New, Used or Lease?

Buying a New Car

Pros                                                                                       Cons

Get the exact car you want                                         Depreciation!

Warranty                

Buying a Used Car

Pros                                                                                       Cons

Usually cheaper                                                                Can require more maintenance

Car insurance can be less                                              More difficult to find the car you want

Use Kelly Blue Book and CARFAX to

help you get a good deal

Leasing a New Car

Pros                                                                                       Cons

Lower monthly payments                                            You don’t own the car

Routine maintenance usually covered                    You must cover all unusual wear and tear

Lower down payment                                                   Annual mileage limit

New car every couple of years                                   Continually leasing is more expensive than buying