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  1. #1
    Join Date
    Oct 2011
    Location
    Miami, US
    Posts
    63

    Buy or lease a car

    Would you buy or lease a car?
    If you buy, new or used?
    What about certified pre-owner?

  2. #2
    Join Date
    May 2006
    Location
    NJ, USA
    Posts
    6,410
    I love certified pre owned. I drive one now. Got it with 25000 miles.

    It's still a relatively new car and it has depreciated a huge amount.

    Love my car.
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  3. #3
    Join Date
    Mar 2003
    Location
    Canada
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    8,875
    Buy a car that is a few years old from a reputable dealer. Only lease the car if you can write it off as a business expense. Of course if you have the money than buy new, because that new car smell is worth the extra $xxxx you'll pay. :]
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  4. #4
    Join Date
    May 2006
    Location
    San Francisco
    Posts
    7,199
    I'll buy new if I can write a check for the full price then and there - no financing. If not, I'll consider a lease if I really want the car or just find a cheaper car.
    Last edited by Orien; 02-06-2012 at 05:32 PM.

  5. #5
    Join Date
    Feb 2005
    Location
    Toronto, Canada
    Posts
    4,801
    A can is one of the worse investments you will ever make, once you drive that car off the dealers lot the value will decrease. So I would suggest a pre-owned, also you will want to choose a manufacturer that has a very good rep (Toyota, Honda etc.) that will help substantially when it comes time for resale.
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  6. #6
    Join Date
    Aug 2005
    Posts
    1,375
    Quote Originally Posted by ttsivan View Post
    Would you buy or lease a car?
    If you buy, new or used?
    What about certified pre-owner?
    If you plan on putting a lot of miles on your car, leasing isn't a good option. Leases are most viable for businesses who don't plan on letting their workers use it as their sole means of transportation. If you plan on riding this car every daily, taking the kids to Disney, etc., I would purchase a vehicle. It simply makes more sense. Certified pre-owned is a marketing term for "used." If I am going to buy a used car, I might as well go to a used car dealership.

  7. #7
    Join Date
    May 2006
    Location
    San Francisco
    Posts
    7,199
    Quote Originally Posted by Richard View Post
    If you plan on putting a lot of miles on your car, leasing isn't a good option. Leases are most viable for businesses who don't plan on letting their workers use it as their sole means of transportation. If you plan on riding this car every daily, taking the kids to Disney, etc., I would purchase a vehicle. It simply makes more sense. Certified pre-owned is a marketing term for "used." If I am going to buy a used car, I might as well go to a used car dealership.
    Isn't the average included miles on a lease about 10k/yr? I drive daily and still only rack up ~7k miles/yr.

  8. #8
    Join Date
    Oct 2011
    Location
    Miami, US
    Posts
    63
    A lot of people says it's better to buy used car. But, taking in consideration that I have to finance the car, new cars has really good offers like 1.9% APR.
    It's difficult to calculate what deal is better, a brand new $30,000 car at 1.9% APR or a 2009 20,000 miles used car $23,000 at 5% APR.
    What a dilemma

  9. #9
    Join Date
    Aug 2005
    Posts
    1,375
    Considering the cost of a new or rebuilt engine to keep your car going further if it blows up, used all day. Plus that extra money you save you can do something nice to the car, like upgrade the sound system, change the color, etc.

  10. #10
    Join Date
    Aug 2005
    Posts
    1,375
    Quote Originally Posted by Orien View Post
    Isn't the average included miles on a lease about 10k/yr? I drive daily and still only rack up ~7k miles/yr.
    It varies. I drive about 75-100 miles per day on average meeting with clients, road trips, and just getting out of the area for some fun. The word lease isn't in my vocabulary, plus I'd owe a fortune if I do "excessive wear" to the vehicle. Leasing is not owning; I like to own things.

    I invite anyone looking for further information on the discussion of leasing verses buying to check out Smartmoney's article on it. They also have a calculator: http://www.smartmoney.com/calculator...1302833645461/

  11. #11
    Join Date
    May 2006
    Location
    NJ, USA
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    6,410
    Quote Originally Posted by Orien View Post
    Isn't the average included miles on a lease about 10k/yr? I drive daily and still only rack up ~7k miles/yr.
    I drive daily and do 2.5 times that.
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  12. #12
    Join Date
    Sep 2007
    Location
    Albuquerque, NM
    Posts
    140
    I bought my car and have $1000 left on it, I am not going to try and buy another car for atleast 2 years from this point. Tired of $400 payments. heh
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  13. #13
    Join Date
    Feb 2010
    Location
    East Coast
    Posts
    404
    Quote Originally Posted by Orien View Post
    Isn't the average included miles on a lease about 10k/yr? I drive daily and still only rack up ~7k miles/yr.
    Wow you barely drive. Put 20k ish miles in 6 months ... Finance is best for me i guess ... get 0 percent financing.

  14. #14
    Join Date
    Apr 2009
    Posts
    6,385
    Quote Originally Posted by BassHost View Post
    Wow you barely drive. Put 20k ish miles in 6 months ... Finance is best for me i guess ... get 0 percent financing.
    @50mph avg that means you spent 8% of your last 6 months driving. LOL!

  15. #15
    Generally, leasing is considered to be a very bad investment move. However, if you see yourself wanting a new car in under 5 years (this is the general cutoff), a lease is ideal. Otherwise, gain some equity on your investment and buy the car (either new or CPO)

  16. #16
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,835
    Quote Originally Posted by Orien View Post
    I'll buy new if I can write a check for the full price then and there - no financing. If not, I'll consider a lease if I really want the car or just find a cheaper car.
    Out of curiosity, why a lease?

    -mike
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  17. #17
    Join Date
    Feb 2006
    Location
    Kepler 62f
    Posts
    13,920
    I'd never lease.
    I'd consider a rebuilt engine, if the price was right/smart.
    Then new.

    I don't want a used car any more than I want to eat a used sandwich. Not with how people drive cars these days.
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  18. #18
    Join Date
    Nov 2003
    Location
    Southern Cal
    Posts
    1,288
    I have been leasing for the last 9 years. I just like driving new cars. Don't really go over 12k miles/yr.

    I'm just paying for depreciation of the car. Can deduct the leasing cost when filing business taxes.
    Hycloud is a Journalist, CEO, teacher, scientist, mathematician, engineer, economist, web developer, graphics designer, computer programmer, system administrator

  19. #19
    Join Date
    Jul 2004
    Posts
    70
    preowned
    one or two years old
    best deal

  20. #20
    Join Date
    Oct 2002
    Location
    Under Your Skin
    Posts
    5,823
    I always buy new... never had luck with used cars for some reason.

    My car was purchased new in 2004... paid off in 2005... going strong. I'll drive it until the "wheels fall off". Then I will buy a new car in cash (money I'm saving now for a new car).

    I could see me doing a lease, if I needed to do so (busines or family reasons). I'm not against going into a lease... if it makes sense, do it. Heck, I would not recommend someone paying cash for a car if they knew they were going to get something else in three years.

    Buying in cash makes sense for me... I always try to get a previous year model or something... I always happen to grab deals on new cars.
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  21. #21
    Join Date
    Jan 2012
    Location
    South Carolina
    Posts
    105
    I bought my HHR new in 2008. The 100,000 mile power-train warranty is only good for the 1st owner and the used ones at the time were only $2000 less. I've all kinds of cars and thus far the HHR beats the crap out of all of them. I got burned on a lease years ago on millage overages. I had to keep the truck. I got lucky and it was totaled so I was lease free at that point.

  22. #22
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,835
    Quote Originally Posted by SCRAPPPY25 View Post
    I bought my HHR new in 2008. The 100,000 mile power-train warranty is only good for the 1st owner and the used ones at the time were only $2000 less. I've all kinds of cars and thus far the HHR beats the crap out of all of them. I got burned on a lease years ago on millage overages. I had to keep the truck. I got lucky and it was totaled so I was lease free at that point.
    Is the HHR similar to the SSR?

    -mike
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  23. #23
    Join Date
    May 2010
    Location
    Ohio
    Posts
    393
    I'd recommend paying cash for all vehicles, because you are never hooked to a contract and you don't know if tomorrow you'll have a bad day at work.
    I'll take a quarter pounder with fries and a coke, easy ice. Extra onions and pickles.

  24. #24
    Join Date
    Nov 2007
    Location
    Dallas, TX
    Posts
    8,835
    Quote Originally Posted by qwizie View Post
    I'd recommend paying cash for all vehicles, because you are never hooked to a contract and you don't know if tomorrow you'll have a bad day at work.
    I finance my vehicles at 1.99% APRs. It's hard to justify tying up cash to save 1.99% (in my opinion).

    -mike
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  25. #25
    Join Date
    Feb 2003
    Location
    Albany, New York
    Posts
    2,988
    I buy new on 4 year 3% usually.

    Buying a new vehicle and paying cash is such a bad idea...my own opinion.

    Leasing is not an option for me as I put on roughly 70-80 thousand miles a year.

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