My recent design contracting job ended a few weeks ago. At the same time, my trusty 11 year old car finally died! (sigh). I’m currently looking for work again, but I’m going to need a car: something functional and reliable (Toyota, Hona, Hyundai, Kia, etc) - but not a ‘beater.’
Is it more financially sound to buy a good 4 year old used car for around $8000, or find a very good lease deal that would amount to a total cost of $5000 spread over the next 3 years (EG: Hyundai Elantra for $100/mo, zero down except for taxes and fees)?
Normally I’d never entertain the thought of a lease (In my experience, they’re rarely a great financial option) but part of me would like to avoid taking a big chunk out of my savings at one time.
Currently, I have no debt, my credit score is great, and my expenses consist mainly of utilities and self-paid health insurance. My mileage would be WELL below any lease allowances - this would be a locally driven car.
I have a feeling I already know the answer to this question (lol), but I wanted to get some input! Thanks in advance!
May 04, 2017 at 03:05AM
