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19/12/2018 10:24 am
I'm wondering if anyone could shed some light. I am trying to decide if it makes more sense to lease a car (with no money down everything rolled in) or to finance.
If I lease, the prices I got were about $250 for an optima or $270 for a Camry. The advantage is I will have a new car with hopefully no problems but won't be left with anything at the end.
On the other hand if I finance, I could probably pay about the same monthly for a decent newish low mileage car and still have some equity in the end.
Anything I'm missing?
19/12/2018 11:52 am
I personally financed my last car. I got a 2012 camry with 17K miles for $17k after everything. I paid $298 a month for 5 years. The only work I had to do was replace the brakes and the battery at 106K miles. I just sold it for $6,000 so I think I came out ahead.
20/12/2018 2:04 pm
Yes I agree with Chai. I think financing is smarter, since you are left with something at the end.
Leasing, while it is nice for the 3 years that you have the car, at the end of the day you are back to where you started.
21/12/2018 9:07 am
I feel that way too Miri!
24/12/2018 3:51 pm
I would be careful when financing as a lot of people use First Atlantic or Pen Fed which are credit unions and could be a major problem with Ribis see http://www.thelakewoodscoop.com/news/2018/12/petition-launched-after-first-atlantic-allegedly-rejects-solutions-for-credit-union-ribis-issues.html