One of the most common questions that I get from the Mommy Millionaires is how to decide between leasing or buying a car. The short answer is: it depends. I break down the pros and cons of each option, share some key questions you should ask yourself when you’re in the market for a new car, and share my experiences with buying and leasing. There’s a lot to consider before signing on the dotted line, but hopefully, this episode helps you gain some clarity about what’s right for your current budget and lifestyle.
IN THIS EPISODE, WE TALK ABOUT:
What a depreciating asset is
Certain tax benefits to leasing a car
Tracking how much you drive to determine if leasing really makes sense for your daily driver
Being honest with yourself about your ability to keep your car in pristine condition
Calculating how much of your income you can dedicate to a monthly car payment