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From Pros and Cons, a Clear Choice
What if you are in the market for a car? "Please explain why leasing a car is so terrible," one chat guest wanted to know.
I've consistently said that I think leasing a vehicle is a bad long-term financial move for most people who do it. Read "The Millionaire Next Door." About 81 percent of millionaires buy their vehicles. But let's go through my little exercise.
Color of Money Challenge
For 2007, personal finance columnist Michelle Singletary will help four people -- two single women and one couple -- achieve their financial New Year's resolutions. Reporter's Query
Michelle Singletary is looking for guests from the Washington, D.C. metro area to appear on a mortgage special for her show on TV One, "Singletary Says." If you or your family had a loan reset to an interest rate you can't pay, are facing foreclosure and need advice, or has experienced a housing crisis, such as foreclosure, but came out on the other side, send an e-mail to colorofmoney@washpost.com. In the subject line put "TV One Guest."
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Syndicate/SubscribeOn the pro side of your leasing list, here's some of what you might write:
· You get to drive a better car than you can afford to buy.
· Monthly lease payments are lower than monthly car loan payments.
· You don't have to worry about a major repair bill.
· Leasing makes sense if you like trading in your car every few years and if you drive less than 15,000 miles a year.
On the negative side:
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