Economics and Personal Finance/Living + Leisure Expenses

When you lease a car, you use a car for a temporary amount of time.

Pros

• No large downpayment to pay
• You drive a new, fresh car every few years
• Monthly payments are not as expensive as buying a car, so you can afford
• Stay up with the latest technology

Cons

• You never own the car that you've leased
• You will always have monthly payments to pay
• You can not modify the car to your own tastes since it isn't your OWN car
• You have a mileage limit to adhere to

Considerations

• Performance
• Safety
• Odometer mileage
• Average miles driven annually (per year)
• Fuel consumption
• Size
• Looks
• Price/payment limit
• Insurance, costs, taxes, maintenance
• Options/features
• Warranty
• Depreciation and resale

Hidden Costs

• Tag and title
• Property tax
• Sales tax
• Car insurance
• Repairs/maintenance
• Oil change
• Inspections
• Gas
• License renewal fees