Why not lease?

[MrFryMoto]

Ok Serious question...
i have always been told (and always followed) that you never lease a car.
but if i keep care of the car and i'm only intending on keeping it for a couple years, why not?

i really don't know much about the subject, but i am considering it.
are the payments more?

'splain to me Lucy

[That Nice Guy Beck!]

lease rules because every 3 years you get a new whip.
granted it sucks because i just got banged out for $2000 for 4 new ties but still I get bored fast so for me its the best option

[NAKID]

Payments are typically less, but you don't own the vehicle. At the end of the lease term, you usually have the option to buy the vehicle at a predetermined price. Depending on what your normal insurance limits are, your monthly premium may increase (most leases require you to keep 100/300).

[Statler]

lease rules because every 3 years you get a new whip.
granted it sucks because i just got banged out for $2000 for 4 new ties but still I get bored fast so for me its the best option

it is time for a different motorcycle.   BMW and Triumph have active forums I hear.

[Kopfjäger]

it is time for a different motorcycle.   BMW and Triumph have active forums I hear.

[duccarlos]

If you're of the belief that you should always have a car payment, then leasing is a good idea. I leased a car for 3 years. It's ok, but at the end of my payment I want to be able to sell the car so that I have some cash in hand to buy the next one.

[mitt]

I have never understood leasing for personal use.  Most cars driven a typical US schedule, ~15,000 miles a year, will last for 5 years easy and still be in very good shape.  You could either lease two 30k cars over 5 years, pay ~400/month, and have nothing to show, or buy a 30k car with a little down, have ~400/mo payments for 5 years, and then have a car still worth 10 to 15k when you go to trade or sell after 5 years.

The key in car buying is to get ahead of the payments game.  After you get your first car paid off, keep driving it and start saving your payments until you can put 1/2 down on the next one and the other 1/2 a 3 year loan.  In 6 years, when you are ready to trade that one in, its worth plus your savings schedule, you can pretty much buy your next one outright and be done with car payments.


mitt

[Kopfjäger]

^^ Or never buy brand new. Let someone else take the big hit, and buy a 1 or 2 yr old car.

[Speeddog]

Or buy a 10 year old car for cash. 
Only practical if you do your own work, tho. 

I've known/met a few people that leased cars, all of them swore they'd never do it again.

[mitt]

^^ Or never buy brand new. Let someone else take the big hit, and buy a 1 or 2 yr old car.

That option sounds good, but over your life, you may be getting short changed.  For example, say you never want to own a car more than 10 years old and buy cars in the 50k range...

Option A) You buy 2 year old used cars.  Over 50 years, you will have to buy 6 cars, because you can only keep each one for 8 years. Figure you save 10k each time buying used (40k instead of 50k), so you have spent 240k total (6X40k).

Option B) You buy only new cars.  Over 50 years, you buy 5 cars @ 50k, so you have spent 250k.  Over 50 years, that is only $200 more a year, and you had better warranties and knowledge of the cars history.

mitt

[Kopfjäger]

^^ Or, do what I do. Own a 92 Toyota PU, repainted mechanically sound. Never have any payments, and save all the extra cash for motorcycle goodies. 

[mitt]

^^ Or, do what I do. Own a 92 Toyota PU, repainted mechanically sound. Never have any payments, and save all the extra cash for motorcycle goodies. 

That is the best advice so far, but hard to do when you have a wife and 2 little kids    BC (before children) I had a '95 nissan PU, that I drove for 10 years.  I plan on driving my new 2006 xterra for 10 years as well, assuming it holds up like the PU did.




mitt

[KnightofNi]

^^ Or, do what I do. Own a 92 Toyota PU, repainted mechanically sound. Never have any payments, and save all the extra cash for motorcycle goodies. 

or you could get rid of your car all together and spend the money on 2 bikes and beer and still be poor!

[Statler]

we tend to buy new and keep.   Two ford trucks over 100K miles each.  8 years one,  ten years the other.   both run like new (mine has lots of body dents due to driving location but otherwise great).  

when one dies we will buy new and keep next vehicle over ten/fifteen years.


tool versus toy.



 

[Kopfjäger]

tool versus toy.



 

I think there is a website with that name.