Author Topic: Need to get a couple of vehicles - Lease or Buy?  (Read 462 times)

moosejaw

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Need to get a couple of vehicles - Lease or Buy?
« on: June 01, 2018, 03:41:49 PM »
I've followed Dave Ramsey for years, but with some recent tax changes etc I am rethinking my position.

After moving into a new home a couple of years ago I sold our expensive but paid off vehicle.  I chose to lease 2 new Prius'.  The gas savings and being rid of the upkeep of our paid off car paid for BOTH car leases.

Those leases are now about to run out this January so these seem to be my 4 options:

a. Lease two more hybrid vehicles.  If I am lucky I will get a similar deal to the two prius', as I had to put no money down, and with how I have restructured my business both leases will be 100% writeoffs.

b. Take over two leases. Using a site like lease trader will guarantee that I pay nothing out of pocket, and you can often get two higher level cars that previous leasees will pay an incentive for you to take over.

c. Buy one car and lease another.  I would likely buy a car that is 5-6 years old in the Toyota family.  I want a basic pickup truck as we need that type of vehicle occasionally, plus it's nice to have a car you don't have to watch the mileage on.  However, my gas expenses go up, I have to pay tax on the purchase, and am a tad concerned about the reliability of a used car.

d. Purchase two vehicles.  Same issues apply as above, plus I don't get the write-off, but do get the depreciation of the vehicles.  Concerned about reliability, and basically the upkeep being the same monthly cost of 2 leased Prius'.


Any help or recommendations are appreciated.  Currently my lease bill is $480/mo total for both vehicles.