I leased once . Although payments were lower than if I purchased the car - I was still responsible for the maintainan e and repairs. You need to drive within a certain number of miles. You can purchase additional mileage. Then at the end when you turn the car in there is still a final payment and that payment is due if you turn it in sooner. I was told I would have no penalty at the dealership but they were wrong. Never again will I lease. Look for a good used car if you can’t afford a new one.

I've never leased a car, and one of the reasons is that I consider it a waste of time, especially where I live, 100 miles from no where, lots of deer, etc.

I talked to my accountant years ago about leasing thru our business. He mentioned some very good points. 1) You have no idea what interest rate you are paying for the vehicle 2) you aren't really free to drive wherever/whenever because of mileage limitations. Those 2 plus paying for years and having nothing to show for it were enough to convince me not to lease. I'm a buy an expensive care and drive it for 10 or 12 years type. I buy.

Those that are able to take major tax deductions for their travel due to work, maybe it makes sense. But you are responsible for repairs and things like tires, etc. while the lease payments are lower, the balloon payment to own it when your lease ends are bigger. We drive our cars until they have at least 200,000 miles on them, so lease makes absolutely no sense. If you are worried about cost and repair costs, a better deal may be purchasing from a dealer a SUV that is 2-3 yrs old, so that all that significant depreciation has already happened, and ask about warranty with dealer.

I bought a car on October 25, 2001 -- it was a 2002 model. Kept it until May 5, 2018 and it has 178,400 miles when I traded it in on a 2018 model. Am planning on keeping my current car until 2034 if I live that long. Am 81 years old. Never leased a car because you end up with paper at the end of the lease and not a car.

I've always wondered who pays the taxes, and license fee when a car is leased.

Put the pencil to it. If you use it for personal then “a lease is a fleece”.

Susie Orman says it isn’t cost effective. I agree unless you can write it off. I drive an SUV and I keep my car for years. I keep it well maintained and I love it. Secret for me is a good service center and 5000 mile oil changes. My car has over 80,000 miles on it and runs like new. I don’t want to trade her..this gran drives her with pride!

Another buy a 1 to 3 year old used truck/suv and drive it forever person here. Current vehicles are 16 yo nissan truck and 20 year old tahoe. Bought both from used selection on new car dealer’s lot when they were 2 years old- way cheaper than new but still under warranty. Wouldn’t touch a lease, heard too many horror stories.

Many years ago I leased a minivan ��- since I only drove locally I turned it in with very low mileage - what a bargain for the dealer. Now buy new and keep for 7-8 years and then pass car on to one of my adult children.