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Do You Lease or Buy Your Ride?

Posted in Car Deals, New Cars by Frank | November 11th, 2010 | 7 Responses |

Deciding whether leasing or buying makes more sense for you involves many factors, like your financial needs and lifestyle. While leasing, you’re only paying for a vehicle’s depreciation, which is cheaper than buying and paying for the entire vehicle. Also, for business owners, leasing allows a person to write-off most of the payment, whereas car owners simply write-off their mileage, or a small portion of the car.

For drivers who like road trips, buying is a better option, because leased vehicles have a mileage cap, which is expensive to exceed (much like monthly cellular minutes). Car leasers have many restrictions, and a detailed contract, while those who own vehicles can sell, trade-in, or give away their car at any time.

But for those who wanna PIMP their rides … you may want to stay away from leasing (according to TrueCar’s 10 Facts Of Leasing Vs. Buying)

“Pimping your ride,” or customizing is not advisable with a lease. Generally speaking, you can do it, but at the end of your lease, you will have to remove any custom parts you add, and will have to pay any damage to the car from the modifications you made.

So what about you? Do you buy with cash, make payments or lease?

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7 Responses

  1. BigRuss says:

    im making payments for the 2nd vehicle in my life…. the rest ive paid cash for

  2. Kiffie says:

    Always buy.

    My family always paid cash for every car they bought when I was growing up, and when it came time for me to get my own, cash it was.

    There’s a good feeling that comes with knowing that you don’t owe anyone anything, that the car is yours and not tied to some bank or auto dealer. Plus, if you ever feel the need to paint it some awful, garish color, well — who’s gonna stop you?

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  4. I have only purchased cars before; never leased but the thing is that I think leasing MIGHT be a good idea because I have a tendency to want a newer and better model all the time. The problem though is that I drive 40 miles total to work every day so I might go over 12,000 limit most lease contracts have PLUS I also have a tendency to scratch up/ding my car a bit by accidentally sideswiping a pole in the parking lot etc. If you lease, I heard you have to pay for incidentals like this out of your own pocket.

    Also, another thing to consider with leasing is the current state of economy. If you lost your job, would you be able to continue making the payments? So yea, in a way I’m glad I paid for my car in cash when I had the money, but I still want a new car!

    Around So Cal, I think lots of people have a tendency to lease luxury cars. It does allow people to drive a car that is more expensive then what they would be able to afford to buy. It’s very common to find people here living in apartments but leasing Mercedes Benz and BMW.

  5. BigRuss says:

    i have been contemplating leasing a porsche for me to drive out on the weekends and toss around the back roads

  6. BigRuss says:

    looks like ima be leasing the new charger when it comes out…

  7. e46fanatic says:

    Little of both…
    I own my e46, I can mod it however I please…. and long term rent(lease) my wifes car, since she has no interest in that sort of stuff and drives less than10k mi/yr…