Buying vs. Leasing a Car (Pros and Cons)

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In this video Mike discusses the differences in buying or leasing a car. So which is the better option? The truth is that there are two aspects to this decision.

There is the mathematical decision, and the personal situation decision. Some people like to drive new cars every three years, so they think it's better to lease a new car. Some people like to drive cars longer than those three years and take good care of their vehicle, so buying a car may be a better option for them.

Leasing a car is generally better if you're the type of person who likes new cars every three years and may have a business where you can write off the vehicle. There are pros and cons to leasing a car vs buying a car. Some of those Pros is that you know you'll have a reliable vehicle with all the updated features. However there are also some restrictions when leasing a car such as limited miles for the duration of the lease.

Buying a car could be the better option if you are someone who likes to hold on to their vehicles and likes the repair and work on them yourself. If you hold on to your vehicles for five or more years, it usually makes all the sense in the world to buy it and drive it as long as you can. The person who owns their car can also sell their car at the end of ownership allowing them to recover some value of the vehicle. You can't do this if you lease your car.

Watch the entire video to find out if buying or leasing works better for your situation!

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