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[quote=Anonymous][quote=Anonymous]The lease vs. buy decision varies heavily from one brand to the next.

Generally if you're up for keeping a vehicle for 8 - 11 years like with your current prius and corolla, and are getting a brand known for reliability (Toyota, Mazda, etc.), buying is much better.

If you highly prioritize getting a new vehicle every 3 years and are willing to constantly have a payment until the end of time in exchange, AND/OR you are buying a complicated, high-end vehicle known to be less reliable and expensive to repair (BMW, Land Rover, Mercedes, etc.), leasing is a good option to consider.

Since you're in the exploratory stage and not immediately requiring a new vehicle tomorrow, I'd try to stretch your current cars out at least another 6 to 9 months. Use that time to do more research and maybe a few test drives. There are NO good deals on anything right now, regardless of lease or purchase since dealers are super thin on inventory due to supply chain issues and the chip shortage. If you can wait, you'll save quite a bit.[/quote]

OP here - thank you so much for this explanation and level of detail. This is very helpful to us. We are still in research phase but have confirmed that we will buy not lease. Now we just need to see what to buy. We need a reliable suv but do not want to break the bank for it and not a gas guzzer. Thanks so much for your post![/quote]

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