BROWSE CAR REVIEWS BY:
MAKE
MODEL
Click on a car body type for search results.
 |
 |
| Sedan | Crossover |
 |
 |
| Wagons/Hatchbacks | Minivans |
 |
 |
| SUVs (two rows) | Hybrids |
 |
 |
| SUVs (three rows) | Just for Fun |
Video Tips: Should I Buy or Should I Lease?
Nov 13 2007 by Kristin Varela
Buying versus leasing is one of the key questions for anyone considering a new car. To help you make the best choice, answer these questions below, then tally your score.
Watch The Video
- My company is paying for my next car. (+8)
I’m paying for my next car myself. (-8) - I drive my car up to, but not over, 15,000 miles a year. (+10)
I drive way more than 15,000 miles a year. (-10) - I like to get a new car every few years. (+6)
I like to hang on to my cars as long as I can. (-6) - I like to keep my car as neat as possible, inside and out. (+6)
I try to keep my car clean, but with kids, it’s not very easy. (-6) - I prefer to keep my car payments low, even if they continue every year. (+8)
I prefer to pay off my car then hold on to it as long as I can. (-8) - I think my family is likely to grow in the next few years. (+6)
I think my family is as big as it’s going to get. (-6)
Tally up your score from the questions above. If you wound up with a high positive number, you should certainly consider leasing your next car. A low positive or negative number means you should seriously weigh the pros and cons of leasing versus buying before you get your next car. A high negative number strongly suggests you would be better off buying your next car outright.
If you choose to lease — and plenty of people do — there are some things to remember:
- Lower payments aren’t the only reasons to lease — leasing also offers purchasing flexibility. One expert calls it “the three-year test drive.”
- People who lease also don’t have to worry about watching the value of their car drop every year, or deal with hefty repair bills. At the end of the lease term, they can simply turn in the car and walk away.
- Of course, those benefits have a price. While leasing is convenient, you end up having to continue making some kind of monthly payment. When you buy, at some point you’ll have paid off the loan.
*Watch your mileage as it adds up. Most leases have a cap on how many miles you can put on a car before you get hit with a mileage charge, which adds up very quickly. If you drive more than 15,000 miles a year, a lease is likely to be the wrong choice for you.
- If you lease, make sure you get GAP insurance. GAP stands for Guaranteed Auto Protection, and it represents the “gap” between what your insurance company pays and what you owe at the time the car becomes history — which can be tens of thousands of dollars. This insurance pays off the lease balance if your leased car is stolen or totaled.
I am being transfered to hawaii for 1 to 3years. I would like to lease my car while I am living their. I understand that many leases have a penalty to be paid if the car is not leased the entire 3 years. I need the best lease price for a small 4 door hatch back.