I was brainwashed into thinking leasing is for poor people who can’t save and live paycheck to paycheck.
Boy, how the times have changed.
If you don’t drive a lot of miles, leasing is cheaper.
Leasing is making more and more sense.
Since Honda’s barely depreciate, leasing is dirt cheap.
You can find a lease for $99/mo, and zero down, for 36 months.
You think you can beat that with ANY car you buy outright?
$1200/year to drive a brand new car, in perpetuity
Even at $150/mo, that’s $1800 a year to drive a brand new car.
You can spend that in 1 year on a klunker’s repairs. Easy.
EVERY repair on a klunker car and it’s $500 a pop.
You will spend less leasing a brand new car for life,
than owning a beater that looks like crap,
and is always needing something.
Unless you own a car you “love”, leasing for the win…
It’s more reliable, cheaper to own (no repairs) and you drive a modern new car with modern features.
If I ever drive an econobox again, it will be leased.
But, if you drive over 15k miles a year, you’re stuck owning.
($20,000 cash gone, plus $1200 a year in repairs once it’s a few years old)
People vastly understate the amount of money they spend on repairs.
With a lease, you’ll practically never even pay for fluids, brakes & tires again!
The PRO for leasing is that it’s cheaper. ($100-$150/mo, and nothing else)
Less than the cost of 2 repairs of a jalopy.
Paying for repairs on a jalopy is a very very expensive habit!
For people who want the cheapest cost per mile, leasing is now a no-brainer.
Car paid off ! So the next 5 years I’m driving a vehicle with ZERO payments.
Wrong, while your results may vary, most people driving a 5-10 year old car with 75k-150k in those years will be EASILY averaging over $1000/year in maint. and repairs.
So, yes, while there is no payment, you are now spending bigger money on repairs.
For the same money, you could keep driving a car that is never over 3 years/45k miles,
and never spend a dime on repairs. Driving a 5-10 year old car is a very expensive habit.
Much cheaper to lease that make your mechanic wealthy.
Oh, and bad tranny in that time frame?
BOOM, that’s 3 YEARS of lease payments in 1 shot.
$1200 a year after 70k miles is pretty conservative. Almost every repair costs $500-$600 after all is said and done (O2 sensors, Evap cannister, rotors/pads, etc) And, 2 repairs a year is pretty much standard in my experience.
Lease your vehicles, and you will make payments as long as you drive.
“BUY your vehicles, and you will make (huge) REPAIR payments as long as you drive.”
I have seen lease specials for $99/mo and $0 down.
I guess you need to shop around and/or wait for a sale.
For me, I LOVE to spend money on cars.
I even replace lots of parts that are working fine.
I might even get my perfectly working tranny rebuilt for $3000… just because!
BUT, IF I wanted to minimize the amount of money spent,
then leasing @ $99/mo with $0 down is the cheapest way to go.
It is literally more expensive to own a jalopy at $500/pop per repair.
If you DIY, clearly the math changes,
But, for people who actually want to save money, if you can do math, you can see that $1200/year (with $0 repairs) is the CHEAPEST way to drive a car, period.
18-month lease for 2012 Infiniti G37x nav $0 down $259/month
For those who don’t put on a lot of miles, You can lease a loaded G37 for 5k total over 18 months.
Do two of those back to back, and that is 36 months.
Roll it over, in perpetuity, and you’re paying $259/month ($3000 a year) to drive a perpetually brand new sports car, and never make a single repair. In contrast, you can easily spend $3000 a year to drive a rusted out 1998 Camry.