In my previous blog, I briefly discussed the pros and cons of buying a used car versus leasing a new car. In this blog, I will provide an example of how much purchasing a used vehicle will cost you over a 24 month span and how much leasing a 2013 car will cost you over a 24 month span.
Let’s say, for example, that you have the choice of purchasing a 2005 Nissan Altima or a 2013 Nissan Sentra. The 2005 Nissan Altima is going to cost you $4,500 out of pocket plus $150/month for liability insurance. The 2013 Nissan Sentra, on the other hand, is going to cost you $2,000 down plus $400+/month for the car note and insurance. When you think about it, $400/ month is pretty affordable for a brand new car. You wont have to worry about mechanical problems, and if anything happens to the vehicle, you are fully insured for repairs. The Altima will probably last you up to five years before it’s time to junk it, so you’ll get your $4,500 worth out of the vehicle. It’s a simple car–not too shabby to get you from point A to point B. The Sentra is a brand new, perfect, beautiful car. If you are into looking flashy and desire to drive a brand new vehicle, leasing the 2013 Sentra would be the better choice opposed to buying the 2005 Altima. Depending on your budget and desires, leasing vesus buying a used vehicle will appeal differently.
Below is a break down of how much a 2005 Nissan Altima will cost you with a one time payment of $4,500 and a monthly insurance note for $150/month and how much a 2013 Nissan Sentra will cost you with a down payment of $2,000 and an insurance note of $230/month and a car note for $170 per month on a 24 month lease. The 2005 Altima will cost $8,100 at the end of 24 months, and the 2013 Sentra will cost $11,600 after 24 months.
’05 Altima ’13 Sentra
Down Payment: $4,500 $2,000
Insurance (24 mons): $3,600 $5,520
Car note (24 moons): $0 $4,080
Total: $8,100 $11,600
As mentioned in my previous blog, if you are interested in purchasing a used vehicle, you may want to contact junk cars for cash companies. Often, these companies will pick up supposed junk cars that are not necessarily junk and will sell them as used vehicles. One example of a junk car for cash company is Junkyard Direct. You can contact this company by calling 866-516-8222 or by visiting the website www.junkyarddirect.com. If you are interested in leasing a vehicle you can contact JYD Auto Leasing and Sales at 718-641-1003 or by visiting www.jydautoleasing.com.