What is your opinion on leasing

Anonymous 1

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Leasing a car? I have done this over 20 years ago and it worked out fine. We leased it for 6 years and ended up buying it and paid it off in 4 years after that. But then soon after got another car and sold it privately. So it never truly felt like we never had a car payment because we almost basically didn't. But then it seems like when we buy a car and pay it off, then things go wrong and have to pay to fix it. It seems there is always some type of car expense, so why not just lease? What is your opinion on it and why or why not lease?
Heyteacher
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We trade our cars out every 3 years or so…so we always have a payment. My only issue with a lease is the miles limit yearly. We love to travel over my summers off and would hate to be limited.
Anonymous 1

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Yeah I meant to mention that. We don't travel much and my work is pretty close to where I live so miles wouldn't be an issue.
Heyteacher wrote: Sun Mar 19, 2023 5:00 pm We trade our cars out every 3 years or so…so we always have a payment. My only issue with a lease is the miles limit yearly. We love to travel over my summers off and would hate to be limited.
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bluebunnybabe
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Anonymous 1 wrote: Sun Mar 19, 2023 4:29 pm Leasing a car? I have done this over 20 years ago and it worked out fine. We leased it for 6 years and ended up buying it and paid it off in 4 years after that. But then soon after got another car and sold it privately. So it never truly felt like we never had a car payment because we almost basically didn't. But then it seems like when we buy a car and pay it off, then things go wrong and have to pay to fix it. It seems there is always some type of car expense, so why not just lease? What is your opinion on it and why or why not lease?
Dealers make the most money from leases, so right there you know it's not good financially for most people. Also, ten years to pay for a car is insane, so it sounds like it wasn't good for you.
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SouthernIslander
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I have never done it but a good friend of mine did when we were in our early 20s and ended up regretting it.
KendallsMom
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Huge waste of money.
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MonarchMom
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What do you see as the upside? You basically pay to use the car, then pay to buy the car - or start over again with no equity to trade it on a different car.

Most new cars are covered under extensive warranty for the first few years anyway.

Virtually every financial advice site I've read advises not to lease, unless you can use the payments as a business expense.
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We've leased our past 5 cars each. I'm all for leases. The car payments on them are close to what we'd pay if we bought them. I like getting a new car every three years.
Anonymous 2

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I would never consider leading a car. I buy a new car, pay it off in 3 years then keep it for 10. This way you have a car for 7 years with low miles that you are no longer paying on.
Anonymous 3

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Leasing is a waste of money. We buy private party cash and have never had a car payment.
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