Question about leasing vs buying a car
-
Yea, that's what the US News and World Report link shows too.
-
@ShiroKuro said in Question about leasing vs buying a car:
P.S thanks for the CR link, I'll take a look.
If anyone has the answer to my core question, please let me know.
If you lease a car (again, whether for 3 years or 6), what happens to the car at the end of the term? Do you have to give it back and get a new car? And you have zero equity in the car, right? So, assuming you still need a car, does that mean you'd have to get a new lease? With all the start up fees and another down payment??
I think that's covered in the CR article. There are a bunch of options.
-
1.9 for an Accord and 0.9 for Prologue. So must be car specific
-
I just read an article that sedans seem to be going the way of the dinosaur. Subaru is dropping the Legacy as of 2025. And I think Nissan is looking at what to do with the Altima.
-
From the CR article:
buyers must return the car at the end of the lease term.
And
a lease has lower monthly payments and lets you drive a vehicle that may be more expensive than you could afford to buy, but you get into a cycle in which you never stop paying for the vehicle.
That's about all I need to know. We're not going to lease.
-
I just read an article that sedans seem to be going the way of the dinosaur. Subaru is dropping the Legacy as of 2025. And I think Nissan is looking at what to do with the Altima.
I wonder why. Some people prefer them... Like my mother.
Mr SK OTOH wants an SUV, or I guess maybe the CRV is considered a sub SUV? I don't know.
-
@ShiroKuro said in Question about leasing vs buying a car:
I wonder why. Some people prefer them... Like my mother
I think that is the demographic that prefers them, and they're aging out.
We're small SUV people. The Outback works for us but I miss the extra cubic inches of space the Sienna minivan had. I just make do.
-
@ShiroKuro said in Question about leasing vs buying a car:
I guess maybe the CRV is considered a sub SUV? I don't know.
Yes, I think it's a compact SUV.
-
Compact, right! Gotta get my terminology down.
Re sedans... good point, I guess the SUV type is the most popular with younger generations.
What is a standard Prius considered to be? To me they're sort of like a cross between a sedan and a hatchback?
-
@ShiroKuro said in Question about leasing vs buying a car:
What is a standard Prius considered to be? To me they're sort of like a cross between a sedan and a hatchback?
I hadn't realized how much the body design had changed. I think they used to be more hatchbacky, but the redesigned Prius looks like a small sedan. The interior seems to be open to the back part of the car like a hatchback is rather than having a separate trunk. But from the outside it looks more like a sedan.
Car and Driver calls it a compact car and it's rated against the Honda Civic, VW Jetta, and Hyundai Elantra.
-
I have never actually leased but my impression is that leasing is good for people who want to have a newer, safer, under-factory-warranty car forever. They are willing to make a monthly payment forever in exchange for never having to worry about out of pocket repairs and being able to get something new every few years. You typically have the option to buy out the lease at the end of the lease period if you really like the car -- a lot of car leases have a buyout value listed. But you also need to make sure you stay under the limit for mileage and don't have any unusual wear and tear -- if the car comes back in worse condition than they are expecting at the end of the lease, you could end up having to pay them a lump sum when turning in the car to make up for the extra mileage or small dents or whatever the dealer decides is wrong.
All our cars for the past 20 years or so were purchased outright as recent model used -- mostly from the dealer as a preowned certified. But my current car we bought at CarShop and I was really pleasantly surprised by the experience there. They have loads of newer models, most of which they get from auctions of vehicles that were turned in at the end of leases. They are well taken care of (because again, leasing means you have to turn the car back in in good condition), they give you the carfax to verify service and accident history, and they had a great selection of vehicles including all makes and sizes/styles. Pricing is clearly listed and is no haggle but didn't really seem to be any higher than the dealers were offering AFTER haggling and Carshop offers their own warranty on top of whatever is left of the manufacturer's warranty. They were also not at all hard-sell with any of the extended warranties or whatever that you usually go through in a dealership finance office -- they offered an extended warranty, gave me the price, I said no, and they said cool and off we went with the rest of the paperwork. WAY fewer games than I've experienced at manufacturer dealerships. And Carshop gives you like a week to return the car if you buy it and realize you hate it. If you're going to buy, I'd recommend at least taking a look at the places like that - Carshop, Carvana, Carmax, etc. I was very pleased with the whole experience and wouldn't hesitate to use them again.
-
@Lisa said in Question about leasing vs buying a car:
You typically have the option to buy out the lease at the end of the lease period if you really like the car -- a lot of car leases have a buyout value listed
Interesting. I would probably be pretty cranky at having to pay a buyout after paying monthly for 3-6 years.
I hadn't heard of CarShop, or those other places, thanks for the tip!
Do they do after-car/maintenance?
Re haggling, when we were shopping for our Fit, after spending an hour or so at one dealership, I got fed up with the games and told the guy we would buy elsewhere. His jaw dropped. I think he was flabbergasted. Before walking out, I also made it a point to tell him we would be buying the exact model he had shown us, just somewhere else.
IOW, I hate those car dealer games too!
-
Besides the places @Lisa mentioned, you can also do all your buying via email. Find the car you want, price it out online and see what a reasonable price is. Ask the dealer for their best price. And tell them they only get one chance at it, that you're going to go with the best price you get. Avoid the annoying car salesmen on the floor. The guys who do the internet deals cut to the chase.
I think @jon-nyc has used this method...maybe he'll chime in...
When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier
-
Oooh, I like the online/email option!
-
You'd be disappointed if I didn't point you to a "how to" guide...
https://www.kbb.com/car-advice/how-to-buy-a-car-online/
...or two...
https://cars.usnews.com/cars-trucks/advice/how-to-buy-a-car-online
When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier
-
@wtg said in Question about leasing vs buying a car:
You'd be disappointed if I didn't point you to a "how to" guide...
Seriously though, thanks!
-
We have done this too (the email/online shopping), for the rare occasion where we purchased new (maybe 2 or 3 of our cars since we've been married). But even when you get to the bottom line price, I've found the finance office plays games with all sorts of stupid add-ons. You have to watch them like a hawk. And that goes for the certified used purchases we made (which are harder to shop between dealers because they're used, so not really comparable between dealers.)
Carshop was the first car buying experience ever, of my entire life, where I didn't feel like the paperwork process was one long pickpocketing session where I had to keep my guard up the whole time repeatedly saying no to all the shady stuff they were trying to pull. I just signed the paperwork, paid the price they originally said I would pay, and left in my new-to-me car -- it took like 15 minutes. So refreshing!
-
Oh SK I didn't answer your question. Yes Carshop (at least the one I used) has a garage where they do their own maintenance. One of the cars I was looking at had a chip in the windshield and they were going to replace it for me if I bought that one. And I ended up negotiating a brake fluid flush and change on the car I bought because it was overdue for one according to the carfax and manufacturer service schedule. I could take it back there if anything went wrong under their warranty period or I could take it to the dealer since it still has a few months of dealer warranty as well. And they do regular maintenance stuff too, but we already have a regular mechanic so I won't be taking it to carshop for any of that. But it's available if I needed it.
-
Who leases a car instead of buying one? There are pros and cons for car buying versus leasing. Check “Consumers Reports”. CR is a good reference for autos. I personally don’t have any car leasership experience.
But I do know of one group of people who would rather lease than buy. They’re owners of business properties. One of my coworkers owns a couple of gas stations. By leasing, he says he gets certain income tax deductions by using the leased car in the course of checking on his gas stations.
-
We just sold our 2006 Honda CRV with 200k miles on it. The reason we sold it is because I found the seats to be absolutely crippling. That became my #1 criteria in car shopping--the comfort and support of the seats. Which meant we needed to get one of the top trim levels, that have many different seat adjustments. I have found that both Toyota and Chevy have the best seats for support, adjustability, and comfort. We got a used 2018 Toyota 4Runner off the lot of our local Subaru dealer. We had our mechanic do a pre-buy inspection and he raved about this particular model--extremely reliable. We love it, and every time I get in and sit down my back sighs with happiness.
As for dealing with car salesmen and dealers. I was going to buy online and have delivered or fly to the dealership that had what I wanted.. But it turns out we are very lucky, and the closest car dealership to us--the Subaru dealer--gives the best prices of anywhere, and doesn't play any of those stupid high pressure games. Everything was quite low pressure and fair, and they have a terrific service shop. Apparently people fly in from all over to buy from them, and it doesn't hurt that there is no sales tax in Montana.
We also bought a brand new Forester from them a month later, and paid cash, as we also did for the 4Runner. The Forester's seats are much more comfy than the CRV's, but not quite as comfortable as the 4Runner's or my Chevy truck's. But it gets great gas mileage and will make an excellent road trip car.
The CRV has good years and bad years for reliability. I would scrutinize the Consumer Reports car buying guides carefully before making a decision. I have found them to always be spot on, for as long as I've been buying cars (bought my first one in 1977). If you want an SUV and you can find a good used one, you can't go wrong with the 4Runner.
fear is the thief of dreams
