College Student buying car

Well, it looks like im about to enter this same boat.. Next semester my parents will probably be getting me a car.. Not 100% sure yet, but most probably..



Anyways, I have a few questions.. as most of you know, i drive a 1996 Nissan Pathfinder SE back home which i absolutely LOVE!!



It's paid for in full..



Now..



Being that I'm in the states, there is the available beauty of being able to LEASE a car, which we dont have in Puerto Rico.. either you pay for the car in full, or finance it and pay on it till it's paid off



There are 3 scenarios which i need opinions on:



1) I continue the lease on a used car

--OR--

2) I lease a brand new car

--OR--

3) I buy a used car in full



What do you guys think is better? I could probably get my parents to pay around 250-300 a month..



Secondly, what kind of car would you guys recommend?



I saw that you could lease a brand new Altima for around 250/month..



anything you guys could provide me with i would greatly appreciate





sorry for the long post.
 
Well, the thing is, it'll be pretty hard for me to come up with 4k or 5k for a car.. If i can find a 1998 or 99 car which was leased and take over the lease it would be much better



I would definitely have an easier time making monthly payments.
 
When my nephew went to college, my sister leased him a new car. That way he had a dependable car with no surprises! I guess it depends on the lease agreement you have, but with his car all the scheduled maintenance was included in the lease. And the monthly payment was about the same as it would have been to buy a car.



I would think that as long as you don't go over the allotted miles then a lease might be a viable option. If you bought a used car, and had a major repair, could you afford to fix it?



I think that if I was starting college, I'd look into leasing. When I was in school, I went through 3 used cars. My first car had transmission problems, the second had expensive repairs (like the timing chain), and the third one had electrical problems. It was a pain in the butt to commute to school, do an internship, work at UPS at night and oh by the way get the car fixed!!! :sosad
 
Thnaks for that information.. That's what I thought myself.. I mean there is no way that I could afford a major repair on a car.. and I find it more conventient to have everything included in a lease: such as repairs, oil changes, etc.

That's what's making my decision leaning more towards leasing a car.



Couple of additional questions since I do not know much about leasing..



1- Can I lease a used car?

If so,

2- Is it better to lease a used car or start a brand new lease?



Any particular cars you guys can recommend for a college student, driving fairly short distances, in a place where there is quite a bit of snow, and ice (living in Syracuse, NY)







Thanks.
 
Pathfinder- you should still consider buying a used Civic and getting it checked out by a mechanic. Those cars will run forever as long as you do the mantainence. Mantain the car, treat it well, change the oil, and you'll have no worries.



No worries. Leasing a car is like throwing money away, once its over, you've got nothing. Same deal with renting an apartment... why not get a house and own something?





www.younginvestors.net
 
Leasing isn't for everybody - in my current situation it wouldn't make sense to lease, I put too many miles on in a year. On the other hand, for some it can be the best choice.



I would start by reading up on the pros and cons. Here are some sites to check out: www.smartmoney.com/autos/leasing/ lists the benefits and pitfalls of leasing vs. buying. Another good site is www.cars.com - it has a lot of good tips on buying automobiles, especially used ones. I have seen ads for leasing a used auto, but if there's not much difference in the payments, I'd opt for the new one.



It's hard to compare leasing an auto to buying a home vs. renting (sort of like comparing apples to oranges). Homes appreciate in value, cars rarely do (especially the kind you drive while in college!). It all depends on your situation, and you are the judge of what is best. If all you have is 4-5 k, aren't mechanically inclined (or don't have the time) and you can't afford major repairs, I would think leasing is at least worth a look. But do your homework on it!



Anyway, hope those links help! Good Luck! :wavey
 
A great site to check out if you're thinking of leasing is www.leasecompare.com



They will find you the best lease out there, then all you have to do is find the car. They also have some general information about the advantages and disadvantages of leasing vs. buying.



Mike
 
Hey Santini:

I was reading your thread from the start then all of a sudden you had someone else asking for advice.



Anyways, this is for you, it was mentioned that you had a family friend that was a mechanic. He is the first place i would start looking for a used Honda. I have a friend that works for a honda dealership, and a couple that work on them (honda's) and they say they come across late models all the time as lots of people are buying new lately.



Just a thought for a used vehicle source.



Cheers!
 
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