Lease or buy--what do you think? (Deal: leasing, how much, unemployed)

[misstiki]

Hello!

My car died after owning it for 12 years, so I need to get one and don't have a lot of experience (or money). Does anyone have any advice on leasing a car? Do you need money down? Is it worth it, or are there potential issues with keeping it in top condition? Are there advanatages to leasing as opposed to buying?

Any advice is appreciated,
Thanks!

[luckyshoes]

Sounds like you keep your cars for a long time, so buying probably makes sense for you.

Leasing is good if you always like to have a new car or your company is paying for it. You do need money down for a lease.

[nemmert]

Buying is the better investment long term... leasing is more for people who want a new car every 3 years. It saves them some on depreciation. Remember, car dealers are having a rough time of it, negotiate hard!

[CaptainNJ]

by only having a car 3 years or so, there is very little maintenance you have to do. it also keeps your monthly payments lower since you are only paying for about half the cars value. in the long run, if you buy a car and hold onto it for 12 years you will probably make out better. id go with a car with a proven track record of reliablility and durability. a toyota or honda.

[brookdaleresident]

If you drive long distances, leasing may not be a good idea. There are usually mileage limits and if you go over you have to pay additional charges. With leasing, you will always have a payment.

[misstiki]

Thanks everyone for your advice!

[BobKovacs]

Many manufacturers stopped doing leases in the past few years because in order to make the numbers attractive, they had to have residuals that were too high- when the car came back at the end of the lease, it'd have a residual of $20k, and only be worth $12k. Toyota, Mercedes, Lexus, and a few others that retain their value better still offer leases.

[FBone]

To save some money check some returned leases and newer used vehicles. Maybe 3 years old. They should still have low mileage and under warranty.

[barrier12]

- What happened to your car exactly, do you know? How do you know(have you asked one shop or more)? How much is going to be to fix it?
- Where is your car now, who owns it?
- Do you really NEED another car now? What for? How many miles per day/week?
- What's your budget?

After reading this:"My car died after owning it for 12 years, so I need to get one and don't have a lot of experience (or money). " my question is What lease are you talking about?

DO NOT GO TO ANY DEALERSHIP untill ready. Bring someone with you, who know what he or she is doing and say nothing(I want THIS or I want THAT).

Good luck.

[misstiki]

My car is dead and long gone. I donated it. It was old and needed thousands of dollars of work so I could not afford to fix it--it would not have been worth it. I have been without a car for 10 months and it has been incredibly hard. I have been unemployed during this time so any hopes of getting financing was not practical (or possible). I have been using one of those pay by the hour cars just to get groceries--but that adds up. I have a job prospect and I will hopefully get this job and I will need a car to commute. I have not sought out any specific leases, just trying to get some info. I have never done that so I am totally unfamiliar. So I am just now starting to look into options. Everyone's advice has been very helpful so far. Thanks s much!