Did you buy or lease, and why?

You ever have a basket on your bike when you were a kid? I was like “man that looks weak AF” but then I did it and it was the best thing ever. I rode around with a snapping turtle in a milk crate for like a month. Trucks are the adult version of that.

 

I’ve mentioned this in other lease posts, if you can’t afford to buy the vehicle you intend to lease, then you are stretching yourself too far financially. Find the vehicle you can afford to buy and if a lease price on that vehicle makes sense financially, it’s worth considering. NEVER lease because it was the only way you could afford to get in that vehicle....which is unfortunate as many people who lease are in this situation because they “want”.

I won’t debate values as it’s a depreciating asset. It’s like debating which cousin you want to kiss more....you’re still kissing your cousin.

 

You take it off road, it’s bound to happen.

 

Maybe exotic hybrids? The cost of ownership on a basic modern Prius is generally less than a comparable ICE at all the benchmarks, though the pills to fix your ED is not usually factored in.

 

Check out leasehackr.com I should clarify that I did pay a broker $500 but that was it.

 

I bought outright simply because I planned on keeping the truck along time and don't like debt. I figured if I changed my mind the truck would hold its value well enough and I can always sell privately if I wanted to get into something different. Personally don't believe in leasing but I understand why people do it..

 

Bought. I had a trade in and I put to many miles on my vehicles to lease. I also tend to keep vehicles for a long time.

 

I buy everything cash....my Dad taught me that. What he said was simple and to the point...”if you can’t pay cash, you can’t afford it”. Other than rent early in life I’ve used that mantra my entire life. So far, so good.

 

Paying cash for everything isn't necessarily a good thing. There is such thing as healthy debt, which plays a factor in your credit score. If you've never had debt or proven you can pay off debt, then you're a risk to any lender or anyone else who would pull your credit in the future. They don't take in to account that you've paid cash your whole life for everything. Now if you're never planning to have your credit pulled for anything your whole life, I tip my hat to you. Also, paying cash wastes all those opportunities for credit card cash back and points collections. You could actually be throwing money away by paying cash for everything. As long as you only spend what you can pay off every month, using your credit card is actually better then paying cash.

 

Didn’t say I don’t use credit cards, it’s just that I pay them off every month.....need those points!! somebody has to pay for vacations! Credit score is in the top 1% and have a health HELOC in case I need cash quick.

 

I looked at your sig line....Your dad's advice seems to be doing you well! Congrats and hope you are enjoying the toys!

 

I’ve done OK....now getting my son into the cash groove is a work in progress!

 

All of this is true, but it is also true if you lease. You can sell it at any point, trade it in at any point. Given same interest rate with finance and lease, there really is no difference in cost of ownership between the two if you decide to sell at 2-3 years.

 

What is preventing you from doing all that with a leased Tacoma and instead of turning it in at lease end, simply sell it or trade it in as a used truck? Since these things are in such huge demand presumably it would be easy to sell it yourself. Or worse comes to worse, reverse the mods, part it out, polish out the scratches and turn it back in. (Tacomas are usually worth way more than residual that you would have to be really lazy not to cash in on that at lease end).

 

Perfect.

Leasing isn't for me. Neither is financing. I prefer to own whatever I am using.

I'm sure leasing works in the individual's favor in some very specific situations. Just not mine.

Remember, if leasing wasn't a profit maker close to the level of a sale for the dealer, guess what they wouldn't do?

 

Anytime you flip vehicles every 24 or 36 months you get hosed. Lease or buy. The key is to buy so you build equity and get off the "new truck payment every 2 years treadmill" which for some, never ends. We had lots of customers buying at the end of their lease and they end up paying for their broken down Jeep over seven or eight years (!).

 

In a perfect world the lease MF and new car APR would be the same, but they aren't. The MF is almost always higher then a new car purchase APR. When Toyota was running the 0% for 60 month incentive, MFs were equivalent to 4 - 6%, depending on your region. They are still in that range, and that's with excellent credit.

 

Leasing is like renting. At the end you have nothing to show for the money spent.

And if you have a loan, and times like these days come you may not have either your money or you vehicle. No matter what happens my vehicle is mine.

 

Healthy debt, in fact credit are just scams by the financial industry to make you pay several times more than the original cost for things. And if you don't pay they end up with the collateral. Paying cash is the healthiest financial situation as you don't need to worry about the artificial credit ratings forced on people.

 

I’d much rather have the financial security in times like these......than a free plane ticket to Florida. You NEVER know if something will happen. My truck is mine, and I have nothing to worry about. No credit cards either.....