Lease or Buy my First Car?

We have leased cars for over 15 yrs.Leasing allows you to drive a new car every three years with full factory warranties. The down side is you can not drive over 36,000 miles,you must carry the maximum insurance on the car,if you have any major dings,paint scraps,etc. the leasing company will demand you have it fixed immediately.All of this means you can drive a new car but have to keep your mileage at 12,000 miles per year,no customizing the car,no loaning it friends/relatives,higher insurance premiums,and a large down payment.

Now buying a new car allows you to drive as many miles as you like,customizing for the look you want,don't have to have the highest level of insurance coverage,and if you have an accident you don't

have to repair it if it's minor damage(no ins claims).Down side is as soon as you drive off the car lot

your depreciates

When you make payments on a lease or car payment, you have to pay full coverage insurance until the car is traded back in or paid off completely. You can probably find a car payment for $200/month, but that's not including the $200/month full coverage insurance payment. Buy a trashy car. It sounds bad, but at least that way you can get away with paying a basic PLPD insurance rate, and you won't have to worry about trashing a brand new car. Trashy car means you can bang into things by mistake and not have a heart attack about dings and dents. Also with a trashy car, it'll mean you have to learn some basic mechanics. No new driver should have a perfectly trustworthy vehicle. In a new car, you'll have to repair it several times over before you even have it paid off. In a trashy car, you won't have to worry about a huge car payment on top of a huge repair bill. I know you probably don't like the sound of this, but trust me. I made the mistake of buying a new car once, and it'll never happen again.

You can always finance a used car. I financed a nice 2008 Mazda 6 and i only pay around 300/month. The difference between financing and leasing is that when you finance a car, you sign for a loan, and then pay the loan off within a certain number of months. The car is yours to keep once you've paid off a loan. Leasing is when you sign with the dealership, and you pay them a certain amount to "borrow" the car for a certain number of months. Usually you can't drive the car over a certain amount of miles, and when the lease term is up you either have to pay the dealership the amount the car is worth, or give the car back.

Also, if your only 16, you would need a cosigner to finance or lease a car, since you don't have any credit established yet.

Leasing is out of the question. You can't afford to lease a new car. Period. You can't afford it.

Whether you want it or not you need to buy an inexpensive used car and live with it. Your first car isn't about what you want, it's about what you can afford and you can't afford to go $20,000 in debt for a new car. Buy a car you can afford.

What's wrong with borrowing $3000 for a nice used car instead of leasing a new car that puts you $22,000 in debt.

Leasing a car is a good idea for financial reasons. What you should do is lease a Hyundai. Hyundai cars are very popular these days. Visit http://www.hyundai112.com/ and take advantage of their President's Day sale!

dont lease the car just buy it if u lease the car u have to go on certend miles but if u buy a car it is yours to keep and u can go as much as miles u can go and if u have cratches on the lease u have to pay for the scratches