It really is a whole lot more though. You don't save time 'cuz you're going to go look for cars anyway. You're not going to go into the lot and lease the first car you lay eyes on. You're going to go around to different lots, drive different cars, research models online, etc..... It's the exact same thing you'd do if you bought a car. So the time savings just isn't there at all. What you pay in repairs is less than what you pay in payments.
For example, let's say I buy a used car for $10k and you lease a new car for $4k a year like you mentioned. Let's say we both ditch our cars after three years and are in the market for something new. Right off the bat, I'm paying less. You're paying $12k in payments and I'm paying $10k. (We're not even factoring in fees and other costs that are going to make your cost higher.) But you pay nothing for maintenance on your car and if your car breaks down you pay nothing so maybe it all evens out.
You've got to do an oil change every 3 months. Let's say I'm spending $100 every three months on an oil change. This is, of course, an absurd price to pay for an oil change, but I'm getting hose and don't realize it. So I pay $400 a year in oil changes. Let's also say that during that three year period I end up paying for a major repair to the tune of $1,000. So I paid $1200 over three years in overpriced oil changes, plus $1k in a major repair bill and now after three years you are out $12k and I'm out $12,200. So, the costs of owning them both are virtually the same right? Wrong. Because we've left out one thing. I own my car. After three years you have nothing and are in the market for another vehicle. After three years I sell my car and am in the market for another vehicle. Even if my car lost half it's value (which is as absurd as the $100 oil changes), I am left with $5k in cash and my car cost me $7200 to operate compared to $12000 for you. Your car cost ~40% more to operate and you are left with nothing. My car cost 40% less and I have $5k in my pocket that I can use for another vehicle. This is assuming high maintenance costs and a low re-sale value on my car. The reality is the difference is probably more.
It's a free country. If you want to lease cars your whole life you certainly can. Personally, I think it's kind of foolish because you are flushing away money that you could be investing/saving. Over the course of a lifetime that money really, really adds up. That's why I said I hope you like the car. Over the course of your lifetime it will cost you close to a million dollars to lease a car / buy a new car. To me it's not worth it. I'd rather have a million in my pocket when I retire. Even if I'm half wrong, I'd rather have half a million in my pocket.
I did not go around lots looking for cars, I mailed 10 (roughly speaking) dealerships around town, wrote them what I want, I ended up at pretty big dealership, 3 hours later I had my brand new car.
I'm looking for a used car right now I've already spent hours and hours online, few days going around dealerships, few days visiting private parties. I know what you are going to tell me "lease another one", sorry can't I need to send that car overseas. So most of cars either crap, or have been in some serious accident, or sellers just want way too much for it. I'm already ready to give up that idea because it's taking too much time that I don't have.
I save enough money every month (I cook, I cook lunch, I don't even have cable TV in my home, I only buy things on sale and do not wear expensive clothing, I take bicycle to work) and I can afford to buy far better car than my Honda Accord. I choose to lease it
a)I and my girlfriend wanted to build credit history
b)neither of us were really good drivers and we decided that we can get something else after 3 years.
c) I work 6 days a week +overtimes, she does too, we simply do not have time to repair our car, our wasted time costs money. I agree even new car can break down, but probability of that is very low.
d)it's great on gas and we got insurance quote lower for new car than for used one. Go figure why. So we save on gas and insurance.
e)It's mostly driven by my girlfriend who is a manager of about 30 people. I wanted here to look presentable without breaking our budget.
I like the car it's simple, spacious, good on gas. If there will be something better on the market in 3 years just because gas is going to hit $5 per gallon really soon and there will be new technologies.
Convenience.
