Lease a car or buy a car??

I bought mine outright. I didn’t want a car payment. Some people love leases. I personally rather own mine so that if some line hits me (which they did 3 weeks into me owning my car) I didn’t have to deal with extra nonsense. I was cut a check within 10 days and got my new car again

We always buy as we love road trips and my husband’s office is far from our home so we end up putting a lot of miles on our vehicles. Most leases aren’t really designed for that. Second hand car market is pretty great for selling it off later as well!

We also just had a baby and as she grows I’m sure she’ll make a disaster of the inside. When you lease, you need to keep the vehicle pristine which would just stress me out.

We buy. Leasing just seems to be a waste of money. At least for us. We don't like having car payments so we buy outright or put as much down as possible and then pay it off as quickly as possible. We also don't care about having the newest models. We buy a car and then drive it until it falls apart basically.

@Christina🤱🏼🍂☕️♈️ do you consider repair cost manageable with ownership??

@Rachel so equity is a big factor for you, however, what are some of the challenges you face with ownership? I asked in case someone here might be faced with the choice of deciding between leasing or buying.

@Tima the only challenge I can think of right now is the repairs on an older car. There comes a point where we have to decide is it worth it to fix it. My car is over 10 years old now and over the past couple years has had a ton of problems with leaking antifreeze. It has a slow leak again and we decided we're not fixing it anymore. We just check it often and only drive it short distances. But we also have two cars, with the other one being newer and more reliable. And we don't drive much on a daily basis so it's not a huge issue for us. I've never leased but my understanding is it's a lot cheaper up front whereas owning will become cheaper in the long run.

@Heather that's a genuine reason to buy. The mileage element is crucial for heavy commuters and you're right about the booming used car market, especially since the pandemic, however, there are cons of outright ownership such as cost of insurance. What is the greatest downside of ownership for you? I'm hoping the take away will enhance positive decision making.

@Heather that's another reason to buy. Large families with young kids are mindful of wear and tear. But someone else would say lease is a great way to encourage decent/ gentle use of durable items.

We buy our cars in cash

@Tima I have a 2021 Corolla so no. I have only needed to do the recommmend maintenance and oil changes so far

Leasing always seemed like a waste of money to me.

@Rachel I like how you all think ❤️

I wish I leased my current car. I really don’t like having cars for long lol after a year or so I’m already wanting a new one. I paid off my last car and didn’t get the hype of it plus by then it’s barely worth anything when you sell it. For my push present I already told my husband I want it leased pls 😂 I barely drive anyways so if that sounds like you definitely lease.

@Arie I'm hoping someone who lease can give some insight besides what we've heard so far. One of the downside of buying is the upfront down payment, higher monthly payment,etc. Someone with financial constraint might find leasing a convenient option.

@Jennifer a distinct perspective from your end. Are you willing to trade potential equity for luxury? Some have the money and don’t care if leasing might end up costing more.

@Tima Yeah we’re good on finances and a car isn’t an appreciating asset so it’s more convenient for me. Plus it’s smarter to lease than buy a luxury car.

I leased once and never again . I enjoy the freedom of owning . Some leases require specific amount of insurance coverage that , in my opinion ends up being about the same if not more than owning. Thankfully the maintenance on my cars (Honda accord and Nissan Pathfinder) have been very minimal. Less than 2k in maintenance a year for both.

@Rachel I did that with my 2010 Milan. It still ran great and didn’t look the age she was but she started to cost more to fix her than it was worth (or what I paid for it too) so I sold it as is for $2000

Bought outright, this past month. and bought private sale, not dealership. There were a few surprises, but even so to get it fully on the road, safeties and certified, including vehicle, towing costs, and repairs, was like $4.5k. Purchasing the same vehicle, same year, would have cost us $10k or more, if we could even find one. I've only ever owned cars because leasing or financing a car just seems inefficient to me. My last car died at 25 years old cuz I took care of it. This one's a 2010 but I hope to get another 5-10 years before I have to buy a new one. When I bought my last one I was a single person with a long distance partner, and I liked camping. Now they've moved up, were married, we have a kid, and need more space. We also live in a different area than I had before, so our needs have changed. We were discussing getting a new car anyways when ours died. And now I can scrap the old car and drive this new one till it is it's turn to go to that big scrap yard in the sky lol.

@Jennifer thanks for contributing.

@Tagmayne there are great used cars deals out there, especially large auction corp open to the public. You will get value for the money if you're conversant with auction and cars in general. I know people who bought newer model off auction for about half the price. It’s a great way to save on interest payment, and manadatory comprehensive Insurance. Although, the process is not for the fainthearted 😅

@Tima I bought my car for 5K, under 50K miles used. I wasn't in a bind so searched CarMax for weeks, maybe 2 months. It was by no way a luxury car, just something to get me from point A to point B. Or are you specifically asking for new car purchases? My take is also to buy used, never new.

@Tima yeah I just found a guy on Facebook who wanted to sell his car, no auction houses needed lol.

I have a friend that leases. To me It just seems like a way to show you “have money” but in the end you don’t own the car. So what does it really matter? It’s not yours. In most cases it’s always better to own, whether you buy outright or have a car payment. I would never lease

@Tima I’ve also bought cheap brand new cars. I’m currently driving a Chevy Cruze that I bought new for 21K. It’s now 8 years old. I had one small accident that as fully covered by insurance, regular oil changes and one valve issue that ran me 500 bucks? Insurance for a year is around 1000? My husband on the other hand prefers trucks which are significantly more expensive. The cost to run that is probably triple. It all depends on what you value? A lot of people want to look a certain way to others which is why I think a lot of people lease. My husbands business partner leases a Porsche. All the power to her! But I just see it as burning money away.

99% of the time your payment will be lower on a lease than if you financed it. In order to bring your payment down on a finance you will have to put a decent amount of money down. A lot of people lease and then if their buyout is a great price, they buy it out and finance the remaining balance (or of course pay cash for it if they have the means).

If you have the kiney to fully purchase one, go for it. I went thru financing and it was the worst decision.

@Star fair point! Make the decision that support your financial stability not what work for the majority.