Automotive

Buy vs. Lease for a mature student

  • Last Updated:
  • Nov 29th, 2016 12:26 am
[OP]
Member
May 1, 2013
499 posts
46 upvotes
Toronto

Buy vs. Lease for a mature student

I need a car as I donated my old one.

-I'm debating buying new vs. leasing and part-time I want to be driving Uber. I will be doing a year's worth of co-op as well.
-Debating leasing something like a Hyundai Elantra or the new Civic as they're both fuel efficient.
-Debating buying like a 2013 or 2012 civic or Acura but don't want to spend more than $10k financing it.

Anyone go through a similar experience? What are the advantages of leasing? I was thinking of having Uber help me lease it as well, but either way I have a co-signer.

Thanks for your input!
8 replies
Deal Addict
Dec 30, 2007
1005 posts
186 upvotes
Ottawa, ON
Seriously reconsider the options of leasing, unless you do so as a commercial basis rather than on a consumer basis. The milage alone you'll have from driving for Uber will blow up your allotted milage on a lease, and there very well may be terms and conditions regarding use of the vehicle as a commercial vehicle that you'd need to consider.
Deal Addict
Aug 20, 2007
1891 posts
661 upvotes
Kitchener
I wouldn't recommend leasing if you plan on using it for UBER. There will be increased wear and tear on the vehicle that may cost you more in the end when you return the vehicle than its worth.
Deal Addict
User avatar
Feb 9, 2013
1678 posts
1200 upvotes
Ottawa
Buy a used Civic. No point in leasing if you really want to do Uber.
[OP]
Member
May 1, 2013
499 posts
46 upvotes
Toronto
iflyplanes wrote: Buy a used Civic. No point in leasing if you really want to do Uber.
I was thinking this myself.
Jr. Member
User avatar
Jul 19, 2013
166 posts
41 upvotes
Toronto
Look at a fit if you're going to rack up the mileage, as others have mentioned leasing is probably not a good option.
Member
Oct 16, 2015
394 posts
231 upvotes
Quebec
Buy a mid-size not a compact for taxi/Uber work, your clients will thank you for the extra rear-seat comfort. 4-cylinder Accord or Camry is best (fuel economy is reasonable), or maybe a depreciated-value domestic sedan (Ford Fusion or Chevrolet Malibu).
Member
Aug 2, 2006
328 posts
43 upvotes
You also can't reasonably lease a used car...and you are looking at 2013s
Deal Expert
User avatar
Jul 22, 2006
21817 posts
2458 upvotes
Buy cash outright..

Last thing you need as a mature student in school full time is monthly car payments

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