->I'm in Canada, and all dollar amounts are Canadian Dollars.

I did a little math. I'm speculating on aquiring an 07 GT next year.

I will have around 6k to put down, maybe more. The cost of the car including the 13% taxes is ~41000.00

Leasing for 4 years is $639 a month.

Purchasing over 5 years is $691 a month, w/~7% interest. I could shop banks to find the best rate possible.

Leasing costs $30,362 over 4 years w/9.99% interest (holy crap.)

Interest costs for purchase are $6460.

The unfortunate thing about this whole process is I have nothing to put up for collateral, so getting a loan or even a lease would be a bit dicey. I guess the car is collateral for a auto loan.

 

If I was buying it I would want to keep it for years

 

how did you come up with 41k? i am getting a gt (a plan), and after taxes its only 26, and its almost fully loaded (no auto or red accent pack)

 

your 41k figure is way wrong... look to spend about 32,34k

 

And after your lease is up you have no equity in the car. Once I get my car I plan on having it for a LONG time.

 

I'm assuming the 41k is Canadian.

 

I wouldn't lease...

 

I usually lease vehicles, but bought the Mustang.

The lease rates (at least back in January) were terrible, and I knew I want to keep the car for a long time (and eventually make it a non-daily-driver, in a couple of years).

 

I usually lease cars also, but I bought my '05 Mustang. The lease rates were awful last October. I was much better off purchasing the car, and building some equity in it. The problem I find with leasing Mustangs is that the residual at the end of the lease is very low, leading to expensive monthly lease payments. Unless you plan on buying the car at the end of the lease, you are better off purchasing and financing the car IMO. I plan on keeping this car for 5 years or so.

 

I don't think he's Canadian... none of his sentences ended with 'aye?'

 

I agree. If your figures are accurate there's not much of a difference in the monthly payment in the two plans so buying is obviously the way to go. At least you'll have a car that's worth something when you finally pay it off, unlike with a lease.

 

he's Canadian not a pirate

eh