Wednesday, May 21, 2008
Better to buy or lease new car?
As the summer driving season nears, many people are no doubt thinking about getting a new vehicle, which raises the old question: Should you lease or buy? Many online tools can help you with that decision, but as Consumer Reports Money Adviser points out, those calculators often don't factor in such costs as insurance, acquisition and "drive-off" fees, and upfront sales taxes. So CRMA's Money Lab ran the numbers using a 2008 Honda Accord and discovered that buying a car actually beats closed-end leasing in total costs over five years.
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