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Originally Posted by PeterM
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.
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My opinion is that if your young, you prob. drive around alot so the km. restriction might be a concern to you, also if it turns out that you don't like the vechicle in ques. it will cost you money to get out of the lease early(been there, done that). If you decide to lease, make sure you get in writing on the contract exactly what they mean by "normal wear and tear". I know the feeling of driving a new car can't be beat, but they way the value drops as soon as you drive it off the lot might make you look at something a couple years old, that way most of the probs. might have been fixed............This of course is just "my opinion" and each and everyone's opinion may be different lol