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Why do I lease? (208.8) - Mark's Journal
Why do I lease? (208.8)
A couple of people were curious after my post last week, so I thought I'd expand a bit on why I've been leasing cars instead of buying them. As I said, this time around it's partly out of habit, and partly to keep the monthly expense and commitment down.

The first time I leased a car was my third car. With the second car, I loved the moment when the five-year loan ended, and I didn't have to keep making monthly payments. That delight didn't last as long as I'd have liked, though. Before long, things needed maintenance or repair, things wore out, and I was spending money month after month again. After a while, I had a couple thousand dollars of work I'd been putting off but wouldn't be able to put off much longer, and was spending money again and again.

One of my visits to the shop, the salesperson who'd sold me that car said, "You know, you could trade this in, and there are great lease deals right now." He did the math, and I was able to lease a brand-new Accord for $179 a month. Going from spending money month after month, but never knowing how much, to a predictable amount, was a nice change of pace!

Basically, I have grown to like knowing that by the time a car has a lot of problems, they're someone else's problem.
7 comments or Leave a comment
f4f3 From: f4f3 Date: August 18th, 2014 07:37 am (UTC) (Link)
Also, if something's value appreciates, buy it, if it depreciates, lease it.

So ask me why I rent :)
pigglet27 From: pigglet27 Date: August 18th, 2014 09:21 am (UTC) (Link)
I'd love to lease, but I drive so many miles each year that it's not worth it.
mhaithaca From: mhaithaca Date: August 18th, 2014 09:24 am (UTC) (Link)

That's definitely a big factor. I've paid a little extra to get 15,000 miles a year instead of the usual 12,000 (now commonly 10,000 with the advertised lease specials) but I've never used them all. I'm under 12,000 miles a year for the lease I'm ending, though that's probably partly because I haven't been able to afford to travel much! I'm going with a 12,000-mile lease this time and hope I don't blow it.
pigglet27 From: pigglet27 Date: August 18th, 2014 09:31 am (UTC) (Link)
My regular commute brings me up to 18K a year. When you factor in other driving, to CT and NJ for family visits, plus miscellaneous driving around town, it gets up to 22-25K/year.

And now I'm realizing when I move to Frank's next year, I'll be doing 34K just to commute to work! Ugh!
retrev From: retrev Date: August 19th, 2014 09:15 am (UTC) (Link)
That's my problem too..I'm usually 18-20 a year. No lease for me.
cannedpopcorn From: cannedpopcorn Date: August 18th, 2014 11:56 am (UTC) (Link)
That's a really interesting way to think about it! Never thought like that before.
mhaithaca From: mhaithaca Date: August 18th, 2014 12:00 pm (UTC) (Link)

I always see people bitching about how much they're spending on their car problems, which is a good cure for my occasional thoughts that I could try buying again.
7 comments or Leave a comment