To Lease or Buy a Vehicle?

When it’s time to get a new car, your first decision is whether you want to buy or lease. Both options have their merits, and the decision comes down to how long you want to stay in the same car and how much driving you expect to do. Your cash flow and credit score could impact the decision, but even with poor credit, you have options to make sure you get the vehicle you want. Let’s start with some questions to get you thinking about your vehicle needs and expectations:

˅ Do you want a low monthly payment?

˅ Do you like the idea of eventually having no car payment?

˅ Do you tend to drive fewer than 12 thousand miles each year?

˅ Do you tend to drive more than 15 thousand miles each year?

˅ Do you like to have the latest safety and tech features?

˅ Do you like the security of driving a car under full warranty?

˅ Do you like to do your own repair work on your vehicle?

˅ Do you like to change vehicles every 2-3 years?

˅ Do you like to keep your vehicles for 5 years or more?

˅ Are you concerned about your credit holding you back from getting a vehicle?

˅ Do you like to customize your car, like adding tint to windows, custom wheels, or a sound system?

˅ Do you need that new car smell?

˅ Do you get emotionally attached to your vehicle?

There are positives to either option, but you have to be careful to make the right choice for your current budget and driving needs in the long run. Be realistic about the amount of driving you do and how long you’d like to have the vehicle. Evaluate your liquid cash and take into consideration your credit score to figure out how much you can afford. The sample questions above are meant to help you make this big decision on your own but if you’d like to talk more in-depth with someone about your options, feel free to contact our Financial Team today.