So I got into a discussion with another member about buying a clunker or leasing and at the time a lease was an ok idea but needed to find how exactly it compares to buying a clunker.
Now I have found most numbers for the leases and tried to keep them all within the same rules/boundaries to be fair. For a clunker I need some help on what would be considered a good price and how to compare. At 5,000 over 3 years you are paying about 139USD a month, but the car may not last a full 3 years and that number will go up.
I figured the clunker needs to be able to achieve 20mpg at least, have a 13(+) size tank, needs to be under 5,000USD and estimated life of 3 years.
Now I understand that with a lease you are basically renting the car, you are directly throwing your money at something you will have no investment in once the term/lease is up. Though I figured things going for the lease is better MPG, less mechanical problems, nicer car (?), and hopefully safer. In the image below, oil change & price per gallon are estimates and might be high but a little over is never a bad thing. Current price per month is the lease deals as of right now in July, things may change in August and a better may pop up.
So, thoughts?
