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06-06-2008 at 9:52 AM
Meg2005
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Joined on 03-12-2004
Houston
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Meg2005 is not online. Last active: 05-17-2009, 9:20 PMNewbie

Car leasing versus buying... any help

So DH's car is 8 years old and has over 100K miles on it. It keeps having "little" problems and he keeps paying to have the "little" problems fixed... this is starting to add up and I just don't feel like the car is safe any more for us to be riding around in.

So here is my question... I want to go to Carmax or some other reputable used car dealer and get a 2006 or 2007 Accord, Camry or other basic car with good gas mileage. He is now talking about leasing... he heard the commercial for some place called ProLease. Does anyone have any experience with leasing or ProLease for that matter? What are your thoughts on leasing versus buying used.

Thanks ladies for your help.




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06-06-2008 at 10:00 AM
cali_girl9...
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Joined on 11-15-2004
Texas
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cali_girl92504 is online. Last active: 07-04-2009, 10:26 AMSilver

I'm not a fan of leasing...my family owns about 8 car dealerships in California and believe me, it is not a good deal for you AT ALL. They will find a way to stick it to you.

Now, if you know you will want to change cars every two years and keep the mileage super low, then maybe consider it. But it's just like renting...in the end you own nothing.

I would rather pay a little more and be done with it after a few years....then you can save the money you were spending on the car note for other things (including repairs).

I would buy used. JMHO.
 
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06-06-2008 at 10:08 AM
houstonkdw
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Joined on 11-17-2004
Houston, Texas
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houstonkdw is not online. Last active: 07-03-2009, 1:33 PMSilver
I would never lease a vehicle.  I would buy used.
 
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06-06-2008 at 10:14 AM
aubiekat
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Joined on 06-09-2000
Tampa
59 Posts
1,323 Points
aubiekat is not online. Last active: 06-09-2009, 8:59 PMNewbie

We've done both, and it really depends on your financial situation. 
But cars don't appreciate, so they're not a good investment.  Unless you're going to hold onto it for 10 years.

For example:  Look at the SUVs right now- if you would have bought one for $30K two years ago, it's worth $10K now, cause they're losing money because of how expensive gas is.  A lot of people are doing what you're trying to and downsizing their cars to save money.

DH works in the car industry for GMAC and trust me, not everyone gets "stuck" by a lease.  It can be a very good option. 
Good luck! 
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06-06-2008 at 10:32 AM
kat.in.the...
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Joined on 03-14-2007
Houston, TX
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kat.in.the.hat is not online. Last active: 07-04-2009, 8:51 AMSilver

We've just leased our first car - and we won't ever buy again.  For us, we don't want to put our money into something we won't ever see a return on.  However, we live in town, DH rides the bus from work every day (I take him there) and this is our only car.  But we love leasing - we love that fact that any problems are taken care of, and as our family is going to be changing, we thought it was important to have flexibility in our car as well - leasing lets us do that.

 

I don't have any experience with ProLease though, so I can't help you there. 


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06-06-2008 at 11:15 AM
retsub
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Joined on 01-20-2005
Spring
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retsub is not online. Last active: 07-04-2009, 7:41 AMBronze

My car is purchased - My DH leases his cars.  He is the type of person that is itching to get a car every 2 years.

Check out http://www.swapalease.com/ or http://www.leasetrader.com/ 

DH found his previous car on swapalease.  The owner paid him $1k to take it off their hands -
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06-06-2008 at 11:42 AM
Quizzle
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Joined on 05-24-2003
Katy, TX
5,385 Posts
98,591 Points
Quizzle is not online. Last active: 07-04-2009, 10:19 AMSilver

I had a lease once, for my VW. It almost turned out. I drove it for four years, but at the end of the lease I still owed more than it was worth, so I just turned it in. No problem. I had to pay the last month's lease + about 250 in damage (from a busted front spoiler). I took care of the car, so I didn't have any real issues.

 

Right now, I really prefer to own. My Honda is paid for, and I intend to drive it into the ground. I think owning is best generally, but it definitely depends on your financial situation. When I leased, I absolutely could not afford the extra money to buy it.  

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06-06-2008 at 1:08 PM
opallover
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Joined on 06-28-2005
Houston
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opallover is not online. Last active: 06-30-2009, 8:20 PMSilver
We just went through this.  Leasing to us wasn't a good idea because at the end of the day it's the same price as financing a car and at the end you don't own the car - you put all this money into a vehicle and you don't get squat after.  Also, interest rates are really low right now.  We just got a 3.9% rate and we make WAY more in interest by putting the money into our savings account so in the end we are making money by financing our car.  Granted it was a 2005 with 18k miles on it but it was a good deal.
 
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06-06-2008 at 2:09 PM
bpaullo
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Joined on 03-31-2006
Houston, TX
3,454 Posts
74,403 Points
bpaullo is not online. Last active: 07-04-2009, 9:16 AMSilver
we only buy...  and we don't buy "new" cars..  The last 2 we bought we under 2 years old and had less than 18,000 miles on them...  we let someone else pay for the depreciation....  we get great cars at a significant discount..  We won't lease.  Too many things you can get caught up in if you situation changes and you end up driving more than expected..  We have had no issues selling our cars when the time comes...  We also drive them for 5+ years (DH drove his last one for 10)...
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