Economics and Personal Finance/Living + Leisure Expenses
Jump to navigation
Jump to search
When you lease a car, you use a car for a temporary amount of time.
- Pros
- No large downpayment to pay
- You drive a new, fresh car every few years
- Monthly payments are not as expensive as buying a car, so you can afford
- Stay up with the latest technology
- Cons
- You never own the car that you've leased
- You will always have monthly payments to pay
- You can not modify the car to your own tastes since it isn't your OWN car
- You have a mileage limit to adhere to
Considerations[edit | edit source]
- Performance
- Safety
- Odometer mileage
- Average miles driven annually (per year)
- Fuel consumption
- Size
- Looks
- Price/payment limit
- Insurance, costs, taxes, maintenance
- Options/features
- Warranty
- Depreciation and resale
Hidden Costs[edit | edit source]
- Tag and title
- Property tax
- Sales tax
- Car insurance
- Repairs/maintenance
- Oil change
- Inspections
- Gas
- License renewal fees