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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are also debating leasing vs buying.  We own our car outright and the dealership said we should expect 2-3k a year in repair costs.

We could lease a new 3 series for 3k down and 300 a month.  So for around 1,500 more a year we could drive a new car and not face any repairs or maintenance costs.

I understand how some think buying is better financially but at the end of the day it seems both options suck.  When you buy you're investing in a depreciating object.  You face repairs on a car, especially the older it is.  When you lease you're just renting a car but avoiding the maintenance costs.

I'm at a loss as to what to do.  [/quote]

What year is your Ferrari? Seriously, what normal car has 2-3k a year in expenses, that dealer is fleecing you. I have an older BMW and even that doesn't go past $1200 a year on its worst years. [/quote]
+1.  Seems like the sales guy did a great job of convincing people that leasing is better because of "repair cost" of owning a car.  but I guess they also fail to talk about the MANY years of no car payments (few maintenance bills) which is still better financially than a living with a car note for the rest of your life.[/quote]

We haven't asked anyone in sales about the repair costs or even talked to a single person at the dealership about leasing or buying a car.  Fwiw we own our car outright and have for quite some time.  I've done the math and in many situations, the cost can be the same.  Sure, you might not have a car payment for a number of years, but this car payment was significantly higher than a lease payment while you had it.

I'm not convinced I should sign up for a car payment of $700 a month when I can lease a car for $350 a month.  I'd rather invest that extra $350 in the stock market.  Sure, you'll eventually have a paid off car but it's still a car - barely an asset and one that requires repairs.

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