Lease or Buy a Car
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One of the many questions that car buyers ask themselves is, should I buy a new car or lease a new car? Here are some tips on deciding what is best for you.
Most of the time, buying a new car is the better choice due to the fact that many people drive lots of miles each year (over 12K), a down payment is not necessary if they are financing their car and they are prepared to keep their car for more than a few years. If you fall into this situation, you are almost always better off buying a new car.
A lease is good mainly for businesses or for people that will not use their cars frequently. For instance if you drive less than 10K miles per year, you may be a candidate for leasing. Be prepared however to put down some money at inception for the various leasing fees. Most businesses choose leasing, because the lease in many cases is tax deductible. For many businesses, they can get a big portion of the money they put down as a tax write off at the end of the year. For small businesses, it is a good idea to talk about the benefits of leasing a car with your accountant.
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