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Lease or Buy? Which car payment method is right for you? 

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Lease or Buy? Which car payment method is right for you? 

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By Evan Burgess

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On this page you will be able to find many useful sites and information about different types of car payment methods. Hopefully these facts help you determine which payment type is best for you, and the benefits and disadvantages of either.

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https://www.edmunds.com/car-buying/compare-the-costs-buying-vs-leasing-vs-buying-a-used-car.html
On this website it shows that buying a used car is actually the cheapest senario with the tested car coming in at nearly 25 thousand dollars in out of pocket costs. For final costs with equity the out of pocket cost for a used car came to just under 19 thousand dollars. Meaning many first time buyers just see the large inital costs but actually they arent that bad.

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The view below is a podcast of a very successful man who explains why leasing will never get you rich, because you dont gain any equity in the car, and you have no assets when leasing
https://www.youtube.com/watch?v=5WJw73nrEOc

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https://www.theglobeandmail.com/globe-drive/news/the-real-cost-of-car-ownership/article1378882/
Now that you know the cost difference between buying and leasing, the cost of repairs must be considered, because as cars age they need more service, depending on the car and driving some will require less service then others. So the website above and the photo  above show the cost of ownership for older cars.
Click to View

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http://www.scotiabank.com/ca/en/0,,3118,00.html
Some benefits to leasing a car are:

1. You get a new car every few years.

2. Tends to have lower monthly payments.

3. Most service to car is covered under warranty

4. Tend to get a better price if you choose to buy after leasing.

5. Very little negotiations everything is clearly stated.

6. Car depreciation does not cost you.

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https://www.theglobeandmail.com/globe-drive/news/long-term-car-loans-the-pros-and-cons/article13197609/

Some Benefits to Car loans/Buying are:

1. Own your own car

2. Dont have to change cars every few years

3. Have an asset you can sell or trade in with a value

4. Usually tends to cost less then leasing after reselling the car.

5. No limit to amount of driving one can do in a year.

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https://www.youtube.com/watch?time_continue=5&v=uZrtOHvnHqE
In this video it shows that leasing a car is actually the most expensive, and so it would be, you have to pay for having a new car every few years. With the same car as compared in the cost of buying post, the cost of leasing is just over 28 thousand dollars, meaning that the cost of leasing is 3 thousand dollars over the out of pocket for buying, and 9 thousand dollars over the cost of buying a car after equity is calculated.

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In this picture they are on the side of buying, showing it can be an asset to have a paid for car, allows more freedom, and it costs less when calculated over time.
Click to view

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Below is just one final video of someones thoughts on leasing and buying. Its always a good idea to go over what you have learned before making your choice, Good luck hope this page helps!

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What I learned about this topic is that its actually cheaper to buy a car instead of leasing it. When going into this reserach I just figured that the prices are very even but it I actually learned that its thousands of dollars difference. This topic is relevant to my life because I have alway bought used cars and never bothered with leasing one because I like to keep my cars or try and make money on them. So now I know I have made the right desicion. The reseach I found most interesting is that the service on older cars is actually not that bad compared to what I thought, with the average being around 900 to 1500 a year, which isnt bad at all.

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In this picture they compare buying to leasing, putting leasing as a better choice, because its good for someone who likes change and doesnt want to worry about anyting but pavements.
Click to view

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In the video below it shows how buying a used car can be a good idea if buying a car because you wont loose much value driving it off the lot like a new car, also you can sometimes get a good deal, meaning you could have more value in the car then the money you paid.
https://www.youtube.com/watch?v=I4ArgsnpYCw