Automotive

Broke my car last night; First time leasing/buying a car!

  • Last Updated:
  • Mar 20th, 2017 11:49 pm
[OP]
Deal Addict
Nov 9, 2008
1925 posts
188 upvotes
Thornhill

Broke my car last night; First time leasing/buying a car!

so, on my way back home from Peterborough to toronto in my 2001 corolla (uh) after getting an emergency call from my girlfriend, roughly around 50K~ away from home my motor blew. this car has been with my family since 2001, so i feel a little sad but i shouldn't have taken it with me all the way up there in the first place :/ but then again, made girlfriend happy, so what are you ganna do.

so i need a new car desperately. the only option i'm thinking is leasing a car 3/4 years for 300-350~ a month, i've never negotiated or dealt with a dealership so i'm a little confused as to where to start. how do i haggle, and how do i do it right? i couldnt find any topics based on that, so making this post, if you kind souls would help me out this morning.. :0

our family car is a a nissan rouge, which is 380 a month, so i'm looking for a car along the same line as that car -

suggestions, advice, and considerations? :)

Thanks,
37 replies
Member
Feb 19, 2017
353 posts
119 upvotes
Acura TLX is currently leasing real cheap right now thanks to their 30 year anniversary sale. Might want to take a look at them.
RFD is love. RFD is life. I wish I had an RFDer for a wife.
Member
Nov 26, 2013
343 posts
170 upvotes
Winnipeg
If you're not confident in your negotiation skills, why not give services like unhaggle or easycardiscount a try?
Deal Fanatic
User avatar
Mar 13, 2004
7801 posts
685 upvotes
Toronto, Ontario
Why Lease? Why not finance it this way the car will be yours unlike a lease you have to give back.

If you want something cheap go pick up a Kia or Hyundai basic model. If you want something better then start shopping around and figure out what you like. If you want a small good car thats fun to drive look at the VW Golfs if you want something bigger go look at SUV's or maybe a wagon etc etc. You can also go pick up a slightly used car from a dealership with 40-50k range still have warranty and be basically new.
0_o
<_<
>_>
Deal Addict
User avatar
Sep 19, 2005
2434 posts
974 upvotes
Calgaryish
Bencherstyle wrote:
Mar 16th, 2017 9:46 am
so i need a new car desperately. the only option i'm thinking is leasing a car 3/4 years for 300-350~ a month, i've never negotiated or dealt with a dealership so i'm a little confused as to where to start. how do i haggle, and how do i do it right? i couldnt find any topics based on that, so making this post, if you kind souls would help me out this morning.
Use unhaggle. It's an inexpensive way to make sure you don't overpay. Avoid buying rust protection, security etching and extended warranties.

Also, I strongly advise you *not* to lease. Instead, stretch your payments to 60 or even 72 months and buy a vehicle outright. If the one you want comes out at more than your monthly budget amount, look for a cheaper car.

Reasons not to lease:

1. It's a long term rental, and you may be expected to pay for door dings, glass chips and even balding tires at the end of the lease period. There is insurance to cover that, but it's yet another expense.
2. Leasing encourages you to get into a cycle of perpetual car payments, where you're "trading up" every 3-4 years. Instead, buy a car that you'd be comfortable driving for 7 or 8 years. My car is currently 6 years old and payment free. I plan on keeping it for at least another couple of years and am putting $300/month into a TFSA toward my next vehicle.
Deal Addict
Jan 8, 2007
1614 posts
300 upvotes
Calgary
We have so many lease threads on here. Lots of people still don't understand them fully and equate to renting etc. Yes, it is like renting a car, but so is financing or paying cash for it and then deciding to get rid of it after 3 or 4 years. (Buying a used car, financing and keeping a car for 10 years vs leasing a different car every 4 years are fundamentally different decisions that one should make up front).

Leasing has many advantages over financing, you have more options at lease end than financing and you free up your cash to invest in the meantime. You also have less risk if you smash up your car with lease or if it turns out you don't like it or don't want to keep it.

The only true benefit of going the finance route especially on a Toyota, is if you 100% know up front you want to keep a car for 6+ years, it will be cheaper to finance it if you can lock in a low rate for longer. Personally even if I can pay cash up front I still lease, borrow money for cheap from lease company and throw my cash into something that will make me more than 0.9% it's costing me to borrow against the lease.
Member
Feb 19, 2017
353 posts
119 upvotes
retrothing wrote:
Mar 16th, 2017 11:16 am
Use unhaggle. It's an inexpensive way to make sure you don't overpay. Avoid buying rust protection, security etching and extended warranties.

Also, I strongly advise you *not* to lease. Instead, stretch your payments to 60 or even 72 months and buy a vehicle outright. If the one you want comes out at more than your monthly budget amount, look for a cheaper car.

Reasons not to lease:

1. It's a long term rental, and you may be expected to pay for door dings, glass chips and even balding tires at the end of the lease period. There is insurance to cover that, but it's yet another expense.
2. Leasing encourages you to get into a cycle of perpetual car payments, where you're "trading up" every 3-4 years. Instead, buy a car that you'd be comfortable driving for 7 or 8 years. My car is currently 6 years old and payment free. I plan on keeping it for at least another couple of years and am putting $300/month into a TFSA toward my next vehicle.
This here is a very good point OP. Leasing overtime is usually more. Owning obviously has massive benefits. I would like to add though if getting a new car every 3-4 years while paying the cost for it is worth if for you (along with the never needing to worry about repairs) then leasing is still a good option. Personally I'm more into the owning the car instead of an endless rent cycle. But the idea of endless warranty and shiny new things is appealing as all hell.
RFD is love. RFD is life. I wish I had an RFDer for a wife.
Member
Sep 13, 2016
254 posts
83 upvotes
Hi OP,

There is a thread around dealer invoice prices for various cars. That could be a starting point of your research.
Also there are quite a few offerings in crossover category. I remember there are some good comparison articles on CarAndDriver which could be of help.

Also, unlike what many are commenting, lease is not same as renting. It's a very simplistic and misplaced view. Lease and Financing both have their pros/cons.
So go through them and understand the differences to see what suits you the most.

When I was in market for my first ever car few months back, I ended up realizing that leasing was better suited for me as a first time driver.
I can buy out the car at the end of lease if I want to, or I could return it if the car turned out to be a lemon, or got into a serious accident, or if I simply did not like it anymore after 4 years.

I thought that leasing provided me greater flexibility. But you should see and understand what suits your scenario the best.
Sr. Member
Dec 30, 1969
544 posts
266 upvotes
get something cheap & quick. used 2007+ Corollas are very reliable and maintenance friendly
if you want to lease compact, 2017 Elantra might have lease deals or 2017 Tucson if you want CUV
LoANeal wrote:
Mar 16th, 2017 9:53 am
Acura TLX is currently leasing real cheap right now thanks to their 30 year anniversary sale. Might want to take a look at them.
how much?
Sr. Member
Apr 30, 2015
868 posts
202 upvotes
East York, ON
OP. How was the vehicle otherwise? If it was well maintained and in good shape, maybe call around about dropping a used engine in? Would be a lot cheaper than having car payments for the next few years.
Deal Addict
Mar 15, 2005
4786 posts
348 upvotes
If you were happily driving a 2011 Corolla I would say you are a prime candidate to finance a new car, not lease.
Deal Addict
User avatar
Jun 10, 2011
1661 posts
236 upvotes
THORNHILL
So u left a poor 'rolla go oil thirsty.
U don't deserve my help, sir Disappointed But Relieved Face
Deal Addict
Jan 7, 2014
1796 posts
266 upvotes
qaz393 wrote:
Mar 16th, 2017 11:31 am
corolla never break especially the old ones. they are literally a tank..........
This . How could you break a corolla? being 2001 does not mean anything... how many kms were there on the clock? Seems like not a nicely maintained car...
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