Overhaulin'

lease vs. buy a car?

Next summer I plan to get a new car. I am wondering now if I should save up the money and just buy a used car, or save up money still and lease a car. I know a lot of people are against leasing but I like the fact that I would be able to get another car every few years because I love new cars. However, I just started building my credit a few months ago, so I don't know how much my monthly payments will be. You know how they have commercals saying starting at $259 a month for example? And that is for someone with perfect credit lets say how much more do you think it would be for just average credit? I also figure buying a used car I would have to spend more money on it in repairs etc then fewer problem with a leased car what do you think?

Public Comments

1. Leasing a car is like renting an apartment. You pour lots of money into something you most likely will never own.
2. Take a look at the articles in the links below. They provide some information you may be able to use on deciding to buy or lease.
3. I would go for a lease. A car is a bad investment. They depreciate in value. With a lease, you can trade up for a different one later on, so you don't have to worry about having an outdated car forever. If you are looking to finish paying off a car and are not concerned about staying "modern", then buy one, pay it off, and you don't have to worry about monthly car payments ever again.... or until your used car breaks down. Good Luck ;)
4. Avoid leasing unless you got a cush job that you can swing it. I had the same thoughts you listed and was suckered into a lease deal. I ended up putting too many miles (way over the lease agreement) and at the end of the lease had to pay $$$$ money that I could have used for food, etc. Your best bet is save the money, go to a state auto auction and buy yourself a used car (taurus or crown victoria) for temp transportation. In some states you can get those pool cars reasonable $1K-2K. Then when you have a nice cushion - buy the car you can afford - not for show. Sell the temp car and put the cash in your gas fund!
5. Leasing a vehicle you MUST fully understand the contract, whatever term you sign be 100% sure you will want to keep it for that term and fully understand the fine print. If you went to jail for 3 or 4 years you most likely would be released early with good behavior, with a lease, there is no parole without hurting your pocketbook big time I laugh every time I watch a one minute eye catching commercial, last 3 seconds on your screen, from $ 299 a mth in huge print and added fine print which even a speed reader cannot read, along with audio...see your local dealer for details...SUMMARY...with fine print added, let's make that about $ 599 a mth. All the above text I copied from my website, if you really want to study and learn the process how to buy a vehicle http://www.usedcartips.org/index.html I dont expect you to become an expert over night but you will pick up some valid pointers. PS... get leasing out of your brain, with the question you provided, trust me, its not for you