Latest Reader Question: Should I Lease? (May 3, 2018)

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Here’s the latest reader question, along with my reply:

Vic asks:  I recently read an article you wrote about buying a new car and I agree. What I was wondering about  is leasing, especially for older people. Would it make sense to lease a small car every few years for someone in their 60’s. thanks for your time.

My reply: It depends! Leasing can make sense, depending on your situation and what your needs/wants are.

Leasing has the advantage of enabling you to drive a more expensive car for less each month than you’d pay if you bought the same car. If you’re mainly looking for a really great deal, and are ok with driving a not-very-popular model, you will be very happy about some of the deals available. As an example, Chevy was offering a lease deal on the Volt hybrid that (IIRC) was only about $150/month.

Most lease contracts also include maintenance and anything that goes wrong during the lease will be covered by the new car warranty. You may also be able to write off the cost of the lease, if you itemize and can claim the lease as a business expense.

On the downside, you’ll have payments ongoing – and will never own the car. For some people, that’s a deal breaker. Me among them. I don’t like being in debt, making payments ongoing.

But, again, everyone’s needs/wants are different – and your “mileage” may and probably will vary!

. . .

Got a question about cars – or anything else? Click on the “ask Eric” link and send ’em in!

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