Lease or Buy a Car?

Well, 2025 and beyond, as you know, has been about bad news in my family. On top of the three cancer diagnoses, my brother-in-law dying, and my DD's beloved 12-year-old pitbull having to be put down last month, it's not over yet:

My beloved 2007 Prius is on life support. The hybrid battery is dying. I would replace it, but apparently, my undercarriage is rusty and won't pass the next inspection. I can still drive it, but it will lose its ability to switch to electric and it will eventually lose power altogether. I'm sick about it. I always thought it would last me the rest of my driving life.

I'm wondering what to do next. My first thought was to buy a good used car--and I'd definitely look at 4WDs, after this winter, when my car was basically useless for several weeks with ice packing the road out of the neighborhood. But buying a car is seriously going to put a strain on my final retirement fund push.

I have always been against leasing a car for obvious reasons (more expensive in the long run vs driving a car into the ground like I did). But leasing might be a good idea for me, with its lower payments, and the fact that I drive very little these days (5k miles per year).

What say you, wise and frugal ones?

Please consider that I have little upfront knowledge of leasing and it's costs. With that in mind I'd start with what sort of used vehicle you might purchase. Consumer Reports publishes articles every year recommending used vehicles in categories of price based on value, user satisfaction and reliability, which you could check out in the library or subscribe for a few dollars.. If you see something that would fit your purchase desires, estimate monthly payments, insurance, and possible repairs. Compare that to lease costs. I suppose basically leasing will have lower up front costs but no owner equity in the long run, but for a good used car, I don't know as a fact. My humble opinion.

Also, for what it's worth, there are minor differences between 4WD and "all wheel drive". They both should do fine in snow, but there are some basic cost differences if you're set on 4WD.

Catherine, your car is 19 years old. That’s long enough.

I have to put my vote in for Subaru. Two winters now with my 2024 Crosstrek and it’s excellent. You can definitely go used. The Subaru AWD eats snow. Subaru is now rated the most dependable car manufacturer.

And I vote for buy.

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Originally Posted by Tradd

Catherine, your car is 19 years old. That’s long enough.

I have to put my vote in for Subaru. Two winters now with my 2024 Crosstrek and it’s excellent. You can definitely go used. The Subaru AWD eats snow. Subaru is now rated the most dependable car manufacturer.

And I vote for buy.

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Yeah, DH is encouraging me to get a Subaru! I don't know much about the different models, but my DIL has one and she never got stuck in our yard like I did. It's nice to hear good things about the Crosstrek.

I may buy, but I thought there might be advantages for old people to lease, even though I've always agreed with Dave Ramsey on "(f)leasing."

When my Prius dies I'm going to post a eulogy here.

I was (before the war) within 1-2 days of buying a new EV. I was going to lease it, for 3 years, as that was the warranty period of the vehicle, and EV technology is still advancing at a good clip. At the end of the 3 years, I was either going to hand it back, or buy it out, depending on how reliable/troublefree it had been, and where the EV technology was.

Every other new car I've bought in the past, I've simply purchased, and kept for decades.

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Originally Posted by bae

I was (before the war) within 1-2 days of buying a new EV. I was going to lease it, for 3 years, as that was the warranty period of the vehicle, and EV technology is still advancing at a good clip. At the end of the 3 years, I was either going to hand it back, or buy it out, depending on how reliable/troublefree it had been, and where the EV technology was.

Every other new car I've bought in the past, I've simply purchased, and kept for decades.

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I actually read that leasing EVs is a prudent choice exactly for the reason you said. And I thought if I ever got another car, it would be an EV. Which EV were you looking at?

I have friend who are Subaru people and love them.

This is the type of information CR provides, although you have to pay to see all the details.

https://www.consumerreports.org/cars...s-a8027733372/

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Originally Posted by catherine

I actually read that leasing EVs is a prudent choice exactly for the reason you said. And I thought if I ever got another car, it would be an EV. Which EV were you looking at?

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I was thinking of being a bit silly and getting the Ford Mach-E "Rally" model.

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Originally Posted by Rogar

I have friend who are Subaru people and love them.

This is the type of information CR provides, although you have to pay to see all the details.

https://www.consumerreports.org/cars...s-a8027733372/

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Thanks, Rogar! This is really helpful.

I am a Toyota girl. Been one for at least 30+ years. I have never had issues with them and they have always gotten at least 300,000 miles. I even converted my husband was grew up in Detroit and never once thought about buying a "foreign" car. He is sold on Toyotas as are my boys. They see how reliable they are and what low maintenance they are.

As far as buying vs leasing... I have never leased a car so I can't comment on that.

Toyota or Honda here. Love my hybrid! Bought it used from a sibling. Had a recall that was fixed free and now the dealership keeps contacting me to buy it from me as their used car inventory is low. No way! I, too, drive my cars into the ground. LOL.

Never leased, so no info on that.

Good luck figuring it all out, catherine!

I would buy a used Toyota or Subaru with awd. I have the rusting issue right now with my Toyota and will investigate welded plates under the car since everything else is wonderful it only has 150000 miles on it. I have thought about replacing it with an old Forester, I love the old ones, but would have to put lots of money into it just to get awd and back doors, so not sure what to do.
In your situation, I would not lease, it's just kicking the can down the road.

Catherine, this is the kind of thing I am looking at:
2014 Subaru Forester 2.5i Premium - $7,488 - CarGurus

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Originally Posted by Tybee

Catherine, this is the kind of thing I am looking at:
2014 Subaru Forester 2.5i Premium - $7,488 - CarGurus

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Wow, that's GREAT!

WOW! That much for a 12yo vehicle!

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Originally Posted by frugal-one

WOW! That much for a 12yo vehicle!

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Everything's relative, I guess. It's hard to find anything decent under 10k. That Suburu probably has a few years and many miles to go on it.

okay----i am an accountant; the numbers don't lie, because i can make them say whatever i want. but yeah----i opt to LEASE EVERYTHING----even my toothbrush and undershorts. Yup. Because that way---I can always be assured of having new EVERYTHING. The only exception is my FURNITURE; that stuff is what i rent-to-own. Yup. Hope that helps you some. Edited to add: You can also purchase an autographed photo of a politician(see photo) on EBay, using your creddit card. But yeah---that sounds like a good deal, like an oooold subbbarooo that still has the wheels on it. Yup.Attachment 6747