Overhaulin'

Being a Military couple is it best if we lease or buy a car during deployment or after?

My husband is currently deployed, just left 6 weeks ago & we have no children. We have a bankruptcy that has been discharged & a few minor things on our credit. I have been told that it is the best time to buy during deployment because your income goes up due to special entitlement pays for being deployed therefore you can get better interest rates, etc.. I have never leased a car before & don't know what all is included or how it works & i know that a dealership is going to tell me what i WANT to hear so.. would we be better of waiting until he gets back & putting money down that we save & buying one OR buying or leasing now since his income has increased due to his deployment? Thank you:)

Public Comments

1. lease
2. You really need to talk to family or friends experienced in the matter. Personally I would think buying the car would be the best option, however you should note, leasing a new car covers insurance and all that jazz and should also include standard maintenance at no extra charge (oil change, tires, etc) assuming its a good auto-rental business.
3. First of all, don't lease unless you're in a position to take it as a business deduction. You lease a car and at the end of the term, you don't get a new car (this is what people often say), you get a new obligation. The question then becomes, do you need the car now and can you afford the payments now? If the answer is yes, then go ahead. But if you can wait and put more money down later on, so much the better. Check out www.bankrate.com - they have a good calculator to estimate your payments. Then compare banks, your credit union, and look online for special financing through whatever manufacturer you're intersted in. Good luck!
4. Remember, he's only going to be deployed for a short period of time so the extra money won't last forever. A lease is good if you trade vehicles every 3 to 4 years. If he's deploy overseas you should save on taxes for the months deploy. I'm retired AF and I always bought new never leased. Talk it over with your husband before you talk to a salesmen, also ask other military friends or spouses. Good luck in whatever you choose!
5. Your bankruptcy may cost you higher interest rates and Leasing might be hard to but if you try anything can be done but don't put your self in the hole either, It would be best to save while the money is coming in and then when you have a lot you can likely pay cash for what you really want. You need to do some research on the Kelly Blue Book, NHTSA.Gov, these can tell you if the vehicle is having a lot of problems first. Here is a little info on Leasing if you want it. Leasing a vehicle has its up and down 1) When you Lease you may pay for all miles over 12,000 miles per year driving unless you negotiate fore 15,000 miles, something they will and can do. 2) When the Lease is over you turn it in and pay for any damage or repair needed unless the warranty will cover it, and you need to repair the vehicle before you turn it in. 3) After the Lease and you do turn it in , that's all, but the amount of money you paid on the vehicle and the Lease is near what a new one would have cost. I don't think Leasing is very good. Purchase a good used car its cheaper and if your called away tomorrow, you can donate it or give it away and be happy it served its need for you. And its a lot cheaper, when you settle get a good Hyundai Elantra they have a good track record of reliability and are much, much quieter than Toyota or Honda cars. Good Luck and Thank you for serving our country, GOD Bless, Jackie
6. Leasing is NEVER, NEVER a good deal. It is a horror that you will regret for years to come.You and hubby save up the combat pay and buy a well maintained, five year old vehicle and drive it till you save even more for a newer model. If it's solid, a $6,500.00 Chevy truck is every bit as reliable as a $29,000.00 one. Even if it suffered a breakdown you will save so much in monthly payments that you will handle it with ease. Better yet, drop $2,000. cash into a savings account for an emergency. Now you have an instant warranty as few components will fail that will cost over that amount to repair. P.S. -- please thank your husband for his service to our great country. God bless.
7. I was in the millitary. If you are wanting a car the best way to go is to buy. While your husband is on deployment save up so you can make a BIG down payment. That way your monthly payments are lower. If you get a car with the minumum down you will have a larger payment and that wont matter while he is on deployment. When he gets back and the extra income is gone it can make a difference. I am not a big fan of a lease due to the fact that htere are alot unseen costs when you return the car or you have to pay it off if you want to keep it. If you do lease make sure the you know the mialage limits and try to get them to raise it, also make sure you know what it will take to purchase at the end if you decide to keep it so you can save up for it.Hope this helps.