Is It Better To Lease or Buy A Car? Which Is Better for You?

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You you how’s everybody doing today so i hope everybody is having a great day what i want to discuss in today’s video is a topic i’m in it nest a few times so i figured i would just do a video on it and that is when your looking for a new car should you lease or should you buy now it’s very everybody is different each person is going to have a different need

With the car and how long you want to keep the car if you’re someone who wants to buy a new car every two three years then in my opinion leasing would be better and there are a couple reasons with leasing your down payment is generally lower so you can get and your monthly payments are generally cheaper than buying so what that means is you can get more car for

Less money if that makes sense so you can get a little bit more expensive car through leasing than you can through buy ah that’s the biggest advantage with leasing and generally as far as like your maintenance costs such as you’re not you shouldn’t run into any major issues with the transmission the engine or anything like that and usually the factory warranty is

Going to go the timeframe of your lease which is generally three years now of course you have to keep up with your old changes and all that that’s not covered under a warranty but anything that’s warrantied would be now so those are the the plus sides to leasing the negatives are if you’re into modifying your car you can’t really do that and you can but when you

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Go to turn in the car at leasing if i remember correctly you have to have those parts removed before turning it in if there’s any damage to the car you have to pay for it at the time of the leasing and the contracts generally aren’t that easy to follow for most people but and you also you’re not going to own the car you don’t physically own anything you’re also

Limited to a certain mileage each year generally it’s twelve to fifteen thousand miles anything over that and you have to pay for whatever you could comes time to turn in the car for buying a car the advantages are you own the car it is yours you can do with it what you please as long as you make your payment’s of course so you own the car it’s yours you can do

With it as you please you don’t have to worry about the mileage driven each year you can drive it as much as you want some negatives are generally the notes are higher each month but you can also set that by going longer terms if needed whereas leasing i believe your if i remember correctly it’s the maxes either 36 or 48 months i could be wrong on that one but

With my you can go you can go as far as 84 months if you need to so again buying your notes are generally going to be higher so you can’t you’re going to get less car for your money and the down payments are generally higher on a new car then or i’m sorry on a i’m buying than leasing and here’s how i compare it leasing a car is like renting a house or an apartment

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You’re never gonna own it you’re essentially just that money is going away and you have nothing to show for it whereas buying a car that money that you spend on your monthly payments you have you at least have something to show for you have a physical object that is yours in my opinion leasing is or leasing is not for everybody and that one’s obvious like i said

If you’re someone who goes through cars very frequently leasing might be the route for you if you go through them regularly you don’t go uh you don’t drive more than 15,000 miles financially that might be the better option for you but generally in the long term if you figure it out leasing is not really a good financial decision because let’s say you lease a twenty

Thousand dollar car versus buying a twenty thousand dollar car with interest in all that if you lease a twenty thousand dollar car for let’s say three years you get to drive that car for three years you pay the twenty thousand dollars plus whatever the interest is at the end of that three years you’ll do that let’s say you do that again so now for a six year term

You spent upwards of forty thousand dollars whereas if you just bought the car to pay twenty thousand dollars plus the interest rate and if you could spread that out over five years it’d be paid for and by that six year you own the car you don’t owe are you any you have equity in the car you don’t owe anything on it so let’s say for that example on the leasing you

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Lease the car you loved it you turned around and you wanted together lease it or buy it you’re spending more than double which you would had you just bought it but if you know if you know that okay i’m not going to keep this car i would see this work better for exotics like lamborghinis and ferraris you don’t drop them that much and if you if you get bored with

A car you can let’s say all the way we’re eating for three years turn around once the lease is up lisa farrar i would see some people doing that but with the cheaper cars like honda civics and stuff like that in my opinion it’s better to buy them i personally am not a fan of leasing it’s not anything that i’m going to do when i get a car is going to be through

Buying now i hope anyone has had any questions about the differences what would be better for you hopefully this helps it really is up to what you’re looking for what you’re wanting out of the vehicle and how long you plan to keep it if you have any questions any comments feel free to comment down below otherwise y’all take care and have a great day

Transcribed from video
Is It Better To Lease or Buy A Car? Which Is Better for You? By The Life of Cosmic