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Message
Leasing vs buying a vehicle
Posted on 4/7/23 at 11:32 am
Posted on 4/7/23 at 11:32 am
Pretty close to moving the wife's CRV for a mini van so that putting my kid in his car seat doesn't destroy my back anymore.
Every single place I've been to is really pushing leases hard vs buying.
Leaning towards a Hybrid Pacifica (Chrysler's will explode blah blah blah) though I have no idea if I'd qualify for the $7500 tax break b/c of the fluctuations in the stock market but for some reason if I lease I'd get the full credit taken right off the top of the lease price.
I've never leased a vehicle before so I was wondering what all the real world advantages are as well as the negatives.
Every single place I've been to is really pushing leases hard vs buying.
Leaning towards a Hybrid Pacifica (Chrysler's will explode blah blah blah) though I have no idea if I'd qualify for the $7500 tax break b/c of the fluctuations in the stock market but for some reason if I lease I'd get the full credit taken right off the top of the lease price.
I've never leased a vehicle before so I was wondering what all the real world advantages are as well as the negatives.
20
Posted on 4/7/23 at 11:34 am to Dr RC
quote:
Every single place I've been to is really pushing leases hard vs buying.
That should tell you all you need to know. They make more money on leases, which means that you'll lose more.
Posted on 4/7/23 at 11:34 am to Dr RC
Money board would be the place to ask. Fairly frequent question
Posted on 4/7/23 at 11:34 am to Dr RC
quote:
Every single place I've been to is really pushing leases hard vs buying.
Find the one you want and use Carvana to buy it. So much easier
Posted on 4/7/23 at 11:35 am to Dr RC
Most expensive way to drive a vehicle. Called a fleece for a reason.
Posted on 4/7/23 at 11:37 am to Dr RC
Leasing is a terrible financial decision
Posted on 4/7/23 at 11:37 am to Dr RC
No matter what they tell you, you are gonna be buying some extremely super inflated vehicle price right now.
There is no deal.
Look at houses right now. You are not getting a deal on anything
There is no deal.
Look at houses right now. You are not getting a deal on anything
Posted on 4/7/23 at 11:38 am to Dr RC
Ultimately comes down to you….do you want to have a set/budgeted monthly payment and drive a new vehicle every 3 years or do you want to own the car and make it your own.
If you have the capital and want to own the vehicle in the long run, buy it. Owing money on a car you own is not an investment…
If you want a deeper answer, as someone mentioned, go to the Money board and provide them with a LOT more information and they will work through it with you
If you have the capital and want to own the vehicle in the long run, buy it. Owing money on a car you own is not an investment…
If you want a deeper answer, as someone mentioned, go to the Money board and provide them with a LOT more information and they will work through it with you
This post was edited on 4/7/23 at 11:40 am
Posted on 4/7/23 at 11:40 am to Sneauxghost
quote:
Most expensive way to drive a vehicle. Called a fleece for a reason.
72 to 84 month loans on vehicle that will long be out of warranty ain't no great shakes either.
Posted on 4/7/23 at 11:45 am to Fat and Happy
quote:
No matter what they tell you, you are gonna be buying some extremely super inflated vehicle price right now.
There is no deal.
Look at houses right now. You are not getting a deal on anything
I get that. I'm not exactly looking for a deal though. I just want to know if there are any andvantages to leasing.
I'm only looking at '23s for the Pacifica mainly b/c I need power folding mirrors for my narrow arse driveway and garage. Those got deleted from the previous couple of years b/c of supply shortages and I just flat out do not want to have to get in an out of my vehicle every damn day to fold the mirrors so I can park.
The Sienna is pretty much out b/c I just don't like the interior, every Kia dealership I've been to has been a shitshow which makes me not even want to bother w/them, and while Honda's are solid the Odyssey is just so damn boring.
Posted on 4/7/23 at 11:46 am to Dr RC
quote:
so I was wondering what all the real world advantages are as well as the negatives.
The one that costs less in the long run is always the advantage.
Posted on 4/7/23 at 11:46 am to IT_Dawg
y'all are right I'll bring this over the money board.
Posted on 4/7/23 at 11:55 am to Dr RC
quote:
I get that. I'm not exactly looking for a deal though. I just want to know if there are any andvantages to leasing.
Several factors are combining to incentivize Dealerships to push leasing. The main factor is that the resale on a car that is under 5 years old is sky high. They will make a ton of money leasing to you for 3-5 years and then selling.
Your advantage is that you might have lower total costs including the front end reduction and the monthly rates through that 3-5 year period, but at the end you won’t have a valuable asset to sell.
Suppose you finance for 7 years, you’d still have a car with a decent resale price that you can use for a downpayment on your next vehicle.
If money is tight right now, and you need a break on your monthly cash flow while you build up your career and increase income over time, maybe the lease would be better.
Posted on 4/7/23 at 11:57 am to Dr RC
quote:
Every single place I've been to is really pushing leases hard vs buying.
They can lease it to you for a few years at an outrageously inflated price and then sell it as "gently used" at an outrageously inflated price.
Car lots love leases because they can make money off of them several times.
Posted on 4/7/23 at 11:57 am to Dr RC
Lease was the best thing to ever happen to dealerships. They get a 1,2,3, or 4 year old car returned. They get to certify it, then sell. Unless you can write it off. This is from friends and relatives that own dealerships.
Posted on 4/7/23 at 11:58 am to Dr RC
negatives are not a lot of miles on most leases
Posted on 4/7/23 at 12:00 pm to Misnomer
quote:
Find the one you want and use Carvana to buy it. So much easier
Caravana sucks for buying trucks
I know this because it isn’t called Carvantruck
This post was edited on 4/7/23 at 12:01 pm
Posted on 4/7/23 at 12:01 pm to LSUDad
We lease my wife's car. She has a rough commute and it's hard on vehicles. She gets a new car every year and I don't have to worry about breakdowns or end up owning a car with a million miles on it.
Posted on 4/7/23 at 12:02 pm to Dr RC
I won’t argue the for or against. I’ve leased seven Honda vehicles over the years. This cycle I’ll have a 2020 Pilot with a $22,000 agreed upon value. In todays market I will have around $12,000 equity. I have until July to decide how I will access the equity. Not a bad problem to have.
Posted on 4/7/23 at 12:05 pm to jrodLSUke
They make interest on you and then get the used inventory back or sell you the car at an inflated used price. Win/Win for them
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