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Old 01-08-2016, 06:45 PM   #21
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I don't know for sure about how they deal with that. Heck, maybe when you lease it, the INSCO has to deal with the lease company, rather than you, since they "own" the car. I've never leased. I fully intended to the last time around, but I wound up buying a Toyota, instead of leasing. Still not sure why, other than I intend to keep this Toyota at least the 14 years I kept the last one.

As far as what you say about "likely" outcomes, I disagree. That's why I have fire insurance.

I do not think you buy fire insurance because you think it is a likely outcome... and I bet that having the house burn down was not included in your decision to buy the house.... as even you mentioned, you bought a Toyota because you expect to keep it 14 years... you do not expect to keep it for 5 and then total it out... so totaling out the car was not in your decision to buy (well, at least that is what I assume)....

An insurance decision is separate from a buying decision IMO...
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Old 01-08-2016, 06:48 PM   #22
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Everybody makes a lemon once in a while. And even if your car isn't "totaled", an accident repair history on Carfax will definitely give you a problem at resale or trade in time.
I'm not saying it definitely makes leasing a better deal than buying, merely stating that it does provide a layer of protection. And these darn cars are so expensive, that a misadventure is really a costly experience. So if you are on the fence, it's something to consider.
I do agree... which is why I got an extra $1200 from the insurance company of the guy who caused $7K worth of damage to our new Honda... the repair shop seems to have repaired it back to original condition (and they have a lifetime guarantee).... but I know when it comes time to sell the fact it was in an accident will get me less money....
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Old 01-08-2016, 08:54 PM   #23
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I cannot believe all the interest in this subject. Every post got me to think about something and makes me think even more about my situation. However, as I mentioned in the beginning, I'm into my 80th year. If I buy, it will certainly be my last car (and maybe I don't want that). I have already made up my mind about a few things: I'm not buying my current Prius V. It will be either a Toyota or a Honda and not a hybrid (not worth the extra money for the low miles we drive in a year. If I decide to lease again, it will have to be the very best deal going and there will be no out of pocket cash. I am leaning to purchase because I don't want to have to go through this thought process again.

Thanks to all for the interesting posts and for taking the time to respond.
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Old 01-08-2016, 10:16 PM   #24
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* I'm leaning toward a new Camry 4-cyl XLE or a comparable Honda Accord. Something for around $30K. If I buy, maybe I should shop for a new 2015 Toyota or Camry. I could avoid the big one year depreciation hit.
My experience is that dealers don't give enough discount for a new prior model year car. They give a discount but it isn't equal to depreciation. If you want a 2015, get a good low mileage used one.
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Old 01-09-2016, 07:17 AM   #25
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Had previously always bought outright. Went with 3 year lease a year ago because I didn't want to put the money out upfront on my most expensive car ever & find I didn't like it. The lemon issue wasn't a concern.

With one non-drive issue exception, I love it & will likely purchase at end of lease. Probably cost me more, but that lowered risks as I perceived them & so not a problem. Call it insurance.
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Old 01-09-2016, 07:23 AM   #26
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J-36, you might want to consider having drive-aid systems - rear camera, blind spot warnings, out of lane warnings, too close tailing warnings. I'm several years short of your age & I find them quite helpful. Cost me multi $K's, but they come into play over & over. Perhaps I'm a bad driver.
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Old 01-09-2016, 07:36 AM   #27
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Had previously always bought outright. Went with 3 year lease a year ago because I didn't want to put the money out upfront on my most expensive car ever & find I didn't like it. The lemon issue wasn't a concern.

With one non-drive issue exception, I love it & will likely purchase at end of lease. Probably cost me more, but that lowered risks as I perceived them & so not a problem. Call it insurance.
That's a really good point. One I had considered when I was running this argument through my own mind prior to my last new car transaction, and then neglected to come up with in my discussion about accidents and lemons. I 've had this happen to me, unfortunately, when I bought a very nice Volvo, and realized later that I should have bought the model one size larger.
Also, my wife's Subaru, after I drive it for an hour, my legs get numb it is so darn uncomfortable for my body. Sheer torture to drive it long distances, which is why I chose to get a better road car for myself.
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Old 01-14-2016, 06:25 AM   #28
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I have a friend, a bit younger than you, who just totalled her car. Fortunately she was not seriously injured. She decided to not replace her car, and instead just use uber. She lives in the city, and doesn't drive that much. So depending on lots of factors, it could be cheaper and safer. It's not for me right now, but maybe someday.
We live in a very walkable neighbourhood. Last summer we sold our second car. At first my wife was hesitant, but now thinks it was the best move we have made in a long time. She actually enjoys walking to the gym, grocery store and back home as her morning routine. On rainy days, she puts on her splash pants and goes about her walk.

Unbenounced top her, I am thinking about getting rid of the primary car. We use public transportation a lot know, as parking costs are crazy when we 'go down town'. We are golfers, which kind of makes a car mandatory, but can easily switch to other hobbies we have. I really think car free will happen for us one day....
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Old 01-14-2016, 06:40 AM   #29
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I am leaning to purchase because I don't want to have to go through this thought process again.
I have leased a couple cars in the past. Each short term lease was a pretty good deal at the time, and there were no surprises at lease end. However, what starts happening is that if you have two leased vehicles, you always seem to be in car researching/replacement mode.
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Old 01-14-2016, 07:42 AM   #30
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Again: New car lease vs.buy

Go to Toyota and buy a Camry (not hybrid) get all the options you desire and can afford. They are rock solid on reliability.

I've got 2 Toyotas and never 1 problem.
They have a reputation for being among the most reliable with the least issues.


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Old 01-14-2016, 08:26 AM   #31
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Bought a 2016 Camry XLE yesterday. Wanted to get in on 0% financing, zero out of pocket, while that deal was still available. Took it for 72 months but plan to pay it off in about five years. Now the dealer has to search inventory for the color (ruby) and the leather (almond) we want. I mentioned earlier that this is probably our last car so it better be a good one. If I can just get the other dealers to stop calling me I'll be happy.
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Old 01-14-2016, 08:37 AM   #32
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Again: New car lease vs.buy

Any car can have a glitch or two but I suspect you'll be very happy...
I find it sad that the American cars still don't dominate on reliability..
Good luck.


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Old 01-14-2016, 08:38 AM   #33
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Bought a 2016 Camry XLE yesterday. Wanted to get in on 0% financing, zero out of pocket, while that deal was still available. Took it for 72 months but plan to pay it off in about five years. Now the dealer has to search inventory for the color (ruby) and the leather (almond) we want. I mentioned earlier that this is probably our last car so it better be a good one. If I can just get the other dealers to stop calling me I'll be happy.
Enjoy your new car. I have bought new and used over the years but I am convinced that the best economical deal for me has been buying new, maintaining the car and driving it for 150,000 or more miles.

While my kids were growing up we had one mini van and one or two Honda Civic's. With Civic's you can buy two for what some people pay for one fancier car. The key if you buy new is to drive it for a long time and dump it only when it becomes unreliable.
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Old 01-14-2016, 10:12 AM   #34
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I always buy 2-3 year old used with less than 50k miles, that's the value sweet spot and has been for years. Plenty of used cars available here at 30-50% off new price in that category, many of them still under warranty so you can get any issues fixed after you buy. But nowadays car reliability is not the problem that it used to be, at least for major stuff. There's not a lot of truly bad cars now. With the few miles we drive now such a car can last 15 or more years, easy.
I also don't want hundreds of dollars put towards a lease or car payment every month, so I pay cash upfront.
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Old 01-14-2016, 10:29 AM   #35
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Plenty of used cars available here at 30-50% off new price in that category, many of them still under warranty so you can get any issues fixed after you buy.
Honestly, not seeing this with Hondas and Toyotas.
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Old 01-14-2016, 10:29 AM   #36
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Obviously buying and keeping a car for 10 years is the cheapest way to drive a car, but the OP is 80 and I assume he has more than enough money to last his lifetime. Is the most cost effective plan really the way to go? Especially at 80?

No way I would want to worry about repairs on a 8-10 year old car at 88-90 years old. I would want a new hassle free comfortable new car every 3 years. If you already know you will want a new car every 3 years, leasing is at least as good if not better than buying. I would lease. Hands down.
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Old 01-14-2016, 11:28 AM   #37
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Honestly, not seeing this with Hondas and Toyotas.
My experience as well. Used selling for close to what a hard bargained new sells for.
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Old 01-14-2016, 01:53 PM   #38
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Did I say Honda or Toyota? No, what I said is that most cars sold nowadays are reliable and there are plenty of good deals in the 2-3 year old range (especially if you go with off-lease cars).

I don't give a fig about resale value if I'm keeping it for 10+ years, nor am I worried that because it's not a Toyonda it's going to crap out. I have no problem buying a 2-3 year old domestic make and letting someone else take the big depreciation hit.

Agree that if I was OP's age and had the nut to afford whatever I want I certainly wouldn't bother with used vs. new, but this turned into another generic lease-vs-buy thread.
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Old 01-14-2016, 02:29 PM   #39
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Again: New car lease vs.buy

This was a good article from some months back on why leasing the hybrids and EVs make sense. Primarily due to the technology cycle and also the tax incentives. One example cited made very good financial sense to lease vs buy.
http://www.greencarreports.com/news/...-leasing-rules

As to the OP, I would also buy. Congrats on the new car !!!

Reasoning: If i were to kick the bucket, i wouldn't want my 80 YO DW to have to deal with the lease renewal or buyout or other car dealer hassles.

At this stage in life, if it were me, I think I would be seeking life and financial simplification as much as possible vs saving a few shekels here or there. That points to buying.
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Old 01-14-2016, 05:00 PM   #40
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For an 80 year old, you still have some options in transportation. But realistically, how many years do you expect to be driving?

I would tell you to buy that Honda Accord or Toyota Camry and just drive it as long as it's reliable--which means it may be your last car. Properly maintained, either will go 250K or 300K miles.

I have leased a number of cars over the years--but they were especially incredible lease deals supported by manufacturers' incentives.

Now that I'm retired, I just choose my cars carefully for dependability and low depreciation. I'm now running a Lexus IS and a Honda Civic--along with a diesel Ford F250. And I've not had a single warranty claim in the last 550,000 miles driven--which means cars have never been more reliable.
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