Discussions

Now that I have retired I don't use my vehicle nearly as much . In fact all I use it for is to run a few errands around town. Would it be better for me to lease a car instead of laying out 25 or $30,000 ? Don't know anything about leasing except you have to try and keep it under a certain mileage per year? What do you think?

I would buy and not lease. In fact I would likely get a vehicle with a few miles on it already. Anyhow the question was buy/lease. So one answer is. Buy......

Buy

I would buy because you do not have mileage restrictions and you actually own. I could be wrong but you do not own the vehicle under a lease. There is also more restrictions on the vehicle other than mileage.

a new car. If you hardly drive, no sense in dumping 20k plus on a new vehicle. Your warranty will be up before you hit 60k.  
 
Buy a used one if you have cash.  
 
Leasing really depends on how much you drive in a yr and so it can vary. Go to a dealership and talk with a sales person about different options.  
 
I know lots of people that lease over financing because you can save cash this way (% of interest) and also if the car turns out to be a lemon, then you give it back.

Giving it back before lease is up

Hmmm....It was the thought of driving a new vehicle every two years that sounded enticing . I wouldn't be putting on more than 15,000 km a year at the most.

countryboy 84 said "Nothing wrong with a lease, espically if you take good care of your vehicle and dont put many miles on. I had a 3 yr/60,000 k lease and i only put about 22,000 k on, i had very good equity left to put towards another one at the end over and above my residual value. Thats what alot of people dont realize about leasing. There are alot of options, it all boils down to what works best for you. Give it a try if you want, its only two or three years, if you dont like it decide then. You really dont have much to lose. "

Yes you really do have a lot to lose if you lease and can not claim your vehicle as an expense

Leasing to me is used mostly as a way for businesses to not shell out lots for vehicles and pay as they use, then at the end of the year take 12 months of payments and use it as a business expense to bring down there net revenue/income thus lowering there tax bracket or taxes in general. That's what I understand about it anyway.

@skinny moon  
 
I have a few questions before I advise  
 
A) what year is your current car? Would you be trading it in?  
 
B) are you looking to buy something and keep for say 5 years or wanting to get a new car every 2 years or so?

cotr said "    countryboy 84 said "Nothing wrong with a lease, espically if you take good care of your vehicle and dont put many miles on. I had a 3 yr/60,000 k lease and i only put about 22,000 k on, i had very good equity left to put towards another one at the end over and above my residual value. Thats what alot of people dont realize about leasing. There are alot of options, it all boils down to what works best for you. Give it a try if you want, its only two or three years, if you dont like it decide then. You really dont have much to lose. " Yes you really do have a lot to lose if you lease and can not claim your vehicle as an expense "

The OP indicated that they were retired - what expenses exactly are they going to be claiming for the vehicle???  
 
I used to be all for buying, not leasing at all. I sat down and spoke with a couple of different salespeople, and it really does just boil down to what you want.  
 
Regardless if you buy or lease, your vehicle depreciates. That's something that can't be changed. If you lease, you're basically just paying the depreciation for the vehicle - but you're also paying that if you buy.  
 
Ultimately, in my opinion - if you plan on getting a brand new vehicle and driving it for the next 10+ years, buy it. If you plan on changing it up or getting something new every so often and you can afford it - lease.  
 
Leasing is a nice option so that when your lease period is up, you can dump the car, or the dealer usually has incentives to get you into a new one.  
 
I'm a long-term vehicle owner - so I bought. But I was surprised after speaking to a few people who are knowledgeable - that it changed my mind on leasing. It's all very situational-dependant. There's lots of videos on YouTube as well if you search buying vs leasing.  
 
Hope you make the choice that is right for you. Have a chat with a good salesperson at the dealership that has the vehicle you want.  
 
And at the end of the day - if you're looking to save money but drive something newer - buy at around the 3 year mark, as vehicles tend to depreciate the most in the first three years.  
 
Happy auto hunting!

Do you plan on keeping the vehicle for 10+ years? If so, buy. Otherwise, it is likely close to cash neutral, provided you get 0% on your lease and stay under the KMs.  
 
The smart move financially, is to buy something that is 3-5 years old. That assumes you have the cash to buy it or you can get a good interest rate from your FI.

I been in the auto industry for a very long time. No offence to the ppl that have answered but I would not listen to any of them. The soul reason is limited info and also there is a lot of great benefits to leasing that are not even being expressed vs financing. There is a lot of ppl had bad experiences with leasing and well that is there experience not your. Most ppl don't listen to the or miss heard something or got the wrong advice that caused this.  
 
I would go the dealership and ask for advice, they are the experts and do this everyday. They see a lot of different situations that could lead you in the right direction.  
 
I will pm you with a few ppl that are great at what they do and also will be honest with you.

And for different reasons. Think of it like renting a place versus buying a home. There are advantages and disadvantages to both. And both work well if you have done your research.

Salesmen and Dealerships love you to lease

My advice as a sales rep: research and choose the vehicle you would like first, and then decide how you wish to go about paying for it. You are the judge and jury on that one, do what makes the most sense to you.