Ed Car Guy
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Save time, hassle & money.

Ed Levitt is Ed Car Guy - the no-hassle way to purchase your next new or used car, truck, van or SUV. From start to finish, Ed will negotiate the lowest price on your vehicle, the financing, get you top dollar for your trade-in and arrange for door-to-door delivery.

Should I lease or buy?

Leasing can be very beneficial, or it can be your worst nightmare. What are the advantages?

Lower up-front costs. Usually a lower monthly payment.  It may be favorably from a tax stand point. You are done with your commitment in a short period of time.
(Don’t you wish you could lease your in-laws?)

What are the disadvantages? There are always mileage limitations in a lease. Some times you are required to have a higher amount of insurance coverage than you normally carry. Early termination of a lease is often tougher than trying to scratch your ear with your elbow. (Go ahead and try)

It does take time and research on your part to know what will be best for you.
Here is my golden rule for leasing versus buying a car:   If you love the car and know you are going to keep the car for a long period of time, go ahead and buy it.  If you like to drive a new car every 2-3 years, you may want lease it, if you do your homework of course!

Here are some leasing do’s and don’ts.

The Do’s Do negotiate the price of the car first. That price (in a lease) is known as the cap (capitalization) cost. Only accept terms that are fully disclosed. That includes price of the car, mileage limitations, interest rate and all fees, at both initial signing and at lease termination.  Make sure gap insurance is included in your lease. Gap insurance warrants that if the car is wrecked or stolen,  the “gap” between what your insurance company will pay and the balance owed on the car will be covered.  Most importantly, get all promises in writing!

The Don’ts:   Don't lease longer than the warranty period that covers the car. For example, you would never want to lease a car for 5 years (60 months) if the warranty only cover the whole car for 3 years (36 months). Don’t accept an open-end lease. Don’t sign anything that you haven’t fully read. And the most important don’t of all:  NEVER, under any circumstances, talk to a salesman wearing a plaid jacket!