Overhaulin'

Looking to lease...?

I'm fairly new to the car-buying/leasing game... been trying to read up as much as possible about the pros + cons of leasing vs. buying. I can't afford more than $250 a month for a payment, and I can afford to put down maybe 2k. I've been trying to weigh out whether I should just buy a cheaper used, or get a newer lease. I need a SAFE and RELIABLE car that won't crap out on me, as I'm a single mom to a baby and can't afford lots of maintenance besides the norm (oil, brakes, tires, etc.) and can't afford to be without a car for much longer. Any advice on what the best deals out there are for leases? Or whether I should really be looking to just buy instead? Thanks for any and all advice/tips/opinions (unless your opinion is derogatory, and then please take it elsewhere).

Public Comments

1. avoid leasing. it is very wrong and by the time you are done you have lost a whole alot of money. you will be paying about $6k in 2 years and when u are turning the car back the whole money is gone and you havent gain anything. also you have to watchout for the mileage often and each mile you go over the contract is going to cost you a whole alot. say you went over the contract for 1000 miles you will have to pay about $400 to cover it. as for financing abrand new car, that is very wrong too. you will have to finance a car paying about %8 apr if you have a great credit. if u dont you will have to pay somewhere around 13% APR which is somewhere around $1500 for a car around 15000 dollars. it is alot of money to waste. if you finance a car you have to get a full coverage insurance from a known insurance agency. very safe, but take that into consideration, you will have to pay about 200 a month on insurance for a brandnew car. what i suggest you to do is to buy a 2000-02 toyota camry, honda accord, honda civic, any kind of isuzu, or subaru you will be able to find one for about 5000 dollars. those are amazing car, remember, the will never break down on you or make you suffer! if you could pay it off then you are winner but if u hade to pay 2500 as for down payment and the rest 10 payments of 250 dollars you are going to be in great shape and you wont put urself in dept for thousands of dollars. driving a nicer and newer car could be satisfying but think about it, a 2002 accord is very good looking and quit luxurious. you dont have spend alot of money to drive a nice car. whatever you do, avoid putting yourself in dept.
2. Leasing can be fine for people with a stable lifestyle (won't need to end the lease early), drive no more than average miles a year (about 12K-15K), take good care of their cars (you must return it good condition at lease-end), like to have a new car every 2-4 years, don't like the hassles of getting rid of used cars, need lower monthly payments, don't have much cash, and don't have emotional attachments to car "ownership." If you don't know how leasing works, it's a little different than a loan and it's easier to make mistakes. Therefore, if you think you might want to lease, you should take the time to understand it first. Here's a web site that might help: http://www.leaseguide.com/index2.htm Some of the best lease deals are those offered by car makers as promotions to help move slow-selling vehicles. These are almost always genuinely good deals. Go to Edmunds.com in the New Car section and click on the "Rebates and Inventives" link. There you willl find any current lease deals for all makes and models of vehicles. .
3. DONT LEASE AT ALL...... When you lease, you pay for only a portion of a vehicle's cost, which is the part that you "use up" during the time you're driving it. You have the option of not making a down payment, you pay sales tax only on your monthly payments (in most states), and you pay a financial rate, called money factor, that is similar to the interest on a loan. You may also be required to pay fees and possibly a security deposit that you don't pay when you buy. You make your first payment at the time you sign your contract — for the month ahead. At lease-end, you may either return the vehicle, or purchase it for its depreciated resale value and pay for all wear and tear.
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