Moving to the US for a few months - lease or buy?

[Wilsonv]

Im planning to move to the US in a few months, and i am from Australia. So i am not quite clear on whats the best method to buy cars during my half a year to a year stay there.

Would leasing be my best option or cash? any help appreciated! cheers!

[AYTifosi]

Google lease vs. buy to learn about the pros and cons to each. Way to many variables, many personal to you, to answer that question.

[RickFLM4]

Financially, probably neither. Renting from a car rental agency probably is best approach.

[jpnh]

Originally Posted by Wilsonv

My apologies in advance if this is in the wrong section!


Im planning to move to the US in a few months, and i am from Australia. So i am not quite clear on whats the best method to buy cars during my half a year to a year stay there.



Would leasing be my best option or cash? any help appreciated! cheers!

Most of the major car rental companies in the US do monthly/short term leases and its likely the most effective way to handle it so you can avoid headaches like vehicle registration and other issues

This way when your visit is over you just hand over the keys and head to the airport

https://www.avis.com/car-rental/cont...navId=T4M28S06

[Bbb34]

For stay of only 6 months, financially the best option would be lease takeover from someone looking to get out of lease early. If you don't have your mind set on exact model you want, you should be able to find something.

You might get lucky and drive "more car" than you normally would, and not worry about depreciation as you would simply return it at the end. Then again, you might end up with something you have never considered, and hey, new experience, new country, might as well get something you would never consider back home.

[larryn]

Originally Posted by jpnh

Most of the major car rental companies in the US do monthly/short term leases and its likely the most effective way to handle it so you can avoid headaches like vehicle registration and other issues

This way when your visit is over you just hand over the keys and head to the airport

https://www.avis.com/car-rental/cont...navId=T4M28S06

For kicks, I just tried this. The minimum car I would get here was a Mustang, and it was $14.5k for 8 months. A Challenger is $22k, including taxes and fees. I imagine that buying might be significantly more economical for either of those cars over 8 months... It might come down to where the OP would be living and what Sales tax looks like in that locale.

My best suggestion is to purchase a 1-2 year old (possibly certified) car. It's already taken the initial depreciation hit, and you'll get a better car at a lesser cost. A rough example would be a $59k 2015 M4, payments @ $900x8 ($7200), added depreciation $5k, total cost of around $12,200 for a MUCH nicer ride for thousands less. Again, taxes and locale might make a difference.

[brianeck]

Originally Posted by larryn

For kicks, I just tried this. The minimum car I would get here was a Mustang, and it was $14.5k for 8 months. A Challenger is $22k, including taxes and fees. I imagine that buying might be significantly more economical for either of those cars over 8 months... It might come down to where the OP would be living and what Sales tax looks like in that locale.

My best suggestion is to purchase a 1-2 year old (possibly certified) car. It's already taken the initial depreciation hit, and you'll get a better car at a lesser cost. A rough example would be a $59k 2015 M4, payments @ $900x8 ($7200), added depreciation $5k, total cost of around $12,200 for a MUCH nicer ride for thousands less. Again, taxes and locale might make a difference.

Try swapalease.com and just pick a car with 6-7 months left. You can usually get a wide range of cars once you hone in your specifics. I'm gonna do it for next winter with a nice Audi s7 or something.

[jpnh]

Originally Posted by larryn

For kicks, I just tried this. The minimum car I would get here was a Mustang, and it was $14.5k for 8 months. A Challenger is $22k, including taxes and fees. I imagine that buying might be significantly more economical for either of those cars over 8 months... It might come down to where the OP would be living and what Sales tax looks like in that locale.

My best suggestion is to purchase a 1-2 year old (possibly certified) car. It's already taken the initial depreciation hit, and you'll get a better car at a lesser cost. A rough example would be a $59k 2015 M4, payments @ $900x8 ($7200), added depreciation $5k, total cost of around $12,200 for a MUCH nicer ride for thousands less. Again, taxes and locale might make a difference.

No question that going the route of a lease ending is more economical but is this a vacation or for business....and how many headaches does the person want to go through

You take over the lease and you have to go through the process of registering and taxes/fees depending on the state

Then there are issues/logistics of return/interim transportation if dates dont line up OR if you need to extend/cut short the trip

If its a business trip then I think its a no brainer

If its for pleasure then its a different story potentially

[larryn]

Originally Posted by brianeck

Try swapalease.com and just pick a car with 6-7 months left. You can usually get a wide range of cars once you hone in your specifics. I'm gonna do it for next winter with a nice Audi s7 or something.

That's a great call as well, but do you have experience on leases held by those from other countries? I wonder what enforceable collateral the lender has for leverage.

The rental car long term is a ripoff though.

[jpnh]

Originally Posted by larryn

That's a great call as well, but do you have experience on leases held by those from other countries? I wonder what enforceable collateral the lender has for leverage.

The rental car long term is a ripoff though.

I agree, list price for rental cars is high.....the prices I get through my employer are very very reasonable when I have to rent a car, I imagine its the same for monthly from same vendors

[eluded]

Originally Posted by RickFLM4

Financially, probably neither. Renting from a car rental agency probably is best approach.

This. Or if you can assume someone's lease

[Wilsonv]

Originally Posted by jpnh

No question that going the route of a lease ending is more economical but is this a vacation or for business....and how many headaches does the person want to go through

You take over the lease and you have to go through the process of registering and taxes/fees depending on the state

Then there are issues/logistics of return/interim transportation if dates dont line up OR if you need to extend/cut short the trip

If its a business trip then I think its a no brainer

If its for pleasure then its a different story potentially

Thank you! Exactly what I needed to know. I am wondering if you might know what state is the lowest?


So pretty much my aim is to take over a lease that has 6 months left? Does the dealer take the car back once the lease is over and I just hand over the key? Cheers

[Wilsonv]

Originally Posted by jpnh

No question that going the route of a lease ending is more economical but is this a vacation or for business....and how many headaches does the person want to go through

You take over the lease and you have to go through the process of registering and taxes/fees depending on the state

Then there are issues/logistics of return/interim transportation if dates dont line up OR if you need to extend/cut short the trip

If its a business trip then I think its a no brainer

If its for pleasure then its a different story potentially

Thank you ! It's mainly for pleasure. As its been my long time bucket list to drive around the US.

So from what you are saying, it's quite a tedious process. I'll be sending some emails to inquire about the paper work required.

[Wilsonv]

Originally Posted by larryn

That's a great call as well, but do you have experience on leases held by those from other countries? I wonder what enforceable collateral the lender has for leverage.

The rental car long term is a ripoff though.

Thank you! I think lease might be a more economical approach from all the responses! Just wondering if you have any expertise in which state have the lowest car related costs?

Cheers

[angelr]

I'd just buy a used car and sell it when I'm done.

[Wilsonv]

Originally Posted by angelr

I'd just buy a used car and sell it when I'm done.

That's what I've been thinking, would that b cheaper than lease? If I buy outright

[angelr]

Originally Posted by Wilsonv

That's what I've been thinking, would that b cheaper than lease? If I buy outright

If you buy smart and don't overpay I would think that it would come out substantially cheaper and the resale shouldn't be drastically different, might be able to use it for the duration for a few grand tops.

[tdott]

If you don't have a US credit history it might be difficult getting a lease right off the bat, you might have to pay the remaining months in full if they allow that.

As a Canadian that recently moved to the US I was surprised at how many places couldn't pull my Canadian history, thank god for American Express and TD Bank, otherwise I wouldn't have gotten a USD credit card as easy as I did. Even after 6 months and a US mortgage, got denied due to insufficient history for a Costco Visa I wanted for the benefits.

[k332814]

CARMAX!

[Chihuahua]

have you thought about looking at a place like swapalease.com and just taking over the remainder of someone else's lease? Are you looking for any car in particular or just an appliance car for while you're here?

[BEM-S4]

Originally Posted by Kyle B

have you thought about looking at a place like swapalease.com and just taking over the remainder of someone else's lease? Are you looking for any car in particular or just an appliance car for while you're here?

I was thinking the same thing. If you know you're gonna be here for 6 months, find a lease that's 6 months. You may have to prepay the whole thing g but who cares will be like $4k. Drive it and give it back when you're done. Without a doubt the least hassle option. Unless your dad is like a newly minted billionaire from Shanghai and you can just buy and R8 and leave it by the side of the road because you literally cannot spend money fast enough, the lease takeover is the best bet for "normal" people.

[swalsh2333]

I would personally do swap a lease also. Buying and paying sales tax on the whole sales price wouldn't make much sense.