Getting Started
When it comes to getting a new car, the big question is whether to lease or buy. There are pros and cons to each option, and the best choice really depends on your personal situation and needs. Leasing can be a great option if you like driving a new car every few years and don't want to deal with the hassle of selling it later on. The monthly payments are typically lower than if you were to buy the same vehicle outright.
What You Need to Know
When you use the Lease Vs Buy Comparison, and with a lease, you're only responsible for the car's depreciation during the lease term, not the full purchase price. The downside is that you never actually own the car, and there are limits on mileage and wear and tear. Buying, on the other hand, means you'll eventually own the car free and clear. This can be a better long-term investment, especially if you plan to keep the vehicle for several years. Plus, you have the freedom to drive as much as you want without worry about exceeding mileage limits.
Next Steps
When you use the Lease Vs Buy Comparison, the tradeoff is that the upfront cost and monthly payments are usually higher than with a lease. For example, let's say you live in Los Angeles and need a reliable car for your daily commute. Leasing a Honda Civic might cost you around $250 per month, while buying the same car could be closer to $350 per month.
