Leasing vs buying

Porkchop · 01-03-2011, 08:20 PM

So heres the deal. I have an 02 Ford Taurus, 78k miles, and the thing is going downhill very fast. The tranny is going out, weird shaking and pulsing. The back springs are broken (common Taurus problem). The back wheel wells are rusting out (common Taurus problem). The front suspension makes clunking sounds because they are made with cheap plastic parts (common Taurus problem

). If the tranny really is going out, is it worth putting that much money back into a car thats only worth a couple grand? Is it worth getting all I can NOW out of it on a trade in?

Heres the other problem. In my current job I only make about $1100 a month. That might be changing very soon with the completion of my second degree, as I am applying for a real job. Do I get into a cheap lease right now? Do I buy hoping that I do get a better paying job? Do I run the current car into the ground as long as possible and hope I dont die in a giant fireball in the process???

What do you think????

Rangerscott · 01-03-2011, 08:32 PM

Either way, if you don't make the payment it'll screw up your credit score. I'd look for an old honda civic in the ads.

tommymac · 01-03-2011, 08:33 PM

how long before the bump in pay? I am not a big fan of leasing, it may be better off holding out. I actualy thought the taurus took a better beating, a freind has an older one with well over 100k on the clock and not many issues.

Homeslice · 01-03-2011, 08:33 PM

Springs, broken? Wow......not exactly common.

Cheap quality, if so.

Leasing is good for less-popular, less "hip" models, or ones with a color/option choice nobody wants, because their resale value will usually drop lower than what the leasing company predicted. WIN for you.

But if it is a car you know is going to hold its resale, like an Acura or a Tacoma or something rare like a Hemi Challenger, you should always buy it.

Rangerscott · 01-03-2011, 08:34 PM

Go buy a used rent-a-car. I'm sure it'll hold together. LOL

Amber Lamps · 01-03-2011, 08:56 PM

Fly here and I'll sell you a 2000 Pontiac Bonneville for $2000 Lots of maintenance and upgrades. Runs perfect.

racedoll · 01-03-2011, 08:56 PM

I'd say if you can find a cheap used car to pay cash for, go that route. Then you only have to have liability on it. If you lease, then you'll be required to show full coverage. Just another way to save a bit more money.

Porkchop - I'd drive you down to pick up AL's car.

Amber Lamps · 01-03-2011, 08:59 PM

Quote:

Originally Posted by racedoll

I'd say if you can find a cheap used car to pay cash for, go that route. Then you only have to have liability on it. If you lease, then you'll be required to show full coverage. Just another way to save a bit more money.

Porkchop - I'd drive you down to pick up AL's car.

It really is a decent car, I just don't need it anymore. Heck, I just installed a new radiator and hoses last summer.

racedoll · 01-03-2011, 09:04 PM

Quote:

Originally Posted by Amber Lamps

It really is a decent car, I just don't need it anymore. Heck, I just installed a new radiator and hoses last summer.

Doesn't matter to me. I just want a reason to come to NC. I was down there in March last year and loved it!!!

Amber Lamps · 01-03-2011, 09:38 PM

Quote:

Originally Posted by racedoll

Doesn't matter to me. I just want a reason to come to NC. I was down there in March last year and loved it!!!

Well to hell with him, why don't YOU come and visit...

01-03-2011, 08:20 PM	#1
Porkchop 125GP Champion Join Date: Aug 2008 Location: Worthington, OH Moto: Empty Garage Posts: 3,418	Leasing vs buying So heres the deal. I have an 02 Ford Taurus, 78k miles, and the thing is going downhill very fast. The tranny is going out, weird shaking and pulsing. The back springs are broken (common Taurus problem). The back wheel wells are rusting out (common Taurus problem). The front suspension makes clunking sounds because they are made with cheap plastic parts (common Taurus problem ). If the tranny really is going out, is it worth putting that much money back into a car thats only worth a couple grand? Is it worth getting all I can NOW out of it on a trade in? Heres the other problem. In my current job I only make about $1100 a month. That might be changing very soon with the completion of my second degree, as I am applying for a real job. Do I get into a cheap lease right now? Do I buy hoping that I do get a better paying job? Do I run the current car into the ground as long as possible and hope I dont die in a giant fireball in the process??? What do you think???? __________________ *Coming soon? 2010 Ducati Monster 696 - Sold 1984 Honda VF500F - Sold 1999 Yamaha R6 - Sold

01-03-2011, 08:33 PM	#4
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	Springs, broken? Wow......not exactly common. Cheap quality, if so. Leasing is good for less-popular, less "hip" models, or ones with a color/option choice nobody wants, because their resale value will usually drop lower than what the leasing company predicted. WIN for you. But if it is a car you know is going to hold its resale, like an Acura or a Tacoma or something rare like a Hemi Challenger, you should always buy it. Last edited by Homeslice; 01-03-2011 at 08:46 PM..

01-03-2011, 08:32 PM	#2
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Either way, if you don't make the payment it'll screw up your credit score. I'd look for an old honda civic in the ads.

01-03-2011, 08:33 PM	#3
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	how long before the bump in pay? I am not a big fan of leasing, it may be better off holding out. I actualy thought the taurus took a better beating, a freind has an older one with well over 100k on the clock and not many issues.

01-03-2011, 08:34 PM	#5
Rangerscott Viff6N Mutated Warrior Join Date: Mar 2009 Location: Texas Moto: '01 Honda VFR 800 & '09 ER-6N Posts: 8,704	Go buy a used rent-a-car. I'm sure it'll hold together. LOL

01-03-2011, 08:56 PM	#6
Amber Lamps Moto GP Star Join Date: Mar 2008 Posts: 14,556	Fly here and I'll sell you a 2000 Pontiac Bonneville for $2000 Lots of maintenance and upgrades. Runs perfect.

01-03-2011, 08:56 PM	#7
racedoll AMA Supersport Join Date: Nov 2008 Moto: '04 Kawasaki ZX6RR Posts: 3,392	I'd say if you can find a cheap used car to pay cash for, go that route. Then you only have to have liability on it. If you lease, then you'll be required to show full coverage. Just another way to save a bit more money. Porkchop - I'd drive you down to pick up AL's car.