What is your opinion on leasing a car?

Question

Is it a good idea? Do you recommend it? Advantages and disadvantages opposed to buying?

Answer 1

unfortunately, it's nothing like buying a house, i'm sure it was warren buffett who said only buy items that have a chance of appreciating in value, hence you should def look at renting a car. You can buy certain cars that will keep their value better, but most of the time, the money you put into purchasing the car is lost in the depreciation

Answer 2

There are too many on either side, so I'll just list a couple points:

Buy:

You own it after 5 years, sometimes longer.

Equity when you are done.

No worries about mileage.

No worries about damage.

Lease:

Short term, get a new car every 2-3 years.

Very low payments.

Very low down payment

Always under warranty.

All the new cool stuff.

Shortfalls:

Buy:

If you want to get out, it'll cost thousands, always upside down.

Out of warranty

Higher payments

higher down payment

Lease:

Never get equity

Watch miles

Watch damage

I look at it this way, you are either paying the bank or the mechanic......I'd rather pay the bank and have a nice new car, less prone to failure, stocked with all the newest safety features to keep my family safe.

Answer 3

I lease cars. I do it because it expands my budget, as well as fulfilling my satisfaction of getting a car with the latest technology. It is a good idea if you replace your cars quite often, don't drive more than 15,000 Miles a Year, Don't crash too much, and do not add aftermarket parts. I think that a lease is good if you do the 24 Month Lease, if you do like a 48 Month Lease, it is ridiculous because you could have just financed it and actually could have owned it.

Pros:

Nicer Car

Newer Car

Cheaper (usually)

Usually on Warranty During the Time You Have It

Easier for People with Mediocre Credit

Cons:

Lease Termination is Ridiculous

If you Wreck the Car, it is not so Good

No Aftermarket

Over-mileage Can be a Hassle

No Always The Cheapest

Good Luck

Answer 4

Don't see the point for most people. Either rent it for a week or so, or just buy one.

Unless you know you're going to be moving around a lot (like military, every few months), then you're just wasting your money.

Answer 5

The difference in payments is very small to buy or to lease. I am all about buying. Talk to all the people who leased... they've payed out thousands, and don't own anything.

Answer 6

it's like paying rent on an apartment.

why pay rent if you can buy the house?

Answer 7

As what I always mention to anybody who would ask for advice regarding car leasing versus car buying, there are advantages and disadvantages to both. Most of them are already mentioned by the other participants, but let me reiterate it: When you buy the car it will be yours, and when you want to have a new one you look for your own buyer. For leasing, you only have to return the car, given that you keep track of its damages and mileage to monitor its selling value. The catch is you only have the car for a certain period of time. The good thing here is you can change cars whenever a new model comes around and you want to trade in your old car. So just like any decision you make in life, weigh the pros and cons before you  come up with a decision.

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