Lease or Buy a Car? - Episode 362
Crushing Debt
English - March 02, 2023 11:00 - 33 minutes - 61.4 MB - ★★★★★ - 25 ratingsBusiness creditor liquidation realestatelaw reorganization bankruptcy chapter13 chapter7 fdcpa harassment litigation Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Should you lease or buy?
In this week's episode, Shawn and George discuss that age-old question, is it better to lease or buy a car? George bought his cars. Shawn bought one (his wife's) and leases another (his). But which one is the better choice for you?
Some of the Pros of leasing a car: lower monthly payments, drive a better car for less money, get a new car every three years or so, lower maintenance costs because the car is newer or under warranty, and loyalty programs when you get a new car from the same dealership / finance company.
Some of the Cons of leasing a car: limited in mileage you can drive, no equity is built in a car, wear and tear charges or damages to be paid at the end of the lease term, and it may be difficult to return the car if your needs change during the term of the lease.
Advantages to buying a car: it's your car (you can customize or alter it however you want), no mileage limits, eventually the car is paid off and you no longer have to make payments, and you build equity in the car to use towards a down-payment on the next car.
Disadvantages of buying a car: higher monthly payments than leasing, the car depreciates in value quickly, downpayments (or trade-in) to buy a new or used car, you have to budget for annual repair or maintenance costs as the car ages, and higher insurance costs as the car ages.
Please let us know what do you think? Should you lease or buy?
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To contact George Curbelo, you can email him at [email protected], or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach
To contact Shawn Yesner, you can email him at [email protected] or visit www.YesnerLaw.com.