# Leasing vs Buying a Vehicle **URL:** \ **Category:** In My Humble Opinion\ **Created:** [September 18, 2014, 12:06pm UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811 "2014-09-18T12:06:59Z")\ **Posts on this page:** 5\ **Page:** 2
**Author:** ![Shodan](https://avatars.discourse-cdn.com/v4/letter/s/9f8e36/32.png) [@Shodan](https://boards.straightdope.com/u/Shodan)\ **Post date:** [September 19, 2014, 8:48pm UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811/21 "2014-09-19T20:48:27Z")
> [@elbows](#): > > The argument that financial advisor types seem to favour is the fact that when you purchase a car, new or used, you acquire an asset. Yes - a depreciating asset. Thus my father’s First Law of Cars - > [@Shodan's Father](#): > > Thou shalt not borrow money to buy a depreciating asset. Thus no car loans. I buy new often rather than used - but I have one car from model year 2002 and another from model year 2009. My daughter’s car is 1994, which gives you an idea of how obsessed I am with having a shiny new car every few years. “Pay cash for a used car and drive it into the ground” is still the best way to do, but in a society where people carry a balance on their credit cards I have given up hoping to be believed by any but my immediate family. Regards, Shodan ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [September 19, 2014, 9:43pm UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811/22 "2014-09-19T21:43:17Z")
> [@Enright3](#): > > I’m glad I saw this post. I just read an article yesterday (that I can’t seem to find now, but it won’t matter in this case) that actually came up with one reason where leasing a car is a better option. > > If you want to drive an electric car, you’re probably better off leasing because the technology is still developing and in two years most today’s electric cars will depreciate a lot faster as newer technology makes electric cars more efficient. All other articles tend to agree that leasing in the long run will likely cost you more; however leases can be had for a lower monthly amount and a lower down payment. Plus the lease deal on electric cars around here are very sweet because they desperately want to move the product. ---
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [September 19, 2014, 9:50pm UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811/23 "2014-09-19T21:50:54Z")
> [@sbunny8](#): > > Full Disclosure here, I just made up these numbers as I went along. But I tried hard to pick numbers that are realistic. > > Bottom line, if you have an excellent credit score then leasing a new car will probably be cheaper than buying a new car. If your score is mediocre, you’ll probably save money by financing the car and then selling it on craigslist when you’re ready to get another one. I don’t remember the numbers, but when I bought my car they quoted me an interest rate. Then they looked up my score and quoted me a way, way, lower interest rate. Neither of which I was the slightest bit interested in, but it proves your point. My commute is not all that long, and we don’t take a lot of driving vacations, and we have multiple cars, but I’d still go over the yearly mileage limits if I leased. And I’d prefer not to avoid driving the nice new car on long trips because of this. I’ve bought used and new. New is better if there have been recent quality improvements, mpg improvements, or useful features. But quality is a lot better now. My “new” Prius is 4 1/2 years old and still runs perfectly - far better at this point than cars I owned 30 years ago. ---
**Author:** ![RealityChuck](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/realitychuck/32/195_2.png) [@RealityChuck](https://boards.straightdope.com/u/RealityChuck)\ **Post date:** [September 19, 2014, 10:51pm UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811/24 "2014-09-19T22:51:13Z")
I’ve always purchased my cars outright (or had short-term loans). We plan to keep them 15 years or more; on that basis, you pay less by purchasing, and spend far less than leasing a new car every five years. I actually put my last new car purchase on my credit card, then paid it off the next month from savings. Lots of points! ---
**Author:** ![sunstone](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunstone/32/3372_2.png) [@sunstone](https://boards.straightdope.com/u/sunstone)\ **Post date:** [September 20, 2014, 2:25am UTC](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811/25 "2014-09-20T02:25:07Z")
In our family we have two different vehicles, and two different systems of purchase management. My vehicle is a 2001 Toyota Tundra. It was bought new for about $22,000, and paid cash. I have had it for essentially 14 ½ years. My license renewal is about $40 per year now, and was about $375 when new. I plan to keep it into the future for as long as I can foresee. I am attached to it also; we’ve done a lot together, and it has performed flawlessly all that time. I will repeat the same pattern with my next new vehicle if I live long enough to wear this one out. (Remember, mature and even “old” pickups are cool, especially if they have been well maintained.) My wife has a 2009 RAV. Wonderful car, and she is lusting for a new vehicle. So we get a new car when she wants one. Thats how it works for us. [Previous page](https://boards.straightdope.com/t/leasing-vs-buying-a-vehicle/698811.md?page=1)