New, Used or Lease?

New, Used or Lease?

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Buying a New Car

Pros                                                                                       Cons

Get the exact car you want                                                     Depreciation! Can lose value when it leaves the lot.

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