Personal finance columnist applauds end of auto leasing

calendar (1K) Posted Tuesday, Aug 19, 2008 at 11:56 am in Industry News

Michelle Singletary, who writes a syndicated column on personal finance, answers the question, “Is auto leasing really dead?” with “Oh, I so hope so.”

“For years I’ve been trying to get people to see the financial folly in leasing a vehicle,” she wrote. “Finally it’s taken a convergence of economic events — rising gas and food prices, a slow economy, job losses — to park auto leasing as a lifestyle.”

Singletary’s “The Color of Money” column appears in the Washington Post and 120 other newspapers across the United States.  She also discusses personal finance each Tuesday on NPR’s “Day to Day” program.

Her column quotes Chrysler LLC Vice Chairman and President Jim Press saying, “we are leveraging the move from leasing to retail purchases to offer our customers the best deals of the year and make buying as affordable as renting.”

She responds with a “Hallelujah.”

“Long term, paying off a car and keeping it for years are inherently better for you financially,” she wrote.  “If you want to be rich instead of riding around looking like you’re rich, don’t lease.”

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