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To buy or to lease?

And, when you turn the car in at the end of the lease you may be responsible for wear and tear or excessive mileage charges. You might want to take this in to consideration if you are chauffeuring kids to and from muddy soccer practices.



Weigh the Difference

Leasing Advantages
No or low down payment
Lower monthly payments
Manufacturer's warranty usually covers lease term
Buying Advantages
Pride of ownership
No mileage limitations
Monthly payments have an end
Flexibility to change cars when you want
You build equity over time

Leasing Disadvantages
No end to monthly payments
Wear-and-tear charges
Mileage limitations
You do not build equityBuying Disadvantages
Higher down payment and monthly payment
Repair costs once warranty expires

If getting a new car every few years is important to you, leasing may be something to consider, however, be careful and pay attention to the realities of leasing. You don't want to be surprised when your lease expires.

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