Leaving duty station within 3-8 months. Is it smart to lease a car or should I buy a bike instead?

[sunset1]

Hey I was just wondering about the pros and cons of leasing a car in the military.

I get back from a detachment in a few months and from then on I will have 3 months until I separate, unless my command extends me until next Summer so that I can lateral move into a new job and they get to keep my knowledge awhile longer. They already tried to extend me until then but we had to wait until this month to submit the paperwork. More than likely it will get approved.

My original plan was to just buy a nice bike and hopefully live with a roommate somewhere close to base. If I stay until next June I'll be gone for another 2 months within that time so I'm really only looking at 6-8 months of biking to work.

Just now I remembered awhile back a Volkswagen dealer explained to me that we are able to break leases if we get orders. So even if I got a 2 or 3 year lease, once I get orders or separate I "should" be able to cancel the lease. This would allow me a lot more mobility for my last few months and not have to bum rides all the time.

What do you guys think? Obviously the bike is the cheapest option assuming I can get an affordable house near the base I'm at. Then there's the fact I have 6-8 months of bumming rides, living near base, and not being entirely independent. I literally have no idea what costs go into leasing a car or if it's even legal to break the lease with orders, but if it is true I wouldn't mind paying a couple grand to enjoy a new car the rest of my time there.

Please advise!

 

[vandientu]

@sunset1 I don't think you should limit yourself to just a bike or a lease. You may be able to pick up a cheap car or moped (under 50cc) off Craigslist that you could then sell in 6-8 months at a minimal loss if any. If you lease however, your making payments on something you can't keep. Also, I'm not sure the service member civil relief act covers your situation.

This may be useful:
"Here are some examples of when you can and cannot terminate your auto lease under the SCRA:

OCONUS to any other state, for example, Alaska to Hawaii, or Alaska to Texas, you can terminate;

CONUS to CONUS, for example, Georgia to California, you cannot terminate.
Carefully read your lease terms and consider your situation before signing the contract."

Source: https://www.consumerfinance.gov/ask...-out-my-car-lease-without-paying-penalty.html

 

[sunset1]

@vandientu I'm stationed OCONUS so I should be good to terminate? I guess I'd also like to save the hassle of buying and selling a car that may or may not be reliable. A cheap used car would be great though but for the price range I'd want to spend more than likely I'd get something unreliable. A lease would help me build more credit as well as having something reliable to drive. But I'm assuming my total payments would be equal or less to a cheap car.

 

[josephfaith]

@sunset1 Leases are terrible deals and dealers are notorious for making it a hassle for you to terminate under SCRA. You also need to take into account taxes and registration fees, which are likely to make a short-term lease a bad idea anyway. If all you need is a way to get to and from base, I recommend just buying a crappy car that runs.