I really loved my Audi, it was fully loaded with all the luxuries you could ask for in an older car, and I named him, Sussman, which means sweet man in German. Doesn't everyone name their cars? My last trip to the auto repair shop convinced me that, Sussman, had to go. I was given a $2000 quote in front end repairs and the blue book value of the car was only a thousand more. Buying a new car on my own was something I have never done before, but I've been doing a lot of things that I've never done before in the last 2 1/2 years, and have been doing just fine. I mean, why should a car be any different? I first had to decide do I really want to buy another used car? No, definitely not. I might just inherit someone else's car issues, and have car repair bills on top of a payment. But on the other hand I am a single woman who is trying to start her life over after a divorce, and my income has dropped drastically.
I knew for sure the next car I get had to be a new one, but should I lease or buy? So I weighed out the pro's and cons, and thought although it would be nice some day to not have a car payment after I bought the car, chances are the car would need repairing once again after the car is payed off. I would also have a much higher car payment than I really could afford when buying a new car. I don't drive a lot, or very far to get to work, so if I leased a car I could get a much lower payment and not worry about going over my yearly car mileage. Getting a new car every 3 years wouldn't be such a bad thing either if I could keep my payments low enough. So I went to the car dealership, and told them what I wanted to pay monthly, and it turned out leasing was much more affordable. I even got a fair price for, Sussman, as a down payment, and drove out of there a few hours later with a 3 year lease on a new car I call, The Bullet. With remote start, heated seats, and a reverse camera so I don't back into anything. Not that I ever have. Just wanted to make that clear.
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Buying a car is probably less expensive over the long haul but leasing is attractive for many people because if you sign a 2 or 3 year lease you avoid many of the larger repair bills associated with owning a car. You also avoid some of the higher cost maintenance expenses such as coolant flush, fuel injector cleaning, brake pad replacement and new tires. If your mileage driven varies wildly from year to year or if you drive a lot of miles leasing becomes a bit less attractive because you incur maintenance costs and you get charged for those miles. If you like getting a new car regularly leasing is a pretty good deal. The downside of leasing is at the end of your lease term you have nothing of value to trade in the reduce the cost of your next lease. If your miles driven are predictable and you like having a new car I’d recommend leasing for 2 years but also price out a 4 or 5 year buy at the same time. If the lease payments are lower choose to lease but bankroll the difference between the buy and lease costs. You can use that as a Down Payment on your next lease or you can elect to buy the lease car at the end of the lease and use the money you saved up over the term of the lease to reduce the monthly cost of your used car loan.
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