Just curious as to how many people are leasing their 2nd gens and how many are buying/own theirs?

I'm personally buying mine. I came from leasing an '06 G35 Sedan which was a very pleasant experience, but I was actually disappointed to have to get rid of it after 2 years. I wanted a car that I could have longer and opted to just buy the TSX. I plan on having it a good 7-8 years if possible.

 

I drive too much to lease....

 

I don't drive much for now but I like having things after I pay them off so I am a buyer and I also want to drive this car for about 6-7 years.

 

I decided to lease this time around. Rather than put a sizable down payment on a car I put in towards my mortgage. I got a good lease rate and since I typically only keep a car around four years I thought leasing was the way to go.

 

I ended up leasing my 08 TSX because the lease deal was so good. But every month, I am putting aside the $$$ that a car loan would have been. So at the end of three years, I'll have very close to the residual value of the car if I decide to buy it.

It's costing me a few hundred dollars more to do it this way, but it keeps my options open if I need another style of vehicle at the end of the lease, or if I am transferred to another foreign assignment by my company.

Or if the car gets in an accident and I am not happy with the repairs.

The only downside is that I am not doing any mods or options until after I decide to own it, as the value of those would be lost on the lease return.

 

I bit the bullet and purchased. I even bought off on the 5/100k B to B extended warranty because of all the electronic BS in this car. I had over 5k positive equity (they *showed me* pos equity) on my 07 Civic Si that I traded back when the gas prices were nuts.

 

This is my third lease in a row. I tend to put a lot of wear on cars. If this car continues to do well though, I might opt to buy it at the end. I averaged 17,000/year on my 05 TL and was starting to have some problems out of warranty that I didn't want to deal with. If those problems weren't there (new oil pan, navi failing), I might have considered buying that one as well.

 

I bought, I'm not a big fan of leases, but it works for my sister though

 

I drive 25K/year, so leasing is not an option. The thing that I do not like about leasing is that you have a time line on when to give it up. Owning gives you options, if a new model comes out sooner than the lease, you have to wait, or worse, if one is launching 3 months later, you are forced to buy something else.

 

Purchase...with GAP insurance and zero down.....

 

Usually if you're leasing or buying another car within the same manufacturer they will let you out early if need be. Colin would have more detailed info on this, but if you are over on your mileage but the car books out higher on account of the time of the model year, the lack of additional depreciation by waiting might offset your mileage penalty.

 

Actually, leasing gives you many of the same options as buying. You can trade the car in just as you would any used car. You can even request a lease extension if there is a new model you are interested in. Most automotive leases these days are flexible enough that they give most owners a lot of options with the car, not just drive and return like leases of old.

 

That only works to your advantage if there's positive equity in the vehicle at the end of your lease terms. My previous car was leased, which was an '06 G35 Sedan. When my lease was up and I was looking into various options, the dealer checked to see if it was worthwhile for me to take ownership of it and trade it in to cash in on any potential positive equity, but it turned out that the car was actually worth a couple thousand less than what was owed on the car. So I just turned it in and that loss came at Infiniti's expense.

 

Bought: I drive way too much to lease. I'd go over by 10k miles..

 

I leased because it was the most affordable option for me. I was a stickler and negotiated well on getting a 15k/yr mileage allowance. The advertised 10k mileage/yr is ludacris IMO...

 

I agree-only 10K a year-even 15K a year would not be good for me-I average 30K+.

 

Well, the same applies with most loans as well. Again, leasing and financing in many areas of the country can effectively been thought of as being similar except for the size of the payment and the fact that in a lease, the vehicle would have to be returned at the end of the term.

 

The carrying cost of leasing a vehicle along with the lack of equity, over mileage costs and associated fees with leasing always make leasing the most expensive way to drive a car long term. This compounds with each successive lease.

 

For those who drive a lot of miles, buying is the only option. But for me, leasing was the better deal. As a city person who walks to work, I only drive about 8-9k miles a year (half of which is work-related and reimbursed by my company at 55 cents per mile) and I don't like keeping cars past their warranty periods. Plus the downpayment I didn't have to use on a car is instead going towards a condo. A good rule of investing is to buy appreciating assets and lease depreciating assets. When you buy a car, you basically throw about $2k of equity out the window due to depreciation and are immediately underwater the minute it's titled and driven off the dealer lot. There's no way my car will actually be worth the subsidized 68% residual I got at the end of my 3 year lease. Honda Finance Co. will eat that loss, not me.

 

To a point, yes. But with cars, it is also very smart to buy one that is gently used and only 1-2 years old because you are not taking the hit on the major depreciation, you own an asset that you could sell if need be, and you are still within the warranty period.

RE: this post, I bought and own mine. I kicked around leasing because I never leased before and didn't plan on keeping a car for as long as my last (11 yrs.), but I decided against it for numerous reasons. Leasing definitely has its place and it is suitable for some, but I think we will see leasing (or at the very least, "leasing as we know it") going the way of the dinosaur...look at how many manufacturers don't even offer it anymore.

 

...due to the fact that too many people get in over their heads financially.

hey could always ask for a bailout right?!?!?! lol...

 

Bought - did not lease. LOVE the new car - hope to keep it for years to come.

 

I leased my TSX and glad I did. I works for me.
I agree it does not work for everyone.

Years ago I swore I would never lease. After 15 years of car ownership of 10 cars and only had one of them for more than 3 years I was tired of taking taking a loss on all of them on trade or hated dealing with selling it on my own and still take loss (slightly smaller). I thought there had to be a better way for me. I was talking to a friend who leases and was in the car sales biz at the time, he taught me a lot.
Basically it comes down to only leasing a vehicle that is forecasted to hold it's value well (Good residual), Research the vehicle (make sure it is what you want and will be happy with for 3 years), Research the pricing (know the pricing, what is a great deal and figure out all the factors in the lease - many great tools for this online now), Negotiate, put as little down as possible, drive away happy, enjoy and take good care of the vehicle (like you own it). Repeat in 36 months and get another fun, cool, new vehicle!

I also like to own one vehicle. We own our MDX so we can adjust as we go through the lease for miles on the TSX by driving the MDX more or less as needed. We plan to keep the MDX for at least 5 more years.

Acura's (and Hondas) lease very well because the tend to hold their value very well. Honda/Acura does not charge a security dep. if you have great credit, they do not charge a lease turn in fee, they include gap insurance for free, they give a $1500 lease end credit for excessive wear/repairs.

I would NEVER lease any car that does not hold it's value well. They are the ones that tend to charge many extra fees and deposits in the lease. There is a reason GM stopped leasing and Honda/Acura has not stopped leasing, it is about the residual value. Leasing you pay the forecasted depreciation. Acura's and Honda's hold their value. If you educate yourself and negotiate you can get a great lease deal.

I do not like taxes, with leasing (in Florida, mat vary in your state) I only pay tax each month on my payment. So at the lease end I payed taxes on only on the depreciation (the part of the value of the car I used). If I purchased, I payed taxes on the whole price of the car, if I sell in three years I payed more in taxes. There are many more pros and cons with leasing. Most important in either case is to educate yourself with as much info as possible.