To Buy or To Lease

That is the question

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24 Replies - 827 Views - Last Post: 22 January 2009 - 10:38 AM

#1 Nykc  Icon User is offline

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To Buy or To Lease

Posted 21 January 2009 - 07:29 AM

My friends I seriously need your help here. I am put in a position where I am forced to seek a new vehicle. My car is on the fritz after a few good years of service and it is time for change. Financially I am not in the best position to be purchasing like this, however it is a necessity.

Long story short - a different vehicle outweighs the costs and issues of dealing with fixing my current one.

Now with that being said is it better to buy or lease? I know both have advantages and disadvantages but I would also like your take on the pros a cons.

I am the kind of person that typically bought used cars so I never had to deal with payments. I owned them and that was that.

I will have my tax returns and possibly my 94 intrepid as a trade in and if I get a vehicle I want it to be covered via warranty of some sort since I don't have the time or patience to deal with shady ass mechanics. I could never trust them and never will - so the less I have to deal with them the better.

New or Lease - Pros | Cons!!

Thanks in advance...

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Replies To: To Buy or To Lease

#2 P4L  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 07:36 AM

NyKc,

I'd say buy. Number one reason, you own the car. Have them finance it for a little prior to you actually owning it out right, or get a new car, and I mean like an 08 or 09. The car will come with a manufacture warranty. I lease, and I hate it. Plus, some companies, like Dodge and Chrysler don't do leases. Even to the point that they are trying to get me to pay off the car to get out of the lease.

Just my $0.02
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#3 bflosabre91  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 07:46 AM

buy. leasing is just burning your money up. car dealers are desperate for sales so you should be able to find yourself a good deal on a new car or a 1-2 year old car that is still under warranty.
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#4 Gloin  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:14 AM

Uh.. What happened to the steal option?










Either that or let MTV pimp your ride!!

This post has been edited by Gloin: 21 January 2009 - 08:16 AM

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#5 Nykc  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:19 AM

@P4L - thanks for that advice. I found a few calculators online to help me determine my budget for purchasing a vehicle. So I will definitely consider that option.

@bflosabre91 - the pros for leasing are that the monthly payments will be cheaper and the car will always be warranted, plus I can drive a new car every 2-4 years. They both have there advantages I guess.

Does anyone out here lease?

@Gloin - MTV aint pimpin my ride - it isn't a hooptie.

This post has been edited by Nykc: 21 January 2009 - 08:19 AM

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#6 BigAnt  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:19 AM

Quote

Uh.. What happened to the steal option?


GTA all the way!! :P
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#7 jjsaw5  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:36 AM

I would personally buy. Now is the perfect time to do so.

I just bought a new Civic at an insanely low interest rate. As stated before these people are struggling to sell cars so you are totally in control of what you want.

My dad just bought a pickup truck for next to nothing, and I made the comment in front of the sales associate that I wouldn't mind having one. They offered to buy out my loan and get me into a new truck with no carry over from the car loan. I just bought the car over the summer so I still owe quite a bit. Just goes to show you what they are willing to do.

Just make sure you wheel and deal, watch the hidden charges, ask to have everything written out. And if you aren't buying that day and the sales associate gives you a price you like. Get it in writing before you leave.

Do some research find out what the dealer pays for that car and make them an offer slightly over what they paid for it.


I have two uncles that sell/sold cars, so if you want some advice on what to do, just shoot me a PM i would be glad to help you out in anyway i could.
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#8 Nykc  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:44 AM

Thanks jjsaw5 - I will definitely take that into consideration. I did a check on interest rates on my area and they are all under 8% right now. I have been looking around on Auto trader also for some good deals. As soon as my new job coughs up there tax forms I can get the ball rolling full speed here. My old job at the bank got them too me first week in January. I hate waiting on my taxes.
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#9 P4L  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:50 AM

NyKc,
I lease, and hate it...if you miss a payment by a week, they are up your butt threatening to repo the car. Thankfully mine has never been repo'd. Also, what they don't tell you till you sign the paperwork is that you have a specified amount of miles to use, and then you have to pay per mile there after, and the rate when I got my car was about $0.65 a mile...that is more than an most truckers get paid. Once you pay that, then yes, you can get a new car. Or you can forgo having to pay the extra fee, and continue to make the payments on the one you have till you pay it off, or pay it off out right.
Either way, I would still say buy the freakin thing out right, or finance it...the hassles with a lease are not worth it. Plus, you get the same warranty as buying a new car that is financed.
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#10 Nykc  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:54 AM

I am leaning more towards buying - I just am looking for both viewpoints right now. Specially with such low interest rates right now. I just need to find a car in my range that I like. (I hate little cars) and that is all they seem to offer in my range right now.

My gf has a Kia and to me it is like driving a go-kart. I need power, luxury and elbow room. I have an intrepid - it is a full size car. I am comfortable in it, I grew up driving Bonneville's.

Also loan length appears to be a consideration as well. If I am paying $350 a month on a 72 month loan I am looking at buying a car 2 times over almost with interest.

This post has been edited by Nykc: 21 January 2009 - 08:56 AM

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#11 Bort  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 08:57 AM

Rob a bank? Not that you'll get much from them these days...
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#12 Gloin  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 10:01 AM

View PostBort, on 21 Jan, 2009 - 03:57 PM, said:

Rob a bank? Not that you'll get much from them these days...


It's more likely they will force you to make a deposit..
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#13 KYA  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 05:55 PM

If you do buy never buy the first or last year a certain model comes out or is being retired. They always cause more problems.
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#14 mikeblas  Icon User is offline

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Re: To Buy or To Lease

Posted 21 January 2009 - 10:55 PM

View PostNykc, on 21 Jan, 2009 - 07:54 AM, said:

Also loan length appears to be a consideration as well. If I am paying $350 a month on a 72 month loan I am looking at buying a car 2 times over almost with interest.

72 months?! It sounds like you need to re-evaluate what you can afford.
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#15 no2pencil  Icon User is online

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Re: To Buy or To Lease

Posted 21 January 2009 - 11:00 PM

View PostP4L, on 21 Jan, 2009 - 08:36 AM, said:

I'd say buy. Number one reason, you own the car.

He owns the car he has now, & you see what good that does him :)

I say lease.
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