Men and women, with little or more financial means, want to own and drive a car. In owning a car, a person does not know whether to buy or lease a car. There are some online tools that may guide a person to make a better decision by selecting factors that describe the financial situation of a car buyer. Leasing a car may be a good option for some people. On the other hand, buying a car may be a good investment for some people.
One online calculator can be found at bankrate.com. I presented 3 scenarios below and the corresponding recommendation whether to buy or lease a car.
Scenario #1
Situation: If you have no cash or trade-in car that you can use for a down payment.
Recommendation: You should lease a car.
Scenario #2
Situations:
- You can make only a small down payment in cash.
- You will drive the car 10,000 – 15,000 miles each year.
- You want the smallest monthly payments possible.
- You will not maintain your car too well.
- You are not interested in customizing your car.
- You do not have problem with making monthly payments.
- You think your credit rating is about average.
- You think that you like to get a new car every few or 2 years.
Recommendation: You should lease your car.
Scenario #3:
Situations:
- You can make only a small down payment in cash.
- You will drive the car 15,000 – 20,000 miles each year.
- You will spend what you need to get the car you want.
- You will maintain your car like most people do.
- You are not interested in customizing the car.
- You do not have problem with making continual payments.
- You think your credit rating is about average.
- You like to keep your car as long as possible.
Recommendation: You should buy your car.
You must make an intelligent decision whether to buy or lease a car based on your present situations and your need to go to your work.
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