Overhaulin'

What opinions and personal experiences do you have on leasing a car VS buying a car?

I am currently car shopping, and was originally thinking my only option would be to buy. However, it has come to my attention that leasing is more of an open option than I had originally thought. Other than the pros and cons and I can think of off the top of my own head, I am trying to find people with leasing experience to see whether or not they liked it, and if so why it was best for them. On the other hand, I'm also looking for opinions on why one thinks its better to BUY new and how it has worked out to benefit them. Thank you :)

Public Comments

1. i used to lease a plus was that you were in a new car every couple of years
2. Of course everyone has an opinion and here's mine. Unless you use your car for work purposes and only drive a a limited number of miles per year (that would be the miles allowed by your lease), leasing is a bad move. Sure you'll into the car for less money up front but you'll be saddled with those lease payments for whatever term lease you sign. If you drive more miles that allowed you'll have to pay up at the end of the lease. If the leasing company determines that the wear and tear on the car is more than usual you'll have to pay up again. If for whatever reason you decide to cancel the lease you'll pay through the nose to get out of it, if you can at all. Remember all those payments you'll make through the term of the lease? You will nothing to show for them, zilch, zero. With today's vehicles most any of them can be expected to last 10 years plus. For the same basic amount of money you can buy one or lease one... okay maybe leasing will save you a few bucks over the term of the lease, but when its over you have nothing to show for it. If you had bought you'll still have a serviceable vehicle, if you've serviced it, a for another 6 or 7 years at no additional cost. Just do the math, leasing for most of us is a bad financial decision.
3. Some companies are fussier than others when it comes time to return the leased vehicle. Some will give it a glance and offer to cover your first payment on the next leased vehicle. Some will go over it with a fine tooth comb, measure the depth of the tread and the thickness of the brakes pads. They want the car to be as perfect as when you leased it 3 years ago. I do not like leasing , but I like to keep my cars a long time and to save up the cash for the next one.
4. Car manufacturers sometimes use subsidized leases and loans to move cars that aren't selling well. In that case, a subsidized lease can be a deal (but a subsidized loan is probably also available). The big disadvantage of leasing is that you don't own the car and the leasing company requires you to keep extra insurnace coverage that you might not carry if you owned the car. You'll get charged if you go over in mileage or if you damage the car. Most importantly: a lease leaves you with nothing in the end (except possibly a bill for mileage overages or damage). Buying leaves you as the owner of a used car whose history you are very familiar with. In a lease you're only paying for the depreciation of the car over the time of the lease (plus a healthy profit margin), so that allows you to get more car for the same monthly payment. Is that a good thing? I say that if you can't afford the monthly payments on a loan, then you're buying too much car.
5. Buying vs. leasing: What you need to know. Don't know whether buying or leasing is right for you? Consider the following differences between buying and leasing before you make your decision. Buying gives you: •Complete ownership. The vehicle is titled to your name. •No restraints on mileage limits or normal wear. Keep in mind that proper maintenance may affect your warranty coverage. A vehicle's condition can also affect the residual or trade–in value. •A vehicle that's yours to sell or trade in at any time for another GM vehicle. You have the option to pay off your contract, or sell and trade your vehicle, at any time. Leasing gives you: •A chance to drive a new GM car, truck or van more often. Lease terms can be shorter than purchase terms with similar monthly payments. •Low monthly payments. Monthly lease payments are often lower than traditional financing. •No resale or trade–in headaches. I hope this helps with your decision. Good luck with your purchase. Tricia, GM Customer Service.