Buy, lease, or beater?

[Jacob Grant]

I know this is very much a depends on your own situation kind of question, but could use some advise anyway. I currently lease a car that due to an emissions scandal I will be getting out of my lease this fall. At the time I leased the car I had not yet discovered my desire to be a real estate investor so my financial mind was in a different place. Im trying to figure out a new game plan for when my lease is up. My question is, now that I am trying to save some money and watch my debt to income ratio, what are some of your opinions on buying new, leasing new or buying a cheap used vehicle, and which option might be best for a new investor looking to put away some start up capitol? I have a friend who owns two of his own successful businesses who swears by leasing. He values the liquidity of a lease vehicle and the warranty greatly. I can see tha validity of that but wonder if I might buy a cheap used car to avoid payments and deal with repairs as the arise. Thank you for your time as always BP!