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Old 01-19-2013, 11:29 AM   #19 (permalink)
edhou1's Avatar
Join Date: Jun 2009
Location: Edgewater, NJ
Posts: 2,119

Originally Posted by cruiserdaddy7 View Post
You do not want to lease. You are limited on miles you can drive and if you go over you pay per mile. There is also a decent chunk due at the signing. 36 month lease and you give the car back and have have nothing.

Also keep in mind that you are STUCK in the lease until the end. Say you buy and after 1 year dont like it atleast you can sell it. With a lease you may be able to sublet the lease if you can find someone else to take it.

Leasing basically starts the pattern of having a car payment for life. Who wants that?
Leasing is not for everyone. However, if you want to 'rent' a car for two years and have a brand new car to drive without maintenance issues, it can be a better alternative. It's generally harder to get new leases than than new financing, and there are fees and deposits associated with it. However, the OP said that he doesn't drive many miles, so going over the mileage limit is not an issue.

As far as getting out of a lease, its definitely easier to get out of one versus a really upside-down financing arrangement (which usually happens if you pay no $ down and finance at a long term), but obviously harder to get out of versus a situation where you have equity in the car.

If having a 'new' car is not a priority, buying a reliable used car for a few grand I think is still the smartest 'financial' move.
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