Reply to "Suze Orman says CAR LEASES are always a BAD financial move - do you agree?"

I've been in the car industry and can tell you there are many pros to leasing if you are the right candidate.  I typically lease my vehicles because I enjoy always having the newest model that typically has the best fuel economy with all bells and whistles at a fraction of a traditional loan payment. I'm also not one to work on my vehicles or want to pay a mechanic so always being under warranty affords me the luxury of only putting gas in it and doing my regular oil changes.  Leasing CAN be a great option if the following applies to you: 1) If you are Self Employed you can write off your lease 2) If you can stay at or below the miles on the program (you can pick 7,500, 12,000, 15,000 miles per year) 3) If you don't want to be bother coming our of pocket for issues as you are always under warranty in a lease 4) You enjoy having the latest and greatest on the road. 5) You typically take pretty good care of your vehicle. 6) If you want to pay less for more vehicle since you are only paying tax and license on the 3 years you are leasing vs. all of the tax and license for a 5 year financed loan.

The biggest misconception of leasing is that you don't own your car, you're just "renting". The reality is most people are in a 5 year loan when financing so your vehicle isn't truly yours until it's paid off anyway.  More than 60% of people end up trading in their vehicles before their loan is paid so technically it's not yours until that final payment is made. The flip side is, if you are a person that holds on to your vehicles for 6 + years, enjoys not having a car payment (once paid off), can work on your own vehicle and might be a little rough on the cosmetics then a lease won't make sense.

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