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Old 11-26-2014, 12:06 PM
 
Location: Western Nebraskansas
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People aren't necessarily carrying a loan on their frequent, new-car replacements. There are those who buy them in cash.


For those who aren't, OTOH, they're most likely just bad at math…
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Old 11-26-2014, 12:27 PM
 
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We all drive mostly what we can afford and want. Others buy other things as its always been. I keep mine ten years then sell and buy new because I want to and can afford to. Never drive or ride in junkers ;too risky.
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Old 11-26-2014, 12:37 PM
 
Location: FROM Dixie, but IN SoCal
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Quote:
Originally Posted by itsMeFred View Post
People aren't necessarily carrying a loan on their frequent, new-car replacements. There are those who buy them in cash.


For those who aren't, OTOH, they're most likely just bad at math…
Or they're leasing the vehicles. In some situations, leasing makes more financial sense than purchasing.
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Old 11-26-2014, 12:39 PM
 
Location: Western Nebraskansas
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In what situation is leasing ever a better financial decision than buying?


ETA: Before anyone gets bent out of shape, I honestly don't care how they spend their money. But if we're talking sound financial decisions, leasing isn't usually one of them…
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Old 11-26-2014, 01:02 PM
 
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I currently do not have a vehicle. The usual rule would be to keep it as long as the repair costs each year are less than the depreciation on a new(er) car would be.

Whenever I do buy a car, I'll probably start out with something old and cheap to save on insurance bills, so might not last all that long maybe a couple years. The intention is that by that time, my insurance record will be long enough that I can get a decent price for coverage on a new(er) car, but still not brand new. I would keep a late model used vehicle for probably 5-7 years (not longer, I am not the DIY fix-it-up type!)
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Old 11-26-2014, 01:03 PM
 
12,404 posts, read 9,212,610 times
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Quote:
Originally Posted by itsMeFred View Post
In what situation is leasing ever a better financial decision than buying?


ETA: Before anyone gets bent out of shape, I honestly don't care how they spend their money. But if we're talking sound financial decisions, leasing isn't usually one of them…
If you're only in the country for 36 months or only need a vehicle for that long, you'd save on sales tax by leasing.
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Old 11-26-2014, 01:13 PM
 
Location: Western Nebraskansas
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Maybe. Assuming you buy brand new…
But even then, there are better options, from a financial stand-point.


Mostly, leasing is convenient. That's why most people are willing to take the financial hit to do it. Well, for those that understand the math, anyway. (Like I said before, a lot of people are just bad at math and haven't really calculated this stuff out.)
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Old 11-26-2014, 01:14 PM
 
Location: Oxford, CT
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I keep my cars on average 4-5 years
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Old 11-26-2014, 02:10 PM
 
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It varies.

When I was driving VWs, 100k miles was just breaking them in. Same for Toyotas and Hondas we have owned. As long and they are safe, running well/reliable and looking good, I have gone into 200k with more than a couple of vehicles. To us, cars are tools. I get that they can be much more than that for others and respect a well-engineered, well-designed car, but it is just not important to me (and I know some things important to me matter not at all to others).

We just bought a new Honda with an extended 10-year warranty. Likely, we will still be driving it when the warranty runs out. Some of the cars coming out now - domestic and foreign - are really so much better designed and built than 20 or 40 years ago. It is really amazing.
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Old 11-26-2014, 02:15 PM
 
Location: Location: Location
6,222 posts, read 7,407,334 times
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I kept my last car for 23 years. A 1990 Toyota Corolla DX. It was garage-kept and except or a few dings from parking lot door-flingers and a bit of rust on the rear driver side door, it was in good shape. But brake-harnesses were dry-rotted and there were some other mechanical problems that were becoming a bit too much to handle. I was sad to say goodbye.
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