Lease cars. Dave Ramsey calls them FLEECE CARS. I tend to agree with him and other financial authorities who say that the cheapest car you can own is the one you already have.

The marketing idea behind the lease car is that you are always in a new car. The motivation behind the marketing is that you are always paying the leasing company.

A friend of mine used to always lease his vehicles. He would lose his down payments and 100% of his monthly payments, and then he would lose his car when the lease was over. He had nothing to show for all of his hard-earned money. One day I mentioned that he should buy his car instead so that he would own something. He did, and now he does.

Often times I hear the lessee’s objection to buying versus leasing is that you end up with a run down high mileage car. “Bunk” I say! With the right vehicle, high mileage need not equate to run down.

Take me for example, I drive a 10 year old Lexus with 145,000 miles. It runs like a charm. It has a powerful V8 engine and gets 22 mpg. The A/C is icy cold even on the frequent 105 f degree days. I drive it over 100 miles per day. It is comfy, safe, dependable, and inexpensive to operate. I bought it with over 100,000 miles on it for $11,000 because I wanted all the benefits I just listed, but I did not want a car payment; and I definitely did not want eternal lease payments.

I avoided lease payments and car payments – sort of. Actually, I did finance it at a low rate I obtained on a credit card – about 6.99%. Before that, my previous vehicle was financed through Ford Motor Credit for about 10% (it is paid off now). But doing a little homework beforehand let me get a good rate. Speaking of which…

Let LoanQuotes.com help you find a great car loan rates today. If you take care of it, you will enjoy it for a long, long time; and all the more when it is paid off and you are putting several hundred dollars into savings or paying down debt.

Regards,
Stephen Dunbar