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Message 21 of 29

@TravelledOne wrote:

I buy new and buy cars with good track records like a Toyota or Honda. I also keep them; the last one for 15 years which was then sold to a friend.

 

I do my own maintenance, servicing and repairs.

 

I also pay cash for my new cars. I am too poor to make those extra interest payments.

 

As for leasing, that has got to be the dumbest way of owning a car. You are making monthly car payments for the rest of your life. How smart is that?


I seriously doubt that you do all your own repairs, unless you're an ASA-certified mechanic with the required tools and test equipment, and buy all your parts wholesale. Unless, of course, you own a vehicle from the 1970s or 1980s. Just saying - I did major and minor work for 20+ years before regulation put the kibosh on that.

 

Leasing is only a dumb move if the tradeoffs don't outweigh the benefits. That calculation differs for each driver - and each situation. It's simply a matter of assessing your own needs, short and long-term. Money is only one part of that assessment. If that's your only priority, though, then yes -  buying a beater and running it into the ground is your best bet. You're betting that the old heap will deliver when you need need it the most. Good luck.

 

Parts, labor, and repair costs have skyrocketed since my last new vehicle in 1992. For this and other reasons, for the first time I'm considering the leasing option when beetlebomb finally succumbs to nature. At some point, ya just gotta let go.

 

As far as the monthly payments go, there are upsides to that as well. But, that's an important part of the total assessment required before you make the decision. You're certainly not going to be paying "for the rest of your life" if that option doesn't work out. A lease is a finite contract - just like a new car note. In this age of 6-year (or more) bank notes, that's something worth considering.

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Message 22 of 29

Thanks for your input. I have never leased. You mentioned no maintenance or repair costs. Is this true for all car dealers? My 2003 Rav 4 has 175,500 miles and I am researching leasing vs purchasing.

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Message 23 of 29

@kl103796 wrote:

Thanks for your input. I have never leased. You mentioned no maintenance or repair costs. Is this true for all car dealers? My 2003 Rav 4 has 175,500 miles and I am researching leasing vs purchasing.


Most leases will run for only a few years, maybe 2-3-4 years. Leasing works best if you have it until the factory warranty expires (no longer). In this case you're protected from major repairs and you have a known predictable cash flow for auto expense.

But for someone who keeps their vehicle for many years and well over 100,000 miles it's probably more cost effective to purchase from the beginning, no lease.

Hmmm, I did once lease a car. A Toyota Corolla. Bought it after the lease ended. I crunched some numbers and in the end I think I may have come out slightly ahead this way versus outright purchase...but this involves some guessing on purchase price. Anyway, I felt better about it then. Likely will not lease again.

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Message 24 of 29

Find out how long should a car last and how to make it last longer in AARP's new article: How Today's Cars Are Built to Last

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Message 25 of 29

Today everything lasts only as long as the electronics don't become outmoded .. which is not as long as things that didn't depend so much on technology. My guess is that retrofitting of newer safety systems will be too expensive, or operating systems will become obsolete .. just like computers & smart phones. Every few years there will be so many improvements to cars, that the longevity of the mechanicals & body will be the least of the considerations, when it comes to replacing them.


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Message 26 of 29

Old thread, I know, but I'm trying to figure out what to do for my next car.

 

I generally keep them 8 years and have about 200,000 miles on them by that point. But I moved and my life changed and now I have fewer than 100,000 on my car.

 

I generally upgrade for safety features too. But my current car has most everything. Nothing really significant has come out over the past several years...

 

I purchase new. But not high-end cars.  I had Tesla lust for awhile but I'm over it.

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Message 27 of 29

@ManicProgressive - So what exactly is your question? Are you trying to decide if now's the time to trade in or wait longer, or do you want to figure out what car to get? Or is your question something totally different?

 

My last 3 or 4 cars were Toyota Camrys, and I've been happy with them. They did a total redesign for the 2018 Camrys, with all the latest safety features. Late fall 2017 when the new models became available, I had a 2005 Camry (12 years old) with about 140K miles on it. The only problem .. and expensive repair .. was that the moonroof was't sealing 100%. No leaks yet, but you could hear the air rushing thru. When I first looked at the new cars, I was annoyed that the GPS required a smart phone to provide a connection, and I didn't have one at the time. I looked at various other models, but came back to the Camry having he best features for the cost. I got a smart phone & got the car spring 2018.


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Message 28 of 29

@ASTRAEA wrote:

@ManicProgressive - So what exactly is your question? Are you trying to decide if now's the time to trade in or wait longer, or do you want to figure out what car to get? Or is your question something totally different?

 

My last 3 or 4 cars were Toyota Camrys, and I've been happy with them. They did a total redesign for the 2018 Camrys, with all the latest safety features. Late fall 2017 when the new models became available, I had a 2005 Camry (12 years old) with about 140K miles on it. The only problem .. and expensive repair .. was that the moonroof was't sealing 100%. No leaks yet, but you could hear the air rushing thru. When I first looked at the new cars, I was annoyed that the GPS required a smart phone to provide a connection, and I didn't have one at the time. I looked at various other models, but came back to the Camry having he best features for the cost. I got a smart phone & got the car spring 2018.


No real question. Just responding to the thread. It was interesting to read different people's perspectives. I added my own.

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Message 29 of 29

I would like to buy an suv.  However, I am only 5 ft tall.  Most are too difficult to climb up into.  ( Also, I am 81 years young)  Any suggestions for one that is not so high off the ground?

 

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