Cars - Leasing vs. Buying

What do you guys prefer? I'm replacing my car soon, and my top choice is a 2007 Civic LX via leasing. I can get it for around $225 a month with no money down, which is a pretty incredible deal.

However, I can't help but feel like there's a catch or something. So, I emplore you GFFers, what are your thoughts on leasing/buying? Which method do you prefer and why?

Jam it back in, in the dark.

True. However, you CAN buy out the rest of the car after the 3 year lease for 63% of the MSRP. I dunno if that's the same thing everywhere, or just for Honda, but after doing some math it's not too much of a loss that I would be taking. I atleast have that option, which is good to have. I'm hoping that in 3 years I'll be able to finance a car, and if not, I'll just buy out the Civic for another few years.

There's nowhere I can't reach.

All good points... I was looking at used Civics/Accords and stuff, and the problem is they aren't THAT much cheaper. A 3 year old car fresh off a lease is only a couple thousand cheaper than the Civic I want. Not to mention I will be paying more monthly.

I think leasing is the best option for me because I don't have a big and steady income yet. Plus I'm moving to California in a year. If I can keep my car payments down until I can establish a good, full-tine, paying job, then by the time the lease is up, I can have more flexibility.

This thing is sticky, and I don't like it. I don't appreciate it.

Originally Posted by BlueMikey

1) Your lease may not be breakable, which means that because of your unsteady income, you could face huge fines if you can't afford the car anymore, rather than just selling it and buying something cheaper. If you have no steady income, why on Earth would you want to get yourself in a lengthy lease and also spend over $200 a month on a car?

I don't have steady income TODAY, but within 2 weeks I'll be working again. Plus, as my graduation gift, my parents are gonna help cover the first few months. I'm not worried about paying off the lease, especially when it's $225 a month instead of financing it for like $350.

Quote:

2) If you are moving, then you are pretty much stuck with the car. You would have to break the lease when you move (with those major fines), find some way to get it back to New Hampshire from California when the lease is up, or buy it. You'd have no other option.

I can turn the car into any Honda dealership when the lease is up, so I'm not worried about that.

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Perhaps you should spend your money more wisely now and you can have luxuries later. But that's just how I approach the world.

You're saying this to a guy who doesn't spend his money very wildly. I think I'll be okay with the lease. I need to make two big purchases this summer (hell, before I move out, really), and that is my new car, and a new computer. With no down payment, and my parents helping with the first few months of the lease, I can get my new computer with my graduation money next month, and then spend the next 11 months working my ass off and saving up money for car payments and, eventually, rent.

I have all the numbers worked out and leasing works in my favor. All of your comments are good, though. I want to see both sides of the leasing coin before I make my decision. So, thanks

I am a dolphin, do you want me on your body?

I wasn't entirely sure that I was going to do the lease when I came here, and I wanted to get some other opinions before I go about doing it. Was that wrong?

I was speaking idiomatically.