Really need advice. I'm trying to decide which is better, buying or renting a car. A new Corolla is 195.00 a month for 4yrs with 5 thousand down. My other option is a 2002 Toyota Camry with 129000 km. Payments are 187.00 with same down. Any advice?
by 
Marilyn
ANSWERS: 8
-
my advice to you is, NEVER LEASE A VEHICLE. its impossible to keep under the mileage they ask you stay inder, and then after you hit your mileage limit, they charge you unbelievably.
-
Never lease...too many rules and hidden terms that can come back and bite you in the rear!
-
Buying a car is usually a better idea if you are planning on using it for more than 2-3 years. If you have car commitment issues, then leasing would be a good choice. You also need to look at how buying could benefit you. It can boost your credit rating and you would always have the option of resale for a better vehichle in the future. This decision is based on your needs. Good luck and happy driving.
-
id buy the car the payment isnt that much in the diffrence and the milage is savage on the camry...
-
If you lease a vehicle, you're paying about $3,000 more for it than you would if you bought it out right. You'll always have a car payment and the vehicle will never be yours. You're responsible for its insurance, maintenance and other repairs. If you over the alloted mileage, you have to pay for that as well as any dings, scratches or any other damage to the body. However, if you own a business, you can make that a tax deductible expense. Other than that, there are absolutely no advantages to leasing a vehicle
-
I say neither. I'd be patient and try to find a car which you don't have to make payments on. Since you have the 5k for a down payment, you could easily buy a nice car flat out. Also you might want to try to local automobile auctions. With $5k, you could find yourself something REALLY REALLY nice. I went with 1500 and got myself a good running vehicle that lasted me for about 5 years. Well worth the investment. Once again, be patient, a good deal will present itself to you. =)
-
In the states if you lease a car you usually have the option to buy it at the end of the term, I personally have never leased a car so I am not sure how it works. I would leaning towards the newer car with less miles, but you would want to look at every detail of the lease before making a final decision.
-
I have always opted for buying on the basis I end up owning the car & have something to re-sell in a few years time. However, there used to be decent trade-in prices for 2nd hand cars & that market is terrible just now, so you may not get much back for your investment. A 2002 model is a few years old & you need to watch out for MOT needs along with general repairs. As such it may be worth considering the rental option this time round.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC