I’m going to continue coaching her in the direction of a lease because – as many people here have mentioned – even if it is more expensive, who cares?? You do not like to look smart on the road or turning up to a client's address.So here is the thing - if you turn up to meet a client in a clean new vehicle [car or van] it is proven that you will make a much better first impression than if you rolled up in your rusty old trusty. The only thing I don’t understand is why you would use 6 years of leasing vs. 4 years of paying off a car. I was considering leasing a car to avoid all the repairs costs with my current vehicle. If I would of went for the zero percent loan for 72 months I would loose $3,000 in discounts and end up paying $ $38,260. According to Kelly Blue Book, a 2008 Honda Accord LX in mid-grade condition fetches about $10,000 on the private market. To confirm terms and conditions, click the "Apply Now" button and review info on the secure credit card terms page. 4. Some people can get really attached to their cars and never want to give them up. Leasing vs Buying isn’t a simple choice. After running numbers for myself, it seems that leasing versus buying has negligible savings unless you plan to keep a car long term and are fortunate enough to have few major mechanical problems. That said, many people aren’t in a position to pay cash for their cars, and auto loans are the only way they can afford one. You might not know it but cars are becoming greener every year. Well drop a “0” from both numbers. Here is just a couple of honestly thousands of reasons why you should ALWAYS LEASE A NEW VEHICLE: 1. The dealer that I went to, to have the car worked on said I shouldn’t have had this many issues. I had the down payment and a prime credit score, but I just didn’t have the work history on paper. In addition to the above point, there are the people who say that if you drive MANY MILES/KMS that you shouldn’t lease. General Disclaimer: See the online credit card application for details about terms and conditions. Would they require special testing, etc? I have bought several cars at 3 years old for cash and traded in at 6 (which should be even better than buying new), and paid way more in depreciation and maintenance than if I had leased a new vehicle! This year alone due to mechanical issues I have spent close to $2500. I also took engineering economics. And then you would ask, why am I buying a car for $10,000 that has 400,000 miles on it? âBuying a car is almost always better than leasing a car,â Baumeister stresses. “Lease all the way.” You do not like to drive the latest models of car. A six or seven year old car will likely need in excess of $1000 per year in repairs, wiping out the savings. This is not including oil changes. Where does the $6,000 difference come from? I’ve been driving for nearly 20 years and have owned a vehicle for the whole time. You get that “new car smell”, plus brand new parts (like Brakes, filters, fluids), all scratches and scuffs removed, brand new wheels. A good shopper can find an off-lease car for at least a third off new, maybe more, that is still under warranty. Leasing is NOT recommended for most shoppers - reason being, it can cost a lot more over the long run. You have to consider interest rates and incentives when considering purchase or lease. Financed = expense the interest portion of payment coupled with depreciation. It is a preference issue! Also, if the car has depreciated less than expected (say you drove much less than the mileage you paid for) it could be worth more than the residual. This article is very one sided, and not entirely accurate. You are still paying a nice sum of the cars value down with your monthly lease payments. Opinions are the author's alone. The only maintenance that is performed would be oil changes with coupons! 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