Leasing is one of those To Good to Be True deals. It’s actually one of the worst financial decisions for a person to make. It’s very enticing because you get into a new car at minimal cost. Leasing just isn’t a good deal! There are many factors you need to consider.
If you lease cars for 10 years, it might seem like you are making a smart financial decision. People think to themselves “Well… I only have a small monthly payment every month!” That’s not true! Instead of your car costs going down over say a 10-year period, they will stay high. Many people only look at their monthly payment, but you need to consider insurance. You will always be paying for for new car insurance. Also when you go to turn in your leased car, they take a microscope and go over every little possible defect the car could have. If you read your contract carefully…. you will see it clearly says that you are responsible for paying for anything they deem they want to fix. You would be surprised they deem need fixing, but it it’s totally within their right to charge you for it.
Your better off buying a new car and driving it until the wheels fall off. Your maintenance costs will level-off over a number of years. Many studies have shown this. Also your insurance costs won’t be as great over the same period of time.
If you plan to get a new car, just buy it and don’t get a lease!