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Cars, Cars, Cars


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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. 

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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. 

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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? 

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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.  

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