Teresa in MO Posted July 20, 2011 Share Posted July 20, 2011 my ds is buying a new car. He mentioned today that he might lease instead of buying. I know nothing about leasing. I thought I read awhile back that leasing is not a good idea. Anyone have experience with leasing instead of buying? Quote Link to comment Share on other sites More sharing options...
kewb Posted July 20, 2011 Share Posted July 20, 2011 Leasing was originally designed for business owners so they could have a tax write off. My personal opinion is that you are essentially renting the car for the life of the lease and at the same time responsible for all maintenance, repairs, and upkeep. I prefer to buy and drive it until it dies. Then I donate it for the tax write off. Plus, if you buy then if something unexpected happens you have something to sell. Quote Link to comment Share on other sites More sharing options...
G5052 Posted July 20, 2011 Share Posted July 20, 2011 Apparently if you credit score is OK but not great, it is easier to do than getting a loan. The payments may be less than a loan. You can get a new car every few years without a hefty downpayment. Maintenance is probably minimal because the car is still under warranty. Busy professionals seem to like it. One of DH's doctors said that he has always leased because he doesn't want the bother of owning. Quote Link to comment Share on other sites More sharing options...
NoPlaceLikeHome Posted July 20, 2011 Share Posted July 20, 2011 Leasing was originally designed for business owners so they could have a tax write off. My personal opinion is that you are essentially renting the car for the life of the lease and at the same time responsible for all maintenance, repairs, and upkeep. I prefer to buy and drive it until it dies. Then I donate it for the tax write off. Plus, if you buy then if something unexpected happens you have something to sell. :iagree:Plus if he gets a decent used car, he may be able to own for many years after he is done paying off the loan. I have had 2 cars that lasted for about 10 more years after I was done paying off the loan:D Quote Link to comment Share on other sites More sharing options...
WishboneDawn Posted July 21, 2011 Share Posted July 21, 2011 The only advantage are that the monthly payments are generally lower. If you don't have a means to write it off (like a business), it's an extremely expensive way to "own" a vehicle. And you don't own it. Not something I'd ever do. Quote Link to comment Share on other sites More sharing options...
tntgoodwin Posted July 21, 2011 Share Posted July 21, 2011 http://nashville.about.com/library/blank/davesays/bldavesays13a.htm Quote Link to comment Share on other sites More sharing options...
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