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 of the disadvantages of buying:
A higher down payment is generally required.The monthly payments are higher.You’re responsible for maintenance costs once the warranty expires.There is trade-in or selling hassles when you’re ready to part ways with your car.More of your cash is tied up in the car, which depreciates.