New Car 2016. Lease, or buy used?

[BiG_WeaselParticipant 116]

Quick question.  I make a moderate amount of money, but the bulk goes to housing/keeping the house going, etc.  I have enough left over to comfortably afford either a leased new vehicle (I’m really loving the Hyundai Veloster Turbo right now), or buy a newer used car (drive ’02, which runs/looks perfectly fine).

My thought is this.  If I lease, I can keep my Subaru, which I need in the winter (live in the NC mountains) to get to work, and have it to drive long distance trips to keep the mileage off the leased car.  Also, having a 2nd car is always nice just in case.  On the other hand, my Subaru is 13 years old, and not worth much.  If I trade it/sell it, I can get a little more cash for the used car, which I’ll still have to get a small loan from my bank (which is a credit union with killer rates), but my payments will roughly be the same, and I have no warranty or help should the car crap out on me.

Which route do you guys think is the best?

[MOWsince95Participant 1446]

If your Subie runs fine, why waste the money on anything new or used?  That’s my take.  I do get the desire to hop into a new ride, though, but I just wait out those times.

If you must get something, go with buying the used ride.  Leasing looks nice because you get something nicer for about the same monthly outflow, but you are forced to turn it in and re-lease/buy again very soon, which negates the savings by prolonging the outflow while getting you in the habit off always forking out cash.  You buy, you own.  Pay that s~~~ off and drive it into the ground.

I still say if you own the Subie outright and it look/runs fine, don’t waste your money.  Save it.

If you are MGTOW when you are young you have no heart.
If you're not MGTOW when you are 20 you have no brain.

[Anonymous 42]

Keep the Subaru and save enough cash to buy outright after searching for a deal, I mean really searching! Some wealthy dude may list something really cheap just to rid himself of it, happens all the time. Search the internet for durability and over customer satisfaction on any make or model you’re considering. Personally I purchase salvage pool wrecks then repair them myself. I pay 1/3 to 1/2 the value of something late model.

I like Toyota, I don’t know what the insides of their engines, transmissions, or rear ends look like???? I can’t say the same thing for most others!!!

[RoyDalParticipant]

Anonymous wrote:

Keep the Subaru and save enough cash to buy outright after searching for a deal, I mean really searching!

That is what a money-wise friend does. He puts the amount of a car loan or lease in savings until he has enough. Then he buys a used car in really good condition. Let someone else enjoy the new car smell and pay the depreciation.

Society asks MGTOWs: Why are you not making more tax-slaves?

[XSDBSParticipant 3598]

MOWsince95 wrote:

Pay that s~~~ off and drive it into the ground.

I bought a new car once.  20 years ago.  I’m still driving it.

A new car today is 3 times as much, and will only last half as long.

[SteveParticipant 462]

Keep the Subaru and run it till it dies / costs more than its worth to fix.

Im not badly off and drive a rusty old Jeep 2003, old cars have character and you’re saving money for trips/packing in working/hookers or whatever 🙂

[DoinMyOwnThing40Participant 1000]

Leasing a car sucks. When the lease is up, you are left with nothing. All that money you spent is now gone. Unless you purchase the car after the lease is up. Not sure if that’s the best thing to do though.

Always buy imo.

 

Women are parasites. Each and every last one of them.

[BeerParticipant 11832]

You should drive your car for as long as possible.  If you go to trade it in they’ll probably offer you like 750-1000 for it.  If you drive it for another year, they’ll probably offer you the same 750-1000 for it.  Just go with what you have until you are going to need to put some money into it then get rid of it.

After that, if you want a newish car, I’d recommend just buying a newish used car.  Leasing you end up paying a lot of money to end up with nothing…at the end of a lease you could have just bought a 2-3 year old car instead and kept it for as long as you want.  Leasing only makes sense if you have lots of money to blow and know you want a new car every few years.  Buying new, you just lose too much the second you drive it off the lot.  You can probably find a 2-3 year old car for like 50-60% of the price it was brand new if you look.  I think a lot of cars like that are cars that came back off a lease and usually are factory certified if its from a dealership.

Just some advice too…it seems like you want a Velostar for a toy.  If you can’t pay cash for a toy you shouldn’t buy it.

[BestoftherestParticipant 285]

Lets be honest here, most men buy new cars to attract women. Mgtows shouldn’t be buying new cars unless the old one is done for. I would never buy a new car I always prefer the 4-6 year old range car that has sub 50k miles, you save 30-40% and you get 80% of the cars lifespan. It just makes sense!

"Nearly all men can stand adversity, but if you want to test a man's character, give him power."
Abraham Lincoln

[Anonymous 42]

RoyDal wrote:

Let someone else enjoy the new car smell and pay the depreciation.

Fact: Buy a new car on Monday, drive it till Tuesday, sell it on Wednesday, and you loose 15% off the purchase price.

Another thing about a lease few people realize; when they reinspect the vehicle they devalue it by each and every scratch, chip, dent, tear or lose stitch, I MEAN EVERYTHING! They’ll f~~~ you for thousands, even if it was repaired properly, they go over it with a jewelers loop, a fine tooth comb, with a clipboard and camera! They’ll “overcharge” you for ALL DEPRECIATION! Your only option is to pay the extortion, or battle them in court! Leasing is an ugly option I strongly recommend staying away from.

[BestoftherestParticipant 285]

If you do decide to lease, which I’m against. Please for the love of god get the wear and tear insurance directly from the car company!
Its imperative you get the aforementioned insurance because the company will bill its self and you never have to deal with them. If you get a third part wear and tear insurance, the car company will demand intimidate payment to fix their car as to prepare it for sale. So you’ll be on the hook a couple G’s or a few hundred (something is always in need of repair) while you wait to get reimbursed by your insurance 3 months later!

I know this first hand because I leased a VW once. I paid for their company insurance, pure luck really because I didn’t care to look who provided it. Two years later after the car was inspected I got a letter in the mail stating I own VW $1200 and it had to be paid in 27 days from the postmark, which was 1 week old. I made a call to the company and told them I have insurance, why don’t you talk to them. VW said well, we’ll check. If its through us we’ll send you a letter to disregard. If its a third party, you need to deal with. If it doesn’t get settled before the 27 days you’re on the hook plus any other late fees. VW checked their records and it all ended then and their.

If you decide not to get any wear and tear insurance, may god save your soul!

"Nearly all men can stand adversity, but if you want to test a man's character, give him power."
Abraham Lincoln

[AntaresParticipant 208]

Don’t buy new. Don’t lease. DO NOT LEASE NEW EVER. Credit is not free money, it is slowly fleecing you. If you like a different ride every now and then, get a used car. You don’t have to wait until it’s older than dirt, just 2 years and cars depreciate tremendously for a huge discount. And you can often afford a much more FUN car the way they go down in value. The best time to be shopping for a car (and most things in life) is when you don’t need one. You can wait for good deals because you have other options. When you need a car right now, that’s when you get railroaded.

If your Subaru has collision, drop it. It’s not worth much so you won’t get the payback at this point. (Highly recommend maximum liability though). Bank the saved money in a money market account reserved for a new ride.

Price is what you pay, value is what you get. -- Ben Graham

[BiG_WeaselParticipant 116]

Thanks for the advice.  Keeping the Subaru!

 

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