Leasing?

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stick5
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Leasing?

Post by stick5 »

Hey, I am concerned about the remaining 'car' life of my '98 Saturn and was wondering if I should look into getting another car. I was thinking of leasing . I think it might be easier and I have various obstacles to buying I don't want to get into right now.

I am wondering what others think of leasing and whether it's a good idea or not. I don't drive very far or put on a lot of kms so that is one of the main reasons I thought about it. I guess I would keep the car but it's not for sure. I need to research into it more but I am concerned that my current car might need to be replaced and usually I just drive until a car dies but I don't think that's a good idea anymore. I don't want to be rushed or pressured into finding something. This Saturn has been okay but the kms are high, at around 225K kms.

Is this a good idea? Are there other options? Better options? I don't have much of a down payment to offer so I was looking at leasing. I'm not going to mod so leasing sounded feasible. Is it? I know which car brands I'm interested in. Honda and Toyota. It would probably be between a Corolla or Civic because the car I'd want, the V6, would probably be too much $$ per month. I think there are situations in which you can take over a lease. Someone wants out so you might be able to obtain decent terms? I could finance but then a substantial downpayment is required.

I've gone to a few websites to research but still need to look into it more.

Should I finance? Lease? Drive the Saturn to the ground? Then worry about it? I might have to but I'd rather be driving something really reliable and to make driving fun again.

Comments? Advice?
hockeystyx16
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Post by hockeystyx16 »

dont lease. you pay, pay, pay, pay some more, and when the lease runs out, you aint got no car. IMO leasing is almost throwing money out the window, because you spend money, and in the end you have nothing to account for the money you spent. but in the mean time, you get to roll around in a brand new car.

depending on how reliant you are on your car, driving it til it dies and wont start is not a good idea. you never know when exactly it will die. it could die when you are about to go to your buddies house and throw a monkey wrench in your plans for that night, or it could not start at a worse time and cost you a potential raise, or worse, your job.

id look for used cars. there are plenty of rollas and civics out there for under 3 grand. look on autotrader, craigslist, classifieds. theres all kinds of stuff you can find cheap on craigslist.
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stick5
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Post by stick5 »

I thought about another used car. But, then I'm in the same boat with a high km car and high maintenance bills.

Edit: Can you get financing on a car under $5K?
hockeystyx16
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Post by hockeystyx16 »

if you get a car from a dealer, im sure you can arrange pretty much everything, but for under 5k, dealers will only have brokenass garbage trade ins that they mark up and sell to stupid people
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stick5
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Post by stick5 »

It doesn't have to be under 5K but anything over probably requires a hefty downpayment.
NonChalant
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Post by NonChalant »

hockeystyx16 wrote:dont lease. you pay, pay, pay, pay some more, and when the lease runs out, you aint got no car. IMO leasing is almost throwing money out the window, because you spend money, and in the end you have nothing to account for the money you spent. but in the mean time, you get to roll around in a brand new car.
I suppose those who live in apartments and/or pay rent are wasting all of their money as well. Especially in new york, most people don't have houses.

A lot of people put down leases without actually thinking about them. While leasing isn't everyone's cup of tea, it does make a lot of logical sense and I don't think it's a horrible idea. You're not wasting money. You're paying for what you use.

Leasing is a good idea for those who
A. Can't afford to finance but still want a reliable car
B. Want to switch cars every couple of years because they get bored easily.

While yes, you technically don't own the car, what about those years you spend driving it? Does that account for nothing. When you lease you pay the deprecation value of the car over the years that you use it; sounds fair to me.

It all depends on your situation, stick5. I say look up the detailed pros and cons of leasing vs. financing and choose which one is right for you. I think most people on here buy their cars so the responses you get here might be biased.

All of that said, I bought my car used, all cash.
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Post by Tinton »

Not only is leasing good for the reasons that NonChalant pointed out, but its also good because you don't end up with the car in the end. I absolutely HATE selling cars, it takes forever and all you end up doing is getting desperate and selling it to a guy that low balls you. The good thing about a lease is you can move on to your next car without worrying about getting rid of your last car. If you're living in a place that only allows you to have 1 car, this is essential.

I've thought about leasing daily drivers when I get older. If I wanted to mod cars it wouldn't be some Civic anyways, I'd keep other cars around for modifying and whatever else.
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Post by Aquiles »

Correct me if I'm mistaken but, the way I see it, leasing is a complicated rental, with an option to own the said car. I know some people who DO lease, and, like NonChalant mentioned, they are the ones who like to change cars periodically.
hockeystyx16
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Post by hockeystyx16 »

can you even lease a stick, or will the dealer go apeshit about you wearing out the clutch.
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DrNick
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Post by DrNick »

hockeystyx16 wrote:can you even lease a stick, or will the dealer go quit about you wearing out the clutch.
You should be able to, but if the clutch (or anything else for that matter) is shot by the time the leasing period is over, you'll get slapped with an "excessive usage" fee.
kuo34
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Post by kuo34 »

Now if you're creative (or have a creative accountant), your leased vehicle can be written off as a business expense. Just some food for thought there. For the rest of us . . . well I'm a big fan of owning my car since I do almost all of the work on it.

You'll have mileage restrictions, but standard maintenance should be included in your lease. Just make sure you aren't paying for an M3 and getting a pinto. My in laws lease a Kia Optima at a luxury payment. It irritates me to no end.
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potownrob
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Post by potownrob »

sell your 98 saturn and get a 98 accord. it'll be a nice step up and will hold up much better to the "elements." :)
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VTECaddict
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Post by VTECaddict »

potownrob wrote:sell your 98 saturn and get a 98 accord. it'll be a nice step up and will hold up much better to the "elements." :)
just dont get the 98-02 V6 automatics.....not that you would, considering you're on this site, but just FYI. :lol:
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Oldladykiller
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Post by Oldladykiller »

i think leasing is a big waste of money. only lease if u dont mind wasting money and want a new car every 3 years.
hockeystyx16
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Post by hockeystyx16 »

and if you get bored of a car every 3 years, you need to stop thinking like a greedy rich ass (no matter how rich you are) and modify your current car.

do you move every 3 years because you got bored of your house/apartment? no. exactly. you get tired of the way a certain room looks, you change something. its the same with cars.
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