{ "media_type": "text", "post_content": "For those who have leased cars before... would you do so again? Paid off my 2nd car but considering a luxury car as my next vehicle. Is leasing then swapping b4 it's old a good strategy?", "post_id": "59f4fe170f00070011277c15", "reply_count": 11, "vote_count": 3, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }

For those who have leased cars before... would you do so again? Paid off my 2nd car but considering a luxury car as my next vehicle. Is leasing then swapping b4 it's old a good strategy?

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I’m leasing. It makes things simple, I don’t need to worry about maintenance, I always have a reliable ride, it’s always new so there are never breakdowns. And the payment cheaper than buying. I just lease an economy car though, I’m not doing this to drive something flashy or expensive, just worry free.

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There's no right answer to this question it all depends on your preferences. If you're going to own your car 7yrs or less it's generally more economical to lease vs buy (assume you're buying new... always most economical to buy used). Pure economics aside, it all depends on what you want. Prefer to not have to worry about maintenance and be hassle free like the person above? Like having a newer car all the time? Leasing is for you.

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I prefer owning because I don't have to stress about shit like minor dings or scratches on the interior whatever. Also drive way too many miles to lease really.

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@EY2 totally agree. My math has historically shown you don't start seeing an economic benefit to owning unless you own at least 7yrs. People who own a car 10 years save a ton of $ vs those who lease. They also drive 10yrs old cars. Your choice.

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I used to be anti-leasing but have since seen the light. I never buy any other way. Lease payments are depreciation+interest. Purchase payments are principal+interest, but the principal pay down often comes close to depreciation on the car anyway.

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Small dings are normal wear and tear and I've never been charged. They have to be over a certain size to be charged and you usually get a kit that shows you what size is allowed.

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I am a believer in buying. I've had my car for 5 years now, it is completely paid off and still looks like a brand new car. It's never needed maintenance past oil changes either. I'll likely have my car for another 5 years and will have saved up to buy a luxury car outright.

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I lease now and there are some high mileage options. I know a lot of people don't consider Lincoln to be on par with the German luxury brands, but that's what I'm doing now. For me / Lincoln I have 19,500 miles per year as my limit but any overage is only $.20/mile. Typically the dealers have incentives like they'll make your last few lease payments so in effect free miles there if you turn it in early. Also, any overage can be rolled into the next car, sorta like negativite equity would if you were trading in a vehicle under water. $.20/mile sounds like a lot but its truly not if you do the math given leases have lower payments to begin with. Lincoln was the highest mileage option I could find... Germans all maxed at 15,000 miles, but of course there's a good chance you will have an option to buy more during financing.

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Thanks you guys! You touched some points I wondered about. I've owned my current car four 7 years now and although it's in great shape (exterior and under the hood), I'm aware that I may soon habe to consider other options. I like the idea of minimal maintenance and having a fairly new car again. Not so sure of what the mileage requirements will be unsure if I'll be able to stay below them and hadn't thought about dings from other vehicles. Isn't that just apart of 'normal wear and tear' or are you penalized for that?

*for 7 years

P3, I like buying as well but don't necessarily want the major costs that come with maintaining luxury vehicles. I've paid off 2 cars that in total lasted me 13 yrs so definitely worth it but the costs I've seen a relative pay on a lux veh after the 4 yr mark has been way more than I've come close to. I'm thinking > buy regular cars, lease expensive cars.

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