My question was...What's better...Buying or Leasing?I am probably the last person you should ask about the differences between buying and leasing. However, I must fulfill my duty by answering the question.
In my opinion, which you should not take seriously, buying is better than leasing. Here's why: suppose you have a lease on something. Imagine that you follow through with all the payments until the end of the contract. At the end of the lease, guess what you're left with? At best, an option to renew the lease; at worst, nothing.
On the other hand, when you buy something, it's yours. You can do whatever you want with it. You can sell it, trash it, redecorate it, whatever you want. It's yours as long as you want it to be yours, and you will usually have a chance to recoup whatever you paid for it if you decide that you don't want it anymore.
Here's the best part; ownership is forever. As long as it you take care of them, the things you own can be held on to as long as you live. Heck, you even get to decide what happens to the things you own when you die. If you'd like to spoil your children, buy lots of stuff and give it to them when you die.
I am choosing, of course, to not mention some other troubles of leasing, such as evil people who don't honor the contract, lack of security, etc. And from what I understand, leasing is cheaper over a short period of time. But that's enough financial gobbledygook.
Final Verdict: BUY
3 comments:
I agree, leasin may seem cheaper because of the payments but at the end of the lease you either have a choice to renew or buy the car. In which if you decide to buy you would have paid more then you would have if you bought it in the 1st place. BUT if that's not cool enough, if u decide 2 renew the lease for another cycle by the end of that cycle you would have bought that car already and at the end of the 2nd lease still have 2 pay 2 keep it. Long answer short......Just buy the car. If you must take a loan from the bank do so and this way you just the bank back for the car and have nothing to do with the dealership no longer
I have some comments will do later.
There is a big difference when you lease or buy.
Buying you own and yes at the end when you are ready to get rid of it, you will get something back.
When leasing you lose a lot more. They make you think you are saving, but they catch you in other ways. Ex. you must buy the dealers "insurance" and get the highest coverage. You only get so many "FREE" miles per the term of the lease. If you driver above the allowed milage, they charge you per mile. If you turn in the vehicle with a slightly scratch, they charge you. If you don't want the car and want to return it before the lease expires you are still legally binded to the lease. So in other words, you become the devils puppet!
Most business people prefer to lease. This is because they can charge it their business accounts and don't have to pay with their personal monies. And it becomes more complicated if it's bought under the company.
Just wanted to add one more thing, not related to leasing. Don't ever co-sign for anyone. This can be another discussion.
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