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Buy or lease a car - Coggle Diagram
Buy or lease a car
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Budget
Buying, higher monthly costs
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Leasing, lower monthly payments
Ownership
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Leasing, you don't own the vehicle
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Resale/Trade in
Leasing, you don't have to worry about
Buying, deal with selling or trading in
Mileage
Leasing, excess mileage penalty
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Early termination
Leasing, early termination fees and penalties
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Future value
Buying, will depreciate but cash value is yours
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Customizing
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Leasing, have to fix any changes or damage and pay a deductible
Model
Leasing, maybe a higher-priced, better-equipped vehicle
Other advantages
Leasing, tax advantages for business owners
Other disadvantages
Leasing, excess wear-and tear charges