Overhaulin'

Should I buy/lease a new car or buy an older used car?

I've had bad experiences with used cars in the past but don't have a ton of money to spend on car payments.

Public Comments

1. There have been ads on the computer for Toyota Corollas and many other cars for a 3 year lease at under $100 a month. I would look into it if I were you because Toyota and Honda are very reliable cars and do not break down as often. Hope I helped.
2. OLDER CAR!!! want a well built one that gets 30mpg IN TOWN?? http://reviews.ebay.com/1980s-Mercedes-Diesels-647-500-Miles-amp-Going-amp-Going_W0QQugidZ10000000003602287?ssPageName=BUYGD:CAT:-1:LISTINGS:3 No tune ups, only oil changes! an engine that will last a million miles, and you can actually make your own fuel for it!! Leasing is a bad idea anyway..pay and pay and pay, for payments, and you STILL have to do the regular maintenance like when the Check engine light goes on! yeah, $300 at the dealer every time! Autozone is not allowed to turn that light off, you MUST pay the dealer who has trained techs who are re trained weekly on each computer upgrade or new glitch. Thanks, but give me an old Mercedes any day!
3. Ok getting a used Mercedes is a stupid idea. Anywho, buy a used car. If you know what to look for you can get a good car for a nice price.
4. You need to figure out what your driving habits are like. A lot of people are anti-lease, but its driving habits that you should consider when deciding between and lease and a purchase. If you drive 12,000 miles or less per year and like to drive a new car every 2 - 3 years, then you should lease. When you lease a new car, your payment is basically the amount that car depreciates over the agreed upon term. Another pro of leasing is that if you lease for a term of less than 36 months, practically any car you lease will remain under the Manufactures warranty for the time you are driving the car. On the other hand, if you think you'll put more than 15,000 miles per year and tend to keep vehicles until the engine blows up 150,000 miles down the road, then you should probably purchases a late model, low mileage pre owned vehicle. Leasing is a smart financial choice for some, as is purchasing a smarter financial choice for others. It really depends individually on the person.