Leasing Vs. Buying A Car – Pros And Cons

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Are you making the leasing versus buying decision? Making financial decisions largely depend on the money goals we set for ourselves.

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If you want to save X% of your income per year, you need to make decisions that align with that. Here are the pros and cons of leasing vs. buying a car.

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Leasing is tempting to many people, mainly because of the lower monthly payment.

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When you’re leasing a car, there is little to no upfront costs. Most lease contracts don’t have a down payment if they do the amount is very low.

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When you’re leasing a car and there are damages to the car, you need to pay for them. Whether the damage is inside the car or on the outside, is irrelevant.

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When you’re encountering a major life event and you’re not able to pay for the car anymore, the lease contract is still in place.

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Like everything in personal finance, there are pros and cons. Think about what you value and your current financial situation before you’re making a decision.

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FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE

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