Quote:
Originally Posted by tony20009
Buying is cheaper if you plan to keep your car for 6+ years, not 5, provided you pay for the car in fewer than 5 years.
If you are one who will have a car note every month and then trade in your purchased car, leasing will be cheaper always.
If you buy your car and keep it for 10 years, you are financially better off than in either of the two scenarios above.\
After a certain point, you don't really lose much in car value at all. For example, in 2007, I was offered $5000 for my 1993 318i with 158K miles on it. I paid a bit over $20K for it new in 1993. (I didn't accept the offer, I gave the car to a relative.) I've seen several ads on the Internet where they are still selling for about that price.
So, by simple math, that comes out to around $1000/year in value lost on the car. So, it seems if you keep your car for a very long time, you'll be quite satisfied with the price you can sell it for even when it's very old. I know I would be very happy if in 2021 or so, someone offers me $5000 or $6000 for my E92. Here in 2013, though, $15000-$16000 feels like I'm being ripped off.
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+1 Very true.
Although, I must say I didn't even think about a used car. Used car 3-4 years old is probably the best deal since you're getting a relatively new car without all that horrible depreciation of the first few years of a new car.
I was just bringing up the differences between leasing and purchasing. If you lease cars for 10 years versus buying 1 car for 10 years then buying another, it only makes financial sense to buy it.
Personally, I plan to keep this car until it no longer runs. We'll see how long that is, hopefully it's more than 10 years
