Financing a brand new 2015 vehicle or Leasing it?
I need help!
I'm 21 years old and am kind of knew to the whole "buying a car from a dealership" thing.
Right now at this stage of my life, I'm working full time hours as a bank teller. However, I don't know where my life will be in the next 3,5,7- years. This is where I'm stuck.
I'm looking into getting myself a new 2015 Honda Civic but am unsure if I should BUY the car, or LEASE it. What are the pros/cons of both? I know if you Lease a vehicle it's technically not "yours"… But what do you recommend for a young girl such as myself?
Like I said before, I'm working great hours at work right now, but I haven't decided if I will be going back to school or not in the near future. Would leasing be a better option for me?
Here's a great article which addresses the pros and cons of leasing versus buying.
http://www.edmunds.com/car-buying/should-you-lease-or-buy-your-car.html
You work in a bank. Try asking your bank's financial advisor what you should do. I'm betting he will recommend buying a used car.
Here's another article that is brief and to the point with the pros and cons of leasing:
http://lease.guide/car-leasing-pros-and-cons/
Never lease a car unless you are a lawyer. Ask or research for the prices of cars and add insurance and operating costs (gas and maintenance) so you can look for cars that your can afford. Have a friend who has bought cars before to come with you when buying. Never come alone and do not buy the car that you see on the first day. Think everything over before buying.
At the age of 21, I'm going to guess that you probably don't have a very well established credit rating, which means you are probably not going to get a very good interest rate.
I would advise saving your money and buying a used car with cash. Having a car payment for the next 4-5 years is a huge commitment for someone of your age, especially without knowing what your future holds. And I'm guessing you have not been on your job very long, so that is another factor.
If you are adamant about getting a car payment, why buy a 2015 car? You can save a ton of money in payments and interest by going a few years back, and still have the same Honda quality (I'm a Honda owner myself).
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