Guide to Buying a Car Chapter: 1 2 3 4 5
Buy or Lease?
Deciding whether to lease or buy comes down to crunching numbers. Generally, a lease requires little or no money upfront, and requires lower monthly payments. The downside is that when it expires, you're stranded on the side of the road without a car.
Deciding whether to lease or buy comes down to crunching numbers. Generally, a lease requires little or no money upfront, and requires lower monthly payments. The downside is that when it expires, you're stranded on the side of the road without a car.
If you buy, you may pay a little more per month; but when your loan is finished, you're left with a familiar set of wheels-one that you can resell when you're ready.
This decision also involves convenience. With a lease, you get the pleasure of driving a new car every few years, one that will not require heavy maintenance costs on your part. The monthly payment for a car will also be lower if you lease a vehicle rather than purchase it.
However, owning allows for more flexibility. You're not constrained by the mileage limits of a lease, and you can sell it whenever you'd like.
At this point, you've mulled over some pretty important questions, crunched some numbers, and come up with concrete answers. Like the question "new vs. used," "lease vs. buy" is a personal decision. To find your answer, carefully evaluate your short and long-term needs, and factor in your personality. Above all else, your decision should feel as comfortable as Corinthian leather. Take your time and you'll make the right call.
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