- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Lease vs. Buy advice
Posted on 6/24/14 at 8:00 pm
Posted on 6/24/14 at 8:00 pm
I have had my 2005 4runner for 9 years. Nothing really wrong with it but I am ready for something new. Been holding out for a while but need new tires badly so I would like to pull the trigger soon.
I like new cars and always bought new but thinking of leasing a luxury sedan and maybe hold on to the 4runner. I know leasing isn't a great decision economically but I sort of feel that I may want something different in a few years. I drive about 18k a year which is another reason to hold on the 4runner with a 12k or 15k lease
So what should I know about leasing? How much out am I if decide to buy after 3 years? Do they screw me over when I turn it in if I have a few dents and scratches? What kind of insurance will I pay on the 2nd vehicle? Any advice is welcome.
I like new cars and always bought new but thinking of leasing a luxury sedan and maybe hold on to the 4runner. I know leasing isn't a great decision economically but I sort of feel that I may want something different in a few years. I drive about 18k a year which is another reason to hold on the 4runner with a 12k or 15k lease
So what should I know about leasing? How much out am I if decide to buy after 3 years? Do they screw me over when I turn it in if I have a few dents and scratches? What kind of insurance will I pay on the 2nd vehicle? Any advice is welcome.
5
Posted on 6/24/14 at 8:24 pm to lsumatt
Posted on 6/24/14 at 8:27 pm to lsumatt
Sounds like you are gonna need tires for the 4runner anyway if you are going to be keeping it to cover the mileage not covered on the lease?
Buy tires and let that yoda take you another 100k hoss
Buy tires and let that yoda take you another 100k hoss
Posted on 6/24/14 at 10:38 pm to lsumatt
quote:
need new tires badly
A set of tires will cost far less than a new car whether you buy or lease. Depending on the tire, it probably costs about a single month's payment.
If you want a new car it's your money, but tires aren't the real factor here, you just want a new car and are willing to pay up for it. If you can truly afford that then just flip a coin. If you are worrying about saving a couple thousand bucks on the lease/buy decision, you really should be buying used.
Posted on 6/24/14 at 11:05 pm to foshizzle
You get rich by driving cars 10 years or more if you can. You avoid getting rich by buying new cars . But it is your choice.
Posted on 6/25/14 at 5:42 am to jondavid11
quote:This sounds like exaggeration but it's not far off. The 500 dollars alot of people spend on car notes and higher insurance is one of the big differences in being rich or not being rich some day. My car is now 14 years old and I've only had liability for a couple years. Every year it makes it will be 10's of thousands of dollars when I'm 60. I'll buy a sweet ride someday but I will have earned it. I'm hoping my car makes it 4-5 more years and there are some amazing electric car options by then.
You get rich by driving cars 10 years or more if you can. You avoid getting rich by buying new cars . But it is your choice.
This post was edited on 6/25/14 at 5:47 am
Posted on 6/25/14 at 7:47 am to beaverfever
quote:
This sounds like exaggeration but it's not far off.
Some of the richest people I know lease their cars, anecdotal yes. But to make a gross generalization that leasing vs buying is always bad is wrong.
Posted on 6/25/14 at 9:01 am to lsumatt
Seems like if you really want a newer luxury sedan, the trade-in value on that 4Runner would be a decent enough down payment on a late model used luxury sedan and your payment wouldn't be much more than a lease payment on a brand new one.
Were it me, I'd get new tires and keep the 4Runner. Those things run forever.
Were it me, I'd get new tires and keep the 4Runner. Those things run forever.
Posted on 6/25/14 at 9:18 am to lsumatt
If I were you, I would just get the new tires and ride that sucker as long as possible. I had a 1997 4Runner that just gave out on me back in February. It was my grandmother's, and she gave it to me back in high school 7 years ago. After 17 years and over 300k miles on it, it's safe to say that it did its job. I bought a newer used car and plan on riding that thing for at least 10 years. In my mind, it's a "get to work" machine. You will be happy with the money you will save not having to pay a note.
Posted on 6/25/14 at 9:27 am to reb13
quote:
Some of the richest people I know lease their cars, anecdotal yes. But to make a gross generalization that leasing vs buying is always bad is wrong.
Sure, because they're rich so they can afford it. You don't become rich by acting like you're already rich.
Posted on 6/25/14 at 10:26 pm to lsurulesall
quote:
You will be happy with the money you will save not having to pay a note.
With rates as they are these days the note is not really the issue here. The real problem is depreciation.
My main point though is that if the OP is rich enough that he can afford to buy new, that's fine and more power to him, but the lease vs. buy decision isn't very important. If he's worried about saving a couple of thousand depending on whether he leases or buys, then he should just get a new set of tires.
Posted on 6/25/14 at 10:46 pm to Cold Cous Cous
Leasing is a good way to go. Let them pay the depreciation, not you. Also, if used for business purposes, a huge tax incentive for leasing a car.
Posted on 6/25/14 at 11:05 pm to Paul Allen
quote:
Leasing is a good way to go. Let them pay the depreciation, not you.
You are still paying the depreciation.
quote:
if used for business purposes, a huge tax incentive for leasing a car.
I don't know how that part works though. Is it because you can expense instead of capitalize?
Posted on 6/26/14 at 6:13 am to foshizzle
quote:
I don't know how that part works though. Is it because you can expense instead of capitalize?
Exactly
ETA: but depending on your business needs sec 179 depreciation renders that irrelevant because you can deduct the whole cost of the car when you buy new (up to 50k).
This post was edited on 6/26/14 at 6:16 am
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News