Lease or Buy a Car?

[catherine]

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?

[Rogar]

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.

[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.

[catherine]

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.

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.

[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.

[catherine]

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.

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?

[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/

[bae]

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

[catherine]

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/

Thanks, Rogar! This is really helpful.

[Klunick]

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.