In this episode I discuss the Pros and Cons of Leasing and Buying, which is a good fit for you, and habits and knowledge to have to be prepared to make your decision. LEASING PROS: 1. Lower monthly payments with little to NO money down. 2. Drive a BETTER, NEWER, SAFER, vehicle for less money 3. Lower repair costs because of factory warranty. 4. More easily transition to a newer vehicle every 2 - 3 years. 5. No trade in hassles at the end of the lease. 6. Pay less sales tax with a lease. LEASING CONS: 1. You don't own the car at the end of the lease term. 2. Limited to miles per year/lease term. 3. Unfamiliar terminology in the lease contract. 4. May potentially pay more in the long run (more leases over time than purchases). 5. Could face additional charges for excessive wear and tear or abuse. 6. Can be costly to terminate a lease if you want to get out if it. BUYING PROS: 1. Modifications/alterations can be done to the vehicle without having to undo them when trading. 2. May save money long term (keep vehicles longer i.e. pay it off it 6 years, keep it for 10 years). 3. No mileage limits. Drive as much as you want. 4. Flexibility; sell or trade in whenever you want to. Keep in mind you may carry a balance over to new vehicle if it's not paid off. 5. You have a trade each time. BUYING CONS: 1. Pay higher down payment to lower no they payments or avoid being upside down. Some lenders may require as much as 10% - 20% down. 2. Monthly payments are typically HIGHER because you're paying for the entire vehicle. 3. Repair costs can add up after lapse of factory warranty. 4. Trade in/selling hassles when it's time to purchase again. 5. More money tied up in vehicle because of greater depreciation value (may vary by vehicle, new, or preowned). I hope this helps many of you clear up questions or concerns. Remember it is not my decision to tell you that leasing or buying is right for you. Every person and situation is different. I will be here to help you along the way whichever decision is right for you! Thank you.