car Lease VS Buy

Discussion in 'Automotive' started by Kimvisible, Dec 11, 2017.

  1. Kimvisible

    Kimvisible
    [OP]
    ♥ • ♠ ♣

    Joined:
    Feb 24, 2006
    Messages:
    38,711
    Likes Received:
    164
    Location:
    Hali
    Hey RC, guess who finally got there beginner and taking there road test soon. mmmmmmmmmmmmmmeeee

    I am 100% getting a car.

    what is your opinion on Lease vs Buying.

    also what Kind of car, I don't want a big car, like a little hatchback.
     
  2. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    leasing is great. every couple of years you turn it in and get a new one. its going to be under warranty and if you dont drive it a ton you'll be set.

    but you can always get a year or two older small hatchback, save some money and have a cheap payment if you finance.
     
  3. RoryTate

    Buffer the streaming media unto me.

    Joined:
    Dec 2, 2004
    Messages:
    5,284
    Likes Received:
    606
    Location:
    Rigaud, QC
    This is the same argument as renting vs buying a house. If you lease, you have nothing to show for it after two years. If you're cool with that, and you don't plan on driving anywhere near the km limit, give'er.
     
    Last edited: Dec 13, 2017
  4. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    Lots of people buy and have less than nothing to show for it after 2 years when you consider negative equity.
     
  5. Dewie

    Well-Known Member

    Joined:
    Nov 6, 2008
    Messages:
    4,972
    Likes Received:
    1,138
    Location:
    N.S.
    I agree with this... unlike a home cars depreciate wayyyy too quickly... with a lease you're paying for warranty/the piece of mind that you won't have to repair your car. I know people who should be leasing vs fixing their heaps as it'd work out about the same in the end (I, sadly, am not one of those people; as much as I'd love to have a new car I just drive too much and the numbers aren't in my favor...)
     
    teal likes this.
  6. PirateSteve

    Moderator

    Joined:
    Jun 14, 2003
    Messages:
    6,188
    Likes Received:
    104
    Location:
    Sackville
    I lease both my vehicles. I work a lot and I don't have the time or desire to run old worthless cars or keep up our two daily drivers. Plus if you are considering end of lease values with buyouts vs owning and depreciation it really isn't that far off and there are way too many variables that could negatively affect that vehicles resale if you were to own it. The only way imo that owning works is if you want to keep that car forever. Being in the industry I see cars that have higher mileage and age and it isn't so pretty some times. Just treat it like another appliance and give it back when it is used up for another one.

    There are plenty of counterpoints but for me I will take the piece of mind of not being tied into something that will be almost worthless in 5-6 yrs.
     
  7. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    My job has changed and work pays me a car allowance. I should get something brand new with a high mileage lease but instead I’m going to get something 3-4 years old and pocket the difference
     
  8. Boots

    www.reality-check.ca

    Joined:
    Jun 3, 2003
    Messages:
    74,506
    Likes Received:
    4,461
    Location:
    Halifax
    and Ford quality :rofl:
     
  9. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    Why ford in particular? I’ve got lots of people in my family that I sold new ones to with 100k+ kms and no issues
     
  10. Boots

    www.reality-check.ca

    Joined:
    Jun 3, 2003
    Messages:
    74,506
    Likes Received:
    4,461
    Location:
    Halifax
    Man.. selling your own family members a Ford... ruthless :kekeke:
     
    teal and Grifter like this.
  11. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    GOTTA GET PAID
     
    Boots likes this.
  12. Dewie

    Well-Known Member

    Joined:
    Nov 6, 2008
    Messages:
    4,972
    Likes Received:
    1,138
    Location:
    N.S.
    I just put a Power steering pump on my mother's '09 Fusion with 385k kms on it. It was my father's company car which they bought when the lease was up. Aside from rocker panels being kind of soft now (patched) and the rear drive-shaft being replaced it's only really had regular maintenance. We also determined it has NEVER had the spark plugs changed... While under the car I can see the boots are torn on all 4 lower balljoints in the front and there is soon to be more rust issues. The car is on its last legs but for what they've done to it vs what they paid they're ahead 10 fold.

    It wouldn't be my first choice, but it certainly wasn't a junk to last as well as it did.
     
  13. dpwu32

    Is it summer yet?

    Joined:
    Aug 25, 2003
    Messages:
    12,528
    Likes Received:
    171
    Location:
    Edmonton
    For me, depends on a lot of factors. How much do you drive, how long are you planning on keeping it, how badly/soon will you want a newer car, what makes/models are you considering...

    - If it's something with decent resale value, good build quality, and you're planning on keeping it longer-term (ideally at least a few years beyond your payments), it may make more sense to buy.

    - If you're looking for the cheapest option, might want to change/upgrade sooner, don't drive a ton, or are looking at something that won't hold it's value as well, leasing might be the best option.

    Personally I've never leased, but I've always bought my vehicles intending to keep them for at least 5-7 years, and drive more than most leases include as standard.
     
  14. Bean

    Breasts

    Joined:
    Mar 31, 2004
    Messages:
    14,075
    Likes Received:
    453
    I'm with you. I haven't leased. I've bought and because I drive a fair bit and I have the dogs. I plan to own it for about 6 yrs. The warranty I got is great for my needs vs the one I'd have with a leased vehicle. The leased warranty and km attached to it didn't make sense for me. The standard like mentioned above was too low for me.
     
  15. Duggan

    Well-Known Member

    Joined:
    Jun 27, 2005
    Messages:
    17,667
    Likes Received:
    1,377
    Location:
    Edmonton
    @ 30,000km plus a year the leases are pretty pricey for me. I would lease something for the wife though next go around, she might put 1500km on in a month, but usually its 1,000km.
    A 16 or 20k lease should be pretty reasonable if that is in the range you plan to drive. You can also try lease busters if you want to just take over someones payments and not have such a long term.
     
  16. 17

    17
    teenage dirtbag

    Joined:
    May 1, 2004
    Messages:
    33,283
    Likes Received:
    1,006
    We got my wife a new car in sept and it’s already got 11k on it :lol:
     
  17. Mitch

    Well-Known Member

    Joined:
    Aug 28, 2003
    Messages:
    24,383
    Likes Received:
    653
    Location:
    Bedford
    Greg loves lease busters, he’s done that 4-5 times now
     
  18. Scott

    rawr

    Joined:
    Jun 25, 2004
    Messages:
    37,180
    Likes Received:
    1,500
    Location:
    East Jeddore NS
    Been considering leasing for my next truck.
     
  19. Miss Shawty

    Well-Known Member

    Joined:
    Sep 22, 2008
    Messages:
    15,263
    Likes Received:
    223
    Location:
    Halifax
    Congrats KimvisibleKimvisible You beat me! I still don't have my license and I have a car. :lol: I'm really not doing this adulting thing properly.
     
  20. Michael

    Hole digger

    Joined:
    Sep 12, 2005
    Messages:
    16,279
    Likes Received:
    173
    Location:
    Halifax/Atlantic Ocean
    I did i
    i did it with my f150. Then bought it out at the end of 3 years and sold it at auction for a nice profit.
     
    Scott likes this.
  21. Gardiner

    Member

    Joined:
    Feb 10, 2013
    Messages:
    154
    Likes Received:
    1
    Location:
    Charlottetown, PEI
    For years, we've always owned one vehicle and leased the other. This works well for us as we only drive an average of 10k a year.
     
  22. RoryTate

    Buffer the streaming media unto me.

    Joined:
    Dec 2, 2004
    Messages:
    5,284
    Likes Received:
    606
    Location:
    Rigaud, QC
    I wish I only did 10k a year. :) I do 36k just commuting.
     
    chainsaw likes this.
  23. MRA

    MRA
    Well-Known Member

    Joined:
    Feb 21, 2004
    Messages:
    8,315
    Likes Received:
    229
    Location:
    Canada
    I put 4K on my car this year
     
  24. never_be_sold

    Well-Known Member

    Joined:
    May 13, 2005
    Messages:
    3,235
    Likes Received:
    403
    Location:
    Rent Free
    We average 60-70K a year between the two of us...
     
    dpwu32 likes this.
  25. Dewie

    Well-Known Member

    Joined:
    Nov 6, 2008
    Messages:
    4,972
    Likes Received:
    1,138
    Location:
    N.S.
    I average nearly this myself...
     
    dpwu32 likes this.
  26. Boots

    www.reality-check.ca

    Joined:
    Jun 3, 2003
    Messages:
    74,506
    Likes Received:
    4,461
    Location:
    Halifax
    Element is almost 11 years old and has 153K on it :rofl:
     
    dpwu32 likes this.
  27. dpwu32

    Is it summer yet?

    Joined:
    Aug 25, 2003
    Messages:
    12,528
    Likes Received:
    171
    Location:
    Edmonton
    We average around there too, broken up between two vehicles.


    We've had our Rav4 15 months, just rolled 42k on the weekend.
     
  28. Grifter

    Bluh?

    Joined:
    Mar 18, 2005
    Messages:
    8,410
    Likes Received:
    293
    Location:
    Calgary
    I bought my Titan new in August... just rolled 15000km on it.

    Got the wife's Escape in May, roughly 4500km on it. Not hard to tell which one gets driven more :lol:
     
  29. hank

    Well-Known Member

    Joined:
    Dec 13, 2006
    Messages:
    14,370
    Likes Received:
    658
    Location:
    Halifax
    I'm going to guess the one with more km
     
  30. Grifter

    Bluh?

    Joined:
    Mar 18, 2005
    Messages:
    8,410
    Likes Received:
    293
    Location:
    Calgary
    You're so smrt
     
  31. N / A

    Active Member

    Joined:
    Sep 3, 2003
    Messages:
    4,698
    Likes Received:
    8
    Location:
    Halifax
    All depends on the vehicle, you can lease certain Toyotas and at the end of the lease the fair market value is 10-15k more then the residual. If you lease one of those and sell it at the end of the lease you would make the exact same amount as if you bought it and sold it and you would have several hundred more of cash flow month to month cause essentially you are financing the delta of the purchase price and the residual as opposed to financing the full amount
     
  32. Duggan

    Well-Known Member

    Joined:
    Jun 27, 2005
    Messages:
    17,667
    Likes Received:
    1,377
    Location:
    Edmonton
    This is probably what Kim is after.
     

Share This Page