Looking for help / advise on car leasing for the first time

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Hello awesome people,

I moved to the USA a year ago and am based in Jersey City, New Jersey. I’m looking to lease a car for the first time and could really use some advice. Here’s a bit about my situation:

  • I have a good credit score of 770+ with no loans.
  • I live right across from my office, so I won’t need the car on weekdays, but I’m keen to explore on weekends and travel to nearby cities. (Would the mileage limit create an issue if used more than the limit?)
  • I’ve been driving for about a year using rental cars and have a clean driving record.

Questions:

  1. Gas or Electric? Should I go for an EV or stick to a gas car, the need for occasional long drives?
  2. Lease or Buy? What are the pros and cons of leasing vs. buying for someone in my situation?
  3. Compact SUVs: I’ve been researching online, and I like these cars:Which one would you recommend for better highway handling, ADAS features, and weekend getaways?
  • BMW X1
  • Tesla Model Y
  • Ford Mach-E
  • Dodge Hornet
  • Honda Prologue
  • Genesis GV70
  1. Insurance Costs: Is it true that insurance for a leased car and a first-time owner can cost over $250/month? What can I expect?
  2. Car Budget: For those who own or lease compact SUVs, what’s the usual monthly budget, including car payments, insurance, and maintenance?

I’m excited to hear from those with experience. Any tips, additional questions I should ask, or advice on how to make a confident choice would be greatly appreciated.

Also, if you know the best dealerships who can help get a good deal on a car, please help refer.

I found parking at the next building for $240 per month.

Thanks in advance for your help!

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Your insurance is going to be very expensive and your credit history will be very thin, making your money factor potentially much higher than the best tier MF you are seeing on forums.

Use the Jerry app or talk to an insurance broker about insurance costs before you decide which strategy is right for you.

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Have you considered a chevy blazer with the super cruise option?

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Honestly you probably should get a used car if u gonna park on the street. A lot of hit and run accidents in jersey city with lack of parking

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Over the last ~10 years JC saw a big change in street parking availability. Population and average income :arrow_up:—more cars.

Unless the OP lives in a townhouse community like Society Hill the idea of driving around the block for parallel parking on the street should be a non starter.

Adjust your budget for parking costs @Naniraaj

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I found parking for $240 in the next building garage.

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Then I’d move quickly to see what deals could be had. BMW has an expat/exec program and probably Hyundai/genesis would also be more lenient.

Your biggest challenge would be your lack of credit history. As others said, a used car with a credit union loan would probably be your best bet.

Search LH, plenty of topics on H-1B’s and other similar situations. Good luck

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So $240 to park
240 to insure
600 for an SUV

So 1080 a month to drive a car on weekends? Just continue to rent

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I was in Your shoes 20 years ago. Wait another 2 years to get normal insurance rates, and buy a reliable used car just with basic insurance coverage. For now just rent the car whenever you need and enjoy nice saving. :wink:

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Ask yourself how far you can uber or take the train for $1080/month. Honestly, renting cars on those weekend days may be the way to go too.

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