Today's Huddle debate: Buying vs leasing a car?

[natty]

No matter what you're taking a risk buying a car. People tend to think you're saving money by buying but you're putting the liability in your own hands. Leasing is definitely not for losers.

That being said I buy used. 3 years old is the sweet spot for getting a good car vs the price. If you like having new cars or you can write it off as business related then leasing is the way to go.

[Hawk]

the other thing to consider, in my opinion, is rates are so fricken low these days that buying is more affordable than in the past too. If I was you, I'd get financing through the bank and use "cash" at the dealer!

[dimbee]

I own my V6 Honda Accord out right. Only has 115K miles on it. I'll drive it til the engine blows up (200K miles from now or so) and then rebuild it bigger, better and faster

[pstall]

i'm waiting for the wise Mush to put this all to rest

[Carolina Husker]

I got my car used last summer, paid half in cash and financed the rest through my credit union for like 2.5%. My payments are around $200, so it's very manageable and I don't resent the car yet...

[thefuzz]

If you own a "business", and can write off the lease. Do that. Especially if you need the car to be a nice car to conduct said business.

Otherwise I would buy used.

[Panthro]

for some background. 99% I do NOT like payments either. My old Montero was totalled about a month or so ago. I knocked out some debt with the ins money. That vehicle was paid off.

So now, I don't have cash on hand to buy a car outright. Maybe put some down on a used sure.

But if I go lease, I will drive all of a 2-3 miles a day to park at the light rail. I will drive on the weekends for sure but I won't come close to 1k a month in miles.

I don't view a car as investment. I got lucky with the Montero. Took it off a buddies hands for 150 a month and it was paid off in 2 yrs 0%. He need some help and so did I so it was a win/win.

Diff deal now. Wife is working full time again and is back to 8-5 land.

Ok, I'll take 5k for mine or $450 a month for a year.

[pstall]

nyet

[Kevin Greene]

I think it depends what you budget per month for car payments or repair bills. Buying something old could mean repair bills that add up to what new car payments would be. Pay a qualified tech to check out something you find on Craigslist before you buy.

If you're well to do leasing a BMW with free maintainance and getting new every 3 makes sense. Especially with the value it holds.

If you're trying to keep the payments down and you want a car for a long long time go Honda, Toyota or Huyndai. Get some low, low factory financing and go long.

Remember gas is $4 a gallon and buying a domestic SUV is dumb. :cool:

Don't lease or buy something like a PT Cruiser, these things lose value like you can't believe. Remember before the Domestic automaker crash Chrysler finance would not even lease their own vehicles. They didn't want the lumps of poo back! :lol:

A nice Ceritfied used car can work as well, most come with 100k warranties and you can still get good financing.

Good luck and post a pic of the new ride.

[TheSaint]

No sense paying cash if you get a 0% or very low rate is there?

[TheSaint]

I own my V6 Honda Accord out right. Only has 115K miles on it. I'll drive it til the engine blows up (200K miles from now or so) and then rebuild it bigger, better and faster