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Old 01-02-2007, 09:01 PM
glennopeko glennopeko is offline
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Default Switch car lease to buy, buy it out or keep leasing?

Wonder what people's thoughts are on vehicles (lease versus buy versus cash).

I currently lease a 2006 Jetta Wagon (4 year lease that started November 2005). Could that be worth buying out lump sum with cash (Which I could do but it would tap out my bank savings account to 0? Switching from Lease to a buy out with payments is a lot more monthly. Or is there anything else I should look at with regards to that? It is $400 a month to lease and in a little less than 3 years I'll end up starting it all up again probably for a never ending payment which is good for the dealer but canít be good for meÖ..I do write off a portion of it due to a few side businesses roughly 30-50% - originally the reason why I went lease instead of buy but now all my consumer debt is paid off aside from a mortgage and I am thinking this is an area I can make another decision that will help my future finances. I am 40.

Any advice would be greatly appreciated.
Glenn
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Old 01-06-2007, 09:39 PM
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taiarain taiarain is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

Do you want to keep this vehicle for years? Can you escape the lease and just go buy a car on a 36 month loan?
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Old 01-18-2007, 12:52 PM
brian brian is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

Hi Glenn and welcome to The Finance Forums.

As for your question - is there any desperate reason why you need to lease a brand new model, rather than buy an older version?
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Old 01-18-2007, 07:33 PM
riskey58 riskey58 is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

I would just rather buy a car then too lease it. When I buy a car I plan on keeping for a long time. As long as it runs good and looks good It is fine with me.
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Old 01-19-2007, 10:32 AM
nangel78 nangel78 is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

I prefer buying myself. You pay more money in the long run from leasing a car that depreciates once it leaves the lot.
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Old 02-06-2007, 06:34 AM
unique unique is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

I prefer to buy a car. Unless you have immediate plans of migrating to other places where bringing a car is not cost-efficient, buying a car (or loan if you do not have enough money to pay cash) is the best option for me.
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Old 03-13-2007, 10:14 PM
ohioguy ohioguy is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

It depends on your situation. If you plan on driving the same car for 4 years or more, buying makes more sense than leasing.
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Old 03-14-2007, 07:47 AM
fitnessk fitnessk is offline
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Default Re: Switch car lease to buy, buy it out or keep leasing?

I think I would want to buy a car. I have never leased anything personally so I am only giving my opinion. I agree with OhioGuy that if you want a car to keep for several years it is probably better to buy.
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