Hello and thank you for trusting Just Answer with your question. I'm Dj and I will help you with this.
The first option were you put down $2,000 and have payments for 8 years will cost you $52,800 in payments. So with your down payment, that's $54,800 for that vehicle.
With a purchase, you own the vehicle when your payments are done. That's the biggest advantage over a lease.
With a lease, you have a predetermined value when you end the lease. The vehicle that you purchase might be worth more or less in 8 years than what you expect.Sometimes you can get a tax break.
Sometimes you can get a tax break with a lease.
Lease payments are usually less per month, but in the end, you don't own anything.
Looking at the same car for 8 years is hard. Plus reliability will decline as the car gets older. It will be 11 years old by the time you pay it off. AAAARRRRGGGG.
Purchasing a used car has a higher interest rate than purchasing a new car. That's because there is a greater risk with a used vehicle. Let
Lets say the car is 6 years old (3 years from now) and the engine blows up. The repair shop calls you and says "hey buddy, your engine is shot and it's going to cost you $9,846 to fix it." What are you going to do? Have you got that much in the piggy bank? People are much more likely to default on a used car because expensive repairs are often impossible to pay for.
The absolute best deal you can get on a car is a one year old certified pre-owned. The first year of depreciation is the worst. Often a car can drop 25% to 30% in price.
A certified pre-owned will usually have a warranty that can be better than a warranty for a new car. Some go as far as 100,000 miles. This will often get you lower payments because the risk is lower.
I realize I'm rambling here. But this is a complex question so I threw some things at you so that we can have a discussion that might help you to make a decision.
Let me know if I've hit any hot buttons.