distressedpremed Posted April 15, 2017 Report Share Posted April 15, 2017 Hey guys, Forgive me for starting a dumb thread, but I just want to get some advice on leasing versus owning a car during residency. I'm moving to a city where having a car is a must. I'm thinking of leasing, but the lease max is 4 years (48 months). I'm in a five year residency so I'm not sure what I will do in the 5th year in regards to transportation then, but at the same time I'm not sure where I will be in regards to fellowship. Any advice on whether I should purchase the car outright using my LoC and try to sell it off after 5 years? I never owned a car in the past. I was thinking of getting a Subaru Impreza. Link to comment Share on other sites More sharing options...
schmitty Posted April 15, 2017 Report Share Posted April 15, 2017 The best financial move would be to buy a late model used car, then sell it when you leave. If you must have a new car you will be taking a huge depreciation hit and the cost for a lease would be even higher because you recoup none of your initial outlay at the end of the term. IF you MUST have a new car, you can see if they have any dealer financing incentive like ) or 0.9% financing which would make it cheaper than your LOC. Link to comment Share on other sites More sharing options...
Clover_236 Posted April 15, 2017 Report Share Posted April 15, 2017 For those with experience buying used cars. Is buying from a private owner/dealer and doing a professional pre-purchase inspection (e.g. through Canadian Tire or a similar company) safe enough in most cases in terms of not ending up with a lemon? Or given one’s lack of experience with cars, it’s pretty much worth the extra upfront cost to buy a certified pre-owned car? Link to comment Share on other sites More sharing options...
ArchEnemy Posted April 15, 2017 Report Share Posted April 15, 2017 Also interested in this topic. What are the additional fees that one has to pay beyond the original price of the car? Do these fees differ when one makes a purchase from a private owner vs. a car dealer? Thanks! Link to comment Share on other sites More sharing options...
indefatigable Posted April 15, 2017 Report Share Posted April 15, 2017 I bought one very inexpensive used car after owning a very similar model for many years. I ended up going with a used-car dealer, who in retrospect, was slightly deceptive regarding the full state of the vehicle. I had checked privately available offerings as well. However, given the price I paid, and comparable models available, I don't think it was effectively disadvantageous. At a lot, taxes will be charged, whereas a private deal this won't necessarily be the case. I would say a professional inspection is probably sufficient to rule out any problems, along with running the VIN through a check. Except for the loss of travel autonomy during limited free time, I'm happy to not currently have a car: older cars especially always seem to run into problems, there's a constant financial and real depreciation, finally fuel & insurance costs seem to always add up. Link to comment Share on other sites More sharing options...
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