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Need help with car purchase / lease
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| Epicurus |
So I'm graduating in June, and moving to New Jersey for my new job starting in September. Seeing as the job site is located in the middle of nowhere, and I slowly wilt away into nothingness when I'm not living in a big city or within the very near proximity of one, I plan on living either in New York City or right next to it in Hoboken, on the other side of the Hudson river...which means I'll need to drive about 2 hours a day (1 hour back and forth) between home and work.
Since I don't have a licence, have never driven, know absolutely zilch about cars, and clearly, need to get one before I begin my job, I need some help to get started. Should I buy, lease, or lease with possibility of buying? New or used? American, German, Japanese? What brand? I'm lost. And yes, I'm 27. Laugh away :D |
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| ShadoWolf |
| quote: | Originally posted by Epicurus
So I'm graduating in June, and moving to New Jersey for my new job starting in September. Seeing as the job site is located in the middle of nowhere, and I slowly wilt away into nothingness when I'm not living in a big city or within the very near proximity of one, I plan on living either in New York City or right next to it in Hoboken, on the other side of the Hudson river...which means I'll need to drive about 2 hours a day (1 hour back and forth) between home and work.
Since I don't have a licence, have never driven, know absolutely zilch about cars, and clearly, need to get one before I begin my job, I need some help to get started. Should I buy, lease, or lease with possibility of buying? New or used? American, German, Japanese? What brand? I'm lost. And yes, I'm 27. Laugh away :D |
First question: do you plan on returning to Canada? There are import/export restrictions on automobiles. |
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| Epicurus |
| quote: | Originally posted by ShadoWolf
First question: do you plan on returning to Canada? There are import/export restrictions on automobiles. |
If you mean in the near future, no. I plan on staying in the States for at least the next 15 to 20 years, so I don't think I need to worry about import/export restrictions. |
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| ShadoWolf |
| quote: | Originally posted by Epicurus
If you mean in the near future, no. I plan on staying in the States for at least the next 15 to 20 years, so I don't think I need to worry about import/export restrictions. |
Next you need to consider whether you can write off the car for business purposes. Would you be buying it or is your business buying it?
If it's for business, there are certain tax advantages to leasing.
If it's for you as an individual, buying straight cash money is cheapest and the recommended option (if you can afford it right at this moment). |
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| Marcus007 |
Stick to Euro/Asian cars, they have better resale...
i <3 you nick |
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| alec |
| If you're driving alot, leasing may not be for you, my gf pays extra if she goes over 20000 km a year, and you would almost certainly do this every year. |
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| alec |
You might wanna consider one of these bitches
Gas prices ain't goin down, and if you drive a lot and don't really care about 0-60 or looks too much then a hybrid is a good car. It'll save you big in the long run |
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| Epicurus |
| quote: | Originally posted by ShadoWolf
Next you need to consider whether you can write off the car for business purposes. Would you be buying it or is your business buying it?
If it's for business, there are certain tax advantages to leasing.
If it's for you as an individual, buying straight cash money is cheapest and the recommended option (if you can afford it). |
I don't think I can write it off for business purposes, although I'll have to ask. I'll assume for now that I'm buying / leasing it as an individual, as that seems to be most likely. So if I understand you correctly, you're saying that in that case, buying is the better option than leasing, even if I decided to lease with intentions of buying? |
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| ShadoWolf |
| quote: | Originally posted by Epicurus
American, German, Japanese? |
No. Nein. Lie.
Go Pakistani.
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| ShadoWolf |
| quote: | Originally posted by Epicurus
So if I understand you correctly, you're saying that in that case, buying is the better option than leasing, even if I decided to lease with intentions of buying? |
Yes, because you have to pay interest when you lease, which makes it more expensive. |
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| Epicurus |
| quote: | Originally posted by Marcus007
Stick to Euro/Asian cars, they have better resale...
i <3 you nick |
I <3 you too :p But I've heard that American cars are making a comeback. I don't know how true that is though.
| quote: | Originally posted by alec
If you're driving alot, leasing may not be for you, my gf pays extra if she goes over 20000 km a year, and you would almost certainly do this every year.
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Hmmm...good point. I'll have to check into that.
| quote: | | Gas prices ain't goin down, and if you drive a lot and don't really care about 0-60 or looks too much then a hybrid is a good car. It'll save you big in the long run |
I've thought about hybrids, but they're really ugly. I haven't seen one that I'd consider buying, based on looks. They are good for the environment though, so I assume I'll have to look into them a little more closely...although I would be working for the least environmentally conscious corporation in the world. Cognitive dissonance :p |
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| Epicurus |
| quote: | Originally posted by ShadoWolf
Yes, because you have to pay interest when you lease, which makes it more expensive. |
Fair enough. What then are the advantages of leasing vs. buying? And if I buy, new or used? |
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