should I buy or lease?

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  #1  
Old 03-28-10, 05:41 AM
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should I buy or lease?

I found out I am going to be in Connecticut for 6 months and need a car (I am going over seas after and wont be able to ship the car with me). So I have been trying to figure if buying a "beater" for around $500 or leasing a car would be a better option. Do companies have a "long term renting" option that is feasible. To me, buying looks like a good option upfront but after registering and licencing I am not sure it would be, especially since I'm sure the DMZ will make me register for a full year. And I am not sure I want to go though the hassle of trying to sell the car afterward.

Any help would be greatly appreciated.
 
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  #2  
Old 03-28-10, 10:35 AM
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Most leases I am familiar with are much too long, 3 or 4 years. Given the current economic conditions, I would thing car dealers or rental places would be willing to talk.

If you know someone you can leave the car with in case it takes longer to sell, buying one would be the best approach. Beaters aren't usually that expensive to register or that difficult to sell.

Determine what your rental costs are going to be and that will give you a base price to beat.

Bud
 

Last edited by Shadeladie; 03-28-10 at 10:53 AM. Reason: Removed reference to a spam post that I deleted.
  #3  
Old 03-29-10, 01:59 AM
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Thanks for the help, I don't know that much about leases. And just needed to bounce this off some else.
 
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Old 03-29-10, 04:33 AM
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I agree to scrap the lease idea, but I'm not sure what you are going to find in the way of beaters for $500. Down this way anything that runs is getting at least $1000, but we don't have the road-salt cancer problem as up north.
 
  #5  
Old 03-30-10, 05:28 AM
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I saw some on Craigslist that were around $500 but of course I have not looked at them in person so they could be not worth it. Right now I'm in Korea so I'm a little detached on the going rates of products in the US
 
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Old 03-30-10, 11:11 AM
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Don't know if it's universal, but down here the used stuff is bringing premium prices and a lot of what would have been good used (running!!!) cars were cut up into scrap under the cash-for-clunkers program.
 
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Old 04-05-10, 11:31 AM
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Joe, there is something you should be aware of with the Connnecticut DMZ. If the car is 1991 or newer, they do not look at the bill of sale to determine sales tax. They use book value. mint condition to compute sales tax. There is often a large discrepancy between the two numbers
 
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