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Lease 2, own 1
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Own both.
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We own both outright.
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We just leased two 2015 Subarus and are in love with them! Leasing works for us because we don't drive crazy amounts to where the mileage is an issue. We also plan on paying for them outright (or financing the balance-depends where we are financially) after we are done with the lease agreement. This way, we are the only owners of the vehicles and it saves us money in the long run. We did this with our last car which we owned for 11 years.
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Own both...just paid off one and just bought another
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We own both.
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We don't have a car, so we rent them from time to time for weekend trips.
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Neither - driving a company car that we are free to use for private purposes and the company even pays the gas.
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We own our car. Neither of us uses a car to commute, and we live in a walkable community. So we only own one car and it is mostly used on the weekends.
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We've owned all our cars, but I'm considering leasing my next car just so I can trade out for a different car every couple years. We bought me a really nice car when I got promoted and was pregnant with DS. We got a steal of a deal on it, but now that I see how little it's worth, I cringe thinking about those who pay retail price for it upfront, and it loses it's value after a few years.
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@Adira: we lease our electric car (Nissan Leaf) because the technology is changing (every 3 years or so) and they're constantly improving the battery life. We were also able to apply a tax credit to the lease payments, so it makes sense for our commuting car.
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Own both outright. Neither leasing nor financing cars is really done all that much where DH grew up (Australia) so the concept is totally foreign to him. He is very much of the mindset that you buy what you have the cash to pay for outright, and if you can't afford what you really want, then you revise your expectations. I don't particularly love the idea of having car payments either, so we always buy our cars outright, paying in full on the day.
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Own both. Bought used and financed for 4 years with very low interest rate. We have a Buick Enclave (our big car) and a Lexus RX (DH's). We like both.
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@looch: Thanks! My family tends to just keep a car until it dies and then buy used, so leasing is not even something I've ever even considered!
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@Adira: I think leasing can make sense for people who like new cars every 3 years or so, whose other option is to buy a brand new car and make payments on it with whatever interest rate they can get, and then sell it at a loss to the dealer when they want a new car.
We are the type to buy used, pay cash, and drive it till it dies--but funny story--we just went to a dealership to look at a particular used SUV my husband saw online. It's a 2012--and while we were there, the previous owner of that car came in to pick up his plates for the 2015 model of the same car that he'd traded in his old one for. The old car only has 30,000 miles on it! The used car price is $19,000 cheaper than the new car price--That blows my mind.
But lots of people just love having a brand new car.
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@Anagram: That was the situation with my SUV when I bought it – it had been leased brand new, after lease term they gave it back to the dealership to get a new model, nothing wrong with it. Had less than 40k miles on it, no issues – great for me as a buyer since they took the initial valuation hit, and I got the upside of buying a 1 owner car with all the maintenance records! When I go to buy a new(er) car this year, I'm hoping for the same "deal"!
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