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Old 02-26-2018, 05:25 PM
  #5  
quiltingcandy
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Join Date: Dec 2010
Location: Chula Vista CA
Posts: 7,361
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It really depends on what you can afford. If you lease, you will be given a set number of miles per year, if you go over that amount there is a cost per mile. That can be 15 cents to 25 cents - depending on the agreement. You also have to have a certain amount of liability insurance (usually a minimum is $300,000 CSL but it could be more) and Comprehensive and Collision insurance. A lease can keep the monthly amount down by quite a bit. If you intend to buy the car at the end of the lease make sure you have the amount of the buy-out cost before you sign on the dotted line. Also, there is maintenance requirements - no idea what those are - sometimes it is built into the cost of the lease sometimes not. If you drive a lot of miles a year - a lease is not a great idea because the cost per mile over the agreement can really add up fast. If you need to keep the cost down right now and do plan to buy out at the end - may be a way to go.

Also, if you do plan to turn it in at the end of the lease know they will charge you for every little ding and dent in the car. So you need to take very good care of the car.

We did a lease back in 1984 because it was the only way we could afford the van we wanted - and it worked out very well for us. But my SIL recently leased a car and she is racking up the miles on it and is worried that she will have a mega amount due so will have to buy it at the end no matter what.

I would consider a lease due to few miles I drive a year - the last few years I have driven less that 10,000.
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