Anonymous wrote:It varies. I don’t drive much, so, with a reliable, well-maintained car, that means that I’ll have years without a car payment.

I'm the same as you. I bought my last vehicle which was new, 7 years ago. It's been paid of for 3 years now. I maintain it and I intend to keep if for at least another 5 years.

However, I have no intention of "driving it into the ground". When it starts to get old and shabby I'll buy another vehicle because I like a car that I can jump in at any time and drive long distances without worrying whether it will get me there or not.

Do you pay VA car tax if you are leasing a car? I don't think so. That is an additional benefit.

Do you like renting or do you like owning? Some people own their homes and rent their cars, some rent their homes and own their cars, I like to own my homes and own my cars

Anonymous wrote:Why or why not?

If you want to drive a new car every 3 years leasing is the cheapest and most convenient way to go, so it’s the opposite of stupid.

If the car depreciates less than the agreed amount then leasing costs more (but then you can often get that money back by buying out the lease)

If a car depreciates more than the agreed amount then leasing was cheaper.

There is no inherently better or worse method, leasing or buying. They are financial mechanisms.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m thinking about leasing exclusively once I hit a certain age. Maybe 65 or 70.

why?

I’m a drive the car into the ground type, but I’ve had them break down at inconvenient times. I think I will reach a point where that scenario is undesirable.

Yeah, same. 61 female and I don’t want to have to deal with tow trucks and breakdowns anymore. Current car was bought at 3 years old, now 6, and I may give it to my kid and lease.

It varies. I don’t drive much, so, with a reliable, well-maintained car, that means that I’ll have years without a car payment.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Leasing a car is like buying a new car every three years. Financially it is stupid. The best financial choice is to typically buy a 3-5 year old car and then drive it into the ground.

Not always. If you are a business owner, it is financially stupid to buy instead of lease. Leasing offer multiple tax benefits.

PP. Even with tax deductions, leasing is not going to be cheaper than buying a 3-5 year old car and then driving it into the ground.

NP. Correct, but not everyone wants to buy a 3 - 5 year old car and drive it into the ground. That might be the cheapest route to go, as long as it never needs major maintenance or repairs that aren't covered, but that is a separate issue. (We always buy cars--used and certified--but I can see a situation where someone could benefit from leasing.)

We lease our EV, but bought our gas car in cash. No way we can sell an EV after a few years. The technology will be so much better by then. Best to have the dealership assume that cost.

Anonymous wrote:

Anonymous wrote:Leasing a car is like buying a new car every three years. Financially it is stupid. The best financial choice is to typically buy a 3-5 year old car and then drive it into the ground.

Not always. If you are a business owner, it is financially stupid to buy instead of lease. Leasing offer multiple tax benefits.

PP. Even with tax deductions, leasing is not going to be cheaper than buying a 3-5 year old car and then driving it into the ground.

Anonymous wrote:Leasing a car is like buying a new car every three years. Financially it is stupid. The best financial choice is to typically buy a 3-5 year old car and then drive it into the ground.

Not always. If you are a business owner, it is financially stupid to buy instead of lease. Leasing offer multiple tax benefits.

Anonymous wrote:

Anonymous wrote:I’m thinking about leasing exclusively once I hit a certain age. Maybe 65 or 70.

why?

I’m a drive the car into the ground type, but I’ve had them break down at inconvenient times. I think I will reach a point where that scenario is undesirable.

Depends on your situation. If you can afford it and like to consistently drive new cars, then it makes sense. If you drive your cars into the ground and don't mind driving a 10 year old car, then it's not the better option. "Stupid" is too subjective of a word to answer definitively. Is it stupid to go out to dinner at a restaurant when you can make food at home much cheaper? Is it stupid to go to a bar and order a beer, a cocktail or a glass of wine when you could buy it at a store and drink it at home for a fraction of the price? Is it stupid to buy tickets to a football game when you could watch it at home for free?

For what it’s worth I buy very nice cars coming off a three year lease. Someone else eats the depreciation, mileage is generally low and the dealer guarantees it and extends the warranty. I will keep it for 5-7 years and do it again.

I can't bring myself to do it.