October 4, 2016

Buy or Lease a Vehicle?

Leasing a vehicle rarely makes financial sense. 
"A recent report by personal finance site WalletHub discovered that automakers' finance arms charged 1.45% on average for 36-month car loans from July through September versus a 4.58% annual percentage rate for leases. If you have your eye on a Mini, for example, the 0% finance rate for loans turns into a 7.8% APR if you decide to lease. Want a Dodge? A 2.9% finance rate jumps to an industry-high 10% APR for leases."
You  need excellent credit to be able to get a lease. Basically you are always in debt if you lease vehicles. You'll never be out from under a monthly payment and will pay far more over the decades than if you buy a reliable car and keep it for more than five years (definitely keep it longer than the payments).
One of my favorite quotes from bankruptcy researchers Sullivan, Warren, & Westbrook: "Cars depreciate faster than they roll downhill."

Read more at:  https://www.thestreet.com/story/13748972/4/leasing-a-car-beats-buying-in-only-one-instance.html

2 comments:

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