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Instant gratification is so American. Everyone wants a cool car and they want it now. But cars, even the uncool ones, cost money, lots of money.  Sometimes people want to take a shortcut and instead of buying a car they choose to lease. Dealers make it very easy to lease. Leasing a car often requires zero down payment. All you need is a signature and you can drive the car right off the lot. It’s very tempting but it makes poor financial sense in the long run.

When you lease are car you have to adjust your budget and plan for never-ending car payments. You are still responsible for insurance, gas, repairs and regular maintenance on the car. Leasing is akin to renting, you make payments but you never actually own anything in the end. The debt continues but the car never becomes yours. In addition, you may end up paying extra money when it’s time to return the car if you’ve driven too many miles or the car has too much wear and tear.

Leasing a car comes with all the responsibility and none of the benefits of car ownership. If you really want a cool car to call your own, you have to earn it.

Take a look at your personal finances and start budgeting. You can enough money for a good down payment sooner than you think. And every car payment you make is one step close to owning your dream car.