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Thread: Lease or Buy a car?

  1. #21
    Platinum Member itsallgrand's Avatar
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    If you are receiving disability payments and need a car for work, the first thing I'd do is look into programs on your area that help assist those in your situation. Where I live, there are many.

  2. #22
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    Originally Posted by itsallgrand
    If you are receiving disability payments and need a car for work, the first thing I'd do is look into programs on your area that help assist those in your situation. Where I live, there are many.
    Like a bus that picks you up?

  3. #23
    Silver Member Betterwithout's Avatar
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    A good question to ask. Cars are like filling water into a bucket that has a hole in it. Always a losing battle...the key is to try to lose as little as possible.

    Firstly: The only time leasing makes financial sense is when you can write it off as a business expense.

    Secondly: I've learned from many others (and I have followed the same formula for all three of my cars) that the secret is to buy a good quality car 3-5 years old with 40-80,000 miles on it. (such as a small car like a Civic or Corolla- $15,000 or compact SUV for $20,000) Drive it for 7-12 years or until it dies. (*the key is to save for new one during this period once it's paid off.)
    Then repeat for the next car. Since you've been saving for car #2 while driving car #1. You can pay cash for your next car! Not paying interest or taking out a loan is a contagious feeling!

    -Least amount of money lost on depreciation
    -less money wasted on sales tax (since purchase price is several thousands less)

    Good luck!

  4. #24
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    So, let's say $200 a month for car lease. Registering the car (depends on where you live), $75-$250 (of course, this is only a one-time fee). Comprehensive auto insurance (again, depends on where you live, your driving record and what kind of car it is), $75-$150 per month.

    Estimating on the low side, this would add $275 to your monthly expenses. Is this something you can comfortably afford?

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  6. #25
    Platinum Member Heather Dawn's Avatar
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    She won't be able to lease if she has ty credit, anyway. In Jetta's case, a cheap used vehicle paid for with cash may be the only option available to her.

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