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Ask HN: Buying a used car vs. leasing?

1 points by jotjotzzz ↗ HN
What are arguments for buying a used car versus leasing a car?

- If you have $7-10k for a car, would it be smarter to lease or buy? - For low mileage driver (10-15 minute commute drive on weekdays) and occasional long drives on weekends. - Concerns about getting a lemon and car repair costs. - Expect to use the car for 3-4 years. Which is the best value option?

6 comments

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tashoecraft
Buy a used Toyota or Honda. Leasing a car doesn't make financial sense and is more done to make yourself feel better about being in a newer car.
towndrunk
The other side of that is reliability. If you need reliable transportation or you're someone who enjoys having the latest and greatest then leasing makes sense.
smt88
Leasing has nothing to do with reliability. You can buy a used car that's still under warranty and sell it when the warranty ends, if that's what you want to do. It's still cheaper.

Unless you value having a brand new car, the 10-20% of the value that the car loses as soon as you drive it off the lot is not worth paying for. You pay for it regardless of whether you lease or buy.

jotjotzzz
Thanks. I prefer Honda but am also open to looking into Hyundai based on their really long warranties and free roadside assistance (for certified used).
eip
I bought a used Grand Marquis for someone else. Got it from the estate of an old man that had died. Has 40k miles. Paid 3k. Put another 3k into it. Will probably run for 100k more miles with minimal maintenance.

It has really mushy suspension. It's like driving a big leather sofa. It's great.

8draco8
Buy used. It's cheaper and you can find great deals. Before you buy anything do your research, find which models are most reliable, which engine in each model is most reliable (there can be big differences), find websites where you can check car history by VIN number and always check car with the mechanic (pay someone to go with you so he can check the car as well). Have someone with you that will cool you down if you happen to liked car that is obviously a lemon. Invest in your used car 1/3 of money you have for it in fixing anything that is wrong because even small things can lead to big problems. Those are general advises from a guy who is buying cars in probably the worst country to buy a car in Europe (Poland). There is so many bad cars in there that Polish version of Autotrader should be called Lemonade.