Leasing a car
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Anonymous
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I’m a single mom with young kids. I’m considering leasing over buying. I live in a climate that is rough on cars. As my kids get bigger I might want a bigger vehicle. The monthly payment for a lease is lower than a loan (and I don’t want to commit to a car’s lifetime). I hate car maintenance stuff. And where I live the infrastructure for an EV isn’t good enough yet but I might want one when it improves in a few years, but I need a car now.
What am I not considering? |
Anonymous
| The upfront down payment. The fact that you will never be without a car payment. The wear and tear fees they will charge you at the end of the lease. |
Anonymous
| Are you in VA or a state that has a yearly car personal property tax? If so know that YOU are responsible for that yearly tax. We didn't know when we leased our car years ago. Quite a shock to get a high bill like that. |
Anonymous
OP - Thanks. Just checked and my state doesn’t have one. |
Anonymous
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If you like the leased car, you can always buy it out at the end of the lease. But do the math on it, sometimes the buyout is a great deal, sometimes it's not.
As an example, with used cars being so valuable these days, my lease buyout was a steal, easily 10K less than an equivalent make model and mileage would be in the market. Also If you like a new car every 3 years, go for leasing. |