Should You Own or Lease Your Car?
On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Patrice Bening discuss buying vs. leasing cars. Which is better?
Here are some key takeaways from their conversation:
While leasing typically offers lower monthly payments, it can become an ongoing expense with no ownership benefit.
Leases usually have mileage restrictions, and exceeding them results in costly penalties.
Buying a car means dealing with depreciation, but owners can build equity and eventually sell the vehicle.
Buyers should negotiate the total price, not just the monthly payment, to avoid…
The skinny
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