Buy vs. lease - which did you choose?

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Thread: Buy vs. lease - which did you choose?

  1. #1

    Join Date: Sep 2008
    Location: London ONT
    ME: PRS Custom 22
    Rig: JCM800

    iTrader: 1 (100%)

    Buy vs. lease - which did you choose?

    Not quite the time for a new vehicle, but I've had the dealerships strongly advise leasing over actually purchasing a car.

    at a glance:

    - option to buy out, finish term or trade up
    - extra coverage in case of accident
    - fee per km over annual mileage
    - damage fees
    - lower monthly rate

    - no fees for damage or mileage
    - higher monthly rate
    - you own it, can sell at discretion

    I'm sure there's more to both sides, but I'm not fully awake yet.

    In the nearly 3 years I've had my car, I have put around 55K on the odometer. The lower monthly rate of leasing appeals to me as I'm trying to be cost effective while making use of the low interest rates available.

    I'm curious to know what route people took on their last vehicle, and why.

    Sparrows (Space Punk, LOUD):

  2. #2

    Join Date: Jan 2009
    Location: London, Ontario, Canada
    ME: WarmothTele/SE245
    MA: Seagull S12+
    MB: Fender Jazz Bass V
    Rig: Egnater Renegade 65

    iTrader: 2 (100%)

    Wirelessly posted ()

    Ask Darryl (Terrorhorse) how much he regrets leasing I don't know if he still does, but back in the days of the old band he did.

  3. #3

    Join Date: Sep 2008
    Location: Sheffield, UK

    iTrader: 3 (100%)

    I don't know if it's the same as in the UK, but over here, cars cannot be sold with outstanding finance on them. So if you can't afford it any longer and need to sell, you're knackered. If you've bought it outright, and need the cash back, sell it, and you're done.

  4. #4

    Join Date: Feb 2009
    Location: Fort Collins, CO
    ME: RG3570z
    MA: Breedlove Pursuit Concert
    Rig: Mesa/Boogie Mark Five:25

    iTrader: 4 (100%)

    I've always bought. I don't want mileage limitations (and if you drive 55k in 3 years you probably will end up going over the mileage limitation), I want to build equity, I want to be able to swap out my stereo, get the tires i want, etc....

    Last time I was looking for a car I thought a bit about leasing as well. Did a ton of reading up on the pros and cons and decided that leasing wasn't for me. Articles like this one were helpful in spelling out the big differences.

  5. #5

    Join Date: Sep 2008
    Location: Soviet Canuckistan
    ME: Decibel Javelin
    MA: Ibanez AJ307CE
    MB: Fretless Precision mutt
    Rig: Mesa F-30

    iTrader: 3 (100%)

    Leasing is only really good if you don't put on a lot of miles, and like the idea of being in a new car every 3 years or so (and can afford to constantly be making car payments). OR if you have a business, and use the car for business purposes and can write off the cost of the lease.

    Many of the car companies weren't even offering leases for a couple of years, since leasing is what led many of them to bankruptcy or near-bankruptcy. The dealerships may be getting incentives from the companies' financing arm to get leasing jump-started again. Dealerships also like leases because it gives them good off-lease vehicles to sell used in a couple of years, and potential ongoing repeat business.

    Definitely educate yourself before jumping into a lease situation to make sure it's the right fit for you.

  6. #6

    Join Date: Jan 2010
    Location: Damn near the north pole
    ME: EBMM JP7
    MB: Ibanez SDGR 705
    Rig: Axe Fx II

    iTrader: 1 (100%)

    And when you lease and want to trade up, the dealer goes over the car with a fine toothed comb to find anything remotely like excessive wear and make you pay buckets for it.

    Don't worry about people talking behind your back, it just means you're one step ahead and they're in perfect position to kiss your ass!

  7. #7

    Join Date: Sep 2009
    Location: Northern California
    ME: Thorn,KxK,Suhr,etc
    Rig: Axe-FX II

    iTrader: 2 (100%)

    Darren is wise.

    I will add that leases are significantly more complicated than a normal purchase, so its MUCH easier for the dealership to fuck you financially.

    A word of advice, don't focus on monthly payment when buying a car, focus on total price (purchase price + financing cost)

  8. #8

    Join Date: Sep 2008
    Location: Woodbridge, VA
    ME: KxK ProtoVii-7
    MA: Martin D-28
    Rig: Mesa/Boobies Stiletto

    iTrader: 2 (100%)

    Quote Originally Posted by elq View Post
    A word of advice, don't focus on monthly payment when buying a car, focus on total price (purchase price + financing cost)
    So much this. Sales staff always want to ask you what sort of payment you can afford, which is their way of taking your mind off the final price. You should already know what you want to pay for the car before you even walk in the door.
    Division: American Metal without the suck.

    So live for today,
    Tomorrow never comes.
    Die young, die young,
    Can't you see the writing in the air?
    Die young, gonna die young,
    Someone stopped the fair.

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