YACT: Finance/Lease/Buy

[Kishan]

A friend is looking to move from NY to Florida in 1.5 years. He's decided on a Civic since he needs good mpg/reliability. He has about $1500 right now, so could he put this as a downpayment? How would insurance be affected by him moving? Should he finance or lease the car? If he moves, would that affect anything? Should he buy a cheap car, finance a preowned Civic, or a lease a new one?

Thanks,
Kishan

 

[flamingelephant]

does he want to keep the car long term? the finance.... lease if he would want to get a different one (life family or something like that)..... in the long run, buying is better than leasing, unless you want a new car every few years

 

[Nebor]

Originally posted by: flamingelephant
does he want to keep the car long term? the finance.... lease if he would want to get a different one (life family or something like that)..... in the long run, buying is better than leasing, unless you want a new car every few years

Or if you're getting a car like a BMW 7-series. Leasing is basically the only sane way to drive one of those. Otherwise you get hit with the massive depreciation of such an expensive vehicle.

 

[Kishan]

Originally posted by: flamingelephant
does he want to keep the car long term? the finance.... lease if he would want to get a different one (life family or something like that)..... in the long run, buying is better than leasing, unless you want a new car every few years

he wants to keep the car, but would that be the best route financially?

 

[ultimatebob]

If you want the buy the car outright, leasing doesn't make much sense. Sure, you'll get lower payments upfront during the lease, but you'll probably get raped when you try to purchase or finance the vehicle at the end of the lease.

 

[radioouman]

Just buy the car as long as you can make payments, unless you want a new car every couple years. Oh, also buy used car

 

[spidey07]

Originally posted by: KPSHAH316

Originally posted by: flamingelephant
does he want to keep the car long term? the finance.... lease if he would want to get a different one (life family or something like that)..... in the long run, buying is better than leasing, unless you want a new car every few years

he wants to keep the car, but would that be the best route financially?

if you want to keep the car leasing isn't a good idea. it all depends on his goals/what he wants to do.