Buy or Lease?
Its the classic dilemma that faces every auto-consumer out there: Pay cash upfront or forego the ownership and pay monthly settlements instead?
Buy or lease for a new set of wheels?
As is the case with every other common dilemma, there is no slam-dunk answer. Each option has its own benefits and drawbacks, and it all depends on a set of financial and personal considerations.
First, your finances. Affordability is clearly key, and you need to ask the question of how stable is your job and how healthy is your general financial situation. The short-term monthly-cost of leasing is significantly lower than the monthly payments when buying: you only pay for the portion of the vehicles cost that you use up during the time you drive it.
If you have a lot of cash upfront, then you can opt to pay the down payment, sales taxes – in cash or rolled into a loan – and the interest rate determined by your loan company. Buying effectively gives you ownership of the car and that feeling of free driving that goes on providing transportation.
If, say, you want to get into luxury models but cant afford the upfront cash of purchasing...
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