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Thread: Vehicle: Lease or Finance
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05-26-2004, 08:33 PM #1Evenly Divided
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Vehicle: Lease or Finance
Hey guys.
Me and the girlfriend are purchasing a car tomorrow and our minds were set on financing, but after speaking with dealers, friends and some family members, we've been told that if we're going to put less then 20,000km on the car per year, we're best to lease.
I'll be honest when I say that I know almost nothing about vehicles... I've done as much research as possible regarding buying a new car, but still feel lost.
What are thoughts of everyone else?
Jeff
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05-26-2004, 08:35 PM #2Web Hosting Master
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How long do you plan to keep it? When do you want to get your next car?
If you plan on getting a new car in around 3 years, leasing may be better. If you want to keep the car for a longer time you may want to finance(buy).
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05-26-2004, 08:36 PM #3Web Hosting Master
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Depending on the specifics, in the end, leasing usually will cost a considerable amount more than if, for example, you got a loan from the bank.
You really should research first and find the hard numbers, because once you're in there they'll tell you anything to make the sale.
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05-26-2004, 08:47 PM #4Evenly Divided
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Actually the salesman is a extremely good friend of mine whom I've known for about 2 years which is why I'm quite comfortable with him.
I'm lost at the moment. I'm guessing that in 3-4 years, we will want a new car, but who knows. It's a tough decision.
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05-26-2004, 08:54 PM #5Web Hosting Master
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finance as long as you get a general motors car, if you really really want a ford i didnt say anything but id never buy one so
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05-26-2004, 08:57 PM #6Web Hosting Master
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Never buy/lease General Mistake Cars
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05-26-2004, 09:12 PM #7Evenly Divided
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Mommy and Daddy work for GM so we kind of have to go that route.
I think I'm back on my finance high again Thing I like about the finance is we can either keep it when we're done or get a trade in value of about $4-5k for it if we decide to by new in 3-4 years.
Jeff
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05-26-2004, 10:37 PM #8Web Hosting Master
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buy it :$
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05-26-2004, 10:42 PM #9Web Hosting Master
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Buying equals the best route. Leasing Equals amount of depreciation over a given amount of time + interest, and Financing is just the interest over the whole car until paid off. Personally, I would never buy anything brand new unless it holds its value very well. (NO GM CARS HOLD VALUE VERY WELL) over the next 3-4 years, the care will be worth half of what the original sticker price is. Go for a car that is 3-4 years, with low miles, It is a better deal every single time. The only time you should ever buy a new car is if you plan on driving it for an extended period of time. (8-10 years)
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05-26-2004, 11:12 PM #10Web Hosting Master
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Best bet is to buy a used car coming off lease. You can get good, well-cared for cars and let the original leaser eat the depreciation.
Laura K.
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05-26-2004, 11:18 PM #11WHT Addict
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dude...it'll cost you more money short term but buy the car.
leasing can be a very bad thing if you don't manage it properly.
the fees they sock you with when you walk away from the vehicle can be brutal.
my sister got hit with $3500 in fees for mileage, "damage," and other incidental stuff. my girl-friend got hit with a damage fee for paint that was peeling but covered under warranty.
and i leased my last pickup and i'll tell you...they tried to lowball me on the trade and then tried to jack up the cost of the new truck i was purchasing because i wouldn't lease another one."If you come to a fork in the road...take it"
Yogi Berra
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05-27-2004, 12:08 AM #12Web Hosting Master
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My aunt has been leasing cars since 1993 and she loves it.
If it breaks down she gets a new one. After the lease time she gets a new one.
Just depends on your financial situation.
Yes in the end you would be paying a lot more in leasing fees if you lease cars instead of purchasing them, but in the case of my aunt that is all she can afford to do right now.
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05-27-2004, 12:10 AM #13Web Hosting Master
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My aunt has been leasing cars sine 1993 and she loves it.
If it breaks down she gets a new one. After the lease time she gets a new one.
Just depends on your financial situation.
Yes in the end you would be paying a lot more in leasing fees if you lease cars instead of purchasing them, but in the caser of my aunt that is all she can afford to do.
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05-27-2004, 12:10 AM #14Web Hosting Master
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My aunt has been leasing cars since 1993 and she loves it.
If it breaks down she gets a new one. After the lease time she gets a new one.
Just depends on your financial situation.
Yes in the end you would be paying a lot more in leasing fees if you lease cars instead of purchasing them, but in the caser of my aunt that is all she can afford to do.
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05-27-2004, 02:25 AM #15Evenly Divided
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Thanks for everyones advice.