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Lease a car?

Old 07-26-21, 01:22 PM
  #1  
Juan Foote
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Lease a car?

Would you, or do you lease a vehicle?

Why or why not?

Aside from one vehicle I have owned I have outright purchased used, and purchased one new vehicle. I have never leased.
I am having a hard time coming to a choice on a vehicle that stands out to me as a quality enough build and reliable enough that I want to tie myself to it for the next long period of time. I haven't purchased anything of the age I would like, used, and within a reasonable budget that I trust those same qualities enough to own outright.
My last new car purchase was a Chevy Camaro. It had some pretty significant quality control issues right from the start. It was never going to be a daily driver and most of what we experienced in that arena were likely par for the course.
I currently have a Nissan Titan that, in spite of getting older, I really like. It fits everything we wish to use it for aside from cheap transportation.

We have been thinking really strongly on getting an electric vehicle. We use Prius for the techs at work and have come to find that right up to the point they get high miles or older than about 6yo they actually seem to be somewhat decent. There are some ridiculous pricing on minor repairs (change a headlight anyone?) and as they get older approach albatross.
I WILL NOT deal with Tesla's ********.

Supposedly we are looking at an elimination of ICE vehicles soon enough anyway. Strongly considering the lease route for something to ride around in and go with something new every couple of years....
How about y'all?

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Old 07-26-21, 01:41 PM
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Nah, I like driving them into the ground, towing, adding my own stuff, going to foreign countries... all things that are frowned upon by leasing.

Those folks that want a new car each year, or expect a car to be part of their "image" or are writing off a car... they tend to want to lease.
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Old 07-26-21, 02:23 PM
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Originally Posted by genec View Post
Those folks that want a new car each year, or expect a car to be part of their "image" or are writing off a car... they tend to want to lease.
Yeah, and I like buying used lease returns for cheap. Couple years old with high mileage is a good match for my vehicle needs.
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Old 07-26-21, 02:54 PM
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Originally Posted by genec View Post
Nah, I like driving them into the ground, towing, adding my own stuff, going to foreign countries... all things that are frowned upon by leasing.

Those folks that want a new car each year, or expect a car to be part of their "image" or are writing off a car... they tend to want to lease.

Nah, not worried about my "image" so far as a new car. Thinking about a set cost of operation over the course of initial period that I suspect an electric car will be good for, at least currently.
Never have thought a lot about keeping up with the Joneses.

I will say though, that I pay attention to the costs incurred on the business based on those Prius we own. Pretty much any car I have purchased, at least in later years, has been a couple of years older. I select from the "top of the line" makes for the specific badge, I consider the reliability of that generation, and never buy the first year of a new generation. I like to wait two where possible. As an aside I typically try to avoid those last year of a generation refreshes where they tack on a bunch of crap in an attempt to sell them.
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Old 07-26-21, 03:37 PM
  #5  
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The car leasing companies are designed to make money off of you.

Go pay CASH for your vehicle, and don't worry about it. Sell it when you are ready.
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Old 07-26-21, 03:45 PM
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Nope. I understand why some lease cars but I would never do so. In my case, I:

- can't write it off as a business expense

- never want to have a car payment

- don't want to obsess over every little nick and ding because someone else owns it and will charge me for them

- don't want to be limited in how many miles I can drive

- prefer older cars anyway, and I keep them until they're worn out and ugly and I can justify buying one a few years newer.
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Old 07-26-21, 03:53 PM
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With the price of used cars and free money, it might make sense to lease but I do not like someone else owning my stuff.
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Old 07-26-21, 03:59 PM
  #8  
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It may be worth thinking about a lease for an electric vehicle. Batteries degrade over time. Having a fresh battery every 3 years negates that issue.

Hyundai had a great lease deal on the Kona electric awhile ago. I believe it was $199 a month for 3 years with the choice to buy after the lease was up. I believe I did the math and the total expenditures made it actually cheaper to buy the car after leasing it for the 3 years than paying full price up front.

Typically a lease is not a good deal for the consumer, but I know of some people who like having a new car every 3 years.

If you're okay keeping a car for a long time, owning is typically financially beneficial. My truck is 20 years old and my car is 7 years old. I've been debt free since 2019. I haven't had a car payment I 2006. It's very nice not having outstanding loans.

The best way to go financially is to buy a newer used car in excellent condition. IMO
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Old 07-26-21, 04:08 PM
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I run my vehicles into the ground. FRIKIN waste of money my 2016 RAM has stuff on there I never use. I use maybe 10% of the technology that is tuning into Ozzy’s Boneyard on SiriusXM. Not going to talk into the steering wheel and look like a crazy person lol. The digital sensors are handy for range and gas mileage and the tire air pressure is good to have. I’m glad my truck doesn’t talk to me. I know I don’t have on my seatbelt I’m just going to the FRIKIN dumpster! I do however like the programmable buttons for gate openers. Cars Trucks too expensive, status symbol? Maybe if you paid cash in full. Too many Jackwagons around here buying something they can’t afford on a 72 month note now that is crazy. 6 years! Believe me it ain’t new after 6 months the new feeling is gone now it’s just another car.
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Old 07-26-21, 04:21 PM
  #10  
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Originally Posted by Squeeze View Post
Nope. I understand why some lease cars but I would never do so. In my case, I:
- can't write it off as a business expense
- never want to have a car payment
- don't want to obsess over every little nick and ding because someone else owns it and will charge me for them
- don't want to be limited in how many miles I can drive
- prefer older cars anyway, and I keep them until they're worn out and ugly and I can justify buying one a few years newer.
Also don't need comp and collision on a car you own - calculated risk you can determine from your traffic history, but I've saved a lot of money not having it and keeping enough funds in the bank for a new car when I need one.

My truck is a 2004 and I just paid $2k for valve cover gaskets and a new starter so I expect it to last another couple years at least.

Last edited by DiabloScott; 07-26-21 at 04:48 PM.
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Old 07-26-21, 04:51 PM
  #11  
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When I bought my truck 12 years ago I thought the next one I bought would be electric. The offerings have not progressed as quickly as I might have expected. Ford is introducing an electric pick up but it's a bit pricey. I think prices should decline in a few years. So I'll keep driving the old truck for a while longer. No problems with it, so why not?

Leasing doesn't generally make economic sense unless you would otherwise buy new in the same time frame as a lease. The it's generally close and swings one way or the other depending on the terms of the lease and the terms of the loan. It's usually fairly easy to figure out which is preferable with a few calculations.

I used to buy a new truck every four years. But I drive a Ranger and they stopped making them. So I've been driving this one for 12 years and I now wonder why the heck I replaced the earlier ones so quickly. From an economic standpoint, relatively high mileage used cars may be your best bet. Modern cars last a lot longer those in the 70s. Cars with 100K on them usually have a lot of life left. At least that's been my experience in the last couple of decades. But if we are reaching the end of the ICE, cars should last even longer. Electric engines should be good for 500K without any major issues.
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Old 07-26-21, 05:10 PM
  #12  
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I buy my autos outright for cash. I am currently driving a '95 half ton truck that cost $850. Replaced battery at the bone yard for $24 and it ran just fine. One year later at 210,000 miles bought a new GM engine that cost $1875 and $1000 to put it in. Now at 235k miles and engine is still under warranty. I still don't have $5K in it and it does what it is supposed to do. Why think about changing? Smiles, MH
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Old 07-26-21, 05:38 PM
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Originally Posted by Mad Honk View Post
I buy my autos outright for cash. I am currently driving a '95 half ton truck that cost $850. Replaced battery at the bone yard for $24 and it ran just fine. One year later at 210,000 miles bought a new GM engine that cost $1875 and $1000 to put it in. Now at 235k miles and engine is still under warranty. I still don't have $5K in it and it does what it is supposed to do. Why think about changing? Smiles, MH
I have several vehicles and always something like yours. 240,000 mile truck and rarely anything goes wrong. I just had to fix the A/C. The exhaust cat back needed replaced after 18 years, I have a parasitic drain that I cannot find, yet. If I don't use it for 10 days, the battery goes dead. I can switch off the battery. I forget don't realize it had been so long since I drove it. My insurance is only $400 a year.....that is sweet
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Old 07-26-21, 07:05 PM
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I usually buy my cars for cash and drive them until the wheels fall off. However, if I needed a new vehicle right now I'd lease it. Dealerships are bloating car prices to ridiculously high levels during the current shortage, which makes buying a no-go for me. By leasing for a short term, you can pay for only the depreciating value of the car that you use (12,000 miles/year or whatever) and that's based on MSRP (leasing companies won't fund jacked-up prices). IF you can find a two year lease on a reliable car that doesn't depreciate as quickly as others (Honda, Toyota, or other) that should get you through this COVID-induced vehicle shortage, then you can buy at a reasonable price since the auto sales market should be back to its normal sleazy self by then. I do have a 2006 Tacoma with 180,000 miles I'd love to trade in, but not at today's insane prices.

FWIW: I sold cars (Chevrolets) back in the early 2000's when the job market was slow.
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Old 07-27-21, 08:51 AM
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Originally Posted by DiabloScott View Post
Also don't need comp and collision on a car you own - calculated risk you can determine from your traffic history, but I've saved a lot of money not having it and keeping enough funds in the bank for a new car when I need one.
Yes, basically keep a tally in my head based against the cost of insurance at full coverage to replacement. Once the value of the vehicle's replacement is a close enough ratio to insurance I consider whether I need full coverage.

I continue to keep full coverage on my Titan for a variety of reasons. Some of which include windshield replacement. IDK what it is about this particular truck and windshields...
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Old 07-27-21, 08:55 AM
  #16  
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Originally Posted by skidder View Post
FWIW: I sold cars (Chevrolets) back in the early 2000's when the job market was slow.
The last new car we purchased was a Chevy Camaro. Bought it outright, it was loaded with every option that you could get aside from the sunroof and the halo lights. We had intended to keep it forever, to live in the garage that we specifically considered when buying our home.
Anyway...there ended up being a shopping list of various things wrong with the car. The factory didn't install the roof seal under the trim so it was flooded above the seat motors in the first month we owned it. There were (obviously) various electrical gremlins both related and not to that incident. Really just the tip of the iceberg in the overall scheme.
Long story short, I don't see owning another Chevy...
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Old 07-27-21, 09:15 AM
  #17  
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Maybe if I was looking at a car with extreme 'drop off a cliff' depreciation like a BM or Merc or Jag I would consider leasing. As above, I like the freedom of ownership that allows me to beat the crap out of a car, modify it, or tow overweight loads, etc.
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Old 07-27-21, 10:17 AM
  #18  
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Ghost Rider,
I had one of those mystery voltage drains about a month ago. Turns out it was a light in the glove box. (Why a glove box light in a truck is beyond me!) I found that the light was actuated by the glove box door and as it got older and weaker it was failing to turn the light off. The fix was to pull the light assembly from the underside of the dash and then disconnect it from the wiring harness. It now rides around in the empty glove box by itself. Smiles, MH
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Old 07-27-21, 10:32 AM
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Originally Posted by DiabloScott View Post
Yeah, and I like buying used lease returns for cheap. Couple years old with high mileage is a good match for my vehicle needs.

Nothing wrong with that... I've never owned a new car... they all came with lots of miles on them. I understand new cars lose nearly 20% of their value the moment they leave the lot... that's a lot of bucks for "new car smell."

Now my wife, on the other hand, has owned two new cars... Her first, and the one she currently drives.
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Old 07-27-21, 10:34 AM
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Originally Posted by Mad Honk View Post
Ghost Rider,
I had one of those mystery voltage drains about a month ago. Turns out it was a light in the glove box. (Why a glove box light in a truck is beyond me!) I found that the light was actuated by the glove box door and as it got older and weaker it was failing to turn the light off. The fix was to pull the light assembly from the underside of the dash and then disconnect it from the wiring harness. It now rides around in the empty glove box by itself. Smiles, MH
My old truck turns on the "bed light" by itself... I cannot seem to figure that one out... Of course the solution is to pull the bulb. I just disconnect the battery, as I use the truck so infrequently. (haul loads to the recycle place and to haul my travel trailer)
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Old 07-27-21, 10:54 AM
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In desperation I leased my first vehicle two years ago. In my case I am glad cause although the car is nice Its a real Dog for pickup. I know I am going to take a hit no matter what but its OK in my book for now. I just want to turn it in, and pay what ever I need to get rid of it. Then will comes the hard part... What vehicle next?

How about a 1971 ford Pinto with the big four cylinder long stroke engine and an after burner on its ready to go gas tank? or A Covair with a Six cylinder Turbo Charged engine and an ejection seat wired to the steering column. Or the Texas Holy grail... 1960 Chevy Pick up with a straight 6 and A/C...

Nope... Don't think I'll lease again but this past time I am glad I did.

For my next vehicle I am looking for a small SUV with a 6 cylinder, 4WD, minimal electronics. To bad they don't make the 2008 Rav4 anymore...
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Old 07-27-21, 11:53 AM
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I would not lease because I only buy vehicles I'll want keep for a long time. My 2005 ZR2 Blazer was bought new with supplier discount because GM is a client of my company. 16 and a half years later it's still rolling strong and looks near new. There is nothing newer available in a 2 door so I'll continue to keep it.

Our 2015 Mercedes C-350 coupe was still new but sold as "Certified Preowned" in 2016 because it sat on the lot too long. 20% discount off sticker plus an extra year warranty! We'll likely keep this forever too, like most of our previous cars.

Both vehicles were the last year of their models. Neither have any extra add on's that previous models did not have. (I have not heard of this being a thing) What I like about final years is besides all the kinks having been worked out, if you take care of them like I do they look like clean antiques 15-20 years later because all the older ones are gone!
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Old 07-27-21, 12:16 PM
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Real estate people lease fancy cars for work only. To impress the clients I guess but paid for by the company and they only drive them locally. I guess you don’t want to show real estate in a Yugo.
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Old 07-27-21, 12:28 PM
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Originally Posted by Mad Honk View Post
(Why a glove box light in a truck is beyond me!)
Preach on, brother!
My first two cars were air-cooled VW Beetles. They helped make me into the luddite I am today!
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Old 07-27-21, 12:34 PM
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Originally Posted by Squeeze View Post
Preach on, brother!
My first two cars were air-cooled VW Beetles. They helped make me into the luddite I am today!
My wife had one of those... her first new car... '78. I took care of it later in life (after we met). Learned to change that oil and adjust those valves, and the points, every 3K miles... like clockwork. You could always tell when someone did not do that on their aircooled VWs... they sounded terrible. Regular oil changes and valve tweaking kept those babies alive.
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