Leasing a car - negatives?

[cookiemdough]

I don't drive a lot. I take a commuter train to work. I am not sure I am ready to commit to my next car for 10 years. Any reason I shouldn't lease? I have never leased a car...I am not really sure why

[cookiemdough]

What happens if you are in a car accident?

[ijack]

leasing can be more expensive in the long run, but it's not always a bad idea.

[Deleted]

Dec 29, 2015 16:27:33 GMT -5 cookiemdough said:

What happens if you are in a car accident?

You go through your car insurance just like as if you owned the car.

[emilyj]

Dec 29, 2015 16:29:48 GMT -5 ijack said:

leasing can be more expensive in the long run, but it's not always a bad idea.

What happens if you lease with the intent to buy? Does the math work out against you in most cases?

[ijack]

Dec 29, 2015 16:44:40 GMT -5 emilyj said:

Dec 29, 2015 16:29:48 GMT -5 ijack said:

leasing can be more expensive in the long run, but it's not always a bad idea.

What happens if you lease with the intent to buy? Does the math work out against you in most cases?

I'm not an expert by any means, but I think it's hard to tell. Because you don't know what the buy price will be when your lease is up so you're taking a little bit of a chance.

[NewOrleans]

Do you want to have a car payment always?

[NewOrleans]

cookiemdough I thought about leasing this summer. At the time I was thinking about it, there was this post on ML. Hope it helps.

pandce.proboards.com/thread/463090/leasing-buying-car

[nomad100]

How does the math work out? If you take the down payment, monthly payments and the annual insurance costs (which would be for full coverage since it is a lease) divided by the life of the lease, and compare that to the cost of renting a car for the day once or twice a month, does it make sense financially?

Personally, I keep my cars for 10+ years so leasing doesn't make sense to me. I want to pay my car of and them keep it forever. Plus, the idea of always having a car payment and having nothing to show for it at the end gives me the shudders.

[cookiemdough]

Dec 29, 2015 16:50:35 GMT -5 NewOrleans said:

Do you want to have a car payment always?

I haven't had a car payment in years lol. So that is definitely a little scary, but I am not sure I am ready to make another 8-10 year commitment on a car just yet and so not sure I should buy again just yet.

[cookiemdough]

Dec 29, 2015 16:53:07 GMT -5 NewOrleans said:

cookiemdough I thought about leasing this summer. At the time I was thinking about it, there was this post on ML. Hope it helps.

pandce.proboards.com/thread/463090/leasing-buying-car

Thanks!

[cookiemdough]

Dec 29, 2015 16:48:30 GMT -5 1234FIF! said:

Cookie! I have been thinking about this too! Every time I go to the dealer and they give me a new fancy loaner I think, "I should lease and get a new car every year or so." The thing that gives me pause is that I would be paying for a car forever whereas with a car I own, at some point it would get paid for and I could put the money in savings.

But is it forever? We can buy a new car at the end of the 3 year lease and do a commitment then

[decemberwedding07]

We are leasing our new car. It's the first time we've leased. We asked our financial advisor, and he seemed to think it was a fine situation. They outlined upfront what the buyout cost would be. Leasing and buying at the end worked out to be roughly the same as buying it right then, but without the commitment. Our last car (a Honda Odyssey) was 3 years old when we bought it and we had nothing but trouble with it. We also have a 15 year old Accord that's never had a single issue. Still, that Odyssey situation made us crazy, and we wanted to feel like for the next couple of years, we could bask in not having to deal with that shit. Lol. It's the first time I've ever had a new car. I love it. I might be hooked.

[decemberwedding07]

Dec 29, 2015 17:28:37 GMT -5 @tooshort said:

Dec 29, 2015 17:19:40 GMT -5 decemberwedding07 said:

We are leasing our new car. It's the first time we've leased. We asked our financial advisor, and he seemed to think it was a fine situation. They outlined upfront what the buyout cost would be. Leasing and buying at the end worked out to be roughly the same as buying it right then, but without the commitment. Our last car (a Honda Odyssey) was 3 years old when we bought it and we had nothing but trouble with it. We also have a 15 year old Accord that's never had a single issue. Still, that Odyssey situation made us crazy, and we wanted to feel like for the next couple of years, we could bask in not having to deal with that shit. Lol. It's the first time I've ever had a new car. I love it. I might be hooked.

I'm in this boat. We never leased before but decided to give it a try. We got the buy out price upfront. Our payments for the length of the lease plus the buy out is about $3,000 cheaper than just buying the car. It made sense to give it a try and we are prepared to write a check when we are done with the lease.

I've always said that I'm not a car person, but that was before I had a new car! LOL. I might be a car person now. I feel like I now understand the women on this board who have said they will only drive luxury cars.