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If we lease a car, we will turn it in at the end of the lease. One reason we are considering a lease is so we will always have a newer car as we age. That way we would not have to deal with repairs, tires, etc.
I appreciate all the responses to my post and we are giving thought to everyone's ideas.
If we lease a car, we will turn it in at the end of the lease. One reason we are considering a lease is so we will always have a newer car as we age. That way we would not have to deal with repairs, tires, etc.
I appreciate all the responses to my post and we are giving thought to everyone's ideas.
Oh we totally get this and even those of us critical of the lease idea agree that for you this is the right move. Hell if I could afford it I'd do the same thing. Good luck. What kind of car are you considering?
This comes up all the time on the automotive forum, and invariably, the same comments are made. Interestingly over there, the people who have the strongest anti-leasing opinions are invariably the people who have never leased a vehicle and have no idea how it works apart from the basics.
Are they anti-leasing because they have not leased, or have they avoided leasing because they are anti-leasing?
My BIL bought a Cadillac a few years ago and after a couple of years wanted to trade it in and took a beating. The owner of the dealership was a friend of his and showed him the numbers for leasing v own on his next vehicle and he took the lease.
If you buy just about any car new, and trade or sell it after about 2 years of ownership - generally you get your head handed to you, financially. Rare exceptions do exist.
If you buy just about any car new, and trade or sell it after about 2 years of ownership - generally you get your head handed to you, financially. Rare exceptions do exist.
Oh no doubt this is true. But again those purchasing a new car every 2 years are a very small minority. The average car in America in 2015 was 11.5 years old so. Obviously the owner who trades in a 2 year old Cadillac or Lexus is by far the exception and hardly the norm which is what I've been saying for 2 days now.
Oh no doubt this is true. But again those purchasing a new car every 2 years are a very small minority. The average car in America in 2015 was 11.5 years old so. Obviously the owner who trades in a 2 year old Cadillac or Lexus is by far the exception and hardly the norm which is what I've been saying for 2 days now.
I guess my point is, the smart money is buying that 2-year-old Caddy, or Bimmer, or whatever. Let the other guy take the sharp depreciation on the chin.
Like I was saying, it's better to *risk* maybe having to pay for expensive repairs, which should not happen if you take care of the car, and will only bite you by bad luck, than it is to buy new and trade often, which guarantees you will take a financial bath.
If you buy just about any car new, and trade or sell it after about 2 years of ownership - generally you get your head handed to you, financially. Rare exceptions do exist.
When our lease was "called in early" because they needed one like it for a CPO customer they knew they had to take it back in a few months even if they didn't have a buyer, so I do believe that they sweetened the deal more than they would have if I had purchased.
I guess my point is, the smart money is buying that 2-year-old Caddy, or Bimmer, or whatever. Let the other guy take the sharp depreciation on the chin.
Like I was saying, it's better to *risk* maybe having to pay for expensive repairs, which should not happen if you take care of the car, and will only bite you by bad luck, than it is to buy new and trade often, which guarantees you will take a financial bath.
Yeah I'm in that group, buy a 2-3 years old car that has already depreciated and drive it till it drops . But I also understand the want to drive brand new every few years.
I guess my point is, the smart money is buying that 2-year-old Caddy, or Bimmer, or whatever. Let the other guy take the sharp depreciation on the chin.
Like I was saying, it's better to *risk* maybe having to pay for expensive repairs, which should not happen if you take care of the car, and will only bite you by bad luck, than it is to buy new and trade often, which guarantees you will take a financial bath.
There is a false assumption in this thread. Time doesn't cause a car to break down. The average car is built to last about 200k miles with regular maintenance.
A senior driving 5,000 a year and then trading in the car in three years (15,000 miles) is wasting thousands of dollars over the years. A car with 15k miles is not likely to need repairs.
But hey, if people want to waste money, that's on them.
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