Leasing versus purchasing a car

[Bonami]

Thoughts on leasing versus purchasing a car. What are the pros and cons of leasing versus purchasing? When you lease a car, do you have to do the require maintenance yourself or do the dealer automatically does it for you as part of the lease like apartment rental? What are the best terms for leasing a car? If you have the money to buy a car, would you choose to lease instead? Can you get out of the lease if you do not like the car after driving it? Do you still have to purchase car insurance yourself or maybe the dealer is still responsible for it since the dealer is leasing it and you need to pay the dealer?

[gaylasue]

The only advantage I have ever seen about leasing a car is if you don't keep one very long or else you put a lot of miles on it in a short time.  In KY, you are still required to pay the annual property taxes on a leased vehicle, buy annual tags as well as provide the insurance on it.

[stretch1967]

I'm beginning to think leasing is better. My car needs work done on it and my old man wont fix it. I have borrowed money to fix and have other people do it. My brother has pulmonary hypertension and he leases his cars. He said its cheaper. He cant fix them himself. That's the way I am going to start going.

[sfreeman8]

I think buying is better. With leasing, you're responsible for tags, insurance, keeping it in good condition (repairs, etc.) and almost showroom condition, and you can only put so many miles on it every year. Plus at the end of the lease, if you want to keep the car, you need to pay a few thousand $$ more.  In other words, you have to take care of a leased car better than a bought car. Don't have bad tirse on it...you'd be penalized. Tires needed to be almost brand new.

The only pro I see to leasing is you can have a new car every couple years. I bought a new car back in 1985, a Horizon. I had the extra warranty on it but it was a lemon. It was in the garage more than it was out.....yet the warranty only covered a PTC valve, a $10 part. It was totaled when it decided to kiss a 76 New Yorker (remember those boats). 

Now we only buy cars that have less than 100K on them and we really don't care what year it is. We've even bought cars from auctions. That was back in the days when you could bid on a car and get one for around $500. LOL We also always pay cash for the cars so.....  Right now we're driving a '98 Buick LeSabre Custom that had 95K on it. It gets 30 mph and we've had it for 10 years.

[bshee58]

I lease mine or is it the same as having a dealer having it still and you making monthly payments on it.

[Skyisbluetoday]

Leasing and buying are too separate deals, if you lease you can only drive so many miles and the body damage might cost. As to buying you can drive as many miles as you like and don't have to worry to much with the damage to the car!

[judylucas]

I leased my last car and am very pleased with it and plan to lease my next when lease is up in April

[ktheodos]

I have heard that leasing is not as good, but don't know from experience...I think the reason might be that you have so much less freedom with what you can do with the car....if you don't drive a ton though it might be worth it though...idk

[ktheodos]

I have heard that leasing is not as good, but don't know from experience...I think the reason might be that you have so much less freedom with what you can do with the car....if you don't drive a ton though it might be worth it though...idk

[Gerianne]

I have heard people say that there are so many benefits to leasing a car.
And these days, there are so many other options.

[yikes77]

I'm curious to find out as well.  Currently the car I drive is not my own, it was my dad's but I do intend on selling it by year's end to get a new one.

[kathleenkleinhans]

If you run your own business or work as a sub contractor, realtor, etc, yo should lease as it is tax deductible.  You are still responsible for maintenance.

[sak4kat]

My ex-husband and I leased a car once.  It was the car I used most of the time... so for a stay home Mom it was the way to go for dependability, not a lot of millage put on it and wear and tear was minimal. We leased for 3 years.  Enjoyed it so much we intended on leasing again.  When we showed up at the dealer to drop off the leased vehicle we though we would be driving home in another leased vehicle.  The salesman took the key... walked away and never came back to help us. We left the lot and went across the street just to see what they had.  We were so confused.  We went back to the original dealer and explained we just dropped off a leased vehicle and needed a replacement.  The salesmen said okay go ahead... we were dumbfounded on not knowing what to do next.  So we left.... went to another car lot.  Bought another car with a 5 year loan. We later received a bill around $800-$1000 for the leased car... for wear and tear... although there was no description of the wear and tear.  I guess it all depends on your purpose.  I'd lease again - In Illinois we are required to pay taxes and plate/sticker fee's.  Maintenance ie: oil changes etc... also our responsibility.  In the end even with the fee it was a better deal for us at the time.  We opted to buy rather than lease because our family was growing.

[ccandpam]

I always buy my vehicles. I have never leased one. I think that leasing is a waste of money.

[cfsdaniels]

It all depends on your planned use of the car and if you are always in the market to get the newest and the best.  Otherwise, you're better off buying.