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Originally Posted by HaLiGoOn
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Actually I didn't lease. And the car in the story is a perfect example of why leasing can sometimes be good. The car (lemon) I got stuck with was someone else's problem - a car they turned in after their lease. I made the mistake of financing it and now I have a car I couldn't give away if I tried.
Here's the simple breakdown, Heather:
Financing: Higher payments, but if you're confident in the quality of the car, is a preferable option because you will own the car after a few years.
Leasing: Lower payments, but you get to walk away from the car after 3 years and into another one. The downside is you never stop making car payments this way. And watch out for the km limits - the per-kilometre charges are high if you go over.