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Lease vs Buy

June 19, 2011 // Posted in Money, Vehicles (Tags: , , , ) |  Comments Off on Lease vs Buy

One of my casual Facebook friends posted that he has to get a new car and he is thinking about getting a lease instead of buying the car. I don’t know why he is worried about that. He is a musician who makes good money – you would think he can buy anything he wants.

All of his friends talked about how the leases have a mileage restriction – something like 30,000 miles total for the 3 year lease term. I drive about 20,000 miles each year, so that kind of a mileage restriction would not work out for me at all.