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By us heimishe people its very common to lease a vehicle, since the payments aren’t big and you get to drive a brand new car every 27/36 months.
The question is, is it worth it?
Does it pay driving a brand new leased vehicle and paying insurance up into the sky?
How many miles a year do you drive your car?
In some cases wouldn’t it of been worth it to buy a car for a few thousand dollars and sell it after 4-5 years as opposed to investing $15k in a brand new car and after 3 years you see nothing from that money?
Let me know in the comments what you do and why.
Own.
IMHO, leasing is very good for those who get nervous about “car stuff”, so they need a new one every three years so that they don’t have to worry about new tires, brakes, etc.
Also, leasing allows families to jump a bracket (from a US to Japan, for example) without having anything additional out of pocket (during the time of the lease). Three years? Bezras Hashem Moshiach will be here.
We purchase outright.
Lease. That way you can change cars as your needs change, and you avoid the hassle of trying to sell your old car / hang on to it (and pump in $$$) when the clunker is on its last leg.
i don’t have a car
I know of a few people who unfortunately lost a lot of $$ in the past few yrs. I know of someone who can’t pay for bread, but “has” to pay his monthly lease. It is very hard on him; especially since people believe he doesn’t “want” to pay his bills, not because of money…. Because if he can afford such a fancy car, he can afford to pay his bills. Speak to people in such a situation before leasing. Good Luck!
I think your question is more about getting a “better” car, or a used car. For someone who would like a fancier car, leasing makes is a better option than buying (for most people). For those who don’t need a new car, getting a used car makes sense.
<Happily drivin a clunker>
I wont drive a clunker, but most cars can easily last 10-15 years without much hassle.
After 5 years the cost of owning becomes cheaper and cheaper.
I had my last car for 12.5 years and have my current one for 9 years. And the current one has never really been in the shop for repairs, just some body work , brakes and a timing belt that had to be replaced after 100,000 miles (That maintaince hurt a bit)
k.i.a.: The concern about buying a car that’s only a year old is how it was, or wasn’t, cared for. Most people who sell their car after a year didn’t take care of it and may have abused it, since they weren’t oncerned with the long term life of the car and wouldn’t allow that to inconvinience them.
Not true
Many late model used cars are either Off Lease units or former rentals (Hertz Avis etc sell their older cars all the time)
If you live in a busy neighborhood, it doesn’t pay to have a car. L’mooshil, if you live in Borough Park, on 45th Street, between 11 and 12th Avenues, the block of the big Rachmistrivka shul, you will have a hard time parking and spend hours looking for a space.
“spend hours looking for a space”
That’s only if your from the “plaineh mentchen”. If your a true BP hocker, you either have a parking permit, Fla plates (Diplomat plates are too goyish), or just rack up tickets without a care in the world.
(Or, you walk from point A to point B, like I do)
zahavasdad: Rental cars are known not to be a good buy since the renters abuse the the car. Not the body, but transmission etc
A few years ago, we got soaked turning in a lease after 3 years. There were scratches UNDER the front bumper (probably from a cement thing in a parking space). We had to pay $1000 and had no recourse. The dealership is out of business now…
Know.it.all: Most major rental companies do sell after a year, or right before thirty six thousand miles, whichever is first (before the warranty runs out).
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