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Buying Power: Is It Better To Lease Or Buy?

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By Mia Bolaris-Forget

Now that you are officially a family or have expanded your family (to include children) you may soon find yourself in the market for two dependable cars, and/or perhaps at least one that is more suited and suitable to parenthood and “family” life.

But, before you make a decision on which care is best for you and your family, you may begin to ponder whether it’s more financially frugal and/or feasible to lease of buy.

Well, according to experts both options have their pros and cons, and the bottom line, is a direct result of YOUR bottom line and YOUR priorities, though they (the experts) admit that in the long run, most people wind up saving money if they opt to buy.

Why buying is “better”…According to the experts:

· You have greater flexibility in the model you choose

· There’s no monetary “penalty” for exceeding specified mileage

· You are not penalized for minor dins and scratches, and other normal wear and tear.

Experts assert that unless you plan on upgrading or trading in your car for a newer model frequently, you’re best bet is buying. This is especially important if you’re looking to build equity. However, if you don’t have enough or ample equity either to put down on the vehicle or to make your monthly payments, leasing may be the option for you. Not to mention that it would allow you to “upgrade” every few years.

On the other hand, leasing often leaves you at the mercy of those you are leasing from. Remember the vehicle isn’t really yours. With that in mind, you are limited to how many miles you can drive (and may be subject to fees should the limit be exceeded). Plus, you won’t be building equity, and will undergo a thorough “scrutiny” once you turn it in, including a detailed inspection on upkeep and wear and tear for which there may be a penalty fee.

Finally experts assert that leases are also sometimes difficult to get out of if your car needs change, such as needing a bigger vehicle for the family. With that said, professions strongly suggest, examining your options, needs, and finances very closely, and being super sure before deciding not to buy.

Long Island Money & Careers Articles > Buying Power: Is It Better To Lease Or Buy?

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