I have a lot of thoughts on this because I did some research on leasing and buying when I was deciding last summer what to do (I ended up buying, but my circumstances were very different). The best resource for information on this is Edmunds.com, but an Internet search will bring all sorts of good information about leasing vs. buying. (Kelley Blue Book, or KBB.com, is also an invaluable resource).
However, in the interest of space, I’m going to limit my comments to simply saying that while I think leasing is a great and viable alternative to purchasing, a lease might not be the best choice for you.
-You can definitely get leases for less than 4 years; in fact, most leases I saw being offered by dealers were actually 2-3 years long.
That said, if you are a senior this year and you don’t know what you’re going to do in 9 months’ time, leasing is probably not the best choice for you - you are probably going to have to make a commitment for at least 2 years. However, you could look into a lease assumption. Think about a lease assumption like taking over someone’s apartment lease - basically, what happens is someone else has leased a car for X number of months and now decided that they can’t fulfill that lease, so they are looking for someone else to assume the lease until it’s done. [url=http://www.leaseguide.com/articles/short-term-lease/]Here[/url] is a website with a summary and instructions how to find those.
-Just like buying, when you lease, your credit score is important. If you’re a traditional-aged college senior without a credit history, leasing may be difficult. You may not be able to find something for less than a $200/month payment. Remember those $149/month lease deals with no down are for people with near-perfect credit. You’ll also need a down payment - probably around $2,000.
Do not do this. Leasing has many of the same considerations as buying. The price of the car matters in your down payment and CAN be negotiated. The lower the agreed-upon price (called the capitalized cost), the lower your monthly payments. Your interest rate (called a “money factor” in leasing) will be determined by your credit; if you don’t shop around the dealer can offer you an inflated rate. The depreciation of the car matters a lot in your payment, too, because it determines how much the dealer can get back when they resell the car in a few years. So you want cars that don’t depreciate as much and hold their value. You should also shop around to see if any dealers are running lease specials or have discounts for college students and graduates (Honda does); these discount programs can save you hundreds or thousands of dollars.
When leasing you need to do research just like you would buying! Generally speaking, though, Hondas and Toyotas hold their resale value and are good cars to lease. (They also tend to be more expensive cars to lease, though. Nissans also have decent resale value and are pretty cheap to lease.)
Trust me, I understand “salivating” over getting a car and having the freedom to come and go as you please, without relying on others. I went to college in a car-centric city and I didn’t buy my first car until I was 28 years old. BUT, it was worth the wait, because 1) I knew I can afford the payments flying out of my bank account every month and 2) I knew that I was going to need a car for some longer period of time, so I didn’t have to worry about getting rid of it when I no longer needed it.
So, I would say consider whether it is possible to do what you are doing for 9-10 more months, until you have a job and more stability. It may not be convenient or your favorite option, but is it possible without unreasonable amounts of work? Comparing yourself to your parents and 3 other siblings is not a great idea, because your parents and any older siblings are at a point in their lives in which they can afford cars themselves and have the stability to need them without worrying about getting rid of them later.
Also, @OspreyCV22 makes a good point about car insurance. If you lease a new car, your car insurance will be more expensive because you will have to get comprehensive & collision insurance. With a cheaper used car that you have not financed, you only have to get liability, which is far cheaper, particularly if you are under 25.