Buying a new car is super expensive and you can get a much better ride than you might be able to afford if you lease. But you don’t own anything at the end of it. After all the money that you’ve paid in, you don’t have any asset to show for… But you also don’t any responsibility for the devaluation of the asset when the tax man comes. On the one hand, with a lease, you can only drive it so far in any given period. On the other hand, at the end of the term you get a new car with none of the baggage of what you’ve done to it, or having to trade up.
So how do you feel? Do you buy or lease? Do you invest in an asset and name it and treat her like she’s yours? Or do you swap out four-wheeled ladies every two years with no remorse?
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Leasing is the most sensible choice and even more so when you to pick up a more expensive car.
I think it really depends on where you are at in life and what you can afford. If you have to money to buy (new or used) or lease, you should definitely buy.
When you buy, the warranties are actually incredibly great. So far for one year after buying a new car I've had two flat tires and all my oil changes covered, and I've got at least another 7-10 years on my warranty (not fully sure but it's in that area). Plus it's new so, the reliability in general is good. When you buy used, you would want to get something somewhat new, but that doesn't typically come with great warranty, so by the time you add all that, it's the price of a new car.
Perhaps you can buy an older used car that won't require much maintenance and you can do yourself if you are used to it and can pick out a great one, especially if the money is a bit of an issue at the time.
Leasing can be interesting but like someone mentioned, it's a bit more to lease and never "own" and there are a lot more contingencies to lease than meets the eye.
Great post to me who wants to buy second handcar
As from your post, i have to say that its better to buy other than leasing simply because it becomes an asset which can be used in times of like acquiring loans but on the other hand leasing also can be okay but your asset can depreciate overtime.
Hola @writesbackwards
Mi opinión es de alquilar el carro. Sobre todo en países donde el transporte público es eficiente y excelente. Compras un activo como un carro, cuando sale de la agencia ya está depreciado, luego gastos de mantenimiento, seguro, etc.
Prefiero alquilar.
Saludos y Gracias por el post
I prefer to buy. I gotta used 03 mach 1 for about $19k back in 2006. At the time (for me) it was either that or a new 350z. The lease option for the Z was about $550/month, which seemed ridiculous to spend and then not even own. I think the purchase price for the Z at the time was $32K or $650/mo or so. I have since paid my Mach 1 off and still have it today. I love not having car payments and love the cheaper insurance even more.
I think the best option is to buy a second hand car. As long you have access to someone who can warn if you're buying a lemon, then you can buy a car that needs little repair and can serve you for many years.
I like BMW and have only purchased 2nd hand in my life, I can't get over losing 1/4 of the sticker price driving it off of the lot. However, leasing allows for a new car with less responsibilites but you don't gain an asset and are restricted to number of miles you can drive. So I maintain 2nd hand is logically the best, you can still get the car you wish to get and you can drive it as long and as far as you want while gaining an asset in the end.
It depend on car and your using ... But if you buy smartly it is best way :)
Asset is something which brings money in your pocket every month.
Liability is something which takes money out of your pocket every month.
Leasing is not for everyone. If however you reaaaaly want to spend a ton of money for a car which is way over your head (if you would consider financing), you could lease a last year model which was a demo. The two rebates are taken straight out of your monthly payments (residual remains the same). So you could potentially drive a 7 series BMW for the lease budget of an Acura TL...
If you consider another vehicle which has a known used value grossly higher than the residual (few years back it was a Toyota Tacoma or 4Runner) you could then at the end of the lease find a buyer privately.
IMHO lease could be an option if financing would be too high and you may opt to buy it yourself at the end of the lease.
Drive below your means and invest your money wisely and you will always win on the long run.
Personally I spend my money on well used. Enthusiast cars have a following so the potential issues and fixes are well covered. And remember: If a car`s drive is rewarding, then you will put up with having to fix few things here and there. If you hate that car you will hate it even more when it breaks down;D
I am from India and leasing widely offered here. So, most of the people just finance the car. I think leasing is a good option if you think the car is going to depreciate a lot.
I like it...! Good