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Financial Planning Checklist: Should I Buy or Lease My Next Car?

May 4, 2022 by Marc Bautis

There are pros and cons to both buying a car and leasing one, but the decision deeply depends on your unique situation.

One of the financial decisions you’re bound to make at some time is whether to buy or lease a car. There are pros and cons to each option that depend on your individual situation.

The Pros of Buying a Car

Buying offers several advantages, including control over the duration of ownership, discretion to use and customize the auto and the potential to protect the value of the asset – ultimately ending in selling or trading it in.

The Pros of Leasing a Car

Leasing offers a short-term commitment, warranty coverage and temporary use of a depreciable asset.

Here are some of the things you’ll want to consider when making the decision to buy or lease your next car:

  • Do you want flexibility on how long you’ll keep the car?
  • Do you drive a significant number of miles each year?
  • Are you a business owner? Business owners may be able to deduct certain leasing and operation costs associated with the business use of their automobile.
  • Do you want to minimize the immediate costs of depreciation?
  • Do you want to minimize your purchase price?

The decision of whether to buy or lease can be a tough one, but this checklist can help provide clarity around which option is better for your unique situation.

Download the Checklist

Category: Personal Finance, VideosTag: Buy or Lease, Financial Planning Checklists
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