Leasing vs financing - What's your preference?

[izstigspunks]

Thinking of getting a new car. Would you lease or finance? I was more into financing because, in the end, it's cheaper. But now more leaning towards leasing to free up some cash flow. It's tough growing up!

 

[Lucy-licious]

Not sure if leasing would work the same there as here but I lease and it's super good.
I have 1 payment a month, my car is maintained for me services, repairs etc...it's insured for both me and Chris and it's taxed for me too. I have a Mini Cooper S and had I bought it myself and taxed and insured it etc it would cost me £1,800 a year more
I love it too best car ever

 

[RescueMe]

I used to work in the car business. I prefer leasing and the only way you get penalized on the mileage is if 1) You stop leasing the car and go somewhere else to get another car or 2) If you stop leasing and dont purchase the car or get another lease. Does that make sense?

To better explain: Say you lease a car and at the end of 36 mos, you dont lease another car or purchase the lease one then you would have to pay for overages on your miles.

If you have any more questions, let me know.
I think Im gonna lease my next one.

 

[RescueMe]

And Im pretty sure you dont pay personal property taxes yearly on leases.

 

[Luvin My Bullie]

the mileage stuff is the reason I have never leased. we definately put lots of miles on a car. we would be poor payiing all the overages

 

[GatorRay]

We have one car we purchased and one we lease. I have to say that leasing is the way to go for us. By the time we pay a car that we bought off, we end up trading in for a new one! We pay MUCH less for the lease and at the end of the term, we can take it back and lease a new one. I have been trying to decide if we want to trade my (financed) car in for a lease since our payments would be about $300 a month less. You do have to carry some extra coverage for insurance, but we do that anyway. My husband's (leased) Honda Accord is only $200 a month. My (financed) Honda Odyssey is $600 a month.

 

[Libra926]

I leased a truck a few years ago with the intention of purchasing it after the lease was over. It cost us SO MUCH MORE. But, at the time it was what worked for us. Plus, if you lease...you are paying $$$$$ every month and you will never own it. Leasing it and turning it in to lease again?....How many years are you going to do that? If you choose to purchase and you get a good interest rate...you own the car free and clear after 5 or 6 years. Then, no more payments. But, if you lease.....you always have a great running new car. No hassles.

 

[Telly03]

I don't like having mileage restrictions, and even though your paying less per month with a lease, I like the idea of owning the car or trading it in for cash towards another car if I want something new

 

[JAKEISGREAT]

We put too many miles on our cars..this is Los Angeles after all...and we always keep them a couple years after they are paid off. We tried leasing once..while it works for most people..not us!

 

[LariP]

I leased once many many many years ago when it was a fairly new option. I got burned big time. My needs changed before the lease was up and when I wanted to trade up it cost me 2 grand because that's how much more I owed on the lease agreement than what the car was worth. NEVER again.

 

[cali~jenn]

We have always bought our cars because I LOVE the idea of paying it off and not having a payment for years. Although never having leased I dont know the upside to that to compare.

 

[GatorRay]

I guess the general consensus is to look at the contract and decide which is better for YOU. For us, we just traded cars in as soon as they were paid off so, what was the point of buying and paying more?? It is just better for us.

You may keep a car longer and so buying would be better for you.