I’m 60. Should I buy my lease or keep leasing

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ChaosReignsNow@reddit

The real question is whether leasing cars your whole life contributes to why you won't have enough money in 7 years to pay the basic expenses of life.

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I’m a boomer and have never leased a car. Always purchase used since 1990. Usually 3-4 year old vehicle, pay them off in 4 years and keep them at least 5 or more years after that. My last new car purchase was in 1983.

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ChaosReignsNow@reddit

Even better is buying a 4-6 year old car and paying cash.

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TXtogo@reddit

I think the real question is why can’t you afford a car when you turn 67, let’s fix that first.

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WheresMyMule@reddit

Why on earth would anyone want to pay thousands of dollars and have nothing to show for it at the end? I can't imagine being ok with throwing money away like that

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LayerNo3634@reddit

We trade in every 3 years. Leasing is not an option for the vehicle I want, but I might consider it if the numbers lined up. I will add, we did not intend to trade in every 3 years, but you take it for an oil change...and they don't put the waiting area on the showroom floor by accident!

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Outrageouslysilent@reddit

Buy the car outright.

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Bubbly_Gap_9212@reddit

Leasing is best if you really like having a new car every few years. Personally, I prefer to pay off a loan and then keep that thing until the tires fall off.

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Martian6261@reddit

If it’s a good deal, buy it if you like it. Other wise, buy a 3-4 year old used car with under 35,000 miles with a 5 year loan. Make additional payments along the way if you can and keep it until it’s no longer a good value to keep.

We are both retired and have 2 Ford Edge Titanium’s. A 2020, bought it 18 months ago for $24,500 and had 35,300 miles on it. A 2022, bought it 13 months ago for $27,500 with 25025 miles on it. The loan on the 2022, put $10,000 down as my 2015 Chrysler 200 was totaled by another driver. Paying extra in both, wife’s loan rate 6.49% is higher, so paying 2x on hers ($800 mo). My rate is 4.85%, payment is $300, but paying $400 month. Hers will be paid off in December 2027, and mine in August 2028. 2029 she starts her SS.

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WheresMyMule@reddit

*three year loan

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First-Ad-7960@reddit

A buy out on a lease is rarely a good deal.

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PGHNeil@reddit

Exactly. I leased a car new off the lot and took the depreciation hit. I paid the lease for 3 years, having to watch the mileage closely. Then I foolishly bought out the lease for another 3 years. The month before it was paid off the transmission went (and no, I’m not one to beat my cars) so they wouldn’t even consider taking it as a trade. I paid another several thousand $ to repair the transmission and drove it for a few more years until one day the mechanic told me the unibody was rusting out. The car was even garage kept too.

PS: that car was the second Pontiac I went through this with. The first was used so I thought that was the reason. It wasn’t. I’ve owned 6 GM products over the course of 40 years. Four of them had transmission problems. The exception was one that was a standard. I bought it when it had 210K miles and sold it at 250K miles - both times for $1. That car even got close to 40mpg because it only had a 2.0L engine and only weighed 800 pounds.

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RuleFriendly7311@reddit

One advantage of buying out the lease is that you know the car better than you could know any other car. Assuming you are doing the maintenance and you like this car, it could be a good idea to buy it out.

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Emergency_Gold_9347@reddit

Leasing is best suited for business. I would never lease personally. No benefit imo.

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WilliePullout@reddit

My wife buys new cars I keep the same old cars I’ve had for years. My newest car is a 2004. My oldest is an 86. I don’t want the payment or all the new computer shit. I want to be able to work on them. I haven’t had a car payment in years. The want for the newest and best isnt worth it. My advice would be buy an older car in good shape and keep it in good shape. I just put a new axle in my old truck and lifted my wagon. We aren’t hurting for money but I also don’t want to give it away for a computer in my car that tells me what to do.

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b1e9t4t1y@reddit

My wife drives the newest. My newest is a 1966 and my oldest is a 41. I don’t want payments or all the computer shit either.

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PGHNeil@reddit

Turn it in and lease a new car. You’re just paying for something that’s going to need more maintenance as it gets older. Why pay on it for 3+ more years on top of repairs no longer covered under warranty?

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preinternetdad@reddit

I bought my lease out 3 years ago and it’s still under warranty. What an uneducated take…

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81632371@reddit

If you have the income or assets, you can continue to lease. My father leased for 20 years after he retired. It was insane because he put so few miles on (the dealership had to have loved him), but he wanted a no worry vehicle after a lifetime of clunkers and low-end models during the lean years.

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Wolfy2915@reddit

Depends on the buyout price. I had taken over the last year of a lease on 2023 F150. I returned it last month because the buyout was $40k and it was higher than market value. There are options to take over existing leases, typically no up front costs and you can find one w many remaining miles. Downside is you are responsible at EOL.

Bought a 2023 SUV w 25k mi and a year left on mfg warranty to replace it. My state has a 6% sales tax plus 2.5% PPT/yr so taxes & insurance are much less on a used car.

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No-Assistance476@reddit

Gen x doesn't lease, we buy!

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railworx@reddit

This sounds like a boomer question

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Tonto_HdG@reddit

If you buy your car now, you will have a (10?) year old car that's paid for at 67. Assuming you drive for another 10 years after that, do you think the car will make it to 20 years and still be reliable?.

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blackpony04@reddit

My mom is still driving at 94 and bought her current car new in 2013 at age 81. So literally everyone's mileage may vary, both car-wise and life-wise.

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More_Law6245@reddit

Buy out the lease, you know where you stand financially. Worse case scenario you can offload the car for quick cash if need be and buy a cheap comparable used car after that. Just remember a car is a depreciating asset.

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thedarkforest_theory@reddit

Buying out a lease is maximizing the profit for the dealer. The reason why is they lock in what they think the car will be worth at the end of the lease. In most situations, cars depreciate below the residential value. So you could turn the car in and buy an identical model and mileage for a lower price. If you know the car and love it then maybe it’s worth it to you to buy it out. However, it’s rarely the best financial decision. I also personally don’t like making payments on an out of warranty vehicle. It’s either car payments or out of pocket if something goes wrong. Never both.

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