Car Lease Payment Do I Put Money Down?

car shopping
Image by tanjila via Flickr

One of the big advantages that leasing a new car has over financing a new one  is the payment. When you finance a new car you are paying for the whole car, all the taxes and fees. 

With a car lease your payment is based on the amount of car you will be driving over a set period of time. You are paying taxes on a car lease, however, the taxes pertain to the payment not the car as it does when you are financing.

One big question that comes up a lot is lowering the payment by putting money down. On a finance it makes a little more sense. The whole point of financing a car is because you plan on keeping the car for a while.

For a lease and if you were at my desk, I would certainly advise you to rethink it, especially if you were planning on putting a sizeable amount down. That large sum down would be more beneficial to you if you were to finance. With a lease that money down is only lowering the payment, if you are comfortable with the payment as it is, then leave it and keep the money in your pocket where it belongs.  



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1 Comment »

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