Consumer Watch: Is buying or leasing the best for you?

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by Andy Treinen

WHAS11.com

Posted on October 21, 2013 at 4:46 PM

LOUISVILLE, Ky. (WHAS11) – The commercials are coming fast and furious and automakers are rolling out new models and dealers are trying to get you in the door.

If you’re tempted to update your ride, there’s one question you need to answer before you even walk out the door – is buying or leasing the best option for you?

“When we compared both costs, we realized that we were better off leasing and again considering that we only wanted it for a short period and then needing another new car after a few years,” Citrana Harmon said.

Harmon says for her family leasing was a no-brainer and maintenance is no issue because her leasing agreement covers all maintenance costs. She also gets a replacement car and free roadside assistance.

"In a nutshell, the benefit of leasing is typically a lower monthly payment, a trade cycle that is a set cycle - you know the very day your lease is up generally a little less investment as far as up-front money," explains dealer Jeff Roush.

Keep in mind, you don’t own the car. The lender owns it so you need to take care of it. Normal wear and tear is expected and accepted. You will be fined for anything beyond that. Angie Hicks from Angie’s List says there is also one other consideration.

“If you are leasing there's usually limitations on mileage. so if your office is a long distance from your home you want to be careful you have enough miles on the lease," Hick said.

The most important thing here is to never walk into a dealership uneducated. You need to know what you want and how much you can afford.

If you have a consumer issue you’d like us to cover send an e-mail to consumerwatch@whas11.com.
 

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