I need a car with which I'll commute about 100 miles a day over the next year. I have a budget limited to 7K max, what is the most financially viable option, considering the possibility of selling the 2nd hand car if I buy one now? Leasing seems expensive and value is lost away- especially in long commutes - any recos /experiences on that would be much appreciated. Thank you in advance.
2006-07-20 08:23:16 · 6 answers · asked by Discover7 3 in Cars & Transportation ➔ Other - Cars & Transportation
Based on your mileage of 2,000 miles x month + weekends, lease is not the way to go for you. Most leases are around 10,000-12,000 miles x year, 'n they'll charge x ea. mile over per yr. You will end up in a very bad stop. Although it's true that you can buy extra miles x year, they won't go for what you might need.
With that said, you're better off getting a used car that gets good gas mileage, you don't wan't to be at the gas pump unless you have to. If not, try moving closer to your job, man that's a long hike !
2006-07-20 08:39:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
To me this is a no-brainer. Leasing is always the last choice. You pay money to drive someone else's car. You are completely responsible for all expenses involved in its upkeep and repair, including insurance. You have to pay monthly after having paid a substantial amount up front and may have to pay a pretty large figure when you give the car back. If you buy a used car, it will lose value over the period you drive it and you have the same obligations as with a rental/lease. The differences are that you pay one time and don't have to keep on paying additional to having pay anything to another person when you get done with the vehicle. Instead, someone else gives you money. Think about those payments and what they could be doing if they were invested. Maybe you should drop your want level for the luxury and newness you desire in a car. After all, it's just transportation. I never buy anything I can't afford to pay cash for and I don't care what other people are driving. I have no need to drive something bright and shiney and classy. But I do need transportation and dependable transportation at that. This is really the center of your question. It's not the 100 miles you're looking at solely. Your looking at the image also. Go with dependability and cost. Put the money you would have used for payments on a lease into the bank and invest them regularly. Over time, you might even make yourself financially independent.
2006-07-20 08:36:07 · answer #2 · answered by quietwalker 5 · 0⤊ 0⤋
I don't have a car anymore. But when I was commuting, I bought a used Acura with 50,000 miles on it for around 13K. Didn't have to worry about any of the BS with leasing. Toyota's and Honda can last 200,000 miles so if you get one with even 75K miles it can last a long time and you get the value out of it. I would by a used Honda or Toyota if I was in your situation. Then just drive it till it drops. Don't worry about selling it later.
2006-07-20 08:30:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would buy a nice used car for $5,000 and put the other $2,000 in a savings account for any needed repairs. That way you stay out of debt and can pay cash for a car. You can find a decent reliable car in that price with no problems. Just look in the paper or on Auto Trader, don't go to the dealer for cheap used cars... They typically will have a $5,000 car on their lot that you could by from an individual for $3,000.
Good Luck!
2006-07-20 08:34:12 · answer #4 · answered by ubet426 4 · 0⤊ 0⤋
in my many years on this earth, I have never leased a car. As you say, the payments are out the window. You are much better off going with what you can afford, but not the total 7K, as you will have to plan for repairs. good luck
2006-07-20 08:31:03 · answer #5 · answered by wellaem 6 · 0⤊ 0⤋
DONT LEASE IF YOU DRIVE 100 MILES A DAY. YOU WILL BE CHARGE MORE MONEY IF YOU DRIVE THAT LEASE CAR OVER THE MILES THEY ALLOW YOU.
2006-07-20 08:31:31 · answer #6 · answered by just know 2 · 0⤊ 0⤋