Leasing VS Buying a new vehicle?

[Fargo]

Keep the Jeep. With one kid and another 4 door vehicle, it isn't going to be an issue. Just keep a spare car seat in it and the hassle will be all but nothing. Trust me on this, the kid will seldom be in your vehicle and as a dude it really isn't much work loading him/her when they are.

The whole "we have gotta have a minivan for a kid or two" thing is just another sign of the weenification of America.

Keep the Jeep.

 

[eldirector]

Keep the Jeep. With one kid and another 4 door vehicle, it isn't going to be an issue. Just keep a spare car seat in it and the hassle will be all but nothing. Trust me on this, the kid will seldom be in your vehicle and as a dude it really isn't much work loading him/her when they are.

The whole "we have gotta have a minivan for a kid or two" thing is just another sign of the weenification of America.

Keep the Jeep.

I'll echo. The Jeep is a big deal for my wife. She has a hard time getting HERSELF in and out, let alone a kid and all the accouterments. I, however, have had no issues. Even when she was in a carrier and had another 3 bags of "baby stuff" that needed loaded, just for a trip to the store. Flip the seat, snap the carrier into the base (that's the important part), toss in the baby bag(s), and away you go. We took the baby all over the place in the TJ.

Now, if the windows are out, she just climbs the tire and goes in through the side, then buckles herself in. Even easier than a minivan. And it makes the other rug rats jealous.

 

[jkaetz]

Hey OP:

Financial Peace University Classes - daveramsey.com

Dave Ramsey is aimed at people who can't manage their finances. While his ideas have merit, if the OP is in the position to spend ~$47k he does not need Dave's advice.

 

[Tactically Fat]

Dave Ramsey is aimed at people who can't manage their finances. While his ideas have merit, if the OP is in the position to spend ~$47k he does not need Dave's advice.

OP isn't in that kind of position.

OP needs to not get any new vehicles, guns, knives, bicycles, etc until after OP's adoption fund has been fully funded.

I've busted his chops before about buying stuff... And I will continue to do so.

Quit buying stuff, OP. And quit thinking about it.

 

[lovemachine]

OP isn't in that kind of position.

OP needs to not get any new vehicles, guns, knives, bicycles, etc until after OP's adoption fund has been fully funded.

I've busted his chops before about buying stuff... And I will continue to do so.

Quit buying stuff, OP. And quit thinking about it.

I haven't been buying anything. ALL my money is going towards the baby fund

That's also why I said in the OP that this won't be happening anytime soon. I'm just planning ahead, trying to be smart. I have sold a few guns to get the adoption process started. And my home equity loan was finalized this past Friday. Just hoping I won't have to use that.

And I'll most likely follow the advice of Fargo and Eldirector, and just keep my jeep. I've had it for this long, might as well keep it til it dies.

 

[jkaetz]

OP isn't in that kind of position.

OP needs to not get any new vehicles, guns, knives, bicycles, etc until after OP's adoption fund has been fully funded.

I've busted his chops before about buying stuff... And I will continue to do so.

Quit buying stuff, OP. And quit thinking about it.

Ahh I see. I might be finding myself in that position in the future. Why are kids so expensive?

I haven't been buying anything. ALL my money is going towards the baby fund

That's also why I said in the OP that this won't be happening anytime soon. I'm just planning ahead, trying to be smart. I have sold a few guns to get the adoption process started. And my home equity loan was finalized this past Friday. Just hoping I won't have to use that.

And I'll most likely follow the advice of Fargo and Eldirector, and just keep my jeep. I've had it for this long, might as well keep it til it dies.

It's great advice. I also kept my older car when purchasing my G8 in 2009. I just couldn't see giving it to a dealer for a pittance when I knew it would serve me for many years more if I kept it. I look at it as extending the life of the G8 as well since the G8 hasn't had to deal with Indiana winters yet.

 

[1911ly]

I believe in driving it until the wheels fall off. I've never bought a new car. My wife leased a few cars. She went over the mileage and paid dearly for it. Everyone I know that has leased cars wish they would have bought. At the end of the lease you have nothing to trade in. No investment. You'll walk away needing to lease again (they love that) or needing to buy a car (they love that too). If you had bought the car you could own it with a few more payments and drive it until the wheels fall off or trade it in for something else.

If you have a business and can write the vehicle off then it might make sense. Other wise, Fenway nailed it, Lease = fleece.

 

[miguel]

Lease one, own one.

It's like having a 1911 and a Glock...

 

[Bosshoss]

I'm turning in a lease at the end of this month and doing another one. I just run the numbers on leases for a family member.
My lease was 39 months on a Chevy Equinox.
I'm a GM retiree so I get employee pricing but that will only make a small difference in payments for leasing or buying.
The difference in monthly payments on the Equinox was $200 a month less for leasing with no money down at signing either way.
Dealer I deal with is a friend and I called to get a trade in value on the Equinox if I had bought it.
When you figure all the numbers I came out $1000 ahead leasing vs buying.
I realize you are not building any equity but you are not building any equity on a bought vehicle until at least 2 years into the loan and some vehicles it will be 3 years before you are right side up.
Remember you are paying less monthly payments and only paying sale tax on the monthly payment amount and not the whole thing like a purchase.

OP if you decide to lease pull the $10k out and put toward the adoption fee do not pay it toward the lease.
One of the benefits of a lease is having a new vehicle and warranty. Most will have some free oil changes and services with them.
Never have to worry about replacing tires or brakes or any unplanned or expensive mechanical failures.
You don't put to many miles on a vehicle so a 12000 a year lease would work for you. Going from a Jeep to a mid size car would cut your gas bill in half and make up for the higher insurance and plates on a new car.


It is so hard to plan for your future and know what you will need a few years from now. Keeping a vehicle for 5 to 10 years doesn't work for everyone with changes in family and needs in a vehicle. If you had bought your Jeep 3 years ago and now wanting to start a family and realizing that it may not be the best vehicle for your needs, things sometimes change.

Good luck with the adoption.

 

[1775usmarine]

I got my 15 Jetta TDI right before the emissions gate came out for a little under 16k. I'm paying around 265 a month and plan on keeping till the wheels fall off or they come and take it from my cold dead fingers.

 

[HoughMade]

...Why are kids so expensive?...

So that you'll think twice before having them...if you have half a brain in your head.

 

[Fargo]

So that you'll think twice before having them...if you have half a brain in your head.

Hey, me and my quarter-brain take offense!

 

[Hoosierkav]

When my wife and I were fostering to adopt, we had to build a house since the duplex we were in was too small, so we started down the road to financial peace.

I sold my gorgeous 2 year old WRX for a ten year old minivan... now I'm in a 2000 Civic with nearly 300,000 miles. No car payment for more than a decade, for either of our vehicles.

As long as it hauls you to and fro, and is costing you less than a payment, you're still on the plus side.

I haven't been buying anything. ALL my money is going towards the baby fund

That's also why I said in the OP that this won't be happening anytime soon. I'm just planning ahead, trying to be smart. I have sold a few guns to get the adoption process started. And my home equity loan was finalized this past Friday. Just hoping I won't have to use that.

And I'll most likely follow the advice of Fargo and Eldirector, and just keep my jeep. I've had it for this long, might as well keep it til it dies.

 

[lovemachine]

Thanks for the advice guys.

 

[87iroc]

I like to use the Dave Ramsey approach. Dave says leasing will cost more.

Top 10 Things Americans Wasted Money on in 2015 - daveramsey.com

He calls a lease a fleece.

He also says the average millionare is driving around in a 2 yr old vehicle they paid cash for.

Yah, i just read his book and am starting to subscribe to his thinking.

He also points out that only 3% of people save for retirement...so that means that a lot of people don't use their money well(hence the leases).

 

[patience0830]

I agree with the don't trade a $10K vehicle on a lease camp.

I bought my wife a new car a few months ago. I went in to buy in a cash deal, with GM employee discount. The cash cost with discounts and rebates was about $19,000....the salesman ran a lease price for me and it was $2000 down, $70 a month for 24 months or no money down and 160 a month....with a buyout of less than $12,000.......so I ended up leasing then buying her car for less than $16000.....plus I only have to pay sales tax on $12,000 instead of $19,000, plus if I don't like it in 2 years I can trade it in or sell it.

I use to be dead set against leases until I went to buy new.........it is worth having them figure it for you both ways. The way I see it....I am getting a new car without taking the initial hit on depreciation. If you buy a new car and pull off the lot you will lose 20-25% instantly....why not let the leasing company eat that depreciation?

Did you think b4 you wrote this?

You are eating the depreciation for them. Then giving back the car. So they can sell it to someone else who happily let YOU eat the depreciation.

Public school much?

 

[patience0830]

Dave Ramsey is aimed at people who can't manage their finances. While his ideas have merit, if the OP is in the position to spend ~$47k he does not need Dave's advice.

Dave Ramsey is a common sense approach for people who want to better themselves. Most people I know who think they can outsmart Daves system, still don't actually HAVE any money.

And they'd be wealthier using the principles he advocates.

 

[Chumley]

or they come and take it from my cold dead fingers.

Thays how I feel about my 2012 tdi

 

[ccomstock001]

I am in a similar situation. Me and my wife have been talking about kids and we need a new car. We are looking into taking the financial peace class in March

 

[flatlander]

With a 10k down payment probably buy.
Me ? I've been leasing for about 10 years. I get a new car every 3 years, don't worry about repairs- I hear they can be costly and stay under on miles with no problem. Makes sense for me.

Bob