Buy vs Lease? Things to Consider When Shopping for a New Car

After declining dramatically a few years ago, auto sales are up, leasing offers are back, and incentives and deals abound.  So if you’re in the market for a new vehicle, should you buy it or lease it?  To decide, you’ll need to consider how each option fits into your lifestyle and your budget.  Below is a list of tips to consider as well as a chart to help guide you along your way.

Key Takeaways:

  • Shop wisely.  Advertised deals may be too good to be true once you read the fine print. To qualify for the deal, you may need to meet certain requirements, or pay more money up front.
  • To get the best deal, be prepared to negotiate the price of the vehicle and the terms of any loan or lease offer.
  • Read any contract you’re asked to sign, and make sure you understand any terms or conditions.
  • Calculate both the short-term and long-term costs associated with each option.

Buy or Lease

 

About Mark Rioboli

Mark A. Rioboli, CFP®, CFS is Director of Wealth Management for Independence Advisors, bringing over 25 years of experience in the wealth management industry. Have a question for Mark? CLICK HERE TO ASK MARK

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