If you’re in the market for a new vehicle, November is typically a good time to score a great deal because dealerships are receiving new 2014 models. You may also be wondering whether to lease or buy. Leasing a vehicle used to be commonplace only for businesses because of the tax write-off. However, with deals like zero money down, low monthly payments or zero-percent interest, leasing has become a popular, attractive option for the general public. In fact, shoppers are turning to leases more than ever, according to Edmunds.com.
The Oklahoma Society of Certified Public Accountants offers some insight while comparing the options with leasing versus buying a car:
Here are some advantages of buying:
It’s all yours. You own it and can do what you want with it, when you want.Makes long-term financial sense. Car buying is more economical in the long run unless you buy and trade-in regularly.You can drive around the world. There’s no penalty for driving excess mileage.