Need a New Car? Compare Buying vs. Leasing | Guiding You Forward

It’s time for a new episode of the Guiding You Forward video podcast. This time around, we talk with Kristin Patterson, regional manager of member services at Mountain America Credit Union, and discuss the pros and cons of buying and leasing a vehicle.

You’ll learn:

• The pros and cons of car buying and leasing.
   

• How to get the best vehicle deal for you.
   

• Why you should take a used car to a trusted mechanic before you buy.

Buying vs. leasing, new vs. used—what’s the best combo for the best deal? As you may have suspected, there’s not one answer for everyone. The best way to find out what’s right for you is to discuss your specific situation with the loan professional at your financial institution. Knowing what to consider and how these things may affect different aspects of your financial picture will help you make the right choice.

Some things to consider:

• If you’ve got your heart set on a specific car (make, model, color, features), choosing a new vehicle may be your best bet. That way, you can customize it to your liking without making any concessions. However, this will cost you more whether you’re buying or leasing.
   

• If you’re looking to save money, a used vehicle will likely be the better choice since you won’t have to take the depreciation hit right off the lot. This option comes with some considerations as well—a used vehicle may have more repair issues and be more challenging to maintain its value.
   

• If you’re interested in more incentive options, manufacturers often offer deals on new vehicles. Shop around to see who’s got the best deal available.

Our expert has one more piece of advice when it comes to knowing if the used vehicle you’re looking at is mechanically solid. Watch our latest podcast video to find out what it is!