And Debbie Downer has spoken! :lol::lol::lol:When you lease a car...the payments you make cover the interest and depreciation ONLY on the car and at the end of the lease you give the car back and you don't have a dime to put down on your next car. So you basically pay a lot of money to borrow something for three years and you're right back where you started in the first place...needing a car. When you buy a car the loan is a liability but the car is an asset that you own so at the end of your loan you own something you can resell to recoup money (or trade-in) to put down on your next car. IMO...it's much smarter to pay something to get something than to pay something for nothing. And just in case you're not aware...a lease limits the mileage you can drive on the car and if you exceed that mileage you wind up paying a hefty per mile overage fee that will leave you owing money at the end of the lease and you still have no car.
I purchased my car and I am paying 3.9% interest on the loan so my payments are $447 a month but I also traded in a 15K vehicle on it. The purchase price for my V6 was 28K and I added about 6K of modifications on before financing bringing the purchase price up to 34K.
And what most of us here pay for insurance is irrelevant because were not 18 years old with a 0 credit rating...unfortunately those two things are going to cost you big time no matter what car you buy or lease.
I used to lease many cars when I worked for GM. I didn't go over the 12,000 mile limit and only leased for two years at a time so I didn't need new brakes or tires. I only leased cars with special leases on them. My payments were usually under $200 a month. Some as little as $79 a month and one that was free after an initial $50 acquisition fee. It was a Tahoe that I got through the company owned vehicle plan. (PEP car) My new Camaro is a PEP car only I bought it. I only keep my cars around 2 years max.Me thinks you might be from the leasing camp Rick...lol Did you know that the surgeon general has warned that cigarette smoking can cause severe colic and/or lung cancer?
If you can get a co-signer at your young age you should be able to get a decent loan rate to buy a car. My last three cars were at 1.99%, 2.04% and 2.01% for my current Camaro. That is cheap credit.
Or a parent...lol
if the 18 year old was your child has a good job and was responsible, most parents wouldn't have a problem co signing. I have 2 kids one is financially responsible and one isn't.
I believe the term for people who would co-sign is "Parents." If you are a good responsible kid then your "parents" would co-sign for you. Evidently CyberPunk223 never heard that word before.
ditto ... I have been the bank for their used clunkers, but I sure would like to get out of that businessif the 18 year old was your child has a good job and was responsible, most parents wouldn't have a problem co signing. I have 2 kids one is financially responsible and one isn't.