0rtis
01/19/20 9:45:12 AM
#14:


Smart money never buys a new car, so if you want new, lease. If you want to buy, go used.

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KillerSlaw
01/19/20 9:45:52 AM
#15:


CableZL posted...
My 2013 Camry just got appraised at $10k yesterday, so I think that's worthwhile... I'm about to trade it in for my dream car in a couple months.

How much did you pay for it? Did you finance it? What was the rate you financed it for? How much have you spent on maintenance and/or repairs?

Also, did you buy it new or used?

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emblem boy
01/19/20 9:46:19 AM
#16:


Is the used market still as big a cost savings at it used to be
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CableZL
01/19/20 9:47:48 AM
#17:


KillerSlaw posted...
How much did you pay for it? Did you finance it? What was the rate you financed it for? How much have you spent on maintenance and/or repairs?

Also, did you buy it new or used?

Bought it new, about $38k, 0% interest, and the only thing I've had to do is routine maintenance about every 5000 miles. Replaced the tires once for about $800, replaced the license plate bulbs this month for $16, and had new brakes put on for about $650.

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Flockaveli
01/19/20 9:48:07 AM
#18:


vigorm0rtis posted...
if you want new, lease. If you want to buy, go used.


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KillerSlaw
01/19/20 9:53:03 AM
#19:


CableZL posted...
Bought it new, about $38k, 0% interest, and the only thing I've had to do is routine maintenance about every 5000 miles. Replaced the tires once for about $800, replaced the license plate bulbs this month for $16, and had new brakes put on for about $650.

In what way is getting 10k back after a 38k investment a good value?

Maybe it's just cause it's early for me and I just woke up but I'm not seeing it.

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CableZL
01/19/20 9:54:28 AM
#20:


KillerSlaw posted...
In what way is getting 10k back after a 38k investment a good value?

Maybe it's just cause it's early for me and I just woke up but I'm not seeing it.

We're comparing buying vs leasing. It's better than not having any value after a few years due to having to give the car back. In this day and age, I'm pretty much always going to need a car, so I might as well be able to get to the point where I'll be able to own it without having monthly car payments and be able to trade it in for a better one if I want to do so.

If I had leased the car, I would have put X amount in and received 0 in return.

Getting almost $10k back in 2020 (car will depreciate a bit more in a couple months when I actually do the trade) for a car I bought in 2013 is better than putting however much money into a car in 2013, 2014, 2015, etc. and then just giving it back and getting nothing.

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Fenrimis
01/19/20 9:54:47 AM
#21:


I've always bought my cars but now I get a $1000 discount on used cars if I buy through my job, so I was planning on buying my next car through them. But they also give you a free car in 3-5 years of working with the company so I'm unsure if ill ever need to buy a car again.

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KillerSlaw
01/19/20 9:55:32 AM
#22:


CableZL posted...
We're comparing buying vs leasing. It's better than not having any value after a few years due to having to give the car back. In this day and age, I'm pretty much always going to need a car, so I might as well be able to get to the point where I'll be able to own it without having monthly car payments and be able to trade it in for a better one if I want to do so.

But you would have spent less money by leasing.

You're just going to lose more money on the trade in, unless you're planning on trading in for a used vehicle and even then you might still lose money.

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CableZL
01/19/20 9:56:27 AM
#23:


KillerSlaw posted...
But you would have spent less money by leasing.

I still would have had to get another car after the term of that lease was over. And then another car after the term of that lease, and so on, so on.

If you continuously lease, you'll always be paying. If you buy, you'll get to a point where you don't have to pay anything other than routine maintenance, which is what I prefer. And then years down the line you can upgrade if you want to for a much more discounted price.

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KillerSlaw
01/19/20 9:57:58 AM
#24:


CableZL posted...
I still would have had to get another car after the term of that lease was over. And then another car after the term of that lease, and so on, so on.

And you still lose money when you trade in your owned vehicle because of the depreciating nature of the asset.

This is why I said unless you plan on keeping a vehicle for 10+ years, and you basically only drive for commute, you should probably be leasing.

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Questionmarktarius
01/19/20 9:58:01 AM
#25:


emblem boy posted...
Is the used market still as big a cost savings at it used to be
No, but it's recovering.
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CableZL
01/19/20 9:58:40 AM
#26:


KillerSlaw posted...


And you still lose money when you trade in your owned vehicle because of the depreciating nature of the asset.

This is why I said unless you plan on keeping a vehicle for 10+ years, and you basically only drive for commute, you should probably be leasing.

I don't only drive for commute, though. I drive wherever I want whenever I want. Doesn't make sense for me to lease. Last year, I drove from Austin, TX to Pensacola, FL twice because my dad was sick and dying. I also drove from Austin to Dallas twice, Austin to Houston twice, and I've been going between Austin and San Antonio a bunch because I moved.

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#27
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KillerSlaw
01/19/20 10:00:41 AM
#28:


CableZL posted...
I don't only drive for commute, though. I drive wherever I want whenever I want. Doesn't make sense for me to lease.

Would you consider driving a hobby? Is it something you do when you're bored? Enough to rack up enough mileage that would go past the terms of the lease?

Because otherwise, you're probably qualify as a commuter driver.

Does your insurance make you declare if the vehicle is for commute or pleasure, btw? Which do you pick?

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AlecSkorpio
01/19/20 10:02:00 AM
#29:


It amazes me to this day that people think the rip off prices they get from dealerships for trades is "getting something back".

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CableZL
01/19/20 10:02:13 AM
#30:


KillerSlaw posted...


Would you consider driving a hobby? Is it something you do when you're bored? Enough to rack up enough mileage that would go past the terms of the lease?

Because otherwise, you're probably qualify as a commuter driver.

Does your insurance make you declare if the vehicle is for commute or pleasure, btw? Which do you pick?

I wouldn't consider it a hobby, but there's no way in hell I'd agree to mileage limits on a car I'm driving. If I'm dealing with a death in the family like I was last year, worrying about that is the last thing I'd want to do. Or if I get a new job and have to move to a new city like I just did, worrying about that is the last thing I'd want to do.

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KiwiTerraRizing
01/19/20 10:02:19 AM
#31:


I buy but I have zero % interest and I keep cars for a very long time so buying is smarter.

Leasing is fine if you dont put many miles on the car and like a new car every couple years.


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Questionmarktarius
01/19/20 10:03:02 AM
#32:


KiwiTerraRizing posted...
I buy but I have zero % interest and I keep cars for a very long time so buying is smarter.
If you want to run a car until it won't run no more, you're still better off going used.
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AlecSkorpio
01/19/20 10:04:34 AM
#33:


the average new car loses 10% of its value as soon as you purchase it. So if you buy a $20,000 new car, and then its wrecked a week later, youre only going to get $18,000 from the insurance company because thats all the car is worth.The depreciation continues as you drive it. After four years, the typical new car has lost an astounding 50% of its initial value. To put that into concrete terms, a new car that you buy for $30,000 will be worth only $15,000 in four years. Youve watched $15,000 in value simply disappear. Thats equivalent to $75 each week in lost value. Can you imagine pulling $75 out of your wallet every Monday morning and tossing it your window as you drive to work?
If you borrow money to buy that new car, the problem is even worse. The value of the car falls quickly, often much more quickly than the balance on your loan. Its very common for new car buyers to end up underwater on their loans, owing more money to the bank than the car is worth. If you have a bad wreck or other financial emergency in life, this debt liability can leave you very dangerously exposed.
So, lets review. When you buy a new car, you lose 10% of the value of your purchase immediately, and 50% after four years. But past that four-year mark, the depreciation of the car slows down to a much more reasonable rate. Which means that you can buy a four-year-old used car, drive it for a few years, and then turn around and sell it for a price thats reasonably close to what you spent on it.
In other words, the first four years are the most expensive years in the life of a vehicle. If you buy a new car, youre paying a huge premium for that new car smell, or for the bragging rights, prestige and excitement that you associate with owning a new vehicle.
Sadly, that four-year mark is exactly the time when many people start itching to upgrade so they start the process all over again. The new car habit turns into a vicious cycle youre always paying top dollar for the premium years of car ownership. At the end of your driving career, you will have paid tens of thousands of dollars in extra money just for the enjoyment you get in having a new car.

Repost from the other topic

to be fair, this is more of an argument for used than buying/leasing though (unless you trade up all the time)

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CableZL
01/19/20 10:07:58 AM
#34:


Also, I've never bought a new car without gap coverage. No way do I want to still pay on a car that gets totaled for whatever reason.

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KiwiTerraRizing
01/19/20 10:44:35 AM
#35:


Questionmarktarius posted...
If you want to run a car until it won't run no more, you're still better off going used.

Used cars have not been a good value in a long time. And I dont run them until they dont run anymore, I take great care of my vehicles.

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Tired-Insomniac
01/19/20 10:45:40 AM
#36:


Leased mine then bought it at the end of the lease

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Trumpo
01/19/20 10:48:12 AM
#37:


Buy for me
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MacadamianNut3
01/19/20 10:48:30 AM
#38:


CableZL posted...
If you continuously lease, you'll always be paying. If you buy, you'll get to a point where you don't have to pay anything other than routine maintenance, which is what I prefer. And then years down the line you can upgrade if you want to for a much more discounted price.
This, but my car (2012 Camaro) is paid off and I plan on driving it into the ground...or at least up until maintenance costs become a hassle. But right now it's just $80 maintenance every 3-4 months

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wackyteen
01/19/20 1:32:19 PM
#39:


I bought a 2008 Chevy HHR for $9000 after tags, titles and taxes. In 2014. Sure I likely overpaid but for a on a whim purchase I feel I came out ahead

I paid it off within 3 years of owning it.

Besides some casual upkeep costs, probably spending somewhere around $3500-4000 in total upkeep (including things like tires and oil changes), I've not had many issues out of it.

That's not to say it doesn't have problems(I. E. Dents, scratches, fresh paint job, stuff I can't be assed to remotely care about) and things that need fixed but on the whole it does exactly what I need it to:

Get me from point A to point B.

I can see the appeal of leasing but I'd much rather be able to keep something I'm paying on or paid for than having to turn something in after 3-4 years and basically gambling on the new lease being as reliable as the old lease. Especially if the lease payment is as much or more than paying for the car via loan.

In the six years I've owned my car, if I had paid my car payment in a lease payment, I'd have spent over $18K, just on lease payments. And that's if I could get a payment as cheap as I was paying, at the highest point of my loan.

Not to mention I've put ~50,000 miles on my car in the past six year.

I just can't imagine being limited by a lease like they want you to be. Maybe it's just cause I grew up in a part of the world where if you don't have a car, you die(either literally or socially) basically.

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