When getting your first car is it better to buy or lease?

Question

i will be driving in a year and my parents told me they would pay for half my car if i could come up with the other half of the money, if im right i can get 11,000 dollars by then if i keep working consistantly which is enough to buy a 22,000 dollars car. i want a nice car so i didnt know whether i should look at used cars or new cars. i would really like i nice car so i was considering leasing instead of buying. what does everyone think?

Answer 1

def buy.

Answer 2

Dont lease it a waste of money! Used are the best deal. When you drive a new car off the lot it loses its value. You can get a nice used car for $22,000, like a Bmw with about 20,000 miles.

Answer 3

At the end of a lease, you have to give the car back. That leaves you with no car, and no money. Plus there are usually a bunch of hidden fees. Buying used can save you some money, but only if the person that owned it before you took care of it and has maintenance records. Otherwise you could just be buying someone else's problems. The best bet is to buy new, and just try to get a deal. Plus it's good for the economy. Make sure you do your research though, it's a big purchase.

Answer 4

buy used and buy 2-3 years old you will save a good amount of cash(like half over the new version)and still have a warranty(and in most cases a extended warranty option)

goodluck

Answer 5

Leasing is the same as renting

you pay a down payment, you make payments for months, when lease is up turn in car, start over

Buy a car..down payment, monthly payments, at end you own car.. either drive or use as down payment on next car

down payment should be 10-20% of purchase price,

you will also need approx 2000.00 in taxes and fees

I would look for a 3-4 year old Honda Accord or Toyota Camry

about 12000-15000 dollars....

decent sturdy first car...drive it for three years... hit bushes, curbs and trash cans... trade it in on something nice.....

Answer 6

Leasing is bad.

Buy - used is better value than new.

If you can find a nearly new car, that may be your best option, just make sure you know why the person is selling it. Many people buy new all the time just because they want new cars - so there are a lot of good used cars out there.

Answer 7

I love reading about how everyone is paranoid about leasing.  These are the same people who buy their cars because they want to "own" it.  My question is, if you miss 2 payments, who "owns" it now?  It could be your last 2 payments, it doesn't matter.  These are also the same people who trade in owing money on their cars get pissed that they're upside down.

There are pro's and con's to leasing vs buying.  If you're the type of person that drives a car until it falls apart, buying a car is of course the better option becasue you will pay it off and continue to drive it.  If you like a new car every car every few years, you may want to consider a lease.  Here's why...

People have answered that leasing is like a renting a car, you never own it, which is true.  However, when you buy a car, you dont own it until it's paid off, the bank does.  So, what's the difference?  Finance a car for 60 months and dont make the last 2 payments, the bank will repo that car.  What do you "own" now?  Plus, why do you want to own a car that depreciates every time you get in it?  It doesn't increase in value like a house.  It's a liability, not an asset.  

Leasing means you simply pay for the car while you're using it.  Financing a car for 5 years and trading it in 3 is the same as leasing for 3 years except you're not responsible for for the unpaid portion of the car at the end of the term.  It's called a residual value, and the lender has to pay it.  A leased car will also stay under warranty while you have it, granted that you pick your term correctly.  That way you dont have to worry about making payments and unexpected repairs on top of that if they fall out of warranty.

The downside to a lease is that there can be mileage penalties.  Make sure you have an accurate guage of how much you drive anually (12k/15k/20k) and build that in if you decide to go that route.  If you drive a lot and still want a newer car, look at a used car that's a year or two old.  It will have already taken it's sharpest depreciation in value.  That way, you will carry less or possibly no negative equity should you decide to trade it in after a few years.

Weigh your options and pick what works for you.  People who shun leases are the ones who have been burned on them because they didn't do it right.  Usually people want a lower payment and go with the lease when they want more car than what they can afford.  They're called "Payment Buyers".  Buying a car based on the payment is wrong, becaus ethe delaer adjusts the payment and determines what you can or cant afford based on how much profit they want to make.  Payment Buyers pick a term without enough miles for their needs to keep the payment down, go over the miles, and end up with a penalty.  Best advice, find a car that fits in your budget for what you want to spend.  Have the dealer make the car fit into your budget, dont adjust your budget to afford what they want to sell you the car for.

Answer 8

If you buy a car it's yours, If you lease a car after the lease time is up you walk away with nothing plus you can be charged penalties for driving too much.

Answer 9

You should buy a car, also you should buy a used car as your first car. You should considre a used Toyota or Honda, they are reliable and get great gas milage.

Answer 10

Buy a car....but if it is your first, i would not recommend getting a brand new $22,000 car....maybe try for a certified pre-owned vehicle in the price range of five to ten thousand dollars.....never buy a car brand spanking new.

Answer 11

NEVER LEASE A CAR. You'll be stuck making payments forever and will have mileage and use penalties. Buy used if you must, but never, ever, under any circumstances, lease.

Answer 12

You mentioned that you want a nice car.  If you lease a car, keep in mind that you might not end up owning the car.  You would be paying to use someone else's car.  If you decide to buy a car, $22K will get you a nice car, especially if it's going to be your first car.  Depending on what you buy, brand new cars depreciate rapidly.  Depending on what you buy, you could drive a new car off the lot and lose $5000 of it's value.  I would suggest buying a car 2-5 years old.  Do a lot of research, though.  Investigate the history of the car, read something that will give you the true value of the car(Consumer Reports, etc.).  Have a mechanic check the car out thoroughly.  Negotiate being well prepared(used car dealers don't have the best reputations).  Do your homework.  For example: If you were looking at a particular new car, understand that a lot of features are marked up, price-wise(example: air-conditioning $800, dealer's cost $250).

Answer 13

always pay cash  never lease  some call it a flease

they limit how far you can drive it  if you ding it or tear it up you need to pay for that  and all the money you spent is gone

you can buy a deacent car used for $3000

or better still buy a new hunday for $15000 they get good milage 34 mpg  they ride better than a bmw

they look good

there fast (go test drive one there not bad)

and if your perents are paying 1/2 you will have cash for the insurance  and no payments  so you can save up for your next one in 6 years