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Please understand that Experian policies change over time. The most common transportation faux pas is dumping too much money into leasing when you could have used that lump sum to buy a car a couple of times over. For this to really hit home, calculate how much you are spending on a lease and think of that full amount as your opportunity cost , or the potential value of your money over time if you were doing something else with it like paying off Debt Also known as borrowed money.
Not all debt is created equal. On the other hand, to some people, their car is an important part of their life. They love the feel of driving around a new car, and they love not having to worry about maintaining an older vehicle. But this might not be as important as the feeling you get every day from a new car. Sometimes, the joy of leasing a new car every few years is worth the extra expense.
Whether you buy or lease a car is a highly personal decision. Like every issue, there are pros and cons. So, think about your passion, your finances, and your personal situation carefully before making a final decision.
Skip to content Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers. If you were to buy a car, or finance a new car and decided that "If I hear another door ajar buzzer I'm going to make sure I'm on the news tomorrow! If you lose your job, the story is pretty much the same, as you can sell the car for whatever it's worth, and if it's financed, at least the cost of the sold car will be somewhat of a buffer before the repo company knows you on a first name basis.
With a lease, the only thing you'd do is try to find someone who will go down the same idiotic investment path to try to take over your lease, which is hard and expensive to do, or just pay the dealer's early termination fee, which is likely close to the entire payment term of the lease, in which case you'd essentially be paying for the entirety of the lease term for a car you don't own and won't use.
Remember that some people consider this to be a wise investment. They also have the ability to sell the car at or near the original purchase price, as the car is approaching the end of its depreciation curve. They do not have the ability to sell the car, because it does not legally belong to them. Leasing is a horrible idea for gearheads, as it's an investment that's percent liability.
While I don't advocate for financing, going down that path at least ensures that you're not forced to abide by strict guidelines and you actually end up with a product when you're done paying.
The truth is, the best value will always be with buying used , and while there will likely be a drove of commenters at my neck trying to justify their questionable financial decisions, I urge the rational ones to dismiss the temptation of low monthly payments, dealer incentives, sparkly hoods and un-farted interiors. Remember, Febreze costs a lot less than putting thousands of dollars in the crapper and flushing. For those that don't want to pay a five figure depreciation bill with nothing to show for it, check out these awesome used car values:.
Tavarish is the founder of APiDA Online and writes about buying and selling cool cars on the internet. He owns the world's cheapest Mercedes S-Class , a graffiti-bombed Lexus , and he's the only Jalopnik author that has never driven a Miata.
He also has a real name that he didn't feel was journalist-y enough so he used a pen name and this was the best he could do. You can also follow him on Twitter and Facebook.
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