Non-EMS advice!

[imurphy]

Hey guys!

Well, here's a weird question to post on EMS boards, but as ya all know I'm new here in the US and respect your opinions.

I'm looking to get a car. The T doesn't sit with me well at all!!

So I've been looking in dealerships, and I've more options!

Do you think it's better to lease or finance a car?

The main reason I'm looking to do the lease / finance option instead of getting a junker to just get me to / from work is to bring my credit rating from non existent!

Thanks for your help in advance!

 

[firecoins]

my best non-ems advice is to lease a car if it is just from home to work.

 

[Epi-do]

I think it all depends upon what you are wanting, long term. We have leased in the past and it wasn't for us. We put way to many miles on a car for a lease to be a good idea.

If you don't do alot of driving, and want to have a new vehicle every couple years, a lease may be worth looking into. If you plan on keeping your car longterm, then a lease may not be the best option for you.

 

[BossyCow]

Find a good honest mechanic and buy a well maintained older car that he recommends.

 

[Veneficus]

my last car was a VW diesel, my next car will be a vw diesel. take it for what you will

 

[RDUNNE]

this is gonna sound really dumb, and im terribly sorry for that, but what is the difference between a lease and finance?:blush:

 

[Sasha]

this is gonna sound really dumb, and im terribly sorry for that, but what is the difference between a lease and finance?:blush:

Finance is a loan to buy a car from the car dealership. When you lease, you're renting the car for a specified amount of time, but you wont own the car. It's good if you're not concerned about owning cars, don't drive a lot, and like to have a new car every couple years. Not so good if you drive a lot, are really rough on your cars, and may ever need to put the car down as collateral for a loan. Also when you transition from leasing a car to buying a car, you wont have a trade in and some dealerships would consider you a first time buyer even if you've leased a car in the past, making financing difficult and you may have to put down a bigger down payment.

 

[RDUNNE]

ok i get. thanks sasha ^_^

 

[sop]

Hey guys!

Well, here's a weird question to post on EMS boards, but as ya all know I'm new here in the US and respect your opinions.

I'm looking to get a car. The T doesn't sit with me well at all!!

So I've been looking in dealerships, and I've more options!

Do you think it's better to lease or finance a car?

The main reason I'm looking to do the lease / finance option instead of getting a junker to just get me to / from work is to bring my credit rating from non existent!

Thanks for your help in advance!

For me personally, I would rather finance the car. There are other options to bring up your credit ratings.

 

[WarDance]

If you're going to buy something have the money to do it (a quote I've heard from my dad since I was a kid). This is the principle he followed in order to go from being a poor fisherman's son to a successful business man. My point here is that if you're going to finance something make sure you can get it paid off. It's never good to default on something like that.

 

[Sasha]

Also, my grandparents always got a lower interest rate financing through their credit union as oppose to the car dealership, they aren't your only option to finance.

 

[MMiz]

If I were buying a car, now would be the time. I think you'll find that most dealerships are offering low interest rates on both financing and leasing.

I'd finance the car if:
1. Planned on having the car for more than six years
2. I might drive the car more than the allowed mileage
3. I could find good finance terms.

I'd lease the car if:
1. I was only going to need a car for the length of the warranty/lease
2. I had the money to comfortably meet the monthly payment and a few others if I lost a job.
3. I was given a good interest rate.

My car is five years old, and while it's appealing to drive a new car, I can't imagine paying money into a lease to rent a car that I wouldn't own.

If I were you I'd take the money I had and buy a nice used car.

 

[Tincanfireman]

If I were you I'd take the money I had and buy a nice used car.

+1 on this. Do your homework at a place like www.edmunds.com and find a car with good reviews that's 2-3 years old. You'll be getting a car that is old enough to have burned off a good bit of depreciation, but is still new enough to be reliable. Then, make sure you maintain it and keep that oil changed! FWIW, I'm driving a 97 with 127,000 miles on it that runs like a charm and the wife drives a '00 with 154K on the clock. I'd drive either of them from ocean to ocean. I'll admit to being a bit obsessive with the maintenance, but I haven't had a car payment in 5 years, either. I'll not advise on particular brands and models, because if you maintain just about any car nowadays it will last a good long while. Hope this helps...