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Cars and Transportation
Reply to "Am I a sucker for leasing all of our family cars?"
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[quote=Anonymous]There is really not that much difference between a lease and a purchase. Basically, when you lease, the company sets a sales price for the new car, and sets the value of the used car when you return it, and an interest rate. Depending on specific facts, that may give you a better or worse deal than buying a brand new car and trading it in 7 or 8 years later. I was talking to someone from Europe who said they pay the bank monthly for 5 years and then have an option to keep the car after those 5 years and he asked if that was a lease or a purchase. I said if he had to pay more to keep the car after 5 years we'd call it a lease but if he didn't we'd call it a purchase. Obviously, cars will depreciate more in the early years but if that's what you think is a waste of money then you should probably just buy used to start.[/quote]
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