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Forum
-> Interesting Discussions
sky
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 Mon, Feb 06 2017, 9:56 am
Why to lease?
- Like driving a new car and latest model
- Like getting the new car without worrying about what happens to the old car (not busy with selling).
- Don't have the money to put down a lump sum
FYI: PenFed offers great rates for financing a car if your credit is good
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HonesttoGod
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Mon, Feb 06 2017, 10:10 am
Why we lease?
-Brand new car every 2.5 years and we don't have to worry about scratches etc (waiver!)
Mainly though we do it because we can afford the monthly payments. Financially buying is a smarter choice but the down payment and the monthly fees for a bought car, we just cannot afford.
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Hashem_Yaazor
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Mon, Feb 06 2017, 1:16 pm
| amother wrote: | All good and well, but the markets don't always work so well, and the availability of used cars aren't always the same. My BIL bought a used car for 22k, used it 8 years and sold it for 12k because it was right after the tsunami in Japan and used cars were in high demand then. DH bought a used car for 5k, used it 2 years, and sold if for 1500 (for parts) because he couldn't rip off the next buyer like they did to him.
And then there's always the fact that you need 17k up front. |
You can finance a used car.
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amother
Gold
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Mon, Feb 06 2017, 2:50 pm
We financed a 2015 car. Paying 375 a month, and after 5 years we'll own a car.
Leasing a 2016 would have been about the same amount of money, and after 3 years we'd be left with nothing to show for the money spent.
And we can sell the car after 5 years, or drive it. Either way, we will have gotten better value for the money than we would get from a lease.
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amother
Jetblack
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Mon, Feb 06 2017, 5:19 pm
Well, I'm certainly happy to see other Dave Ramsey chassidim on here 
I love how he calculates the average cost of leasing over a lifetime and shows how you've spent millions in payments and then his line, "hope you liked the car" lol
Personally we bought our new used car from a trusted mechanic for 11k. That was 11 years ago. We've put in some repairs here and there but nowhere near the amount we have saved had we been leasing and making payments every month. Our big van was a hand me down from a friend when they were upgrading, and they have it to us for nothing in return for an ongoing favor that my husband does for them.
So, Instead of leasing, we are putting all those "payments" to our mortgage and are on track to have it paid off in a few more years (12 in total in a NY market on a rebbe salary...and no, we have never asked for a tuiton break for all those who want to jump down my back woo hoo!
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