{"id":10477,"date":"2020-08-11T21:16:06","date_gmt":"2020-08-11T21:16:06","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=10477"},"modified":"2021-09-15T17:10:31","modified_gmt":"2021-09-15T17:10:31","slug":"pros-cons-leasing-vs-buying-vehicle-car","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/financial-education\/pros-cons-leasing-vs-buying-vehicle-car","title":{"rendered":"Pros &#038; Cons of Leasing vs Buying Vehicles"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Banner Image with Heading and Text&#8221; module_class=&#8221;vertical-align&#8221; _builder_version=&#8221;4.5.3&#8243; background_color=&#8221;#e7dff3&#8243; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_start=&#8221;rgba(91,37,175,0.44)&#8221; background_color_gradient_end=&#8221;rgba(91,37,175,0)&#8221; background_color_gradient_type=&#8221;radial&#8221; background_color_gradient_start_position=&#8221;15%&#8221; background_color_gradient_end_position=&#8221;70%&#8221; background_color_gradient_overlays_image=&#8221;on&#8221; background_image=&#8221;https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/08\/buying-a-new-car_hero.jpg&#8221; min_height=&#8221;550px&#8221; bottom_divider_style=&#8221;wave2&#8243; bottom_divider_color=&#8221;#e7dff3&#8243; bottom_divider_height_tablet=&#8221;70px&#8221; bottom_divider_height_phone=&#8221;50px&#8221; bottom_divider_height_last_edited=&#8221;on|phone&#8221; background_last_edited=&#8221;on|phone&#8221; background_size_phone=&#8221;cover&#8221; background_position_tablet=&#8221;top_right&#8221; background_position_phone=&#8221;center_right&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Row&#8221; _builder_version=&#8221;4.5.3&#8243; background_enable_image=&#8221;off&#8221; max_width=&#8221;100%&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;||90px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;||80px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.2&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;Heading&#8221; _builder_version=&#8221;4.5.3&#8243; text_font=&#8221;|600|||||||&#8221; text_font_size=&#8221;42px&#8221; text_line_height=&#8221;1em&#8221; text_orientation=&#8221;center&#8221; background_layout=&#8221;dark&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||26px|||&#8221; custom_padding=&#8221;0px|||||&#8221; animation_direction=&#8221;top&#8221; text_text_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Buying a New Car<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.5.3&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#e7dff3&#8243; custom_padding=&#8221;0px|||||&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.5.3&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.5.3&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_dmb_breadcrumbs font_icon=&#8221;%%20%%&#8221; use_home_icon=&#8221;off&#8221; use_home_text=&#8221;on&#8221; _builder_version=&#8221;4.9.2&#8243; body_text_color=&#8221;rgba(102,102,102,0.8)&#8221; link_text_color=&#8221;rgba(42,209,61,0.8)&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;20px||||false|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; animation_direction=&#8221;left&#8221; global_module=&#8221;6437&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221; link_text_color__hover_enabled=&#8221;on|hover&#8221; link_text_color__hover=&#8221;rgba(90,39,178,0.4)&#8221;][\/et_pb_dmb_breadcrumbs][et_pb_text _builder_version=&#8221;4.10.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h1>Pros &amp; Cons of Leasing vs Buying Vehicles<\/h1>\n<p><em>Q: I&#8217;m going broke keeping my old car running. I need a new one &#8211; should I lease or buy a new car?<\/em><\/p>\n<p>A: Before leaving your driveway in search of a new car to lease or buy, determine what you can afford each month.<\/p>\n<p>Start by looking at your income and existing monthly and seasonal expenses. Over and above your loan or lease payment, you need to consider more than just fuel and insurance.<\/p>\n<p>While you won&#8217;t need to spend money on maintenance each month with a new vehicle, you will need to find out ahead of time what you&#8217;re obligated to pay and how often. Setting money aside for those expenses on a monthly basis is a lot easier than being hit with a large bill later on.<\/p>\n<p>A few things to keep in mind as you do your shopping:<\/p>\n<ul>\n<li>Read and understand the fine print on all purchase and lease agreements.<\/li>\n<li>Zero-per-cent interest on a purchase may mean that you still have a lump sum owing at the end of the term. While your payments are low during the term of the initial loan, you do not own the vehicle until you pay the remaining balance.<\/li>\n<li>Leasing a vehicle may offer lower monthly payments, but it&#8217;s like renting. At the end of the term, you either give it back to the dealership or buy it out.<\/li>\n<li>It&#8217;s easier to sell a car &#8212; even with a loan against it &#8212; than finding someone to assume a lease if your circumstances change.<\/li>\n<\/ul>\n<p> If a new car would stretch your budget to the max, consider a good, new-to-you car instead. Regardless of what the ads say, don&#8217;t fall prey to low bi-weekly payment offers. It&#8217;s only a great deal if you can afford it.<\/p>\n<p>Make sure the payment is as comfortable as the car.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; prev_background_color=&#8221;#e7dff3&#8243; admin_label=&#8221;CTA 2 &#8211; Get started&#8221; _builder_version=&#8221;4.5.1&#8243; background_enable_color=&#8221;off&#8221; background_image=&#8221;https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/03\/credit-counselling-couple-3-scaled-purple.jpg&#8221; parallax=&#8221;on&#8221; parallax_method=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin_tablet=&#8221;||||false|false&#8221; custom_margin_last_edited=&#8221;off|tablet&#8221; custom_padding=&#8221;347px||1px||false|false&#8221; custom_padding_tablet=&#8221;220px||1px||false|false&#8221; custom_padding_phone=&#8221;180px||||false|false&#8221; top_divider_style=&#8221;ramp2&#8243; top_divider_height=&#8221;180px&#8221; 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We&#8217;re happy to answer your questions and help in any way we can. It&#8217;s possible that all you need at the present time is the right information or a plan for how to move forward once your situation improves. Give us a call if you have any questions. 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background_color=&#8221;#ffffff&#8221; transform_translate_linked__hover=&#8221;off&#8221; link_option_url=&#8221;\/financial-education\/financial-workshops-webinars&#8221; border_radii=&#8221;on|8px|8px|8px|8px&#8221; box_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221; transform_styles__hover_enabled=&#8221;on|hover&#8221; transform_scale__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover_enabled=&#8221;on|hover&#8221; transform_rotate__hover_enabled=&#8221;on|desktop&#8221; transform_skew__hover_enabled=&#8221;on|desktop&#8221; transform_origin__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover=&#8221;0px|-10px&#8221;][et_pb_image src=&#8221;https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/in-person-workshop_related_topics.jpg&#8221; title_text=&#8221;workshops-and-webinars&#8221; _builder_version=&#8221;4.6.5&#8243; border_radii=&#8221;off|8px|8px||&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text admin_label=&#8221;H3 + Teaser Text&#8221; _builder_version=&#8221;4.6.5&#8243; header_3_text_align=&#8221;left&#8221; header_3_text_color=&#8221;rgba(0,0,0,0.8)&#8221; header_3_line_height=&#8221;1.3em&#8221; width=&#8221;80%&#8221; max_width=&#8221;80%&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; content__hover_enabled=&#8221;off|desktop&#8221; header_3_text_color__hover_enabled=&#8221;on|hover&#8221; header_3_text_color__hover=&#8221;#2ad13d&#8221;]<\/p>\n<h3>Workshops &#038; Webinars<\/h3>\n<p>In-person or online, learn about credit, debt, and money. Ask questions and get the best tips![\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.6.5&#8243; background_color=&#8221;#ffffff&#8221; transform_translate_linked__hover=&#8221;off&#8221; link_option_url=&#8221;\/budgeting\/budgeting-guidelines&#8221; border_radii=&#8221;on|8px|8px|8px|8px&#8221; box_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221; transform_styles__hover_enabled=&#8221;on|hover&#8221; transform_scale__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover_enabled=&#8221;on|hover&#8221; transform_rotate__hover_enabled=&#8221;on|desktop&#8221; transform_skew__hover_enabled=&#8221;on|desktop&#8221; transform_origin__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover=&#8221;0px|-10px&#8221;][et_pb_image src=&#8221;https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/10\/budgeting-guideline_related_topic.jpg&#8221; title_text=&#8221;budgeting-guidelines&#8221; _builder_version=&#8221;4.6.5&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text admin_label=&#8221;H3 + Teaser Text&#8221; _builder_version=&#8221;4.6.5&#8243; header_3_text_align=&#8221;left&#8221; header_3_text_color=&#8221;rgba(0,0,0,0.8)&#8221; header_3_line_height=&#8221;1.3em&#8221; width=&#8221;80%&#8221; max_width=&#8221;80%&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; content__hover_enabled=&#8221;off|desktop&#8221; header_3_text_color__hover_enabled=&#8221;on|hover&#8221; header_3_text_color__hover=&#8221;#2ad13d&#8221;]<\/p>\n<h3>Budgeting Guidelines<\/h3>\n<p>A breakdown of categories for your budget and how much to spend on each type of expense.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;4.6.5&#8243; background_color=&#8221;#ffffff&#8221; transform_translate_linked__hover=&#8221;off&#8221; link_option_url=&#8221;\/debt-help\/credit-counselling&#8221; border_radii=&#8221;on|8px|8px|8px|8px&#8221; box_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221; transform_styles__hover_enabled=&#8221;on|hover&#8221; transform_scale__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover_enabled=&#8221;on|hover&#8221; transform_rotate__hover_enabled=&#8221;on|desktop&#8221; transform_skew__hover_enabled=&#8221;on|desktop&#8221; transform_origin__hover_enabled=&#8221;on|desktop&#8221; transform_translate__hover=&#8221;0px|-10px&#8221;][et_pb_image src=&#8221;https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/signing-agreement-with-advisor_related_topics.jpg&#8221; title_text=&#8221;credit-counselling&#8221; _builder_version=&#8221;4.6.5&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text admin_label=&#8221;H3 + Teaser Text&#8221; _builder_version=&#8221;4.6.5&#8243; header_3_text_align=&#8221;left&#8221; header_3_text_color=&#8221;rgba(0,0,0,0.8)&#8221; header_3_line_height=&#8221;1.3em&#8221; width=&#8221;80%&#8221; max_width=&#8221;80%&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; content__hover_enabled=&#8221;off|desktop&#8221; header_3_text_color__hover_enabled=&#8221;on|hover&#8221; header_3_text_color__hover=&#8221;#2ad13d&#8221;]<\/p>\n<h3>Credit Counselling<\/h3>\n<p>Are you curious about what credit counselling is or how it works? Here&#8217;s what you need to know.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=&#8221;off|off|on&#8221; admin_label=&#8221;Related Article Swipe Cards | Mobile&#8221; _builder_version=&#8221;4.4.7&#8243; custom_padding=&#8221;3px|||||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.7&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_code admin_label=&#8221;Swiper Code for Swipe Cards (Need to upload card images and then enter their URLs in this code)&#8221; _builder_version=&#8221;4.6.5&#8243; global_colors_info=&#8221;{}&#8221;]<!-- Link Swiper's CSS --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https:\/\/unpkg.com\/swiper\/css\/swiper.min.css\"><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><!-- Demo styles --><!-- [et_pb_line_break_holder] --><\/p>\n<style><!-- [et_pb_line_break_holder] -->    .swiper-container {<!-- [et_pb_line_break_holder] -->      width: 100%;<!-- [et_pb_line_break_holder] -->      height: 100%;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->    .swiper-slide {<!-- [et_pb_line_break_holder] -->      text-align: center;<!-- [et_pb_line_break_holder] -->      font-size: 18px;<!-- [et_pb_line_break_holder] -->      background: #e7dff3;<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->      \/* Center slide text vertically *\/<!-- [et_pb_line_break_holder] -->      display: -webkit-box;<!-- [et_pb_line_break_holder] -->      display: -ms-flexbox;<!-- [et_pb_line_break_holder] -->      display: -webkit-flex;<!-- [et_pb_line_break_holder] -->      display: flex;<!-- [et_pb_line_break_holder] -->      -webkit-box-pack: center;<!-- [et_pb_line_break_holder] -->      -ms-flex-pack: center;<!-- [et_pb_line_break_holder] -->      -webkit-justify-content: center;<!-- [et_pb_line_break_holder] -->      justify-content: center;<!-- [et_pb_line_break_holder] -->      -webkit-box-align: center;<!-- [et_pb_line_break_holder] -->      -ms-flex-align: center;<!-- [et_pb_line_break_holder] -->      -webkit-align-items: center;<!-- [et_pb_line_break_holder] -->      align-items: center;<!-- [et_pb_line_break_holder] -->    }<!-- [et_pb_line_break_holder] -->  .swiper-pagination{<!-- [et_pb_line_break_holder] -->    position: relative;<!-- [et_pb_line_break_holder] -->    padding: 5px;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  :root {<!-- [et_pb_line_break_holder] -->    --swiper-theme-color: #5b25af<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  <\/style>\n<p><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  <!-- Swiper --><!-- [et_pb_line_break_holder] -->  <\/p>\n<div class=\"swiper-container\"><!-- [et_pb_line_break_holder] -->    <\/p>\n<div class=\"swiper-wrapper\"><!-- [et_pb_line_break_holder] -->      <\/p>\n<div class=\"swiper-slide\"><a href=\"\/financial-education\/financial-workshops-webinars\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/06\/workshops-and-webinars_related_topic_card.jpg\";><\/a><\/div>\n<p><!-- [et_pb_line_break_holder] -->      <\/p>\n<div class=\"swiper-slide\"><a href=\"\/budgeting\/budgeting-guidelines\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/08\/budgeting-guidelines_related_topic_card.jpg\";><\/a><\/div>\n<p><!-- [et_pb_line_break_holder] -->      <\/p>\n<div class=\"swiper-slide\"><a href=\"\/debt-help\/credit-counselling\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2020\/06\/credit-counselling_related_topic_card.jpg\";><\/a><\/div>\n<p><!-- [et_pb_line_break_holder] -->    <\/div>\n<p><!-- [et_pb_line_break_holder] --><!-- Spacer --><!-- [et_pb_line_break_holder] --><\/p>\n<div class=\"swiper-spacer\">\u00a0<\/div>\n<p><!-- [et_pb_line_break_holder] -->    <!-- Add Pagination --><!-- [et_pb_line_break_holder] -->    <\/p>\n<div class=\"swiper-pagination\"><\/div>\n<p><!-- [et_pb_line_break_holder] -->  <\/div>\n<p><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  <!-- Swiper JS --><!-- [et_pb_line_break_holder] -->  <script src=\"https:\/\/unpkg.com\/swiper\/js\/swiper.min.js\"><\/script><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  <!-- Initialize Swiper --><!-- [et_pb_line_break_holder] -->  <script><!-- [et_pb_line_break_holder] -->    var swiper = new Swiper('.swiper-container', {<!-- [et_pb_line_break_holder] -->      pagination: {<!-- [et_pb_line_break_holder] -->        el: '.swiper-pagination',<!-- [et_pb_line_break_holder] -->      },<!-- [et_pb_line_break_holder] -->    });<!-- [et_pb_line_break_holder] -->  <\/script>[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not sure if you want to lease or buy a new car? 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