Should You Buy Or Lease A Car?

Should You Buy Or Lease A Car?

With the increasing need for convenience and affordability there are many transport options to choose from today. You could use public transportation if it is efficient, effective, and can serve your needs. If that is not an option for you, buying your own car is another option to consider. However, just as with any investment, you need to consider if this option will pay off in the long run.

Many people fail to consider the complete financial obligation of owning a car. There are some costs that may not be obvious to the buyer. However, if you can plan with these in mind, you are more likely to make a better decision. What are these hidden costs? Find out in the next post:

The Truth About Car Ownership + How To Save Money on Car Expenses

Ride-sharing companies such as Uber and Lyft have revolutionized the way we travel, but for most people owning a car is still a necessity. This is especially true if you live in a city that doesn’t have a comprehensive public transportation system.

But owning a car, new or used, can be expensive. Similar to homeownership, car ownership isn’t just a monthly car payment and your auto insurance. It is important to take the following additional costs into consideration while calculating the potential costs of ownership. Read more at My Fab Finance…

Once you discover the potential money trappers of car ownership, you should be able to make a more informed decision on whether to buy one.

buy or lease car

In addition to the current costs you are going to incur, you should also consider the lifetime cost of car ownership? The following post talks about how one car owner determined this cost and what he did to minimize it:

The road less traveled: How to make your money go the extra mile

The truth about cars is that what you drive makes a big difference in your budget. When you buy used, you significantly cut your cost of ownership, and this can have an extremely positive effect on your budget.

On the radio show, Clark asked our producer Joel about one of his car purchases, since Joel had significantly cut his costs of car ownership by buying used.

Joel had bought a used 8 or 9 year old Nissan Ultima with 150,000 miles on it for $3,200. He ended up driving it for 8.5 years, and then turned around and sold it for $1,200. Though he did have to pay about $3,000 to have it repaired, over the time he had it, his total cost of ownership was about $555 per year, without gas and insurance.  Read more at Clark…

The good news here is that you can buy wisely and minimize your costs. However, always bear in mind that vehicles are liabilities - they depreciate rather than appreciate in value.

buy or lease car

There’s also an option that allows you to enjoy the benefits of car ownership without actually owning one - leasing. The following post compares the pros and cons of leasing versus those of buying:

Pros & Cons of Leasing a Car vs. Buying a Car

You’ve probably heard more than once that car leasing is a bad deal. And in many cases, it definitely makes more sense to buy a car outright. But this doesn’t mean leasing a car is a bad move for everyone. Like any issue, there are pros and cons to leasing a car.

Around 20% of all new car transactions are leases, so it’s clear that there are definitely people out there who love the thought of always driving around in a new car.

But what’s the best decision for you? Well, whether or not to lease a car depends on a lot of factors including how much money you have (both up front, as well as for a monthly payment), how much you drive, and how much time you want to spend on your car. Read more at Money Crashers…

This means that if you’d like the option of consistently driving a new car, then leasing would probably work for you. However, there are occasions when buying and leasing are not viable options. For instance, if you have a celebration or a special event coming up and you just want to have a memorable ride, you’re not going to buy a limousine for that. Fortunately, that’s exactly what luxury transportation services were designed for.

buy or lease car

If you are in Charlottesville, VA, and you are looking for a stunning transportation company that is at top of the transportation industry, then Camryn Limousine is your No.1 Choice.

Rated the top luxury transport providers in the country and recognized as the National Operator of the Year in 2016, Camry Limousine offers you nothing but the best. We have a fleet of luxury vehicles from which you can choose for your business trips or those special occasions with loved ones. Our professional chauffeurs will ensure you have the most comfortable and enjoyable ride. Call us today for your reservation!