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What is best to Lease or Buy Your Car?

  1. websclubs profile image53
    websclubsposted 7 years ago

    What is best to Lease or Buy Your Car?

  2. Treasuresofheaven profile image69
    Treasuresofheavenposted 7 years ago

    I have done both, and I think buying is better.  Comparing the two:  leasing you are limited on mileage, you will get to drive a new car for less money a month, but in the end you have to turn the car in (or lease another ).  Many leases you have to put down a couple thousand dollars to get a low payment.  And all the money you spend leasing, you could have used to buy.  Buying - this is your car and you can sell it at anytime.  Your bill may be a little higher, but in the long run you own the car at your final loan payment.  Buying you have no mileage limitation - you can drive as much and as far without the worry that you are going over your miles.  Leasing - you have to pay additional money for going over the mileage you signed for - usually 12,000 miles a year on a lease. 
    Lastly, if you drive less than 1,000 miles a month and like having the latest vehicle all the time, making payments every month, leasing is for you.

  3. jaymelee23 profile image77
    jaymelee23posted 7 years ago

    It really isn't that great to lease cars, unless you own a business. Think about it - you are paying pretty hefty monthly payments for something that you will never own. At least if you buy a car, you can resell it and recoup some of your money or trade it in for a new one down the line. You also have to be careful with the terms and conditions when you lease a car. Some stipulations are that you can only put a certain amount of mileage on the vehicle. If you are thinking about leasing a car, just make sure that you understand all of the terms and conditions so that you don't get stuck with a payment or car that you're not happy with.

  4. fdoleac profile image57
    fdoleacposted 7 years ago

    It is a tax question based on your employment, benefits and income level.  Companies tend to lease their cars for key employees.