If you read our last post in this series about how buying new cars is for suckers, you may think that you can outsmart the system by leasing a new car. After all, a lease allows you to drive a brand-new car, and the payments can be substantially less than what you would have to pay if you borrowed money to buy the car outright. But for individual car buyers, leases are perhaps the worst deal on the market. [Read more…]
Please don’t take it personally — in a way, it’s almost not even your fault. After all, Americans have a well-documented love affair with automobiles. Dealers and car commercials make the latest model of any vehicle sound incredibly appealing. And in many social circles buying your first new car (and signing up for the accompanying debt) have become a rite of passage.
When we look past the slick marketing, the slippery payment terms and our collective cultural obsession, though, we’re left only with math. And math tells us that buying a new car is a sucker’s bet, indeed.