Leasing vs buying

[racedoll]

Originally Posted by Amber Lamps

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

Actually, I do care. I don't want him to get a crappy car, but I don't think yours would be.

I try to get work to send me back down there, but so far they haven't.

[Tsunami]

I say drive it to the ground. You may be surprised and have it last longer than you expected. I have been waiting for my car to die for the past 5 years +

[pauldun170]

I'd head to NC and get the Bonny.

Cost to fix the Taurus when the transmission goes - 2000-2500
Cost of running Bonneville $2000

Are you paying full coverage insurance for you car now?

[Homeslice]

Seems you could buy a tranny off a Taurus forum member for $300-400........then pay some tech students or forum members to put it in

[Porkchop]

Originally Posted by pauldun170

I'd head to NC and get the Bonny.

Cost to fix the Taurus when the transmission goes - 2000-2500
Cost of running Bonneville $2000

Are you paying full coverage insurance for you car now?

Yea full coverage.

[OneSickPsycho]

Generally speaking, fixing your car saves you more money in the long run than getting another one... especially a new one.

That said, I think leasing is a great option. Blah, blah, blah, you won't have anything to show for it at the end, blah, blah, blah... Most people trade in cars ever few years anyway... so what did they get at the end of that deal? Less money in their pocket because they had higher payments. And more often than not, they trade that car in on the new one and rarely downgrade... they pay more money every time = waste of money.

AND... if you plan on owning the car forever, leasing has its perks as well... For example, I did the math on my 5.5 year lease, with the option to buy at the end... and I will end up paying a little more with the additional 5 years to buy it outright at the end, than I would have buying it outright to begin with... HOWEVER, at the end of the lease I will only owe approximately 2/3 of the trucks value if I do decide to buy it, leaving me in good shape if I decide to sell it later... and my current payment is over $200 less than what it would have been to buy it in the first place.

[Homeslice]

Originally Posted by OneSickPsycho

HOWEVER, at the end of the lease I will only owe approximately 2/3 of the trucks value if I do decide to buy it, leaving me in good shape if I decide to sell it later...

2/3 of the original asking price?

Seems to me that most vehicles will be worth less than 2/3 after 5 years. I would say most vehicles drop to 2/3 after only 3-4 years.

[OneSickPsycho]

Originally Posted by Homeslice

2/3 of the original asking price?

Seems to me that most vehicles will be worth less than 2/3 after 5 years. I would say most vehicles drop to 2/3 after only 3-4 years.

No, not the original asking price, the current value. In other words, the truck will be worth somewhere around $17k and I will owe somewhere around $11k. That's based on current value of the same truck only a couple of years older (and my lease runs out in a couple of years)...

[Homeslice]

And screw full coverage for any car worth less than $5K........IMO

[Porkchop]

Originally Posted by Homeslice

And screw full coverage for any car worth less than $5K........IMO

Ya I know. I almost didn't do full for the next 6 months, but I did. If I have to replace the tranny, the full coverage is gone.

I have a lot more people to reply to, but doing it on the phone is kinda hard.