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Originally Posted by vertcobra99
Im sorry... I had to sign up just to point out that the above is the worst advise ever given.
Its almost always better to lease a car because a car is a depreciating asset. There are only a few times where buying a car is more advantagous then buying:
1) you own a car for 7 years or more. (most people buy or trade in a car every 3-5)
2) you drive more then 15k miles per year
3) you want to modify your car
Here is a link for your reading pleasure on buy vs leasing.
http://www.leaseguide.com/lease03.htm
Please don't give people horrible advice. |
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Originally Posted by the website you suggested
Just a Comment on Lease-to-Buy Plans
Some people lease with the intention of buying their vehicle at the end of the lease, or before the end of the lease. It allows them to start out with lower payments by leasing and then buy the car at lease-end with a used-car loan. This is nearly always more expensive in the long run than simply buying outright. However, you may have a good reason for this tactic.
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Here's a quote from Smart Money -->
LINK
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Originally Posted by Smart Money
The Disadvantages
No Equity -- Similar to paying rent on an apartment, your lease payments don't go towards owning anything. Unlike traditional financing, you can't look forward to the day when the payments will stop and you can drive your own car free and clear.
Lack of Flexibility -- You pay a big penalty if you want out of the lease before the full term. Bailing out early may cost you as much as six extra months of payments, depending on your leasing company.
You May Pay Extra -- Most leases charge an extra 12 or 15 cents for each mile you drive over a certain limit. Typically the lease agreement grants 12,000 to 15,000 miles per year. (Drivers average 15,000 miles per year.) Also, you'll have to pay up for any damage to the car beyond normal wear and tear when you turn it in. One way to avoid the mileage charge is to buy more miles at a reduced rate (of around 10 cents) up front.
Insurance May Come Up Short -- If you total the car or it gets stolen, your insurance will only reimburse you for the car's market value, which might not cover what you still owe on your lease. You can buy extra "gap coverage" to protect against this, and some lease deals include it automatically.
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But I do appreciate you signing up
even if it was just to bash me