Finance or Lease?

[xraided]

Hello, I want to get the new tacoma so bad but im torn between being one of the first to own the first batch so should I lease one for the first two years while they work out the initial kinks then just buy one in 2026 or should I buy now and just trade/sell in a few years?

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[Duce95]

I like to lease. Can always buy at lease end. Tacomas are usually worth more than you owe and you can sell private- bank any positive equity you have.
It’s more flexible.
Little lower payment while you decide if you want to keep it.

 

[n118nw]

I would never lease a car in this economy. You're going to get stuck with a high payment that as soon as interests rates drop you're stuck with your high lease payment while everyone else with a car loan refinances and gets a lower rate. You can't refinance a lease.

 

[bitrunner]

With a lease, you’re typically betting that the car will depreciate more than you’re paying for, or that the cost of leasing over 3 years will be less than the difference of buying and selling over the same 3 years. That worked great for early EV models for that reason. Tacomas do not normally do that, so you’d be betting that 2024 will be a disaster of a new model year… while buying and driving that exact year.

 

[TH1017]

Pretty much every personal finance book I’ve read says don’t lease a car. And if you finance then pay it off in 3 or 4 years. If you can’t then don’t buy the car as you can’t afford it.

 

[n118nw]

Pretty much every personal finance book I’ve read says don’t lease a car. And if you finance then pay it off in 3 or 4 years. If you can’t then don’t buy the car as you can’t afford it.

^this^

Dealerships are going to take your money from you, one way or another. Leases are good if interest rates are low, you don't plan on driving much and need a low payment, and you're forced to pay whatever interest rate the dealership wants to put on you. Ownership will always trump lease. You may not need any down payments, you can get outside financing, you can refinance when interest rates get better, you can pay it off sooner and save money, you don't have mileage or modification penalties, and with the used truck market the way it is, you can easily sell it for top dollar.

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