Money Fix: Post-Sandy car leasing tips
After Sandy, the lower down payments and monthly costs of car leasing are looking better to consumers. Credit: iStock
After Sandy's damage, many people are hunting for new wheels, and suddenly car leasing's lower down payment and monthly costs look good.
"You can get a lease with no money down and may not have to make a payment for 30 days," says Philip Reed, senior consumer adviser for car website Ed munds.com. A new Toyota Camry can go for less than $250 per month; a Hyundai Elantra less than $200, says Alec Gutierrez, senior market analyst at Kelley Blue Book in Irvine, Calif. Tempting, but proceed with caution. Some tips:
But Reed says stick to your guns. Go for a zero down payment, or $1,000 tops. "Put down as little as possible. If you get in a wreck soon after signing your lease, you lose your down payment." You might get a better deal 20 to 30 miles out of the city, he adds.
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
