New car: Lease vs. buy?

There is nothing quite like the feeling of a driving a new car off the lot. Whether your engine is on the brink of turning over for the last time, or you’re just ready for an upgrade you are facing a major financial decision- lease or buy a car.

Recently I was faced with that decision as my car was approaching its tenth birthday. While it was still in good shape, I was itching for an upgrade.

How did I make my decision? I used a chart similar to the one below and compared the pros and cons.. If you’re like me you will find the one that simply makes the most sense for you and your lifestyle.

After looking at my list I chose to buy my car. It made the most sense for me. Not having a car note all the time, or having to worry about mileage constraints (road trips are the best!) weighed heavily in my decision. I was also in a position to sell my old car to cover the down payment.

My husband, however, leases his car. He likes having a new car every few years and doesn’t have any trouble adhering to the mileage constraints. I must admit that I also love the luxurious feeling of always having a new car in our family fleet. In the end there is no right or wrong choice when deciding to lease or buy a car. You will, however, likely find one option is right or wrong for you once you evaluate your lifestyle and driving habits.