Leasing a new vehicle

[VancouverIslander]

I'm also in the used car buying category. I've bought new once (Pontiac Vibe) and I was extremely happy with it for more than 10 years and sold it off with a lot of miles on it and bought a five year old Vibe with 12,000 miles on it for half the price of new that I expect to get 10 years out of as well.

That said, used cars are best for those who can do a lot of their own maintenance. The best thing I've found about newer cars is that they don't require a lot of maintenance and tend to last quite well if you shop around for reliable models. The vibe required spark plugs ever 120,000 miles (love those platinum/iridium plugs). I do my own brakes, oil changes, radiator fluid and more, but I'm only 55. I think I can still manage up into my 70s or at least I hope so.

The problem with new cars is that they depreciate between 10 and 20 percent when you drive them off the lot. The bonus is that they have a warrantee for a few years, but in general most of us won't get a lot of value from that as they don't have a lot of problems. With computer controls, fuel injection, electronic ignition etc., maintenance on vehicles gets easier all the time (just make sure you have an ODB2 code reader)

Me ka ha`aha`a,
Mike

[TomK]

As the thread shows, whether to lease, buy a new car or buy used is really down to your own circumstances. In my case, I leased because I wanted a reliable new car but since I was working on three-year contracts, leasing was a good deal because if the contracts ended, I could simply leave the car at the dealership after three years and simply walk away. That changed while leasing the second car, so bought it at the end of the lease which meant I was buying a pre-owned car but I certainly knew its history!

I've wondered about buying a used rental car sometime in the future. From what I've seen, you can get some excellent deals and they have usually been well-maintained.

[glinda]

I think leasing, while it doesn't tie up as much money up front, ends up costing more in the end. But then if one doesn't have a lot of money to tie up (in making a down payment) it does give you a chance at having a new car. I think leasing makes the most sense when the vehicle is a business write off.

I have owned a few bought off the lot new cars, but find, as others have noted, that buying them used to be the most cost effective.

The other thing, if you were to buy regardless new or used, is considering buying on the mainland and shipping it home. Depending on the vehicle make and model this can save substantially. You can either use some of the savings to take a trip to buy the vehicle, or contract with a purchasing agent and just pick it up at the dock. On used Toyotas (my vehicle of choice) the savings can be very substantial in that some Toyota models are very popular here and retain their value but in other markets they are not as popular. You can "window shop" on craigslits checking out different markets without leaving the comfort of your home.

There is an older thread we all toss these ideas around on previously. You might appreciate reading through:

http://www.punaweb.org/Forum/topic.asp?TOPIC_ID=20669