buy or lease | Imamother

mommy's daughter

Tue, Jun 30 2009, 5:58 pm

what should I do buy or lease a car I need it only for local to n from job once n while for long distands I dont live in a city tia

Mommy3.5

Tue, Jun 30 2009, 6:28 pm

I think you need to decide what works best for you. we lease our car as of now. You also need to know that once you have a car you will need it more then you think. buying preowned is a great option. You get an almost new car at a much lower price.

greenfire

Tue, Jun 30 2009, 7:25 pm

with a lease car you pay out - but never own ... with a bought car you pay out and have something in the end and can use it for way more years than payments ...

flowerpower

Tue, Jun 30 2009, 7:26 pm

Dh likes to lease because the car gets used and you pay the same for leasing or buying every month.

queen

Tue, Jun 30 2009, 9:11 pm

flowerpower wrote:

Dh likes to lease because the car gets used and you pay the same for leasing or buying every month.

Yes, you might pay the same each month.... however after the term of payment is over YOU CAN SELL CAR AND GET MONEY BACK. If you lease, at the end you get back nothing at all. Plus have to pay for each scratch, additional miles etc.

If you can afford to buy- better for your wallet.
Leasing is a "luxury" meaning it will cost you more, but nice to constantly have new cars.

Mommy3.5

Sat, Jul 25 2009, 11:11 pm

Most leases have an option to buy when the lease term is up. If you are happy you continue to pay, and then buy the car. This saved my parents more then once when the car they leased was a lemon. Had they bought it, they would have been stuck. Another friend bought, but her car has major issues, from the time it was a few months old, and there was nothing she can do but live with it.

username

Mon, Jul 27 2009, 1:59 pm

One thing to be aware of is if you buy a brand new car, once you drive off with it and its status changes to 'pre-owned' its worth considerably less.

Tova

Mon, Jul 27 2009, 2:52 pm

Yup, that's depreciation for you!

If one buys a brand-new car and on the way home from the dealership gets in an accident, he will never recoup the full value of the car. Cars depreciate in value the most the first year. Which is why, we will never buy new. It is just not a good value for our money. My husband is very vigilent about being on top of maintenance for our cars. We bought our '99 Chevy Cavalier w/ 30,000 miles used during sheva berachos for $6,000 - December 2001 - and it is still running beautifully, albeit at 103,000 miles. Of course, we had it inspected by a reputable dealer before buying as well as checked the carfax reports.

Raisin

Mon, Jul 27 2009, 4:15 pm

I am really shocked that people who are not wealthy in the USA buy or lease brand new cars. Growing up I don't think I knew anyone with a brand new car, unless it was a company car.

Tova, even if you do not have an acccident on the way home from the showroom your car is already worth much less money then you paid for it.

if you want a nice shiny car buy a car that is a year or two old. Do research to see which cars hold up well. We have only had pre owned cars and have had very little maintanence problems.

new-here

Mon, Jul 27 2009, 5:49 pm

One thing I can tell you - do not lease from Chrysler. We just completed a lease on our Dodge and were hit with over $2,000 in charges. They charged for every little scratch - plus a fee for 'turning in your vehichle' of $450 which we were never told about.
After all is said and done we paid alot more than we bargained for, and it came out much more expensive than we originally planned.
Buying used is less expensive, but you never know when something will break down and how much it will cost you to fix whereas you don't have that on a leased vehicle.
But if you are not putting too many miles on it and if you have the $5-10K, I would say to buy.