10 Steps to Finding the Right Car for You
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10 Steps to Finding the Right Car for You

Step 3. Compare Leasing and Buying


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Finding the Right Car

Leasing and buying each have pros and cons, and how you feel about these may help guide your decision on whether to lease or buy.

For example, a lease requires little or no money down and offers lower monthly payments. But when the lease ends, you have no car and will need to go shopping again. On the other hand, buying a car is more expensive initially, and the monthly payments are higher. But when you pay off the loan, you will own a car that you can drive for as long as it runs.

Here are a few more factors to consider while deciding between leasing and buying:

Leasing

  • You can drive a more expensive car for less money.
  • You can drive a new car, with the latest technology, every few years.
  • There are no trade-in hassles at the end of the lease.

Buying

  • You have more flexibility to sell the car whenever you want.
  • You can modify the car to your tastes.
  • There are no mileage penalties if you drive a lot.
  • In the long run, your car expenses will be lower.

If you are still unsure whether to lease or buy, let the numbers help you decide. Use Edmunds' Auto Calculators to compare a monthly auto loan payment to a monthly lease payment.

Next: Consider Other Cars in the Class


To find a dealership that knows how to treat shoppers right, please visit Edmunds.com's Dealer Ratings and Reviews.

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Comments

  • rushujarvan rushujarvan Posts:

    thanks for the help, very interesting points and you're right sometimes gets carried away. el libro de sueños

  • holloma holloma Posts:

    Here is an idea that might save the American auto industry: how about ask people what they need AND want?

  • i have owned 2 nissan maximas. i qwned a 2005, 2010, & a 2011. i only have 10,654 miles on it. its been garage kept. i paid $36,765.98 for thiws car. i got on line qand it told me the car on trade in is only worth $20,182. a private party its worth $21,902. and dealer retail is $23,366. i think this is bull [non-permissible content removed]. car dealers and insurance compaines are nothing but legal crooks. i have my maxima in the paper and i am asking $25,500.00. i have a brand new set of tires and wheels. my car has been garage kept. i know for a fact when i traded my 2010 maxima in for a 2011 i got ripped off. i came back to the lot a week later and they put a price tag on it, and was asking $29,999.99 for it. so my advice to anyone is to get a aprasile first. bgecaus these dealers will rip you off everytime. there is not a honest car salesman, no wheres. they have 1 thing on their mind, and that is money and screw you. so be careful when you go to buy and trade. and they will tell you the biggest lie there is.

  • mjamison mjamison Posts:

    I know what I want - I just can't find it. An inexpensive small wagon, like the Ford Focus Wagon d/c'd in '07, with: roof rack, heated cloth seats, cruise control, MP3 CD + audio input, tons of space in the cargo section, and 29-30 MPG average. I don't care about most of what they're offering, it's like they're living in Beach Boys land when people cared about their muscle cars and cruised Dead Man's Curve looking for drag races. I don't want a sedan. I could care less what the engine looks like. I don't care about back-seat passenger comfort; for the 3-4 times a year I have people in the back seat, it's not worth paying for. But *having* a back seat is convenient (dog again). I've decided to sink $1,500 into my Focus wagon, even though it has 106,000 miles on it. It has everything I want, and it fits in my garage.

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  • sigsky sigsky Posts:

    "On Edmunds, you can pick a specific car and bring up a list of similar cars in the same class. If you already have a car you are considering, this will be your starting point." This sounds like a good idea but I can't figure out how to do it. I can choose my car and set up comparison but I still have to choose what to compare it to. How do I see what similar cars I may have overlooked?

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