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Many people wonder if renting a new car is right for them. Will they be better off owning their car or leasing? Which one will give me the most bang for my buck? Every situation is going to be different, but you really have to look at the big picture. What is your ultimate goal? And this is what I mean by this.

If you’ve been making car payments for the last five years and you’re soon looking for another new car on the market, which one you’ll be financing. Then you should look at the lease.

I’m not saying that leasing is the best option for you in that situation, but you have to look at it seriously. Go online and find the car you’d like to own and start working the numbers.

Start with the used car book which will tell you your trade-in value, minus your outstanding loan balance. If you don’t know what your payment is, call the bank and they will tell you to the penny how much you owe. Once you have this number, you will know what your down payment will be on your new car.

Plug that number into a car buying calculator you can use online. Now add the interest rate you think you’ll pay. If you don’t know what rate to pay, look at your current financing agreement, it will tell you exactly what your interest rate is now. The calculator will tell you exactly what your new car payment will be each month.

Now go to a website that has a car lease calculator and enter the same numbers for the same car. It will ask if you have a trade and if you want to factor it into your monthly payment. A lease calculator will be much easier because there are fewer moving parts when calculating your monthly payments.

Once you have your monthly lease payment amount, you can easily see which is cheaper for you on a monthly basis, leasing or buying that new car. Do your homework before you sign a lease. There are hundreds of websites that can walk you through the details of a lease before you buy it. Also make sure you have an inside edge on the lease and what the dealers’ motivation is for selling to you.

By admin

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