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Lease new or buy used with cash?

ble2323ble2323 NJPosts: 40
edited October 2018 in General
How would one calculate whether it makes more financial sense to lease a new car vs. buy USED WITH CASH?

BTW, I'm in NJ where tax is levied upfront on the total lease payment.

 Thanks. 

Best Answer

  • kyfdxkyfdx Posts: 128,188
    Accepted Answer
    ble2323 said:

    I'm probably not communicating this well. 

    It's not that I can't afford more of a used car, it's that I don't think paying more than 23k is a good value. 

    Re: my requirements, a 2017 Rogue meets almost all (not a 3 row) and they are available. 

    Alternatively, I could lease a new Rogue for about 13k total over 3 years. Or for a little more than that, lease a 3 row Highlander LE. 

    The essence of my question is what makes more financial sense? Those two lease options or the 2017 CPO Rogue?  I'm not sure how long I'd keep the CPO Rogue, but at least 3 years. Possibly much longer depending on how reliable it is and whether any new breakthrough safety technologies come out . 


    Those are both good choices for leasing.

    If that's your thing.. CPO used, or new lease, of the same model, then it's just a matter of the vehicle you are interested in having a good lease program. Both of those qualify. But, there is a whole list of vehicles that don't lease well (CR-Vs, for one example).

    So, it's more on a case-by-case basis.

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

    Edmunds Moderator

Answers

  • MichaellMichaell ColoradoPosts: 121,616
    ble2323 said:

    How would one calculate whether it makes more financial sense to lease a new car vs. buy USED WITH CASH?



    BTW, I'm in NJ where tax is levied upfront on the total lease payment.



     Thanks. 

    How much are you looking to spend?

    Leasing is renting - you have to give the car back at the end of the lease term.

    If your intention is to keep the car longer than the lease term (usually 3 years), then just buy used.

    I've leased my last two cars, but am seriously thinking of buying my next one, as I'd like to find something I'll be happy with for 10 years.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • ble2323ble2323 NJPosts: 40
    I'm looking to spend about 23k max before taxes for used. But my requirements seem tough to find:

    Crossover with AWD 
    Autonomous emergency braking 
    Ideally 3 rows, 2 ok
    CPO, with at least a fair program 
    Under average mileage 

    Seems to me new and used prices have both gone up. And autonomous braking is often in higher trims in slightly used vehicles. This why a lease was on my radar. Also tech might change in a few years. 


  • kyfdxkyfdx Posts: 128,188
    ble2323 said:

    I'm looking to spend about 23k max before taxes for used. But my requirements seem tough to find:

    Crossover with AWD 
    Autonomous emergency braking 
    Ideally 3 rows, 2 ok
    CPO, with at least a fair program 
    Under average mileage 

    Seems to me new and used prices have both gone up. And autonomous braking is often in higher trims in slightly used vehicles. This why a lease was on my radar. Also tech might change in a few years. 


    Getting a more expensive car, because lease payments are lower than finance payments is not the best idea. In the long run, you are exceeding your budget.

    Your wish list is going to be tough to achieve (3-row SUV with autonomous braking), on your budget, I think.

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

    Edmunds Moderator

  • ble2323ble2323 NJPosts: 40
    edited October 2018
    I'm probably not communicating this well. 

    It's not that I can't afford more of a used car, it's that I don't think paying more than 23k is a good value. 

    Re: my requirements, a 2017 Rogue meets almost all (not a 3 row) and they are available. 

    Alternatively, I could lease a new Rogue for about 13k total over 3 years. Or for a little more than that, lease a 3 row Highlander LE. 

    The essence of my question is what makes more financial sense? Those two lease options or the 2017 CPO Rogue?  I'm not sure how long I'd keep the CPO Rogue, but at least 3 years. Possibly much longer depending on how reliable it is and whether any new breakthrough safety technologies come out . 


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