Why does your son think you need to lease a car? True, the monthly payment is a bit lower — because you are only paying to own “three years worth of the car”! But at the end of 3 years (or whatever term of the lease) all you have is receipts — and no car!
Some businesses can deduct the cost of the lease if the car is used for business purposes. Then it makes sense to lease. But otherwise, buy the car outright — or make monthly payments — to OWN it! Then at the end of the 3 or 4 years of payments you’ll OWN A CAR! If you take care of it, you could own if ro 10 years — no payments.
Tell your smart son that if HE is leasing his car, you hope he is putting the difference he’s saving into a 40l(k) plan at work or an IRA. Then when he’s “old like you” he can afford to BUY his car!