Should you lease or buy your next car?
Replacing an automobile is an inevitable and recurring life event, and people often struggle to decide whether to lease or buy. There are advantages to both options and the analysis is not strictly financial. The needs, circumstances, and preferences of each individual must be considered along with the overall costs. With many competing factors that bear different degrees of importance, it can be difficult to prioritize your goals, weigh your options, and identify your best course of action.
To help guide you as you consider whether to lease or buy an automobile, Missional Money offers this flowchart. It covers several key decision points based on factors including:
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Costs and cash flow
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Mileage and use
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Safety and technology
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Depreciation
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Flexibility
