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Buying vs. Leasing © By Alicia Perry Jessica Perry.

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Presentation on theme: "Buying vs. Leasing © By Alicia Perry Jessica Perry."— Presentation transcript:

1 Buying vs. Leasing © By Alicia Perry Jessica Perry

2 What is Buying? Buying a car is when you pay a down payment and a monthly payment to later own the vehicle ©microsoft clipart

3 What is Leasing? Leasing is when you rent a car from a dealer for usually 36-48 months. Price is determined by the difference between the purchase price and the predetermined value of the car at the end of the lease period. ©mircosoft clipart

4 The Pros of Buying No mileage restrictions You own the car You can alter the car any way you want You can sell the car at any time You build up your credit buy buying ©microsoft clipart

5 The Pros of Leasing Lower monthly payments You can drive many different cars You can pay sales tax over a period of time ©

6 The Cons of Buying High monthly payments Responsible for repairs Term for payments are longer You have to pay sales tax at the time of your purchase ©microsoft clipart

7 The Cons of Leasing There are mileage restrictions. You will get charged if you go over You don’t own the car You will get charged if you try to terminate the lease early You need good credit to get a lease

8 If Money is a Problem, Lease The short term cost of leasing is significantly less than buying The medium-term cost of leasing is bout the same as buying The long-term cost of leasing is always more than the cost of buying.

9 Just a few Things to Help You Decide Which is Right for You Lease if: You like to have a new car every 2-4 years Don’t like to be bothered with repairs You know you will keep the car for the full term You are self-employed and can write it off at the end of the year

10 You want to drive a nicer car that you can afford to buy You don’t have the money for a down payment You have good credit

11 Finance/Buy if: You don’t mind driving the same car for many years You think you may have to give up the car unexpectedly You are buying a car for personal use You want to build equity Your credit is poor

12 Works Cited

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