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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 11 of 25
 
"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 12 of 25

Enjoyed your article. 

I also absolutely hate purchasing a new car. In fact studies have indicated that is one of the most hated things people do.

Re. Leasing I am also considering that again because i no longer drive as much.

Re. buying. i had AAA buying service look into  a new 2015 volt as I was so sick of the process. Dealers had them advertised at 28000 to a  little over 29000. He called me back and said the best he could do still ended up at about 35000 (the Mfgr. sticker price). The reason for this was ad ons such as paint protection, fabric protection, glass tinting etc. that were not included in their advertised price. Also he said the loan process would nick me fro about $3000. Net result auto cost just over $35000 .

No wonder dealers have such a bad rep.

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 13 of 25

Every time I've 'run the numbers' on buy vs lease using those free Web calculators, it comes out "no advantage either way". We've bought new and used, had mostly good luck with used but prefer new. We keep our cars for a long time and maintain them rigorously. 

 

Plan to buy a new car in 2016, but no urgency about it except that I LOVE CARS. If I won the lottery (which would be a miracle, since I never buy tickets, LOL) I would probably end up with at least four different cars - the first one being a Tesla S. Gad, that car is so gorgeous.............!

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 14 of 25

I have never leased a car, and have no plans to do so.  I have a 2001 Toyota Camry with 290,887 miles.  All I have done is change the fluids, tranny and engine.  I have used synthetic oils so that has definitely contributed to it long life.  It still runs like a top and I am going to keep it until it cost me some money or it dies, whichever comes first.  Then I am going to go out and buy myselft another one.  

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 15 of 25

Changed timing belt and all suggested parts past 90,000 on my 2001 Camry. Love it. Comfortable, dependable and excellent mileage. At 119,125, it's the nuisance items forcing me into a new car loan. What to do about a $50 plastic door handle that's a $400 labor replacement (x2!), the cracked cup holders, malfunctioning CD & DVD players, loose sun visor, plastics and rubber pulling off various locations, electronic door locks not locking all doors, diagnosed EPA problems that won't permit passing VA 2016 emissions tests at reasonable cost.  Have started my research. Cost of used below 40,000 miles/5 years make a new finance best option for me.  Already missing my Camry. Intend this to be my final vehicle purchase.  

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 16 of 25

I have been in the car business for almost twenty years at the same dealership.  I was always a firm believer in buying a used vehicle and keeping it until it doesn't owe you anything.  It took me many years (about 18) to realize my happiest customers are those that lease.  They get a new car every three years and keep their payments very low at the same time.  So, a year and a half ago I leased a Prius for $200/month and have never looked back.  I decided to lease, also, because I have never seen electronics and safety equipment change as rapidly as it has been in the last few years.  i will always have a payment--but it will be low and one I can plan on.  No maintenance or repair costs.  I am paying myself the difference between a "normal payment" and my low lease payment--so I pay myself my own equity.  I hate the trade-in process (and I sell cars!) and I will never have to go through that again.  Does it cost a little extra to lease over purchasing?  Yes, but if I get in an accident I want the best safety equipment available.

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 17 of 25

Buy 2-3 year old cars, sell at 150k before they have a really major mechnical. Pay cash only.


Sincerely,
Peter
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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 18 of 25

I have always puchased cars on credit. However, we normally keep cars until they are at 150000 to 200000 milwa.

That being said, I purchased a 2010 Pruis as I wanted a high gas mileage car and Toyota had 0% financing for 5 years. 

our other car is a 1998 mercury mountaineer with just over 200000 miles. Keep in mind that at an average of 18 mpg  and  an ave. of $2.50 per gallon I have spent approximately $28,000 on gasoline.

That is more than what I paid for the car.

My last car had 140,000 miles was 10 years old and had 140000 miles when we  traded it in on the Prius.

I am seriously considering leasing for my next car if i can find a great lease deal, as we no longer drive nearly as much each year. I will also consider buying  if 0 interest is available. I would also be inclined to purchase an electric (chevy volt?) as they have close out deals on the 2015 ($5000 off sticker) plus you get the $7500 federal tax credit.


@ASTRAEA wrote:

I dodged a bullet last week, when my almost 10-year old car with 110K miles, started making a "funny noise" one evening. It turned out to be a reasonable repair .. but I was preparing by reading up on the new model I'd want, and getting prices for that & a tradee-in.

 

I keep my cars until it's not economic to continue, or there's some "can't live without" upgrade in the new models. It's comfortable, and I've never felt a need to impress anyone. I've always bought them new & outright, not getting a used car, loan or lease.

 

How about you?


 

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 19 of 25

@3278443860 wrote:

Buy 3 year old cars with ~45k miles on them... drive for 100,000 miles... sell before they have a major breakdown.


Have done that a couple of times over the years. Usually works out pretty good.

 

Now have a 2000 Maxima, bought in 2005, with 45,000 miles then and 87,000 now. I don't think we have spent more than $1,000 total in repairs for the last 10 years. We're holding on to it as it stills looks good and is still mechanically sound.

 

Even our independent mechanic says it is in too good of a shape to get rid of it.....he must be telling the truth because he sure hasn't made any money off of us on this car.

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Re: Cars - How Long to Keep, Buy Outright, Loan or Lease?

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Message 20 of 25

Buy 3 year old cars with ~45k miles on them... drive for 100,000 miles... sell before they have a major breakdown.


Sincerely,
Peter
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