Buy vs Lease - lease is over and lease another car or...

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The calculator made the recommendation that I lease my next car because I do not have any money for a down payment nor do I have a car to trade in towards a down payment. I have never considered leasing a car because I was under the impression that you had to make a large down payment when leasing a car. It was interesting to find out that this is not the case and that it is sometimes an option to make a down payment in order to lower the monthly payments. I do not think I will follow the recommendations of the calculator because I know that when you lease a car you will always have a payment and you will never pay the car off. I also know that you will have to return the car once the term of the
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Unformatted text preview: lease is over and lease another car or purchase a car of your own. You will never own a car that you lease. I like the idea of being able to trade in the leased car every 2-4 years for a new car just for the simple fact that you will always have an up-to-date and stylish new car. On the other hand, I like to keep my car as long as possible and I also would like to pay my car off at some point so that I do not have a car payment. Although it may be more convenient at the moment to lease a car instead of buying a car right now, I feel it is best for me to save my money to use as a down payment to purchase my own car....
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This note was uploaded on 01/29/2011 for the course FP 101 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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