I don't have strong feelings on this but I would think that leasing is going to be less cost efficient...though it really depends on the car and the deal you get.

If money isn't the concern, leasing is probably better, being nicer to have a newer car that you don't have to worry about and keep bringing to the shop whenever there is a problem (that cost also has to be figured in in the cost analysis as well).

I've only ever bought and I don't usually have problems with my cars...first car was a used Mazda that I didn't know how to take care of and broke down.

Second lasted me ten years and I never had any problems with it...I'm on my third car now. I bought it cus I wanted it big cus I thought I was gonna use it to have frisky stuff in with my girlfriend. That worked for a little bit but after a while it makes more sense to just get a motel, spend the money, and be more comfortable.

As electric cars get better I'm looking at that.

Of course the best situation is the ability to buy a brand new car and pay for it all at once. Then, you take good care of it.
This would also mean you would need a "beater." To keep un-necessary and excess miles from adding up on your new car. A car like this is also best paid for in cash terms.

There are a lot of used cars out there that are as good as new. If not, it's new to you, right? Haha!
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I think this is your best bet.

Why would someone want to pay nearly $8,000 (or more) in three years for something they will never own? You're throwing away over $125,000 over the course of fifty years. That's 25% of a 401K retirement plan. It's also perpetual debt.
Unless you get big money the easiest possible way, I don't think many have the luxury to rent new car stock for the comfort of newness.

In 2004, I bought a 1997 Ford F-250. I was second owner and at the time, the truck had only 63,000 miles on it. The guy was asking $4,500 for it.
I bought it and still have it to this day- it has NEVER let me down. And, yes, it's not a young truck. I have replaced some things, but mostly just keeping up with regular maintenance is the key to the lifespan of a vehicle.

That's a fact!

Cars and money never mixes well.
Luke oil and water.
For me I either have the car, but no money, or I have money but no car.
In my humble opinion it seems better to have a car you will actually own.
When you lease, you still need insurance. Probably fully loaded insurance, Since its not your car.

This is my opinion - new car, used car, abused car - it don't matter, you'll never get back from a sale what you put into 'em. It's the nature of the beast.
The idea of owning a used car (one that is paid off), is how long it delays the drain on your wallet. That is where the real payoff is at.
In the end, when your used car truly dies, you bury it like a loved one...oh hell, you send it to the junk yard or sell it for parts to the poor schmuck who has the same model - lol!

So, pay off your car. Own it for a while. Save some money. At that point, you'll see what I'm talking about.
It's gonna feel good driving a car that you no longer make payments on.
Your next car purchase won't require payments. You'll see when the time comes.

A vehicle is the usually a person's biggest purchase that DEPRECIATES faster than any other. The rare exception to this fact is if you find a classic car that you can hold on to for 25 years and not drive it.
So basically try to buy a car that you can pay off quickly - hopefully within a year. Then with extreme diligence sack away a car payment every month for the following 5-8 years. If you never touch that savings you should be able to buy another car (never new) cash in full.

I mean...credit score is something else to consider here if you plan on borrowing money in the future....a car loan could be good for that.

Let's look at that just for a moment. Let's say (for the sake of argument) that you are broke and have no way to make money for the moment...

Okay, now let's say you have no way to make money for the moment BUT now you're in debt...

You can live life and be broke but you can't live at all when you're in debt - because anything you do to make a profit rightfully belongs to someone else.

My car is 17 years young. Bought for £1000, and I've had her about 7 years now. Shes a dream to drive, no major work on her. 96k miles. Ive had my moneys worth from her. And I have no plans to sell her until I need a bigger vehicle, I'll be going from a small hatchback to a crafter lwb van. And even then I might keep her if i can afford to.

Personally I dont like the commitment of large monthly payments. I dont see the point for vanity reasons. I would rather enjoy my life, cars get me from A to B. And the van will allow me to travel and see the world.

I think the trick is to not care what people think. My neighbours are constantly leasing new cars. Trying to out do each other with audi's and SUV's. Its all about status, but are they happy? Do they have money to do the things they love? No, because my neighbour has had to come out of retirement and take another job just to keep up with the Jones's.

Do what makes you happy.

Whatever you decide to do, hope it works the best for you x

I could afford only used cars £1-1.5k, that would last me about 2-3years each (i basically destroyed them all).

Now my daughter borrowed me money (a parenting failure, i know), so i bought vrs for over £2k, and am in love with it, although it is 12 yr old now, and almost 160k miles on the clock, but these babies clock 250k easy..

Just bought it on 1st February. Won a prize on 1st March for the best standard motor in the local motor show.. If it lasts me two years, it will be the best toy i have ever had (and it is also my broken heart healer! ;) x

My car has 260K+ miles on it. It’s so beat up - the front bumper fell off recently. I don’t know how, or why! 😭 I really need to get a new car soon. My husbands car has more than 100K miles too. We really drive our cars to death lol.

I don’t have a car loan but I’m looking to get one too.

Just whatever you do, don’t roll your current car loan into a new one if you’re thinking about trading it in! That’s a slippery slope. Read the fine print very well - you don’t want to get stuck with a crazy high interest rate or ridiculous fees. Also, try to buy in MD. VA’s consumer protection laws are abysmal.

Leasing is like throwing your money away.

That’s my two cents!

I know a lot about financing and contracts but not a whole lot about cars. I wish someone would just tell me what to buy lol.

Ford Focus
Toyota Camery
Dodge Dart
Honda Accord (or Civvic)
Subaru WRX (but not likely)
Chevy Impala

@BA1 I have a Honda Civic right now. It’s very reliable! The issue is that I need to get a bigger car because when DH sits in my Civic, he has to hunch over. (He’s a big guy). So I was looking at the Hyundai Kona which is bigger but I’m nervous bc I don’t know if it’s reliable like my civic.

Sorry @Yorick didnt mean to hijack your post

Yeah my price range is around $15K. Looking for a compact SUV type my hubby would be comfortable in. Gotta be under 30K miles. I found a 2019 Hyundai Kona that fits the bill ($15K, 15K miles) at a dealership in Fredericksburg but it kind of makes me nervous bc why would someone reduce the price that much and it’s only a year old... idk I’m a very anxious person 😣

Subscribe to Consumers Reports and their buying app. If you put in the details of the car you wish to buy it will show you the price you SHOULD pay, not what the dealership is asking for it. This gives you all the bargaining power. And don't be afraid to walk away. The last thing a dealership wants is to lose a customer strictly over price. Haggle the price of the new car first, trade-in second. No exceptions!

Thanks @Yorick & @soco !