Last post on Dec 11, 2013 at 4:38 PM
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#94349 of 96005 Re: Worst way to buy a car [snakeweasel]
Oct 01, 2013 (5:58 pm)
So they don't do any dealing when they shop the lease? He doesn't deal on the price any deposits or upfront monies?
Nope, he just doesn't care. He thinks the price on his 3 year lease is fair, and he knows he will pay a bit more in 3 years to lease another car...big deal, he can handle the payments.
He has had very bad experiences negotiating a new car and getting a decent amount for his trade-in...this way it is all clear up front.......only one easy monthly payment to think about-he can enjoy playing tennis and taking his dog for a walk.
#94350 of 96005 Re: Worst way to buy a car [abacomike]
Oct 01, 2013 (6:01 pm)
But if things were different financially, there is no doubt that I would be forced into a position of leasing.
Leasing was right for you at that time in your life. That's my only point - in most cases it is better to buy, but, there are times when leasing has advantages.
Saving money isn't always everyones priority....you earned your money and can get some enjoyment from it too.
#94351 of 96005 Re: Leasing vs. Buying [nyccarguy]
Oct 01, 2013 (6:04 pm)
staying on the leasing hamster wheel is due to guys like snake & Mike who are much wiser than me in my 37 years.
You may have made the right move for you at the time. Mike leased cars when it made sense for him to lease. There is no exact rule that buying is better than leasing...it depends on your situation.
#94352 of 96005 Re: Leasing vs. Buying [nyccarguy]
Oct 01, 2013 (7:49 pm)
Part of the reason I do want to buy my next car as opposed to staying on the leasing hamster wheel is due to guys like snake & Mike who are much wiser than me in my 37 years. They know better and can most likely run financial circles around me;).
NYC, I think you are over-estimating my expertise in making sound financial decisions. People who make sound financial decisions don't buy new cars every year - cars are awful investments unless you buy them, restore them, then sell them for a couple of hundred thousand dollars on profit.
But when it comes to knowing how to buy a car and how much I should pay for it, that's another thing. Remember, I buy my cars for thousands below invoice thanks to fleet discounts like USAA and my membership in the MBCA. If I didn't buy them so cheaply and trade them above Manheim values, I certainly would not be buying cars every year.
But thanks for your vote of confidence, even though it is not deserved!
#94353 of 96005 Re: The Ultimate PITA [nyccarguy]
Oct 01, 2013 (8:25 pm)
"...,why look at another SUV?"
I think it is basically about style. In trading the convertible, I just don't see a car that appeals to me. I like square lines and the Pilot is pleasing to me. It and the FJ Cruiser by Toyota are the only two that I like. People complain about the visibility of the Cruiser, so that leaves the Pilot. I'm not in a hurry, so I'll keep looking for a bit. Thanks for the evaluation of the Pilot. It seems to earn good marks.
#94354 of 96005 Re: "Did you ever see them move the concrete barrier in the middle with that sp [Kirstie@Edmunds]
Oct 01, 2013 (8:48 pm)
If this transition by Edmunds is anything like the transition to the Affordable Care Act (Obamacare), we're all in trouble. I've been to two meetings and never heard such confusing information in my life. I read all of the half inch booklets from the companies, and comparisons are still difficult. One thing is for sure. We've got 30 days left to make our decisions. Such stress at my age---a sad state of affairs.
#94355 of 96005 Re: Worst way to buy a car [jipster]
Oct 01, 2013 (9:00 pm)
"Every little rock chip or scratch is a possible expense when your lease expires..."
You are so correct. I've only leased one car---a Chevy Tahoe. Though we loved the vehicle, I worried about those chips and scratches. When we got a coffee stain on the carpet, I nearly had a stroke. Also, when I turned it in, they had promised me 83 cents a mile for the mileage that I didn't use. Therefore, I made sure to keep the vehicle under the limits. When the day came to give me my money, they refused. Dumb me. I took the finance guy's word but never had it in writing. This was before I came to Edmunds. Another negative was having to go to savings to get my down payment on the next car. I had nothing to trade. For me, never will lease again.
#94356 of 96005 Re: Worst way to buy a car [driver100]
Oct 01, 2013 (9:14 pm)
They let you lease a new car and you were drawing unemployment insurance? That was one understanding, generous dealer.
#94357 of 96005 Re: Worst way to buy a car [stickguy]
Oct 02, 2013 (3:51 am)
well, you don't have to turn it in if you don't want to. You can always pay the buyout and keep the car if you want to.
The problem with that is now you have longer car payments and you owe more on the car than if you would have just bought the car. That is the worst way to buy a car.
and the whole point is, there are plenty of people that are going to get a new car every 3 years
My whole point is that getting a new car every three years is a costly endeavor and really not needed theses days of highly reliable cars. Leasing forces you to do so and can get you into a cycle that could be hard to get out of.
#94358 of 96005 Re: Worst way to buy a car [driver100]
Oct 02, 2013 (4:06 am)
3 years is too fast? You haven't met Mike.
Just because people trade out faster doesn't mean that 3 years isn't to fast. There is an optimal trade out time for any car, where your overall cost increases if you keep the car for either a longer or shorter period of time. What it is I am not sure but it is longer than 3 years.
Some of us like to get a new car every 2, 3 or 4 years.
Fine and dandy but there is some sort of irony when you are talking about how to save money doing an activity that actually costs you more money.
Even if you keep your car for 150k miles, there will be some down time, some breakdowns
Last three cars I got rid of had approximately 160K, 180K and 170K and all the down time on all three was one day. Outside of normal routine scheduled maintenance I had one thing done on just one of those cars. Cars today are highly reliable and with care and routine maintence there is no reason not to get 150K or more trouble free miles.