Almost every month, a client asks me whether they should buy or lease their car. Since your car is your second or third biggest expense, I figured we’d discuss the pros and cons of buying vs leasing.
Should you buy or lease your car?
The answer depends on several unique factors that are specific to you.
But don’t worry — in this episode, I reveal all the pros and cons of either buying or leasing your car. That way, you can make a better financial decision when you buy a new car. Listen to the episode now.
Show Highlights Include:
- Why the market for cars has been turned upside down causing used car prices to skyrocket by 24% compared to last year (3:24)
- How depreciation makes owning a car for 6 years cheaper than leasing the same car for 6 years (5:24)
- Why paying back the bank is usually easier than paying yourself back (7:19)
- The weird way buying a car with cash in retirement could push you into a higher tax bracket (8:57)
- How a Toyota Tocoma sells for only $3000 less than the purchase price 8 years ago (11:30)
- Why you can get more car for less money when leasing (and why this is both a good and bad thing) (13:04)
If you want to download the Summer 2021 Playbook mentioned during this show, head to https://onecapital.com/ and click on the “Idea Lab” tab to download the report for free.
To schedule your complimentary retirement track review, head to https://onecapitalmanagement.com. You can also call us at 805-410-5454 or text the word ‘TRACK’ and we’ll reach out to you.