Buying vs. Leasing a Car

[ChetlovesMer]

Before the RONA came along I used to drive as much as 40,000 miles/year. So, a lease has always been a non-starter for me.

[Hardspoon]

Not sure if anyone has mentioned this, but leasing makes a lot more sense than purchasing for a business (particularly a small one) in many cases.

My company has two company cars, and we lease them rather than buying them (since I’m the one who decides!) 😉

[Bonvivant]

A bit of a longer watch, but this guy does a really good job explaining how to get the best lease deals. A great channel for car enthusiasts too.

[ncates00]

14 hours ago, saevel25 said:

Clark Howard on leading,

 

100%.  However, even #2, you could make an argument for buying instead of leasing.  Many executive employee packages (an example of a subsidy) include a car allowance.  You could use the proceeds to trade around.

For me, I'd rather get a vehicle I like and keep it.  I'm perfectly fine with used vehicles as well.  I have no urge to have a new vehicle.  Something nice to get me to and fro is enough.  In fact, even my "fun" cars tend to be used as a pony/muscle car enthusiast, but maybe I'll look into a Dynacorn new build of an old classic one day.

[Sean_D]

On 8/31/2020 at 7:32 AM, Hardspoon said:

Not sure if anyone has mentioned this, but leasing makes a lot more sense than purchasing for a business (particularly a small one) in many cases.

My company has two company cars, and we lease them rather than buying them (since I’m the one who decides!) 😉

This.... When one is able to write off a vehicle lease as a business expense, it makes sense to lease.

[iacas]

14 minutes ago, Sean_D said:

This.... When one is able to write off a vehicle lease as a business expense, it makes sense to lease.

Maybe. It's still more of your money going out the door, and it's not like you recoup it all in taxes you don't pay. Plus, it's scummy if you're not really using it 100% for business.

[Golfingdad]

I've never looked at a lease because I thought they always had fairly low maximums on mileage.  Is that still a thing?

With Covid, I don't drive hardly at all anymore and for who knows how much longer, but prior to that I believe that both of our cars were driven in the vicinity of 25k miles per year.

[iacas]

On 11/13/2020 at 5:29 PM, Golfingdad said:

I've never looked at a lease because I thought they always had fairly low maximums on mileage.  Is that still a thing?

Yes. 12k, even 10k, or you can pay more for 15k, typically.

On 11/13/2020 at 5:29 PM, Golfingdad said:

With Covid, I don't drive hardly at all anymore and for who knows how much longer, but prior to that I believe that both of our cars were driven in the vicinity of 25k miles per year.

Yeah, when I lived in FL, I was under 1k/month, but now-a-days it's closer to 1300-1400, particularly when I'm driving Natalie around to tournaments.

[Guy In Lyon]

I have always bought a high quality new car, not "luxury" but nicely equipped (Honda Civic EX with extras like GPS for example) and run them for 7-8 years. My current, and probably last, car I bought two months ago. It's a Seat Ibiza (like a slightly smaller VW Golf, same platform, engines, etc.) with luxe features and options. €20,000 = $22,000. I figure to run it around Europe for the next ten years and then sell it for about 1/3rd of what I paid for it.