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Is it cheaper to buy a used car or lease a car?
11th May 2011
Is it less expensive for me to buy a used car or lease a car for about two to three years? About how much does each cost?
Posted in: Auction FAQ | | Comments (3)
3 Comments »
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i would suggest buying a very cheap used car.
you can rent a car but they often require you put down a rather expensive deposit + renting payments.
Comment by Matthew Wilson — May 11, 2011 @ 9:04 pm
For non business use it really doesn’t make sense to lease. Whatever your monthly lease payments are they are calculated on a maximum number of miles driven each year and the sticker price of the car. The monthly cost can be anywhere from about $200 a month to $500/ month. Also the money you pay is just GONE.
You would, probably, be better off purchasing a 3 or 4 year old car that has been cared for or is a lease return as they are, usually, well cared for. That way you will build equity in the car.
If, however, you will use it exclusively for business it may be better to lease as you can write off your monthly lease payments as well as your mileage.
Comment by GUNNY — May 11, 2011 @ 9:04 pm
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
Comment by Jim — May 11, 2011 @ 9:04 pm