Someone must buy/lease new cars in order for there to be good late model used cars on the market for those of us who prefer them. To each his own. Enjoy.
Leasing is for people who like to make payments continuously and always want the newest model every two to three years. I drive 40,000 miles a year, purchase my vehicles and pay them off. I keep them well after they are paid off and usually end up passing them on to family members when I reach the point where I need to upgrade. My '99 Accord was purchased in '06 for $7,500 with 83,000 miles. I have spent approximately $3,200 in repairs (clutch, front subframe, brake and fuel lines) outside of normal maintenance and wear & tear items (tires, filters, fluids, brakes, spark plugs, timing belts). My son, now driving it for two and a half years, is enormously appreciative of not having to make any payments on the vehicle he is now driving (with 207,000 miles and counting).
And don’t forget, leasing is CHEAPER than owning.
Own a cheap car with cash, and you’ll sink thousands of bucks in repairs all the time.
So, you drive a shitty old car, AND it costs more!
Only reason to own is if you drive 15k+ or have a classic car you love,
You’re still generalizing way, way too much and painting everything with the same brush while omitting some lease costs.
How about a link to this 99 dollar a month Honda lease you referred to…
You sound like a car salesman trying to convince everyone that leasing is the best thing in the world. I ran into someone like you back in 2009. This guy had an answer for everything. The only problem was the price for the lease kept going higher and higher. He told me that they would guarantee the price would be a fixed amount when it was time to turn it in. I knew at that point he was full of it. I finally told him that if they weren’t willing to sell the vehicle to me for the previously agreed price of $386 a month what made him think I was willing to pay the lease price of $517? I told him to park the vehicle in his keester and walked out. I can’t believe for a moment that anyone would fall for this. There are so many pitfalls in leasing. People that believe that a dealership can guarantee the value of a vehicle three years from now deserve to be taken to the cleaners. Besides all that, I buy a car to drive it, not to have it merely sit in my driveway because I’m close to my allotted miles. Just my two cents worth, Good Luck!!
UsedEconobox has NEVER been able to get more then 70k miles out of his vehicles before they needed major repairs. So he assumes because he was unable to get vehicles to last more then 70k miles…then no one can.
He keeps coming up with factitious numbers that can’t be verified. And when asked to show us his source…he just repeats his dogma.
He has NO facts…knows little to nothing about cars…and yet preaches about things he knows nothing about.
There was a guy around here in the late 90’s that leased a suburban, it was known that 2 years into the lease he had almost 60k miles on it because everyone in the family drove it and it was always on the go and he had a commute of 55 miles each way to a plant on the ohio river. It was in terrible condition and all banged up and suddenly one day it was found stolen and torched out in the national forest.
Rumor was he was involved and I believe he was, but he got out of the lease without those pesky mileage charges…
There are many factors in owning and selling a car. They guys wanting to lease you a car is little more than just another hand in the pot.
Look at it this way. Why would your lessor lease you a car for less than what it would cost you otherwise. They are in there to make money and pay for those big corporate buildings and another layer of of people, each one taking a little (or BIG) additional amount.
That said it is possible for a lessor to under some some situations to save a dollar or two, but over all the cards are not in your favor.
The more the they mess with things gives them the advantage. Try to keep the number of hands in the pot to a minimum.
That said the last car I bought, I picked several dealers (in my county some out of my county, they told each one that I was going to buy the car with the extras I wanted
My last two cars I did just that and got what I believe was a good price.
When I looked at the paper work, it showed a price about $200 less. I brought it. When I called that to the sales manager just smiled.
@UsedEconobox2UsedBMW
I have to respectfully have to disagree with you again
My 1995 Corolla, which I got rid of last year, didn’t cost me much in repairs over the years
A starter here or there, some window regulators, struts, ignition coil, a windshield, etc.
That stuff did NOT add up to big bills . . . I do all my own work (except for the windshield)
The rest was maintenance . . . oil changes, plugs, wires, tires, brakes, etc.
A lease would have cost me FAR more over the years, because of the higher insurance costs, higher registration costs, etc.
Not to mention that you’re paying for the depreciation of the lease vehicle, as the others have already mentioned
Unless your old car is a truly unreliable POS, driving a paid off clunker is cheaper than leasing
“driving a paid off clunker is cheaper than leasing”
I hope we’re not drifting too far off-topic here and get flagged, but how do you quantify the cost of driving a clunker? I don’t want to seem superficial, but to some people driving around a 12 year old car is like wearing 12 year old clothes or using a 12 year old phone. There can be a social cost to these things too.
Since the OP is not posting;
This is the lease offer. It wants $3999 down and it is a 24 month lease. So $6375 plus tax, license, registration for 24 months and 24K miles of driving a Civic.
If you pay an extra $10K (if you have the cash), you can buy it. I am sure it would not need major repairs up to at least 100K miles. That would be 9 years if you are good with 12K miles/yr driving.
If you don’t read the fine print, then you just think it is $99/month lease.
Also, paying down on a lease is usually not a good idea (if the car gets totaled in the 1st month, you are out the down-payment.
When I was a lad, my dad explained to me why stocks were a better long-lerm bet than bonds.
Think about it, a bond is money LOANED to a company (i.e. stockholders) to make the company more profitable. The expected profits HAVE to be greater than the "vig," otherwise, why borrow in the first place?
Similarly, in a lease, somebody else owns the car, and supplies it to the lessee for a fixed time, in exchange for money. The car HAS to be cheaper for the lessor to own, on average, than the lease payments…otherwise, why would the lessor agree to lease it in the first place?
That stuff did NOT add up to big bills . . . I do all my own work (except for the windshield)
Well, of COURSE you will save money if you DIY. But for the other 99% of people, leasing is cheaper because they avoid the $500 brake jobs, and $400 starter, the $600 window regulator job, the $500 O2 sensor job, the $100 air filter job, etc. ANY repair is now $500 at the mechanic. An older car will require a MINIMUM of $1000 a year to keep it running, That’s 1 visit to a mechanic every 6 months. Conservative. Dead tranny? $3500. Pony up, boy.
Galant,
your example is $265/mo. That’s $3000 a year to drive a BRAND NEW CAR, in perpetuity. You can easily spend $2000 a year to keep a old jalopy on the road. That’s 2-3 visits to the mechanic a year, Not to mention all the headaches when it breaks down. Not to mention the social implications of driving a car that’s a beater. Even if leasing is a few bucks more expensive than driving a rusted 1994 Camry, it’s worth it. No brainer. And when the car dies, you take a $5000 to $10000 hit to buy a new one. So long savings of $2000 vs, $3000,
and $400 starter, the $600 window regulator job, the $500 O2 sensor job,
Buy more reliable vehicles. I’ve NEVER replaced any of those things in any of my vehicles…even when they were well past 300k miles.
That's 2-3 visits to the mechanic a year
Again…buy more reliable vehicles. Beyond normal maintenance my 4runner has had a couple of brake jobs where I had to replace the calipers…but that’s it.
Not to mention all the headaches when it breaks down.
Last vehicle that broke down on my was my 84 GMC S-15. When my daughter finally sold my 98 Pathfinder with well over 400k miles…during that period it NEVER broke down. I really would like to know where you are getting your stats from. I’ve asked at least 3 times…Still waiting.
Still waiting on those $99/mo deals too.
This whole discussion reminds me of “the earth is really flat” that you still hear every now and then.
My Toyota, bought new in 2007 , is now 6.5 years old. Maintenance and repairs so far has cost $1655, including replacing one tire from road damage.
During this time I would have gone through 2- 3 year leases, and paid for nearly 2 cars. The Toyota cost $22,000 originally, including all taxes and charges.
The next 6.5 years will likely see some more charges, like plugs, exhaust system, hoses, brakes, transmission service, and $900 worth of tires. Probably $3500 or so, making it $5200 or so over 13 years, or $400 per year which equals $33 per month.
I have a business and can charge leasing costs against operating costs, but I have yet to see an advantage in leasing over buying.
As Mike says, show me the actual figures and let the calculator decide.
As Mike says, show me the actual figures and let the calculator decide.
This is not the first time Used has brought up this leasing. And I asked then…and I’ve asked again and again…show me where he gets his data. And he REFUSES. I’ve tried to find the deals he’s stated exists…and can’t. No one else can either. Used refuses to believe that Leasing is just a dumb idea. So he starts making things up to win the argument. If his argument had any merit what-so-ever he’d be showing us the data. It doesn’t…thus no supporting data.
I think some people lease a car because they enjoy having a new car every year or two. We had a minister at our church who leased cars because he could lease a nicer car than he could afford to purchase. His lease payments were less than loan payments, but at the end of the lease he had nothing.
I would rather drive a used car that I bought for cash than to have a new car that I either bought on time or leased. The first new car I owned was purchased in 1978. I drove the car to work for 33 years until I retired. It was a local drive and I saw no need to have a something different. We did have other vehicles along the way. However, I don’t think I would have saved any money leasing a car for 33 years for my trip to work. My biggest expense was a transmission overhaul for $400 (fortunately, it was a rear wheel drive which made transmission removal easier than a front wheel drive).
UE2UBMW: One thing I agree with you on is it can be more expensive to drive a used car than a new one. If you’re a member of the American Underclass, with no net worth and lousy credit, you can be stuck with a “buy here pay here” auto of last resort. By the time they get done working you over, you could well be paying more per mile than owning OR leasing a nicer new car.
It can be ecpensive to be poor, and there are a lot of “marketplace inefficiencies” that folks can and do exploit. Once you have your “soul-ectomy,” you can make good $$$ as a slumlord or predatory lender.
I think the OP’s behavior appears very trollish.