Overhaulin' - Should I lease or purchase a vehicle?

Should I lease or purchase a vehicle?

I need a vehicle. I have never leased a vehicle but I have purchased cars twice. I no longer have a vehicle right now. The last car I purchased I sold to my brother after it was vandalized. Somebody tried to steal my rims and tires. I just got a very good job and I have just purchased a brand new house. I can afford a car payment around $450 a month. I have never leased a car and I was thinking about doing so. So please if you have any experience with leasing vs. buying a vehicle please; please advise. I have been going back and forth and I don't know what to do. I'm not looking to purchase or lease a vehicle until mid summer next year; once I finish with school. I have transportation right now. I'm using my girlfriend's car; which is an inconvenience at times but for the most part it's working. Thanks for your answers!!!!!!!!!!!

Public Comments

Buy, in the long run it will be cheaper
Buy a Honda. In the long run, it will be the cheapest.
do not lease a car its a money trap ,
I think leasing a car is an incredibly dumb idea. It's like renting. Why would you rent when you can buy? If you lease, you will have NOTHING to show for it at the end of the lease. Plus, they will charge you for every little tiny thing that happened to the car. If you buy, you can always trade the car for a new one in another 2 years. People will tell you to lease because it's cheaper. Well, if you have to trade in for a new lease every 2 years, it will soon add up to the price of a car and then some.
I would say lease, for the time being, given the economy and the gas prices, however the real answer to this question lies in the model you're looking for, the mileage..all that, consider using a car payment calculator I wish you luck!
usually you lease if you get bored easily lol. you could just buy it and get some money (key word some) after paying it off and selling it. usually leasing is cheaper than financing, but not always. Also, if your thinking of buying a new car, the value of the car depreciates $5,000 after the first year of having the car, and about $3,000 every year thereafter.
If you need a vehicle that will not hold its value (SUV) then lease may be the way to go, if you want to have your vehicle for more than 3 years then buy it. It has more to do with how long and what type of vehicle you need than just getting a car.
If you drive 12,000 miles per year on average, want to drive a new car carefree that's always under factory warranty and don't want to take a huge depreciation hit after your drive it off the lot, LEASE it! Leasing will always be better than buying if you fit in those parameters. Anyone who tells you that leasing is a waste of money so, therefore, you should buy, doesn't work in the auto industry. They have no idea of what they're talking about. Leasing is renting. That's true. But so is buying. You rent the car until you pay the loan off in full, 5 or 6 years later. And then you own something that is worth maybe 15% of it's original value. You've taken it in the shorts by losing 85% of the money you invested. Or to put it in another perspective, I have stocks I'm selling at $30,000 per share. I want you to pay me $40,000 for each share even though the market value is $30,000. And five years later your share of stock will be worth only $4,500. Are you going to buy a share from me? Hell no. If you did, you'd be taking a $35,500 loss! Buying a car is the same thing. Pride in ownership means being proud to boast about all the money you flushed down the toilet. About how you lost your shirt. Just keep in mind the matra that the wealthy live by: "If it appreciates, buy it. If it depreciates, lease it."