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Chas15 got me thinking about lease vs. buy.
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Replies: 7
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Chas15 got me thinking about lease vs. buy.

2
Jan 27, 2024, 5:03 PM
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We likely have a car purchase coming up this year, and are aligning behind the Prius Prime. The EV option is perfect for my wife's commute of around 16mi round trip, but I'm not ready to pull the trigger on a full EV at the current state of their evolution.

So, thinking a lease may be an idea to see where things are in a few years. But I've always thought of leasing as a thing you do if you don't have good credit.

What's the pro/con of leasing versus buying?

2024 purple level member flag link military_tech thumb_downthumb_up

drunk at the putt putt.


BOAISY***

2
Jan 27, 2024, 5:04 PM
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2024 purple level memberbadge-donor-15yr.jpgringofhonor-beeksteak-110.jpg flag link military_tech thumb_downthumb_up

You have to guard against

1
Jan 27, 2024, 5:27 PM
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Orgees in the back seat

flag link military_tech thumb_downthumb_up

My wife and I agreed after we got married to no


Jan 27, 2024, 5:45 PM
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Longer engage with Shrek.

2024 purple level member flag link military_tech thumb_downthumb_up

drunk at the putt putt.


Leasing is like renting.


Jan 27, 2024, 5:30 PM
Reply

then you have to deal with how long, mileage, etc. If you know you want to keep a vehicle long term, do not lease.

Never been a fan of it, but some people like getting a new car when their lease expires.

I like the knowledge of knowing I own it and can do anything with it when ever I want to.

2024 orange level memberbadge-donor-15yr.jpgringofhonor-fatherg-110.jpg flag link military_tech thumb_downthumb_up

Always buy what you can pay cash for. If you can't pay cash then get a three


Jan 27, 2024, 5:36 PM
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year loan. Pay what you can afford in three years, then keep the car and put away that same payment for three years, then you can get a much nicer car after 6 years and repeat the cycle. In a few years you will be buying cars outright or getting low interest 3 year loan so that your cash is put to work while making car payments.

Compound interest is awesome when it works for you and horrible when it works against you.

2024 orange level memberbadge-donor-10yr.jpg flag link military_tech thumb_downthumb_up


I only lease when the magic trifecta is met.

2
Jan 27, 2024, 5:38 PM
Reply

The car has to have large discounts applied from the purchase price, the residual lease end percent has to be high, and the manufacturer has to be heavily supporting the money factor (tip:multiply a money factor by 24 to come up with a more traditional percentage rate for the cost of the money).

If you aren’t comfortable discussing, negotiating, and calculating all of these areas, you will get screwed on a lease. If you do understand them and are buying the right car at the right time, you can come out far ahead.

2024 orange level memberbadge-donor-20yr.jpgringofhonor-obed.jpg flag link military_tech thumb_downthumb_up


When the time comes I may be giving you a call

2
Jan 27, 2024, 5:47 PM
Reply

To discuss these words and what they mean.

2024 purple level member flag link military_tech thumb_downthumb_up

drunk at the putt putt.


Replies: 7
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