Wednesday, May 26, 2010

Buy, own or lease

I just read a statement that got me to thinking. The statement was: “More parents asking their children to co-sign on auto leases.”
I don’t know enough about Leasing to speak intelligently on it, but that has never stopped me before, ha! Seriously, what is the advantage in leasing a car?
In our nearly 60 years of driving, we have owned two new cars. Those we had saved the money and paid cash for. The rest of our vehicles have been used cars, ‘pre owned’ is the more politically correct word now. Some folks would have called them junkers, but they were paid for, and it didn’t hurt my feelings at all. I never had one of the bumper stickers that said, DON’T LAUGH, IT’S PAID FOR. At times I wanted one.

(My idea of a used car salesman, we usualy skip these guys and buy from an individual)
(We never honestly owned one this bad!
I guess what I am saying, our nature is the desire to own a vehicle, we want it to be ours. As a general rule we have not had a lot of expense in repairs. Of course some of the things I do myself, which makes a difference. I would personally rather drive a 20- year old clunker, than be making payments on a loan or lease.
But back to the lease, there must be some advantage for large companies for tax purposes, to lease. Shirl’s husband Jim, was always furnished a car by his company, and at the end of a certain period, I think he purchased it at a very reasonable price. (Of course you would never know if he added another to his stable, they kept 10-15 cars, Jim was a collector, mostly Studebakers).

(I did bring one home that looked pretty much like this, except if was four door.)

I can understand the larger companies using it for some kind of write off, but what advantage is it to Mr. & Mrs. Average Citizen. I am assuming leases are in every country.
Anyway, before I would ask my children to co-sign for me I would use the planned first month’s lease money to buy a $200 clunker. LOL
These musings came from reading a headline. Thanks for coming by the log.
Nite Shipslog
'The trouble with our liberal friends is not that they're ignorant; it's just that they know so much that isn't so.' -Ronald Reagan


Paula said...

We used to buy a totaled very new car and mel would do the body work (which he was good at) and paint it then we had an almost new car for a small amout of money. I don't understand that leasing business either.

shirl72 said...

I don't understand leasing. The only car I
wish I still had was the Isetta. We could have
put that in tha basement. Maybe I can get it back
fix it up and lease it to people who want to save
on gas.


Dar said...

One of the kids used to lease vehicles, so we asked that very question. What's the sense of it?
Of course the he-hawing around with an intelligent answer told us that they just were trying to keep up with the Joneses by having a new vehicle to drive around the block every other year. They put so many miles on them, pay a penalty if they go over, turn them in and get a brand new one again. They did it once to realize that they could have bought a new one or new-to-them-used-one, saved a heck of a lot of money, and had their 'own' vehicle to boot. Do the math, kid! Geeez... Kids, I think it's a kid trying to be grown-up, thing.
I bought my very first 'new' to me, car, a 1980 Mustang, after the divorce of Hubby #1, rolled it the following winter going 15, yes, 15 MPH on glare ice when I hit a hole in the road just right.....that did it for me. I didn't like laying on the drivers door.
Blessya....good entry

Dar said...

Hey Jack, Did you also know that a prune is a dried plum? are too funny....we are never too old to learn something's me laughing WITH you

betty said...

I find it amazing parents are asking their kids to cosign with them, its usually the other way around, LOL

I see no advantage to leasing either; I'd rather buy it with payments than lease it.

good entry today :)


Lucy said...

I just hit the wrong key and lost what I had written so to make a long story short we have never leased. We buy clunkers but Joe is not happy that they made them so complicated that he can't do the work on them himself.

Fred Alton said...

I've never leased. I bought a new '65 Bel-Air on credit once - and was sick of it in three months time. Sold it for enough to pay it off. My 2001 pick-up is the second "new car" I have owned and I still love driving it. Had saved and paid cash for it. It has over 100,000 on it but I'm not looking to trade. Besides, my kids would think it was horrible that I would ask them to co-sign to buy a new one. :D

Anonymous said...


Jen said...

If you are the type of person who is constantly trading in cars to buy new ones before you're even done paying the note, leasing is a better option. Me, I buy new and then drive them until the repair bills start to cost more than new car payments.

Coffeeveggie addict. said...

I d0n't kn0w ab0ut leasing but it is happening to0 in my c0untry,i always wish t0 have the smart car a brand new 0ne because I always believed new car is less tr0uble,i used t0 have a pajero and my stupid ex sell it and change a small 0ne!