Whats better owning a used car or leasing a new one?

[Mariogirl09]

Thanks for you help guys

[OneViewpoint]

The usual best approach is to buy a former lease car at a discount. They can be found say 3 years old with 25,000 to 30,000 miles coming off lease as a CPO, Certified Pre Owned car, reconditioned to like new condition and offered with an extended power train warranty to something like 100,000 miles. Advantages...

• You'll pay a premium for the CPO used car but still save a thousands over buying new.
• The car has been gone over thoroughly in a factory approved program. You aren't buying a used car with major damage history or in need of major maintenance.
• There may be factory financing available at below market rates.
• All of the infant mortality issues (initial quality defects) have already been found and corrected during the initial 3 year lease term.

So you're getting solid, safe, reliable transportation at a decent price. Pay it off in 3-5 years and keep it for 10-15 years with no car payment for most of that time. You'll be way better off financially than leasing constantly. As the car ages insurance and property tax will also drop off to low levels.

[bowenw]

It depends on your own circumstances. This site compares the two:
https://www.consumerreports.org/cars/buying-a-car/leasing-vs-buying-a-new-car-a9135602164/

[bowenw]

Thank you for the MHO. 😊

[FreyaRed]

Leasing only matters if you can write off leasing cost of taxes like by self-employment, otherwise you lose money. Additionally you need for new leasing car full casco insurance that is really expensive as long as you can't write it off as operational costs.
In brief, forget leasing as private person who is just employed by someone else.

[Abbycado]

I'd say owning, if you can. You are just paying rent and have nothing to show at the end of a lease.

I was lucky enough to get a hand me down.

[blackgaletiger]

I would never lease a car. Too many restrictions on what you can and can't do. You dont own the vehicle and you tend to pay more over time. If you can buy a reputable used car that would be the way to go. At least you know what you pay for and aren't paying extra every bi weekly or monthly

[LiamS95]

There is no financial advantage to leasing a personal car in fact it's more expensive overall at least thst's the way it is here in Canada. People that can't afford a new car lease one to just have a new car. For a business if the business is making a good profit a vehicle lease can be a 100% write off against that profit otherwise you can only write of a 30% depreciation per year on a purchased vehicle. For a personsl purchase a 3 year old car that has just come off lease can be one of the best value for your money.

[TrimmedTip]

I own a used card but I think leasing a new car would be a good choice.


I am open to discussion.

[Bricealan]

@Mariogirl09 I would never lease a car, and would always drive a used car rather than renting a car.

[DryGermanGuy]

Owning a used car is better than being stuck in a damn contract and paying every month.

[RussianRye]

Lease