What Is Parked In Your Driveway?

[BDBohnzie]

I'm driving a 2006 Toyota Avalon Limited. 65k miles on it. It was my grandmother's, but when my wife totaled her car, I bought it off her. We've put 45k on it and she bought it brand new. I always wanted a Lexus LS, and this is the closest I'll get to it for a while. Gets 20/29, and I average 20-22 with mixed driving.

Wife drives a 2008 Honda Odyssey. 120k miles on it. Base line model but it's done us fine. Got it with 40k on it and have put almost 80k in 5 and a half years. It's had its issues (had to replace all the coil packs for the engine, going to need a cat converter to pass emissions/inspection) but solid for a family with 3 kids that trash it.

While I love cars, I've never been a car guy. It's transportation from A to B and Back. So in my mind, I'll drive these into the ground and then get something else.

[Chico23231]

Originally Posted by BDBohnzie

I'm driving a 2006 Toyota Avalon Limited. 65k miles on it. It was my grandmother's, but when my wife totaled her car, I bought it off her. We've put 45k on it and she bought it brand new. I always wanted a Lexus LS, and this is the closest I'll get to it for a while. Gets 20/29, and I average 20-22 with mixed driving.

Wife drives a 2008 Honda Odyssey. 120k miles on it. Base line model but it's done us fine. Got it with 40k on it and have put almost 80k in 5 and a half years. It's had its issues (had to replace all the coil packs for the engine, going to need a cat converter to pass emissions/inspection) but solid for a family with 3 kids that trash it.

While I love cars, I've never been a car guy. It's transportation from A to B and Back. So in my mind, I'll drive these into the ground and then get something else.

This is me as well. Im all about getting value too and not having a note hanging over me head. Mortgage is tough enough. Since college Ive only owned 2 vehicles...buying then getting everything I can out of them.

[Schneed10]

Originally Posted by Chico23231

This is me as well. Im all about getting value too and not having a note hanging over me head. Mortgage is tough enough. Since college Ive only owned 2 vehicles...buying then getting everything I can out of them.

By far the most fiscally responsible thing to do.

My father in law buys a brand new car every five years or so, trading each in for a brand new one. Biggest waste of money of all time. I'm like dude it's called a lease if you're really into having the latest and greatest.

[Giantone]

Originally Posted by Schneed10

By far the most fiscally responsible thing to do.

My father in law buys a brand new car every five years or so, trading each in for a brand new one. Biggest waste of money of all time. I'm like dude it's called a lease if you're really into having the latest and greatest.

So when your lease is up how much cash do you need to put down on the next lease ?Unless you have a way of claiming your lease on your taxes for work to me any way a lease is a wast ,by buying the car you have cash equity in it and can drive as many miles as you want unlike a lease .

[Schneed10]

Originally Posted by Giantone

So when your lease is up how much cash do you need to put down on the next lease ?Unless you have a way of claiming your lease on your taxes for work to me any way a lease is a wast ,by buying the car you have cash equity in it and can drive as many miles as you want unlike a lease .

That was a little tough to read, but here let's do some math. Cost of owning one car for 12 years vs the cost of leasing via 36-month leases year after year.

I'll use a Toyota Camry as the example since it's America's best seller. Data is from Edmunds. I'm assuming you just get the base model and put no options in it.

A Camry costs you $22,159 (true purchase price per Edmunds, with no options on the car). Then you have to maintain it. Toyota pays to maintain it for the first two years. After that, let's say you take it for oil changes every 10,000 miles and do all the factory recommended service and replace the tires and brakes when you should, all that shit. Average maintenance cost per year after the 2nd year is about $250.

So over 12 years that's $22,159 + $2,500 = $24,649. Then after 12 years it's usually worth a little bit, so you can sell it for $2000. So we're back down to $22,649.

On leases, right now you can lease the same car for $3284 due at start (which includes $2499 cash down + $650 bank fee + $135 doc fee), and $142 per month for 36 months. $142 per month times 36 months is $5,112. So the total cost of your lease is $3,284 + $5,112 = $8,396.

Since that only gets you a car for 3 years, you need to string together 3 more leases back to back, so we get an apples to apples comparison for owning for 12 years. 4 consecutive leases x $8,396 per lease = $33,584.

So owning one car for 12 years, costs you $22,649. Leasing for the same time period every 36 months costs you $33,584.

It's a massive difference. How many miles do you put on your car per year? I can do the math to tell you whether leasing or buying is better, because that will affect it for you.

[Giantone]

Originally Posted by Schneed10

That was a little tough to read, but here let's do some math. Cost of owning one car for 12 years vs the cost of leasing via 36-month leases year after year.

I'll use a Toyota Camry as the example since it's America's best seller. Data is from Edmunds. I'm assuming you just get the base model and put no options in it.

A Camry costs you $22,159 (true purchase price per Edmunds, with no options on the car). Then you have to maintain it. Toyota pays to maintain it for the first two years. After that, let's say you take it for oil changes every 10,000 miles and do all the factory recommended service and replace the tires and brakes when you should, all that shit. Average maintenance cost per year after the 2nd year is about $250.

So over 12 years that's $22,159 + $2,500 = $24,649. Then after 12 years it's usually worth a little bit, so you can sell it for $2000. So we're back down to $22,649.

On leases, right now you can lease the same car for $3284 due at start (which includes $2499 cash down + $650 bank fee + $135 doc fee), and $142 per month for 36 months. $142 per month times 36 months is $5,112. So the total cost of your lease is $3,284 + $5,112 = $8,396.

Since that only gets you a car for 3 years, you need to string together 3 more leases back to back, so we get an apples to apples comparison for owning for 12 years. 4 consecutive leases x $8,396 per lease = $33,584.

So owning one car for 12 years, costs you $22,649. Leasing for the same time period every 36 months costs you $33,584.

It's a massive difference. How many miles do you put on your car per year? I can do the math to tell you whether leasing or buying is better, because that will affect it for you.

So we agree.

[Schneed10]

Originally Posted by Giantone

So we agree.

If you're going to own one car for 12 years, yes. How often do you buy new?