Lease or buy Poll

[Slip_Angle]

Couldn't find anything on this, so hopefully not a duplicate! Anyways, did you lease or buy your G70?

 

[EdP]

I purchase cars but don't plan to keep them forever. Most about 3 years and something new entices me.

 

[Backslack]

I purchase cars but don't plan to keep them forever. Most about 3 years and something new entices me.

From your experience, would you say buying new and resale after 3 years saves you more money than simply leasing? At least in regards to Genesis.

 

[joschneider]

Purchase but not keeping forever. Im already in the black with my loan (maybe not as much now that used car values have dropped?) so it feels good to have the choice to get something new if it comes along without being underwater

 

[Slip_Angle]

I was a Honda/Acura guy and knew nothing about Genesis and only a little about Hyundai. After driving the car and seeing all the good press about it, I though why not? It's the car I was always hoping Honda/Acura would build and reliability of the brand was high.. so I leased for 5 years expecting to either buy it out at the end or leasing the new G70 once ready.. Basically ride out the options... Love the car!

 

[petraman]

Leased for 3 years solely to get the lease cash; I will most likely buy it out, unless the refreshed G70 is enticing enough.

 

[tarhoosier]

^same^

 

[EdP]

From your experience, would you say buying new and resale after 3 years saves you more money than simply leasing? At least in regards to Genesis.

In the past I put too many miles for standard lease so that was one factor. I don't think I've had a big gain or hit buying. I'm well in the black on the loan, I like the flexibility of buying or selling when good deals are available, not when a lease is up. I like the flexibility with low on no interest payments and if something big came up, just skip a couple of payments. My next one is due in August as I always pay extra every month.

Cars are toys. At best I can justify an Elantra or Corolla but I'm willing and can afford a Genesis so from a sensibility POV, there really is no smart decision, just a level of what you are willing to pay for the goodies. Will I buy a 2021? If the price suites me, yes. Do I need one? Absolutely not.

Is my method best? Probably not. Best is usually paying cash and keeping the car until ready for the scrap yard. I've done that too.

 

[Patent1]

Don't know if I will keep the G70 for 13 years, like my Acura TL. On the other hand, the G70 is more fun than the TL. We shall see...

 

[TinsleyC]

I was going to pay cash, but did a 3 year lease only to get the best rate (1.4% I think it was) and deal. I'll pay it off before the lease is up. Keeping money invested - and with the current market conditions, don't laugh!

I plan to keep it 8-10 years as I do all my cars.

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[sethsquire]

Leased. Lease incentives were solid and I'm always looking to change cars. Ironically, 3-year leases actually force me to keep a car for LONGER than I normally would, because if it were up to me I'd change out cars every 6 months to a year and take a bath every time I did.

 

[TinsleyC]

That does sound fun... I'd love to drive a different (nice) car every year or two. I just like buying new cars, and the depreciation hit would be too big.

 

[Toddasaurus]

Bought mine. Will have it paid off by fall. I know I could have gotten a better deal by leasing. I'll most likely end up trading my car in for the next G70, or something else, we will see! But the freedom to do what I want with it is pretty nice.

 

[nellie1289]

Leased. Free 4000$. Besides why be tied to a car you may not want in three years. With the current economic free fall this looks better everyday too. Plus the rate at time was lower than Buying. You can always buy at three years if you lease. You can never turn in at three years if you buy. It’s all about what you pay for car up front and the rate. And the residual. If it’s zero percent and lots of incentive to buy I usually buy my cars in those scenarios.

 

[Trixie86]

Leased. Free 4000$. Besides why be tied to a car you may not want in three years. With the current economic free fall this looks better everyday too. Plus the rate at time was lower than Buying. You can always buy at three years if you lease. You can never turn in at three years if you buy. It’s all about what you pay for car up front and the rate. And the residual. If it’s zero percent and lots of incentive to buy I usually buy my cars in those scenarios.

On the flipside, it's nice to Not have a car payment for a few years. With this warranty, should be good for 60 months without a payment.

 

[nellie1289]

On the flipside, it's nice to Not have a car payment for a few years. With this warranty, should be good for 60 months without a payment.

Liquidity is king right now. Would rather have my 40k and make payments at <1% interest. Don’t get me wrong. I own a couple other cars outright and not having payments is commendable and something to be proud of. If i wanted no payments I could Send them the same 40k and pay it off, it’s under my pillow.

 

[TinsleyC]

Nellie, you have a good point; I may hate my car when Nov '22 comes. My brain is made up that I'm going to pay it off, but you're right - I'll have a choice. Maybe I'll turn in my base '19 and get a fully loaded, used '21 G80.

 

[nellie1289]

Nellie, you have a good point; I may hate my car when Nov '22 comes. My brain is made up that I'm going to pay it off, but you're right - I'll have a choice. Maybe I'll turn in my base '19 and get a fully loaded, used '21 G80.

Having the option is really nice. Another nice thing about leasing, and I have had ten, is they always send you an incentive on the next one too as it is maturing.

 

[Toddasaurus]

After reading through all the leasing discussions we've had on this forum over the past year, I'm really considering leasing my next car, depending on the numbers of course. Up until after I bought this car I never even considered a lease.

I appreciate the knowledge.

 

[tarhoosier]

Todd:
You said this car was intended to be your project car. You could do whatever modifications you wished, test fit, use for autocross, change parts and so on, which leasing would frown upon.