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Lease or own?

Posted by on Mar. 17, 2014 at 6:43 PM
  • 35 Replies
Cars. Do you lease or own? Why?

Here's why I'm asking: DH and I have always owned older cars. DH has a 94 Pathfinder and its getting to the point of being "too old". It's missing all the safety features of newer cars and dh doesn't really feel the kids are safe in it. I was always taught leasing was a fools game. You always want to own. However new suvs are around $30k now. I looked over the weekend and you can get a 3 yr lease on a brand new CRV for example and pay $7k over those 3 years including down payment. So, what are the down falls. Obviously you won't own the car but buying a new one you won't "own" it anyway for many years on a payment plan. If we buy used we can own it faster but lose out on new safety features and inherit all the problems that may be hidden. What am I missing??
by on Mar. 17, 2014 at 6:43 PM
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Replies (1-10):
Marti123
by Platinum Member on Mar. 18, 2014 at 12:19 AM
2 moms liked this

I don't know, I provide much better healthcare than financial advice. 

my mother is a frugal mathematician always told me leasing was often not a bad thing as long as you stayed in the mileage on the contract. 

My DH likes to buy new cars and drive them until it's embarrassing, lol! So that 's what we do. 

Marti123
by Platinum Member on Mar. 18, 2014 at 12:21 AM

Oh, but good luck, car buying is always a bit exciting when you have really old vehicles. Personally I would splurge with the lease, I love love love the newer vehicle. 

calsmom62
by Silver Member on Mar. 18, 2014 at 5:58 AM
leasing cons-- subjective "normal" wear and tear upon retutn
potential for going over mileage limits. .25 a mile adds ip.
I would lease if I had no children pets or scout camping trips

a certified used car is a good value but we have also had good luck buying from private parties. We did that with our second grand caravan and will prob do so when we buy ds 15 a car next yr.
the3Rs
by Platinum Member on Mar. 18, 2014 at 8:12 AM

For us, when we used to lease our downfall was not accounting for enough miles.  You assign the # of miles you're expected to drive throughout the length of your lease, and if you go over you have to pay for every mile over and that added up to a LOT of $$.  I did like getting a new car every few years...but the 3rd time we just went ahead and bought it at the end of the lease.

Now, we will only buy used cars.  It makes the most financial sense for us.

adamsmom0116
by Gold Member on Mar. 18, 2014 at 8:43 AM

The big downfall with leasing, within my limited knowledge, is the mileage issue. We drive a lot. Heck, it's 30 miles to Wal Mart! The extra mileage adds up really fast.

And, I hate payments. I drive a 2004 Grand Prix that I've had for 9 years. I probably should consider a different vehicle, but mine is paid for and I love the extra money from no car payment, cheaper insurance, cheaper taxes.

StreetsAhead
by Member on Mar. 18, 2014 at 9:27 AM

I've always owed.

It would never even enter my head to lease a car (think it is way less done here anyway)

Marz31
by Silver Member on Mar. 18, 2014 at 9:49 AM

For us, a lease option will allow us to spread the payment out (planning on purchasing after the lease is up) for a bit longer and enjoy a few years of them footing the bill for maintenance. We have a 2000 and 2006 car currently, and while I'd love to have a new car every few years, that's not really how things work for us. It's not for everyone. I'm at not even 95K miles on my 2006 and we drive it plenty! But we would absolutely get as many miles as possible so we didn't go over, just in case we DID decide to "upgrade" instead of buy. We're not in the market right now, but for a moment last year, I thought we might have to be and leasing was all we could afford (used cars that fit our need were going to end up being MORE and we were looking at a LOT of cutting to get to that point in the first place. fixed DH's car instead and fingers crossed it lasts a few more years without huge repair costs!). Leasing used to just be for expensive cars for realtors (that's my perception! LOL) but now they're often for much less than an actual payment would be for a great car that IS potentially a long-term option. 

deccaf
by Platinum Member on Mar. 18, 2014 at 10:00 AM

We own.  I do have a lease, but it's a car I won't be driving for years like my Flex.  It's just a car that's better on gas, so we leased. 

A good question to ask yourself is if you intend to keep the car after the lease is up.  If not, it's a good idea, if you do, it's better to buy.

Nighttiger
by Ashley on Mar. 18, 2014 at 11:40 AM
We usually buy used from private parties but its hit or miss. We bought one for DH last June and its still in our driveway. Total lemon. My civic I bought in 06 though Im scared to replace it has done so well! I just wish it was 4 door :)

Quoting calsmom62: leasing cons-- subjective "normal" wear and tear upon retutn
potential for going over mileage limits. .25 a mile adds ip.
I would lease if I had no children pets or scout camping trips

a certified used car is a good value but we have also had good luck buying from private parties. We did that with our second grand caravan and will prob do so when we buy ds 15 a car next yr.
Nighttiger
by Ashley on Mar. 18, 2014 at 11:41 AM
Luckily DH works from home so we maybe put 6k miles on his car a year. Good to know not to underestimate though!

Quoting the3Rs:

For us, when we used to lease our downfall was not accounting for enough miles.  You assign the # of miles you're expected to drive throughout the length of your lease, and if you go over you have to pay for every mile over and that added up to a LOT of $$.  I did like getting a new car every few years...but the 3rd time we just went ahead and bought it at the end of the lease.

Now, we will only buy used cars.  It makes the most financial sense for us.

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