I picked own and lease. I have an acura that i own. I bought it about 12 years ago! Then our other SUV we lease. My hubby likes to change cars frequently so leasing is the way to go.
Own. We always pay cash for our vehicles, and rarely buy new off the lot (try to avoid that initial depreciation). If a dealer was offering a really fantastic lease option while we were in the market we might consider it. But that hasn't happened yet.
Post by heelibrarian on Jan 28, 2015 10:30:19 GMT -5
Own. We have two cars, a "good" one that we're still paying on, plus what my H would call a beater, which he only takes to work when the weather's bad. Otherwise he rides his bike. I'd like to ditch the other one but it comes in handy every once in a while.
Post by wheresmyspatula on Jan 28, 2015 10:49:05 GMT -5
We have 3 (soon to be 4) cars.
We have an old Dodge Neon that's not running but I keep it clean and in or drive way because it looks like someone is always home (we had a near break in last year and the police officers said they probably picked us because there were no cars in the driveway).
We have my car that's paid off and DHs SUV that we just bought last June and are making payments on.
Then, FIL is giving us his truck next week so we are planning on selling my car and I'll take the SUV and DH will have the truck.
I've never leased a car but I can see DH doing that in the future because he is very fickle about cars and always wants the newest thing so trading in every few years would probably make him happy. Me, I'd rather get the car paid off and have the extra spending $$$.
We have an old Dodge Neon that's not running but I keep it clean and in or drive way because it looks like someone is always home (we had a near break in last year and the police officers said they probably picked us because there were no cars in the driveway).
We have my car that's paid off and DHs SUV that we just bought last June and are making payments on.
Then, FIL is giving us his truck next week so we are planning on selling my car and I'll take the SUV and DH will have the truck.
I've never leased a car but I can see DH doing that in the future because he is very fickle about cars and always wants the newest thing so trading in every few years would probably make him happy. Me, I'd rather get the car paid off and have the extra spending $$$.
You actually end up spending less on the car if you lease. When you lease you pay about 55/60% of the cars value over the course of 3 years. The percentage is based on what the manufaturer thinks the car will be worth at the end of the lease when they take it back and sell it used. If you buy a car you pay for the whole thing and then end up losing that (estimated) 40% that you didnt spend on the lease in depreciation after a few years anyway. If you like to switch cars a lot you can avoid the headache of trying to resell your car by leasing. However, you will spend more for insurance if you lease or finance bc the banks want you to have full coverage. If you buy the car cash you can insure it however you want. Where i live the insurance is high so that part kind of sucks. : /
Post by ordinaryme on Jan 28, 2015 11:29:40 GMT -5
Own my H's truck. My Chevy blazer was becoming un reliable, so my in laws gave us their car and are making payments on it for us. I am forever thankful to them for doing that for us. We will buy the car off of them when we get the money together. *i should add they have two other cars and gave me their "spare" car.
Post by doodletwins on Jan 28, 2015 12:41:34 GMT -5
We have cars that are less fancy. We paid cash for them and are the second owners. If we have more kids, we'll have to get a bigger family car and I'm sure we'll have a payment.
Post by nachellebeck on Jan 28, 2015 12:53:27 GMT -5
I drive too many miles to lease. My trip (one way) is 35 miles. I put way more than 12k miles a year on my car.
So we 'own". Making payments on both our cars. My H has only a few payments left on his hunk of junk. He plans on driving that thing into the ground. Ill be getting a new car here in the next month.
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We own four cars because we are ridiculous. We paid off the loan on my car a year ago, DH has a few payments left on his Edge. Then we have the mustang and the '47 Chevy pickup, those are DH''s fun cars he paid cash for both of them and they mostly sit around and collect dust. The Mustang is only driven on days when it couldn't possibly rain or get dirty and he only got the truck running last month so it is just a garage ornament for now.
I am currently saving a 'car payment' every month in a special savings account in the hopes that when I am ready for a new car I will be able to pay cash or have a large down payment.
We never buy new, and the only way we would lease is if DH's work started giving him a car stipend, because that comes with a mandate that the car always be newish. He currently flies to most job sites but if starts driving too many miles the stipend kicks in.
We own 2, we do have payments but zero percent interest since our credit rating is so high.
I think if you're going to go new, and have the option of 0% it's always the best way to go. Our oldest truck (2009 Chev that H drives for work) was financed on this principle. We no longer have any payments on it, so it's just making money now. I was able to find my SUV, less than 1 yr old and under 10,000 miles, fully loaded for an unreal price (honestly saved close to $20k off sticker price of a new one) so we paid cash for that one since 0% isn't an option on used. H's newest truck was bought new, but through a leasing company with no finance options. We were able to save more than $5k from the lowest dealer price I was quoted, which was more than we would save by keeping the cash in savings and collecting interest as we made payments. So again we opted for a cash payment.
We both own. We drive to much. My office is about 35 miles way. DH's is about 20 miles away.
Edit - DH has 3 more payments on his. I bought mine about 1.5 years ago. We tend to buy new and drive then until there are too many repairs to justify buying a new car
Post by musicalsilver on Jan 28, 2015 14:50:31 GMT -5
Own two. DH had a very low interest lease on his car, and paid it off early. Once I get a job we'll be starting to look for a new one for him, since it's approaching 10 years old and DH is rather hard on cars. My car we bought straight out and plan to keep until it falls apart. It's a Subaru, so I expect it'll be a good long while before that happens.
I lease mine and DH owns his, although I think he might be dealing with 2 cars for work soon - a family car that he'll lease and a work truck he'll own.
I started leasing many years ago because I wasn't sure what car I wanted, so I figured I'd drive one for a year or two and see how I liked it. The economics of leasing still make better sense for me, and I hate dealing with cars once they start to age and need maintenance. I don't see myself buying a car anytime soon.
Post by lingeringwithcoffee on Jan 28, 2015 20:45:20 GMT -5
We own two. My car is paid off, but we still have many payments left on DH's SUV. His vehicle was an unexpected payment because he was in an accident last year, after we had both our cars paid for. It wasn't his fault, but I'm still a little bitter because we definitely were not planning on getting a new vehicle for several years.
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