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What are the pros and cons of leasing a vehicle?

Is it smarter to lease a car or to buy one?


Asked by CaseyErin at 12:20 AM on May. 9, 2011 in Money & Work

Level 19 (7,693 Credits)
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Answers (6)
  • I think leasing would be for someone who wants to have a new car every few years and not deal with the depreciation of value... buying a new car is not smart because the value drops so much. If you plan on having the car for years and maintaining it well, buy a car that's a year old and has evened out in value and then keep it. But if you can afford to lease and want a new car every few years, then do it. I personally wouldn't, because I want to own a car that no one can take away from me, and I plan on keeping my car for years to come.

    Answer by Butterflysky_24 at 12:33 AM on May. 9, 2011

  • Much smarter to buy - you actually own something when you're done paying!

    Answer by missanc at 10:56 AM on May. 9, 2011

  • If you put a lot of miles on your car, it is not smart to lease. I drive well over 12,000 miles every year, so it wouldn't make sense for me to lease; I would be paying mileage penalties on a lease. I also tend to keep my cars for 7-8 years, so I buy.

    Answer by andrea96 at 9:33 AM on May. 9, 2011

  • i never had problems when i leased a car. except you never own it. but when they say you can just walk away at the end, its true. i leased 3 cars and 2 of them were from diff dealerships and when i decided to walk away there were no problems. i did however buy my last car becuz i didnt want car payments anymore

    Answer by dramaMama407 at 8:32 AM on May. 9, 2011

  • smartest way is to buy a car from a dealer who is trying to get rid of last year's models to make room for this year's (summer time, I think). Get the best deal you can based on total price, not the payment amount if doing a loan. And then own the car until it reaches 100K miles or more. Leasing only makes sense if you can deduct the lease amount as a business expense, like when you are self employed.


    Answer by whitepeppers at 7:13 PM on May. 9, 2011

  • Don't lease! If you own a business and can use it and claim it as an expense, maybe.

    Answer by tasches at 8:11 PM on May. 9, 2011