leasing or financing

[snookems68]

Can anyone tell me what is the best when getting a car is it leasing a car or financing and what is the difference anyone know please explain it to me thanks ?

[kqa]

I have heard Suze Orman say many, many times to never lease a car.  You will make payments for all that time and then when the lease is up, you are out of a car unless you want to buy it then.  It's expensive and you have no equity for the most part.

[mattc4000]

Definitely financing because you are building "equity" in the product.  'The only advantage of leasing is the ability to continue to upgrade if you desire.

[samrhett2]

I used to be in the equipment leasing for over 10 years.  There are really legitimate reasons why leasing makes sense for businesses because there are different write off and tax incentives.  For individuals I can think of just a few reasons why it might makes sense.

1. You absolutely gotta have a car and you can't afford to do it any other way.  Consider a used car before you do this.  If the down payment and monthly payment is still more affordable, lease the cheapest car you possibly can.

2. Your company reimburses you for a business vehicle and you drive it for work, so you need a new car every two years or so, but even then you would have to find a lease that did not penalize you for high mileage.

Don't lease to get a nicer car just because the payment is cheaper.  Although cars lose value you still have something to sell or trade in the next time around.

[cody0608]

I have also heard to never lease a car it is always better to finance.  To me leasing is almost like renting a car, you never get to own it and you always have car payments.  I guess it is good for someone who likes to get a new car every couple years but if you like to keep your car for the long haul finance.

[dmahoney]

I've learned the hard way...always buy!

[littlejefe]

Definitely financing because you are building "equity" in the product.  'The only advantage of leasing is the ability to continue to upgrade if you desire.

[hawkeye3210]

Neither.  Save up and buy a car that you can afford. 

[mardukblood2009]

I financed my first car and it worked out for me. I paid it off in under 2 years though. I heard if you can't pay off a car that you buy within 2 years it is a bad investment so it probably dosn't really matter which one you pick.

[candyterrius]

If you like to drive a new car all the time, leasing may be an option for you. But if you would like to own the car, then financing is the way to go. At the time I wasn’t able to buy a new car based on my limited income, so I started out by leasing and then paid of the entire balance afterward. Keep in mind if you choose to lease, you must keep the car in top notch condition when your lease is up. Any signs of wear and tear (dents, scratches etc) and over mileage will add more costs onto you. There are videos you can find on youtube on the pros and cons on financing/leasing cars that will help answer your questions. Check them out.

[monkey9r]

I feel buying is the best way. You gain equity in your car and its yours for how ever long you desire to keep it and you don't have to worry about a scratch or ding if one occurs unlike if you lease and may get penalized or if you go over the alloted miles . buy its much better!