Leasing my first car.

[Luck's neckbeard]

Z

[Luck's neckbeard]

With the budget I have planned I should be able to put $800 a month into savings if I lease. Most likely around $600 if I buy a car. That's after I pay bills and stuff.

Say you lease every 3 years. You're gonna put $800 in savings & your payment is always gonna be fixed at $150.

But if you purchase, every 5 years you have a vehicle to sale for around $15,000. Now you can throw that into your savings or put it down on a new car & drastically lower your payments.

You're not saving more by leasing. After 3 years every penny you spent is GONE. While it'll cost more to buy, you'll own a vehicle and be able to recoup a lot of your money. And certainly more than enough to make up the difference between leasing/buying.

[Dex]

Say you lease every 3 years. You're gonna put $800 in savings & your payment is always gonna be fixed at $150.

But if you purchase, every 5 years you have a vehicle to sale for around $15,000. Now you can throw that into your savings or put it down on a new car & drastically lower your payments.

You're not saving more by leasing. After 3 years every penny you spent is GONE. While it'll cost more to buy, you'll own a vehicle and be able to recoup a lot of your money. And certainly more than enough to make up the difference between leasing/buying.

I know that buying makes more sense financially I believe I acknowledged that a few pages ago. However if I do decide to buy I'd have to settle on a car that I'm not crazy about. Both have their pros and cons with buying of course getting the nod. I'm going into the dealerships with an open mind after this thread.

[Ja Rhule]

PS: I'm not old... 28 years young.

Also, 4.5 years ago I bought a $27k Camry for $22k with 0% interest. Cheaper than lease. When you go to dealership, argue with them for at least 3-4 hours. Dealerships know if prospected customer leaves they will usually buy else where. They will do anything they can to strike a deal, selling at almost cost. Also buy older model, if 2015 model go on sale, wait 2-3 months and then go shop for 2014 model.

[Ja Rhule]

Also check when ur state property taxes r due, dealerships known to selling cheap to avoid paying property taxes.

[Luck's neckbeard]

I know that buying makes more sense financially I believe I acknowledged that a few pages ago. However if I do decide to buy I'd have to settle on a car that I'm not crazy about. Both have their pros and cons with buying of course getting the nod. I'm going into the dealerships with an open mind after this thread.

What type of vehicle are you looking for?

[Dex]

What type of vehicle are you looking for?

A reliable AWD car with good gas mileage and a nice interior.

 

Was looking at the Subaru Legacy. Not a fan of the Impreza.

[Luck's neckbeard]

A reliable AWD car with good gas mileage and a nice interior.

Was looking at the Subaru Legacy. Not a fan of the Impreza.

2015 Volkswagen Golf Sportwagen TDI

VW will have one of the nicest interiors of any sub $30k car. The Golf SW is built in Germany. Soft touch dash, leather wrapped steering wheel, heated seats, tight fitting panels, very nice interior. The new 2015 model is also equipped with an AWD system borrowed from Audi. Being a sportwagen it also has the interior spacing of a sub. Great safety rating, also. Oh, & the turbo Diesel engine will get 40 mpg city & 50 mpg highway. Being a diesel it will also hold its value MUCH better than a gasoline engine vehicle. Worth a look, especially if you don't mind a manual. I'd strongly recommend the 6-speed manual. They offer a 6-speed DSG auto, & it's actually one of the nicest autos out, but it requires expensive maintenance every 40k.

Might be out of your price range though, I believe the TDI starts around $27k.

[Dex]

2015 Volkswagen Golf Sportwagen TDI

VW will have one of the nicest interiors of any sub $30k car. The Golf SW is built in Germany. Soft touch dash, leather wrapped steering wheel, heated seats, tight fitting panels, very nice interior. The new 2015 model is also equipped with an AWD system borrowed from Audi. Being a sportwagen it also has the interior spacing of a sub. Great safety rating, also. Oh, & the turbo Diesel engine will get 40 mpg city & 50 mpg highway. Being a diesel it will also hold its value MUCH better than a gasoline engine vehicle. Worth a look, especially if you don't mind a manual. I'd strongly recommend the 6-speed manual. They offer a 6-speed DSG auto, & it's actually one of the nicest autos out, but it requires expensive maintenance every 40k.

Might be out of your price range though, I believe the TDI starts around $27k.

It is an excellent car. Unfortunately like you said it's out of my price range. Also I'll die before I buy a wagon.

[Luck's neckbeard]

[KSpan]

A reliable AWD car with good gas mileage and a nice interior.

Was looking at the Subaru Legacy. Not a fan of the Impreza.

I have a (paid for) 2011 Legacy Premium and love it. Not sure why you wouldn't like a car in a few years, but definitely look at a lower-mileage 2012 or 2013. I'm 31 and living debt/payment-free is the absolute best financial decision my wife and I have ever made.

With our 3rd baby did any day now, she wanted a van. We found a one-owner, meticulously maintained, loaded to the gills 2006 for $6000 and will lose pretty Mich nothing by driving that thing into the ground. There will come a time that you get tired of your money going everywhere but your pocket, and making a good decision now will really set you up for financial success.

[MadHatter]

I used to work for Hendrick Automotive Group in their Finance department.  So, I had a lot of experience with the pros and cons of leasing.

 

The con is definitely that you are "renting" the car for a specified period of time.

 

However, leasing is a great option for specific types of buyers.

 

It allow you to get into a more expensive car than buying would....that is one pro, but not the main one.

 

If you are the kind of person who does not drive a ton and who wants a new car every 3-4 years, then leasing is a GREAT option for you.  Your payment is lower and in 3 years, you are often lucky to break enven on a trade-in (based on what you owe).

 

Me personally, I do not purchase expensive cars.  However, I always get a new car every 4 years or so.  So, having a car payment (with very low interest) will always be part of my monthly budget.

[Darth Biscuit]

I know that buying makes more sense financially I believe I acknowledged that a few pages ago. However if I do decide to buy I'd have to settle on a car that I'm not crazy about. Both have their pros and cons with buying of course getting the nod. I'm going into the dealerships with an open mind after this thread.

 

This is where I think you should go...

 

 

 

This is the plan... that car is such a pussy magnet that your Patriots gf would get jealous and have to become a Panthers fan to keep you interested.

 

Win/Win

[RoaringRiot]

You know what's cooler than having a new car every three years? Not having a fugging car payment at all.

I leased a 350z convertible when I graduated. And while I looked like a badass and probably dropped some extra undies because of it, it was a complete waste of money. I will never lease a car again.