(Also read "The best age to sell your car".)
The Money Show’s Bruce Whitfield interviewed AlphaWealth Wealth Manager Dale Scorer.
Scorer discussed the following five advantages of leasing vs owning a car:
The monthly payments on a car lease may be significantly less than if you had financed a loan on the same vehicle. It may actually cost less to lease a new car over a short period of time than it would cost to buy the same car and trade it in.
Since lease payments are usually lower than monthly loan payments you have the opportunity to invest the difference.
You face no resale risks. At the end of the term, you can return the car and the trade in/sales price is not your concern.
You have the opportunity to drive a new vehicle every three to five years.
- Service/motor plan extensions and costs are not something that you need to worry about.
Listen to the audio below for more detail.
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