Hello fellow bloggers, hope you are enjoying this nice spring weather that we are having! Today we are going to be talking about whether purchasing or leasing a vehicle is a better option for you. Buying a vehicle is a big decision and it is not very cheap either. You always want to look at multiple factors before making a decision to buy or lease a vehicle and take your time. The biggest thing to remember is it is your decision, do not get forced into something you do not want unless your being selfish.

Current Financial Situation

When it comes to leasing or buying a vehicle, you should always assess your current financial situation. Do you have a lot of bills to pay on a monthly basis? Are you currently employed? Do you have any money saved up for new vehicle? Does you vehicle right now cost you more money to use then owning another vehicle and when is the last time you owned a vehicle? When I say new vehicle, I do not mean a brand new 2020 vehicle. To me, a new vehicle is a vehicle that you bought that is a newer year or better version of your older vehicle that you where driving on a daily basis. It is really important to go through every question I listed and answer it based on your current financial situation. If you do not have a lot of monthly bills, are working full time, and have not had a new vehicle in about 7-10 years, I think it is safe to say you could lease or buy a car in your price range. Before you shoot the gun, there are also some other factors that we have to talk about before considering what the best option is for you.

Location

Living expenses can vary depending on where you live and this is also true for vehicle expenses. If you live in a big city like New York, you can expect to pay on average $17,000 a year just to drive your car around on a daily basis. This $17,000 includes: gas, parking spaces, tolls, insurance, car washes, maintenance, title, depreciation and etc. If you live in a place like South Dakota, you can expect to pay around $10,000 a year which is about a $7,000 difference! These prices also may vary depending on how reliable your vehicle is and how often you travel or commute to work. Buying brand new vehicles in bigger cities also can cost a lot more and here is why. There is a lot more population and options to satisfied almost everyone’s need in a bigger city, so they can sell the car for whatever the consumers are willing to pay. The brand new cars they do not sell, they send them to smaller dealerships like cities in South Dakota and lower the price down so they still can make some money off the sale and also let the dealership make some quick cash as well. This is also true for very small towns, you might have to drive to a bigger town or city to look for better options.

It Is Your Decision

The biggest factor in my opinion, it is your decision unless your sharing the vehicle with someone else. If you are sharing the vehicle you also want to listen to their inputs and thoughts since they will be most likely driving the vehicle as well. Also this factor to me is kind of the common sense factor as well. You got to look at the obvious no’s and identify them before making a decision. For example, if you are a farmer, you do not want to lease a brand new 2020 kia Rio for your work truck….. just makes no sense. If you commute a lot on daily basis, then leasing might not be for you because certain leases you can only put on certain miles. You want a good vehicle that suites your needs, you do not need to have a cool car to be professional. –

Thank you for reading my blog and I hope this information will help everyone out when they go to buy or lease their next vehicle. If you guys want more information or need help with your process, leave a comment with your name and I can help you narrow down your options for you! Have a great day.