Thread: Buy Used or Lease New

I had used cars most of my life up until I was in my late 20's. Up until I was about 24, My most expensive car was under 1k. I paid for all but one of them myself. My father had helped me out one time. The one thing that I didn't care for about cheap cars was that there was always something wrong. Even when I had my reliable 92 Honda Accord.

I know nothing about cars mechanically. I tried to learn but it did not interest me at all. I found that I was either always worried about my car starting, always in the shop, always looking for a ride when my car was in the shop, always nervous of breaking down on any semi-long trip (I did break down many times), and always laying out A LOT of money for repairs. It seemed like every time I went to a mechanic, something new broke. I'm sure most people know that feeling.

When I got a real "secure" job, I decided that I'd rather pay a little more money for something new, so I wouldn't have to worry about all those problems and wouldn't fear missing days at my new job. I decided to lease a ford focus. It was about $200 a month and probably the best $200 per month I ever spent. Very reliable, great on gas, affordable, I could take long trips again with now worries and pretty much all my other worries went away.

I feel like the $2400 per year in monthly payments probably equaled the amount I paid in repairs each year and time taken off from work to get my car fixed. Even if the repairs were a lot less, the peace of mind was WELL worth it.

Since then, I have never bought another car again. Always been leasing. I love the feeling of going out to you car in the middle of the winter and knowing its going to start. I also love the feeling of taking a long trip in the middle of the summer and not having to worry about over heating. Not having to worry about missing work. Not having to worry about going to a mechanic. Not having to worry about finding rides. Etc......

You don't have to lease an expensive. There are plenty of cheap leases out there for under $200. Some of them are really nice, safe cars. Just know your limits. If your making 50k a year, don't get a Lexus. If your making 100k, Don't buy a BMW. Live within your means. And, if for some reason, you decided you made a mistake and can't afford your payment, you always have swap-a-lease. I have friends that used it and have gotten some good reviews.

In the end, it all depends on what you prefer. If you feel you can save more buying a cheap car, then go for it. If you want the security of a new car, go for a cheap lease.

Originally Posted by danoodle

We ended up getting a 2004 Pontiac Vibe for 6k. 71k miles. It is in great condition! This is the newest, nicest car I've ever owned!

Great deal you got there, Dan!

@ O.P.
I suggest buying used with cash. here are a couple of inexpensive cars that you can buy that will last:
1) Geo Prizm (it's a rebadged Toyota Corolla and is really reliable)
2) Pontiac Vibe (Again, a rebadged Toyota Matrix)
3) Honda Civic, Accord
3) Toyota Corolla, Tercel, Echo, Paseo, etc

Best of luck!

Originally Posted by Likwid24

I had used cars most of my life up until I was in my late 20's. Up until I was about 24, My most expensive car was under 1k. I paid for all but one of them myself. My father had helped me out one time. The one thing that I didn't care for about cheap cars was that there was always something wrong. Even when I had my reliable 92 Honda Accord.

I know nothing about cars mechanically. I tried to learn but it did not interest me at all. I found that I was either always worried about my car starting, always in the shop, always looking for a ride when my car was in the shop, always nervous of breaking down on any semi-long trip (I did break down many times), and always laying out A LOT of money for repairs. It seemed like every time I went to a mechanic, something new broke. I'm sure most people know that feeling.

When I got a real "secure" job, I decided that I'd rather pay a little more money for something new, so I wouldn't have to worry about all those problems and wouldn't fear missing days at my new job. I decided to lease a ford focus. It was about $200 a month and probably the best $200 per month I ever spent. Very reliable, great on gas, affordable, I could take long trips again with now worries and pretty much all my other worries went away.

I feel like the $2400 per year in monthly payments probably equaled the amount I paid in repairs each year and time taken off from work to get my car fixed. Even if the repairs were a lot less, the peace of mind was WELL worth it.

Since then, I have never bought another car again. Always been leasing. I love the feeling of going out to you car in the middle of the winter and knowing its going to start. I also love the feeling of taking a long trip in the middle of the summer and not having to worry about over heating. Not having to worry about missing work. Not having to worry about going to a mechanic. Not having to worry about finding rides. Etc......

You don't have to lease an expensive. There are plenty of cheap leases out there for under $200. Some of them are really nice, safe cars. Just know your limits. If your making 50k a year, don't get a Lexus. If your making 100k, Don't buy a BMW. Live within your means. And, if for some reason, you decided you made a mistake and can't afford your payment, you always have swap-a-lease. I have friends that used it and have gotten some good reviews.

In the end, it all depends on what you prefer. If you feel you can save more buying a cheap car, then go for it. If you want the security of a new car, go for a cheap lease.

Hey man just because its used doesnt mean it has to be junk. I drive a suv that I paid cash for new in 06. It is now a very used vehicle and it has not given me any troube. The brakes are going to need to be replaced on any car if you drive far enough.

I am currently looking at s550s and ls460s used in the 35k range. These cars have warranty, they have less miles than the suv i bought new currently has.

Yea if you spend money on a nice used car that's a different story. I don't think the OP is looking to make a purchase like that. I'm talking about trying to save money and headaches.

Gotcha.