By J.D. Rucker
There are several factors to consider before deciding whether to buy or lease a vehicle. Driving habits, buying habits, manufacturer incentives, and vehicle rates and depreciation are the primary factors, but there are others as well.
– Driving Habits –
This is the easiest qualifier. Every car finance company, whether it is the manufacturer’s division such as Ford Motor Credit, a specialty lender like Wells Fargo, or a personal bank or credit, has multiple lease and purchase programs available.
Determine your mileage habits, taking into consideration travel plans, potential job or housing changes, and anything else that may make you drive more or less than you normally do. Once you have an idea of how many miles you will likely be driving over the length of the lease, find out if there are plans to match.
If there is a good chance that you will go over in miles, leasing is not the best option. If you will not be going over, continue to the next factor. Driving 10k miles per year does not automatically make leasing the best option.
– Buying Habits — Continue Reading
