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Buying vs. Leasing a Car

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Old
06-06-2009, 10:19 AM
  #26
GNick42
 
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I'd buy before I leased. It's according to how long you plan on keeping the vehicle and how many miles you drive a year though. Every person's situation is different I guess

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06-06-2009, 10:42 AM
  #27
Whitesnake
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Pretty tough to judge leasing or buying if the main point is if you expect or not to keep the vehicle. I mean, right now, I could say that I'm leasing 'cause I will want to change in 4 years, but then if I love my car and never had any problems with it, well I would then want to buy it. And same applies if you buy it 'cause you want to keep it but then after 3 or 4 years you start having some problems with it and would regret it not leasing it 'cause that way, you give it back and then it's not your problem.

So to keep or not to keep the car is pretty tough to judge at this point and in the end, it's really about what you can afford as we speak. Surely the payments are cheaper when you lease. And then if you buy it in the end, it will cost you more than if you would have bought it at the beginning.....but isn't it better to pay a little more for a car that you know 'cause you would have been the only one driving it?

Like some have said already, it's not an investment. So in the end, leasing, which is cheaper than buying, would permit me to spend the extra money I saved 'cause it didn't buy, into something that might be real investment.

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Old
06-06-2009, 11:09 AM
  #28
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I bought a new Silverado Xmas time. I wasn't looking as my car is still 2005 but GM had a great buy on them. I purchased new 2009 4x4, auto, etc... quite a few extras on it for $20,000 plus tax. Which was about $8,500 less than sticker price. Virtually unheard these days. I plan on keeping it for 10 years.

If I leased in 4 years, the price would definitely be much higher when I re did. Plus, leasing have to be careful but there are expensive kilometer limits, and all servicing to be carried out if vehicle needs it or not. But it doesn't tie up the money like buying did.

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06-06-2009, 02:58 PM
  #29
Mike8
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Thanks for all the feedback. Essentially, I felt I had a good bit of knowledge and wanted to make sure I wasn't missing out on anything.

As many have said, it depends on one's situation. For me, I'm wanting to buy a car that I'll be able to sell again in 3-4 years. I might not be in Montreal or North America in that time, so having a good residual value in that time-frame is important. I also will not be putting on high mileage, so that residual value is all the more plausible.

As it works out for this car, the cost of purchasing then selling in 3-4 years will be substantially cheaper than leasing. Even if I were to lease for this 4-year period, the amount spent would be roughly the same as having bought. That's not including the possibility of selling in that timeframe for roughly 40% of what I'll pay for it now. Meaning in this circumstance, buying is an automatic.

Thanks again.


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06-06-2009, 04:16 PM
  #30
JrHockeyFan
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I doubt I will ever buy a brand new car again, although if you want to get one now would be the best time with GM and Chrysler dumping all these vehicles

My last two purchases have been late model lease return vehicles. The most recent was less than 50K on it. Fully loaded for about half what it originally sold for. Got it before it even hit the lot.

Going Mercedes or Audi or BMW is so tempting, but can be a huge financial drain with insurance, operating and maintenance costs. Even with reliable models you will find parts to be ridiculously priced. Service is pricy too. Go with your head on a car purchase unless money is no object.

I'm not a fan of leasing. Never done it, but I know lots that have. It's great until it's time to settle up at the end of the lease.

Do your home work before buying. It is a major expenditure that can have long term effect on your resources for other stuff . . . like Habs tickets for example

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06-06-2009, 07:30 PM
  #31
les Habs
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Quote:
Originally Posted by GNick42 View Post
I'd buy before I leased. It's according to how long you plan on keeping the vehicle and how many miles you drive a year though. Every person's situation is different I guess
There's some sort of little quiz one can take that sorta tells you whether or not you should buy or lease based on how you answer. Mine said buy, but then I was answering it in the context of a Mini and so that didn't surprise me. If were looking at say a VW, I'd be open to leasing.

Quote:
Originally Posted by JrHockeyFan View Post
I doubt I will ever buy a brand new car again, although if you want to get one now would be the best time with GM and Chrysler dumping all these vehicles

My last two purchases have been late model lease return vehicles. The most recent was less than 50K on it. Fully loaded for about half what it originally sold for. Got it before it even hit the lot.

Going Mercedes or Audi or BMW is so tempting, but can be a huge financial drain with insurance, operating and maintenance costs. Even with reliable models you will find parts to be ridiculously priced. Service is pricy too. Go with your head on a car purchase unless money is no object.

I'm not a fan of leasing. Never done it, but I know lots that have. It's great until it's time to settle up at the end of the lease.

Do your home work before buying. It is a major expenditure that can have long term effect on your resources for other stuff . . . like Habs tickets for example
Thing is do you really want a Chrysler or GM vehicle? I've read their quality and reliability is actually quite good depending on the model you get and that's even compared to some of the Japanese competition. Still not many of the designs excite me.

Depending on what your last two purchases were and when you got them, that doesn't necessarily surprise me. Certain vehicles can lose their value quickly. The Blue Book value is the best gauge to tell if it's a deal or not. Still it sounds like you made out. For me though, I've found only one deal on a used Mini Clubman.

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06-06-2009, 09:15 PM
  #32
JrHockeyFan
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Quote:
Originally Posted by les Habs View Post
There's some sort of little quiz one can take that sorta tells you whether or not you should buy or lease based on how you answer. Mine said buy, but then I was answering it in the context of a Mini and so that didn't surprise me. If were looking at say a VW, I'd be open to leasing.



Thing is do you really want a Chrysler or GM vehicle? I've read their quality and reliability is actually quite good depending on the model you get and that's even compared to some of the Japanese competition. Still not many of the designs excite me.

Depending on what your last two purchases were and when you got them, that doesn't necessarily surprise me. Certain vehicles can lose their value quickly. The Blue Book value is the best gauge to tell if it's a deal or not. Still it sounds like you made out. For me though, I've found only one deal on a used Mini Clubman.
I'm not interested in those brands either but depending what you are looking for you can save some money. If you are looking for a small fuel efficient car you can have one for as low as $9.000 to $12,000 new. With short commutes and low annual mileage you really can't lose. Routine costly maintenance items are not going to kick in for quite a while. When you add up total costs and divide by mileage it helps when you aren't carrying a big monthly loan

It's all a matter of being practical. My first car ever was a '75 TR6. It seated two. Could not be driven in winter. Cost over $120 for a tuneup (the carb was a nightmare, plugs had to be gapped just so). Had to be tinkered with constantly to keep running. And parts were really expensive (and had to be ordered). Set of tires were $500. I loved the damned thing but it was a toy. All a matter of being young and foolish I guess


Last edited by JrHockeyFan: 06-07-2009 at 07:23 AM.
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