How To: Lease or Buy?

If you are an indecisive individual in most aspects of your life, then when it comes to the big purchases, such as a pet, a house, or a car, it can be a lot to handle. But don’t you worry, I am here to help you decide. When it comes to cars there are a lot of factors to consider when you are determining whether you would like to purchase the vehicle, or to lease it. Are you the commitment type? Or the type that gets bored easily? Do you look forward to the release of every new model from your favorite manufacturer? Or do you look at cars as a means to get from point a to point b? Still not sure? Let me give you some tips to help you decide which method works best for you.

Here are some questions to ask yourself?

1. How much do you drive?
2. How long did you keep your last vehicle?
3. Do you often want to purchase new vehicles based on preferences or hobbies?
4. How likely is it you will have a change in your family life or income level that may necessitate a new vehicle?

Let’s just lay out some of the facts you are dealing with here:

• Up-front payments
  • Lease: This typically includes the first month’s payment, a refundable security deposit, a down payment, taxes, registration and other fees.
  • Buy: This include the cash price or a down payment, taxes, registration and other fees.
• Monthly payments
  • Lease: This payment will more than likely be lower than the loan payment for since you are essentially only paying for the vehicle
    
    

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