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Lease or Buy?

Whether to lease or buy has always been a tough question. Undoubtedly, you’ve been advised one way or the other by a friend or relative. As personal as the choice is, there are still many factors to consider. If you’re the type of person who prefers to pay for things up front, then leasing might not be for you. However, having a nicer car with relatively low payments can be a great option. Since leases are typically two to four years, your vehicle's warranty will usually cover everything outside of routine maintenance. Buying your car outright is the better option if you look forward to eventually eliminating monthly payments. If you have money on hand for a downpayment, your loan will be smaller as well. If you plan on doing a lot of mileage, you’ll need to purchase an extended amount on top of what’s allowed in your lease. Buying your car outright eliminates that worry. When you lease, the payment is based on the value of the car at the end of your lease, hence the lower payments. Purchasing that same car will cost the entire amount. Your decision should be based on these factors and an honest look at your particular needs.