To Buy Or Lease... Your Car?!?
I have recently decided to get a new car because my old one is going down hill pretty quickly...
NOW -
What do you people to when you go to get a new/used car? Do you lease? Do you purchase new? Do you purchase certified pre-owned? Or do you purchase from a private source??
Just wondering what all you people out there are doing about purchasing this liability!
[addsig]
I just bought a certified pre-owned camry, great car, XLE V6 all the options, black, aluminum alloy 16" rims....oooooohhh....auuuuuuhhhh....
All the luxury without the Lexus name
I buy and hold. Leasing isn't worth it unless your the type to trade in your car every two years.
As mentioned previously, I would not lease a new car unless you plan on trading the leased car in every couple of years. Also, many leases restrict the number of miles you drive and will charge you if you exceed your allotment.
If you are looking for the best bang for the buck I would consider buying pre-owned. This can be a great deal and money saver. In 98 I bought a 98 volvo with only 6,000 miles on it. The car had been used only 6mo and the previous owner was being transfered out of state. I was able to knock 10,000 off the original price for a car that was only 6mo old and basical still new. I have had the car every since and it has never given me any problems.
My father has bought used cars from individuals before; however, he really knows cars and what to look for. You can get some great deals but you just need to be careful.
Happy hunting
I always purchase pre-owned, always certified, never more than 3 years old, and always from a dealership (the same one, actually, for each of my and my husband's 5 cars in the past 5 years.) I do it this way because I get a good deal on the car I want and can afford to do so every couple of years as I desire a new car.
I lease. I have no kids and I don't drive very many miles. I only put 500-1k down. That is the ONLY way I would suggest a lease. Several friends ended up in trouble by going WAY over on their miles.
I like the lease for me. In 3 years if I want to walk away, don't like the car, my lifestyle changes and I need something different... you can turn it in and you are not upside down!!! You start fresh. And a decreased monthly payment. The last car I bought, when I went to get a new one, they wanted to add 5k to my purchase price to pay off what I still owed on the old one. I then couldn't get what I wanted because I couldn't afford a car in that price range.
It all depends on what you need for you.
Hey,
Cars...my second favorite topic.
In life you have to make a choice between buying "bells and whistles" and what you can afford. If you are lucky they are one and the same, but most of the time they are not.
When you get right down to it, people lease cars for one, and only one, reason...they want something they can not afford. You can make all the justifications you want, but it boils down to that one reason. Therefore if you are concerned about your financial future, YOU SHOULD NEVER LEASE A CAR.
If you need a "new" car (one that is new to you), you should buy a two year old used car from a private person. The adage that you get better cars from a dealership is a bunch of nonsense. You will get more expensive cars, and pay sales tax, but you will not get better cars. As long as you have time to look around, the private market has tons of low mileage cars.
Lastly (and you are not going to believe this piece of advice), the car you really can afford, is the one you can pay CASH for. I know, I know...the idea of buying a new 12 year old Honda is not very exciting, but your bank account will really thank you. Because of the money you saved, after a few years you can upgrade to a 7 year old Honda and then a 2 year old Honda.
If you are REALLY concerned about being finanical free, follow this advice.
Hello,
Here's another twist for ya... You can write-off 100% of your lease if you use the vehicle for business.
Most leases require 2 to 4k down. That's typically a down payment.
Hey, you're on the www.thecreativeinvestor.com... Use your creativity.
I drive a 2002 Ranger 520VX (a bass boat). Know how I got it? Owner financing.
Our real estate principles also apply to cars, campers... well, anything!
Thanks,
OTW
Quote:
On 2004-07-14 14:13, OnTheWater wrote:
Hello,
Here's another twist for ya... You can write-off 100% of your lease if you use the vehicle for business.
Most leases require 2 to 4k down. That's typically a down payment.
Hey, you're on the http://www.thecreativeinvestor.com... Use your creativity.
I drive a 2002 Ranger 520VX (a bass boat). Know how I got it? Owner financing.
Our real estate principles also apply to cars, campers... well, anything!
Thanks,
OTW
You can write off 100% aquisition costs of a brand new vehicle if its for business use, too!
And there is no depreciation available when you lease a car, right?
I like the way you purcahsed the boat!!! And a bass boat is a good choice!!
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