Leasing and Loaing

Posted By: Dr. Frugal in Loans on 08/17/2007 at 08:41:54

Unless you're a member of my family and are prepared to drive your jalopy for 12-15 years, there is absolutely no reason to waste your time buying a new car. If you're going to take out an auto loan, the least you can do for yourself is taking out as little as you possibly can. By leasing a car you're going to pay a lot less per month and while you won't own the car who cares?

Cars depreciate so quickly that since you're not going to make a profit on selling it there's no point in owning it. I'm certainly not advocating not having a car--that's just not practical for most people--I'm just trying to point out that if you're going to be dropping five-figures of your hard-earned income into something that you know isn't going to retain its value, you're better off putting that money somewhere where it can be of benefit to you instead of dumping it into something that will lose worth so quickly.

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