lease a car or buy one?

**amray767** · 11-03-2011, 07:02 PM

should i buy or lease my car when i need to get a car, my lease will be up soon, not sure what to do, whats a better deal in the long run?

**mh3rdwheel** · 11-04-2011, 01:17 AM

Originally Posted by amray767

should i buy or lease my car when i need to get a car, my lease will be up soon, not sure what to do, whats a better deal in the long run?

I have never leased a car, do you have to pay for repairs? Do you have to buy plates, insurance, etc. for the lease car?

**SwirlyThing** · 11-04-2011, 06:33 AM

Why would you spend all that money yet not own anything? Buy, but buy used.

**Pianolady** · 11-04-2011, 08:35 AM

I have leased and purchased. Buying used low miles is the best bet.

You get nothing at the end of the lease, buy new and you can end up upside down in your loan. Used low miles car has already taken the depreciation hit of driving a new car off the lot, so that's the car to buy.

**pammy** · 11-04-2011, 11:20 AM

Agree with above posters about leasing... why pay all of that money and not own it?? Have heard too many bad leasing stories, so for me, I stay away.

Also agree with buying a used low mileage car. That's what I did. In '08 I bought a well maintained 2 y/o Honda. It's almost 5 years old now, still in new condition and only 53k miles on her. I'm anal about the mainetance. I see no reason I won't be driving this car 10 years from now.

**Greebo** · 11-04-2011, 02:14 PM

Leasing is the singularly most profitable way to get a car - for dealers. Thats why they want you to lease.

Buy - buy used - buy with cash - buy what you can truly afford. Paying interest on an "asset" that loses value and costs money to operate and maintain makes no financial sense.

**frugalfranny** · 11-04-2011, 11:54 PM

Originally Posted by mh3rdwheel

I have never leased a car, do you have to pay for repairs? Do you have to buy plates, insurance, etc. for the lease car?

Yes, to all of the above. And full coverage insurance as any repairs are yours to make.

I would only lease if I needed/could write it off for a business expense and always needed to have a 'newer' car.........(IE: real est. people will often lease)

BUY..........and if you have a mechanic you trust and know......buy used.

**BrianLee** · 11-05-2011, 12:56 AM

Majority of the buyers of auto motives either pay cash or finance their purchase with a loan, but leasing it is sort of willing to forgo ownership for new wheels and some short-term benefits without considering the other major back drops.

It would be wise to think about completely owning a car under your budget in cash and have more control.

**frugalfoster** · 11-05-2011, 08:40 AM

They don't call them "fleeces" for no reason. I agree with above poster...buy a two year old Honda. You won't be sorry!

**greekislandgirl** · 11-05-2011, 10:03 AM

Buy used, in cash! You won't regret it.

**monkeywrangler71** · 11-05-2011, 10:15 AM

Why don't you just buy out the lease on the car you have? Then you get a used car with no surprises since you know how it's been treated.

**FrugalKate** · 11-05-2011, 10:55 AM

Originally Posted by amray767

should i buy or lease my car when i need to get a car, my lease will be up soon, not sure what to do, whats a better deal in the long run?

Never (f)lease a car. Save up and buy for cash. Then instead of paying off high interest on that car put the amount you would have been paying into a special account so the next time you need a car you will have the cash again for one. I've been able to do this 3 times successfully.

You can also try Dave Ramsey's way.

Drive Free, Retire Rich - daveramsey.com