If you’re trying to decide whether you should buy or lease your next car, here are some things to consider:
Depending on the amount you have allotted for your next car, you may be better off leasing, as leasing the exact same car tends to be cheaper than purchasing. However, if your budget isn’t too limited, or you don’t have your eye on a luxury model, you may want to consider buying.
The amount of driving you’ll do
Are your commutes long and do you love to go on road trips? If so, you may be better off buying your next car instead of leasing. Leasing isn’t usually a good option for people who tend to drive a lot, because there are mileage restrictions put in place. However, leasing can be a great option for those who don’t drive much and have very short daily commutes.
If you’ll want a customized vehicle
If you’re happy with a certain make and model and you don’t sweat the small stuff, a lease might work for you. However, if you would prefer for everything to be customized—from the seat material to the type of rims—you’ll likely need to purchase your vehicle.
If you’ll want a new car soon
If you’re settled on the make and model of you next car and you know you won’t want to trade up for a long time, you’re likely better off purchasing. But leasing is a good choice for those who consistently want the newest model—once your lease is up, you can simply trade it in for a different vehicle.
Do you need the money to buy or lease a car? Peachtree Financial Solutions can help you get the cash you need if you’re receiving structured settlement or annuity payments. Contact us today for more information on how the process works and to receive your completely free quote.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.