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When Buying Used Makes More Sense Than Leasing

Edmunds.comEdmunds.com Posts: 10,059
edited August 2015 in General
Leasing costs are based on the first three years of a new car's depreciation, making it more expensive than buying a used car, which starts with a lower value and depreciates more slowly.

Read the full story here

Comments

  • I only drive about 100-200 miles a month. Where can I find a lease that won't charge me for almost three times as much use?
  • kyfdxkyfdx Posts: 128,188
    mtcjayne said:

    I only drive about 100-200 miles a month. Where can I find a lease that won't charge me for almost three times as much use?

    Nowhere.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • And if your USED car beaks down - THEN WHAT?
  • steverstever Posts: 52,462
    edited August 2015
    You call for a tow, rent a car and fix it. $2,000 for a transmission repair is still just four, maybe five car payments.
  • I have been on both sides of this issue. My view is that whether you purchase or lease a new car it is probably worth it. How important is it that your car start every day with no worries? It will be under warranty so no major repair bills. It may have free maintenance like Mini and BMW, YOU get to maintain it the way you like and option it the way you like. If you purchase it, you do not have to worry about turn in problems. Also, if you really like it, you can keep it forever and the costs begin to even out. I had one care for 12 years that I loved. Now, I trade a lot.

    The trade off for new is that you get assurance. Your costs are fixed because anything that goes wrong will not come out of your pocket and frankly these are the best years when nothing should go wrong. You do not want to be worried about your car in bad weather or icy mornings. With a used it gets more dicey and you have to sort through cars who had pets, smokers or were abused rentals.

    The used car market to me is much more variable. If you can get the car mentioned in the article with an extended warranty to 100k miles that is really great. If it comes with really low miles, say under 20k then two thumbs up. If you know it was well maintained and a reliable model, more gold stars and more value. If your state (like mine) has eye bleeding property taxes in your tag fees, still another gold star. If you can buy a convertible during winter, you will likely pay even less. So, a lot more variables but you can save some serious money and get a great car. I bought a used Mini Clubman that had only about 12k miles, extended warranty (which you want with MINI) and some complex options like this. I saved about 25% of the price of new for a car that was essentially new. Most of the time I buy new.

    Edmunds rocks.
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