Cars: Lease or Buy

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I'd say buy a 2-3 yr old car. How long will you be commuting?

nickn, Wednesday, 2 May 2012 01:20 (2 years ago) Permalink

Leasing is OK if you don't drive much and your financials are good enough that you assume that you'll always be making a car payment for the rest of your life.

Reality Check Cashing Services (Elvis Telecom), Wednesday, 2 May 2012 01:52 (2 years ago) Permalink

FWIW, I know a couple people who have had excellent CarMax experiences and recommend them highly.

Reality Check Cashing Services (Elvis Telecom), Wednesday, 2 May 2012 01:54 (2 years ago) Permalink

^ good advice. Everyone I know who's ever bought something at Carmax has relayed positive information.

Johnny Fever, Wednesday, 2 May 2012 02:20 (2 years ago) Permalink

I did a double take when I first drove by a Carmax dealership. I had no idea they had physical locations.

EZ Snappin, Wednesday, 2 May 2012 02:22 (2 years ago) Permalink

I like the idea of Carmax but the nearest locations are Columbus and DC.

American Fear of Pranksterism (Ed), Wednesday, 2 May 2012 03:02 (2 years ago) Permalink

i'd lean toward buying and buying new. 0% financing, 5 or 6 years on the loan, not bad....

dylannn, Wednesday, 2 May 2012 09:23 (2 years ago) Permalink

yeah, if you can get that kind of deal, snap it up
leasing really sucks in my opinion

That's a pretty funky dance, Garfield. Show me how you do it. (frogbs), Wednesday, 2 May 2012 13:29 (2 years ago) Permalink

If you're in a credit union you can probably 3-4% financing. That and a 2-3 year old car is probably a better deal.

nickn, Wednesday, 2 May 2012 16:37 (2 years ago) Permalink

I have to see what I can qualify for, finance wise, I have a good job and nominally good credit rating but my history in the US only goes back 3 years. PNC has some good deals on loans, I have to see what I can get.

The key is to see it as an expense not an asset and make sure the loan payments stay ahead of the depreciation. used values are pretty good right now but who know how long that can last.

American Fear of Pranksterism (Ed), Thursday, 3 May 2012 02:18 (2 years ago) Permalink

"but I want that new Fiat 500 pretty bad"

I know, right? I don't often do a double take when I see a car but I did when I saw this the first time

but then I saw a non two-tone one and thought it looked like a PT Cruiser so I'm not sure.

akm, Thursday, 3 May 2012 04:39 (2 years ago) Permalink

You guys do remember why Fiat didn't sell cars in the US for about three decades, right? They're shit.

Johnny Fever, Thursday, 3 May 2012 04:50 (2 years ago) Permalink

The only reason I can forsee buying new is its the only way I'll ever get the color/option package I want. Pretty happy with my oft rain-soaked 14 yr old Miata that refuses to die, but yellow manual trans glass-roofed Veloster, I'm looking at you.

Leasing new is for those who willing to absorb first 3 years of depreciation (which ranges from 32-68%) and have nothing at the end. Possibly makes sense on some cars that don't depreciate as much.

The Painter of Blightâ„¢ (Sanpaku), Thursday, 3 May 2012 07:02 (2 years ago) Permalink

New Fiat is hugely different from old Fiat. My parents had one of those pea green old Fiats in the late 70s and it was such a steaming pile. Wouldn't start above 80 or below 40. The former was no big deal but the latter was a problem in northern New England.

My wife wants the new 500. I'm up to try it but I'm not sure I'll fit in one comfortably. I have issues with little cars; my knees often hit the sides of the steering wheel or my head hits the roof. Can't comfortably drive a Prius, for example. Leg cramp city.

EZ Snappin, Thursday, 3 May 2012 13:49 (2 years ago) Permalink

I used to drive an Austin 1800; my tall friends loved it, they never had to put the seat back. Acres of room!

Peppermint Patty Hearst (VegemiteGrrl), Thursday, 3 May 2012 14:20 (2 years ago) Permalink

I never notice new cars and even I noticed the Fiat 500. I'm actually going to be buying my first ever car in the next few months if things go to plan. Not sure what I'm after but I'm in the UK and want an automatic so my options are a bit more limited than for a manual. Toyota Yaris seems p good.

kinder, Thursday, 3 May 2012 14:22 (2 years ago) Permalink

If the Fiat X1/9 came back (and was affordable, as it used to be), I'd jump on that.

Tarfumes The Escape Goat, Thursday, 3 May 2012 14:29 (2 years ago) Permalink


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