Did you consider leasing a car instead of buying? What factors influenced your decision and what advice would you give to others considering this option?

Question

Before signing your next car deal, it's crucial to weigh leasing against buying. Insights from a Founder and a Lead Acquisitions Specialist shed light on this decision. Discover why considering driving habits could be pivotal and how buying might save you money over several leases. Get ready to explore seventeen expert opinions that will guide your next automotive move.

Aseem Jha · Answer

Why I Chose a Second-Hand Car and What You Should Consider
Yes, I did consider leasing a car instead of buying, especially during my college years when finances were tight, and the prospect of lower monthly payments was tempting. However, after weighing the options, I decided to buy a second-hand car instead.
My main reason was flexibility—owning gave me the freedom to drive without mileage limits, customize the car, and avoid worrying about lease-end charges or conditions.
Plus, by buying a used car, I avoided the steep depreciation that hits new cars, and I ended up with a reliable vehicle at a fraction of the cost. For anyone deciding between leasing and buying, I'd advise looking at your driving habits and long-term goals.
If you like upgrading frequently or driving a new model every few years, leasing could be a good fit. But if you value long-term ownership and want to avoid the restrictions of a lease, buying—especially used—might be the smarter route.

Adam Seguin · Answer

I actually chose leasing for our company vehicles since it allowed us to upgrade every few years without dealing with maintenance headaches or depreciation costs. Based on my experience managing properties, I'd suggest carefully comparing monthly payments versus total ownership costs and considering how long you plan to keep the vehicle—leasing worked better for us since we write it off as a business expense and need reliable vehicles for property visits.

Jessica Wright · Answer

As someone juggling multiple rental properties, I actually chose to lease my work vehicle since it helps me manage my monthly cash flow better. I found that putting less money down upfront let me invest more into my real estate ventures. Plus, I love being able to write off the full lease payment as a business expense. That said, I would suggest really looking at how many miles you drive annually since I learned the hard way that going over mileage limits can get expensive—I now carefully track my property visits to stay within limits.

Ryan Whitcher · Answer

As someone who's done both buying and leasing, I discovered leasing worked better for my situation since I drive under 12,000 miles yearly and prefer having predictable monthly expenses for my business budget. However, I always tell my clients to really think about their long-term goals—if you plan to keep a car for more than 5 years or drive a lot of miles, buying usually makes more financial sense.

Trevor Bailey · Answer

Coming from helping 1099 contractors with finances, I've seen both sides of the lease-vs.-buy debate through our clients' experiences. For my personal situation, I went with buying since I do a lot of outdoor activities and needed the flexibility to modify my vehicle for bikes and surfboards without worrying about lease restrictions. I always tell our clients that if they're using the vehicle for business less than 3 years, leasing might make more sense tax-wise, but do the math on the total cost including mileage limits.

Jacob Hale · Answer

Working in real-estate acquisitions means I'm constantly driving to view properties, so I opted to buy rather than lease due to high-mileage needs. When I crunched the numbers, the excess mileage charges on a lease would have cost me more than the higher monthly payments of purchasing. If you're considering leasing, I'd recommend honestly assessing your annual mileage first—for reference, I put about 25,000 miles on my car last year just from property visits.

Amber Couron · Answer

I ended up buying my SUV instead of leasing because I needed something reliable for showing properties and didn't want to worry about lease mileage caps or wear-and-tear charges. When I calculated the total cost of three consecutive 3-year leases versus buying and maintaining one vehicle for 9 years, buying won out by nearly $8,000. Plus, I had more freedom to customize the vehicle for my real estate business needs.

John Jones · Answer

I initially thought about leasing when my daughter started college since it meant lower monthly payments, but I ultimately decided to buy because I drive a lot for my real-estate business—about 30,000 miles annually. After crunching the numbers, I realized buying made more sense for me since lease agreements typically cap mileage at 12,000-15,000 per year, and going over would've cost me a fortune in penalties.

Garrett Lamb · Answer

After analyzing both options for my real estate business, I decided to buy rather than lease since I put on lots of miles showing properties across Texas. The freedom to modify my vehicle for business branding and not worry about mileage caps saved me from potential headaches down the road. I'd suggest buying if you drive more than 15,000 miles annually or want to build equity—my SUV is now paid off and still running great after 6 years.

Yarden Morgan · Answer

I actually crunched the numbers between leasing and buying my current Honda Civic, and leasing won out since I needed lower monthly payments for my start-up budget. When I compared my $299 monthly lease payment to the $450 buying payment, plus considering I typically change cars every 3-4 years for my sales role, leasing made more sense. My advice is to really analyze your driving habits and career needs—I exceeded my mileage limit last year and had to pay extra, so definitely factor in your typical annual mileage before deciding.

Ranjeet Singh · Answer

As a car owner, I very lovingly considered the arguments for and against the leasing option and the purchasing option, after which I opted for buying. Although leasing offers certain advantages, such as flexibility, lower monthly payments, and the chance of getting a new car every few years, owning the car has advantages, such as long-term investment benefits, more control over the car, and the option of selling or customizing the car whenever required. Ultimately, I opted to use a loan because I wanted to invest in a car financially, and I did not want to be subject to the limitations that a lease imposes on mileage.
How I use my vehicle is also one of the factors that guided my decision. For those who drive as much as I do, the vast majority of leases are not worth it due to the number of miles most leases restrict. With most leases, it is common for cars to have restrictions on mileage, and if these are exceeded, large fines are imposed. Buying, however, has no such shortcomings since getting a vehicle allows a user to fully utilize the vehicle, which is perfect for anyone who has unpredictable use of the vehicle. Moreover, there are areas where I did not like leasing—the lack of ability to change or upgrade—this is something I wanted to do with my car.
People who wish to lease an automobile should look into their driving habits and their future goals. If you prefer low start costs, plan to constantly change cars, and your average mileage is within limits, leasing can be a good option. But for those people who are looking for a long-term, economical, and versatile option, it would be better to purchase it. Consider your priorities properly and do not feel shy about taking the help of a financial advisor so that you make the best choice considering your way of life and the finances available to you.

Ryan Rice · Answer

Being in real estate for years, I've tried both buying and leasing—currently, I lease my SUV because I like having a reliable, newer vehicle when showing properties to clients without worrying about major repair costs. I always tell people to consider their long-term goals—if you plan to keep a car for more than 5 years or drive tons of miles, buying might save you money, but leasing can work great for business use with its predictable payments.

Justin Azarias · Answer

As someone who's constantly driving between job sites in the Bay Area, I found buying worked better for me since I could modify my truck for work purposes without lease restrictions. I've learned that if you plan to keep a vehicle for more than 4 years and don't mind handling maintenance costs, buying typically offers better long-term value, especially when you're building equity instead of paying endless lease payments.

Lee Booker · Answer

When it comes to acquiring a vehicle, the choice between leasing and buying is a significant decision that requires careful consideration. Lee Booker, CEO of GTA Masonry, offers valuable insights: "Leasing can be an attractive option for those who enjoy driving newer models and don't want the hassle of long-term ownership, but it's not without its drawbacks." 
The decision to lease or buy depends on various factors, including financial circumstances, driving habits, and personal preferences. Leasing typically offers lower monthly payments and the opportunity to drive a new car every few years. This can be particularly appealing for those who value having the latest features and technology. Additionally, leased vehicles are often covered by warranty for the duration of the lease, potentially reducing maintenance costs. 
However, leasing comes with limitations. Mileage restrictions can be a significant constraint for high-mileage drivers, and exceeding these limits can result in hefty fees. Booker notes, "If you're putting a lot of kilometers on your vehicle for work or leisure, buying might be the more cost-effective choice in the long run." 
Ownership also provides more flexibility. You're free to modify the vehicle, sell it when you choose, and you're not bound by the strict terms often associated with leases. Over time, buying can be more economical, especially if you plan to keep the vehicle for many years. 
Financial considerations play a crucial role. While leasing may offer lower monthly payments, you're essentially paying for the vehicle's depreciation during the lease term. In contrast, buying builds equity, and once the loan is paid off, you have an asset that you can sell or continue to use without payments. 
Booker advises, "Before making a decision, analyze your financial situation, consider your long-term plans, and calculate the total cost of ownership versus leasing over your intended period of use. Don't just focus on the monthly payments - look at the bigger picture." 
For those who prioritize having a new car every few years and are comfortable with ongoing payments, leasing might be the preferred option. On the other hand, if you value ownership, plan to keep your vehicle for an extended period, or drive significant distances, buying could be the more suitable choice.

Brooks Humphrey · Answer

I actually chose to buy my latest car after comparing lease payments of $450/month versus a $475 monthly loan payment since I knew I'd drive it over 15,000 miles yearly with all my real estate showings. Looking back, owning has saved me thousands since I put 25,000+ miles annually visiting properties, and I'd suggest others really evaluate their expected mileage and how long they plan to keep the car—for high-mileage drivers like me who keep cars 5+ years, buying usually makes more financial sense.

Eamonn Turley · Answer

When I first considered leasing versus buying a car, my experience in the insurance industry heavily influenced my decision. Leasing presented an advantage in lower monthly payments and the opportunity to drive a newer model without long-term commitment. However, I recognized that it comes with mileage limits and potential additional fees—something I always advise clients to consider based on their driving habits.
In my line of work, understanding the nuances of financial commitments is crucial, and I've seen how flexibility can benefit individuals with diverse needs. I suggest calculating the total cost of ownership and questioning whether the lifestyle benefits of leasing outweigh the potential financial drawbacks for you. By connecting my expertise in insurance with vehicle contracts, I aim to shed light on intelligent decision-making for myself and my clients.

Runbo Li · Answer

Yes, I considered leasing a car before ultimately deciding to buy, and it came down to my long-term needs and budget. Leasing appealed to me because of lower monthly payments and the opportunity to drive a new car every few years. However, I drive a lot, and the mileage limits on leases would have racked up extra fees. Buying gave me the freedom to customize the car and avoid ongoing restrictions.
For anyone deciding, I recommend weighing your lifestyle—leasing is great if you prefer new models and don't drive much, while buying works better for long-term ownership and high-mileage use. Also, compare total costs over time, including maintenance and potential penalties. The right choice depends on your priorities, so focus on flexibility and value.

Should You Lease Or Buy a Car? Key Factors to Consider

Should You Lease Or Buy a Car? Key Factors to Consider

Consider Driving Habits and Long-Term Goals

Leasing Offers Business Expense Benefits

Leasing Improves Monthly Cash Flow

Leasing Provides Predictable Business Expenses

Buying Allows Vehicle Customization

Assess Annual Mileage Before Leasing

Buying Saves Money Over Multiple Leases

Buying Avoids High Mileage Penalties

Buying Offers Freedom to Modify Vehicle

Leasing Benefits Start-Up Budgets

Buying Avoids Lease Mileage Restrictions

Leasing Provides Reliable Newer Vehicles

Buying Offers Better Long-Term Value

Leasing Offers Lower Monthly Payments

Buying Makes Sense for High Mileage Drivers

Leasing Provides Newer Models Without Commitment

Buying Avoids Ongoing Restrictions