grinningcat
Pearl Clutcher
Posts: 4,663
Jun 26, 2014 13:06:35 GMT
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Post by grinningcat on Aug 7, 2014 15:19:45 GMT
Every financial advisor will tell you its a bad idea. Buy a good car, pay it off in 4 years and you could easily have another 6 years of a good car with no payment at all. But every mechanic might not agree. I don't want to drive a 10 year old car and pay for the increasing running and repair bills. Not everyone has the same priorities. Exactly. There may be 6 years of no payment to the dealership, but your everyday costs and repair costs will quickly escalate to or beyond the cost of leasing. My priority is having a car that works perfectly with a reasonable car payment. I'm not interested in the burden of an old car that constantly needs repairs. Others may find old cars more fiscally responsible, I find having a new car every few years makes more sense since I consider costly repairs an unnecessary burden. And rip off. |
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Post by tuva42 on Aug 7, 2014 17:55:56 GMT
We have kept every car we've ever owned for 8 years or more. Our repair bills have never even been a fraction of a monthly car payment or lease payment. My last car was a Honda Odyssey that I kept for 9 years, DH's Mercedes is 15 and still runs very well. We service our cars regularly, and have never had problems with big repair bills. We kept a car until it does develop problems, then we guy a new one.
By keeping cars longer, we can save up for a new one. Neither DH or I have had a car payment since 1988. DH has owned a grand total of 2 cars as an adult, I'm on my 4th. Financially, it has made great sense for us.
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Post by auntkelly on Aug 7, 2014 18:47:50 GMT
Like just about every decision in life, there are pros and cons to leasing and I don't think there is a right or wrong answer. It just depends on the individual circumstances.
My husband loves to switch cars often. He's been leasing a vehicle from the same company for 20 years. He has never had any trouble negotiating an agreement for additional miles at a reasonable cost, if he gets near the end of the lease and sees that he is about to exceed the mileage limits. We know what his monthly car payment will be going into the lease and we make sure that it is an amount that we can comfortably afford.
I'm not a car person and I tend to keep my cars for six years' or so. We own my car.
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Post by gar on Aug 7, 2014 19:08:18 GMT
We have kept every car we've ever owned for 8 years or more. Our repair bills have never even been a fraction of a monthly car payment or lease payment. My last car was a Honda Odyssey that I kept for 9 years, DH's Mercedes is 15 and still runs very well. We service our cars regularly, and have never had problems with big repair bills. We kept a car until it does develop problems, then we guy a new one. By keeping cars longer, we can save up for a new one. Neither DH or I have had a car payment since 1988. DH has owned a grand total of 2 cars as an adult, I'm on my 4th. Financially, it has made great sense for us. Well, it depends on your car, the payments plan, luck to a degree and whether you like driving a older car - many don't. It works for you, that's great, but clearly it doesn't suit everyone. As we said, finance is not the only consideration. |
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Post by christine58 on Aug 7, 2014 19:45:15 GMT
Lots of things to think about...thanks for all the great info. It is appreciated
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Post by tuva42 on Aug 8, 2014 15:47:39 GMT
Well, it depends on your car, the payments plan, luck to a degree and whether you like driving a older car - many don't. It works for you, that's great, but clearly it doesn't suit everyone. As we said, finance is not the only consideration. Oh, I agree, many don't like driving an older car. but, FINANCIALLY, it makes much more sense to drive a car longer than it does to lease. |
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Post by gar on Aug 9, 2014 8:52:55 GMT
Well, it depends on your car, the payments plan, luck to a degree and whether you like driving a older car - many don't. It works for you, that's great, but clearly it doesn't suit everyone. As we said, finance is not the only consideration. Oh, I agree, many don't like driving an older car. but, FINANCIALLY, it makes much more sense to drive a car longer than it does to lease. Sorry to be picky but I'll still go with *sometimes* because cars that are 8, 9 or 10 years old are typically much more prone to needing repairs and sometimes expensive ones at that age, also to being less economical etc. You seem to have been lucky but it certainly isn't a given that old cars don't cost much to run and maintain. |
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BarbaraUK
Drama Llama
Surrounded by my yarn stash on the NE coast of England...............!! Refupea 1702
Posts: 5,961
Location: England UK
Jun 27, 2014 12:47:11 GMT
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Post by BarbaraUK on Aug 9, 2014 9:42:53 GMT
I'm 18 months into my first lease. So far so good. My mileage is pretty low and stable. You do have a car payment but you also have benefits. Yes, this! We have had leased cars for a few years now. With ours, we had the monthly payment but all servicing, our car tax and things like tyres were covered by the lease company......so over the three years we really only had to pay out the monthly payment. On all the cars we have leased, we have bought them at the three year end of lease stage to use as an extra car - got them for a very good price and the lease company took the big 'just off the forecourt' hit in valuation. The cars had a continuous service history and low mileage so that was a big bonus and we lost nothing. So all in all we have been really pleased with leasing here, certainly have nothing to complain about that's for sure.  |
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