What is your opinion on leasing

[newyearnewring]

The only people I know who do it are wealthy. The pros are that the monthly payment is usually lower than if you are purchasing, you can drive it off the lot without as much of a down payment, they are easier to qualify for, and you can trade it in every few years which helps with depreciation. Plus, if something happens to you and you no longer need or can afford a car, it is easy to bring back to the dealer.

Personally, I prefer to have some equity. But I also prefer to have a nicer car in better shape which I won't have to constantly put in the shop for repairs and maintenance so it kind of depends on where you're at in life and your personal circumstances.

My husband came up with this method- buy a cheap, shitty car for cash, you will probably need $5-8K in this market to find something reliable and not a total POS. Fix it up, sell it for more, say $10K. Now you buy another car for that $10K and do the same thing, then sell it for $15K. He basically did that but with much cheaper, shittier cars, until he had traded up enough to buy a nice car and now drives one which is worth about $20K used. Of course, you don't have the pros listed above but you have equity and no monthly payment, so you can save the difference to put towards repairs or saving for a nicer car.

Whichever you decide to do, make sure you have top tier insurance and full coverage.

[Pjmm]

I drive too much to lease. The only time I saw someone do it I thought he paid too much in the end. I think he went over his allotted mileage. This was the nineties and I thought he still had to pay for repairs. I mean if it’s cheaper than buying outright that’s fine. But I never saw the point.

[Traci_Momof2]

We've never leased mainly because of the miles. We easily put on 20K miles a year on our primary vehicle. I'm assuming we'd definitely hit extra charges with a lease.

Our last two vehicles have been bought brand new. Buying brand new you can get a really good deal on financing. The interest rate brand new is much lower than used. And in regards to repairs, honestly, look into an extended warranty. I know, most people think "wasted money" with extended warranty but it really doesn't add a whole lot to your monthly payment but it does save you a lot when the vehicle starts needing repairs. And I'm talking about an extended warranty from the manufacturer (from Dodge in our case) when you buy the vehicle. Not one of those stupid calls that everyone gets after the fact. Our van that we bought 10 years ago we were able to get a really good warranty and have used it many times. We've paid only $100 deductible on more than one occasion where the repair would've been close to or over $1K. And now our Durango that we bought a year ago, not quite as good of a warranty but still a good one that should serve us well. And we happened to get zero percent financing on the Durango so paying over time isn't costing us anything.

Personally I can't ever imagine leasing a vehicle. Just like how I don't ever want to rent a home long term. I want to own it and know that it's mine.

[Baconqueen13]

If you're trading it in every few years and getting newer or bigger to fit your family needs at the time and don't plan on ever OWNING a car outright because you're more about the status symbol than ownership...then I guess if it works it works......if you plan on buying the car eventually or reselling it then leasing is a horrible idea and waste of money.

[hotspice58]

Leasing sucks.

[CherryTreez]

I put too many miles on my car for a lease. I really hate having a car payment. I pay my car off as fast as I can. I also have pets and kids and can beat up a car pretty bad. I don't want to deal with that with a leased car.

[Vegaswife2011]

We prefer leasing.