Word: carred
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That uncertainty is translating into savings. But before you put yourself behind the wheel, ask two big questions: Should I get a new or a used car? And should I lease or buy? The experts' short answers are the same as they've always been: it depends on your finances, what you want from a vehicle and your number-crunching acuity...
Buying a new vehicle carries several advantages. Beyond the intangibles - billboarding your economic status, that new-car smell - there's always a great selection of vehicles across all price ranges. You can customize features and technologies (Bluetooth phone systems, iPod terminals, etc.). You can drive the vehicle as long and as hard as you like. And you gain equity as you pay down your loan...
...Still, a new vehicle loses a chassis-size chunk of its value to depreciation when you drive it home. If that thought makes you carsick, a used car might work. Of course, used cars are less expensive, and insuring them costs less. Sure, a used number carries more risks, but in this certified-preowned-vehicle era, a model that has historically retained its value - say, a Honda Accord EX or a Subaru Outback - can often promise years of strong, relatively maintenance-free driving...
...aware, though, that according to dealers, used-car prices - especially for popular foreign makes - have climbed more than 10% in the past year. Recession-scarred consumers are holding on to vehicles longer, and the clunkers program is destroying a fair number of older models. Dealers, in turn, are paying more for units at auctions and at trade-in time, and they're not shy about passing their costs on to you. "It may get to the point where used cars are so expensive that it may be worth buying a new car for a few thousand dollars more...
...caveat: if you drive more miles than the lease allows, return the vehicle to the dealer in lousy shape or terminate the lease early, you could be on the hook for some heavy fees, which can dramatically add to a car's overall cost. That's one reason Consumer Reports, among other reputable research outfits, has long determined that purchasing, rather than leasing, makes better financial sense for most individual drivers...