Should I Buy or Lease My Next Car? Contact Harold Vazquez at extn 217.

There are a number of decisions you need to make before acquiring your next car, truck, SUV, minivan or crossover. Besides the number of different Makes and Models, there are sometimes huge differences in auto warranties and other features. There are also big differences in final cost when you decide between the top 3 ways to acquire a new car or used car: Finance (car loan); Leasing or Cash.

Over the long term, the differences between paying cash, obtaining credit or leasing your next car can be significant. Use the worksheet below to help you determine the best option for you and your family. Contact Harold Vazquez for more info.

We can help you choose the best method to obtain your next car, truck, SUV or minivan by comparing your needs, your financial resources, your credit score and your driving patterns. Once you have a clear picture of the true costs of paying cash for a car, financing with a car loan, or leasing your next car, you can make an informed decision.

There are advantages as well as disadvantages to paying cash, obtaining a car loan or leasing a car. For example, if total cost is the most important factor, then sometimes buying a quality used car and driving it until it becomes too expensive to repair can be the least expensive method. Of course, you have to factor in the cost of fuel (older cars tend to get slightly lower miles per gallon than comparable new cars) and the cost of auto repairs. Although car insurance costs, registration fees and property taxes might be lower for older cars and trucks.

If you like to drive a new car every two or three years, though you lack equity in your current car or lack cash for a large down payment, leasing a new car may be a viable option. Leases generally require smaller monthly payments and less cash at the beginning of a lease compared to a new car loan. Leasing vs. Financing also requires an understanding of your usage patterns. (By using the chart above, you can best determine whether or not leasing is for you.)

Regardless of whether you lease or finance your next car, you should consider saving time at the dealership and completing a secure, no-hassle credit application online. It’s quick and it’s easy.