To buy or lease a car: Financial tips for financing a vehicle

Tips on financing a vehicle

RICHMOND, VA (WWBT) - To buy or lease? New car or used car?

That’s the debate we all face when it comes time for a vehicle.

The answer often depends on your personal circumstances, but there are issues to consider, especially with leasing.

Cars do not keep their value when you drive them off the lot.

A lot of experts say buying is better than leasing. Leasing may seem attractive because the payments may seem a bit lower, but you have to factor in there is cost there is the interest rate.

And it’s not always easy to see -- you have to look at how much you’ll pay over the life of the lease.

Michel Joyce with the Richmond Financial Firm Agili says he advocates for buying and keeping vehicles for longer periods of time.

“Cars are made much better than they were 10, 20, 30 years ago. There’s no reason why you can’t keep cars and higher mileage on them then you could in past years," said Joyce.

And some people just want a new car, with the new car smell and all the bells and whistles and newest safety features.

Joyce says just don’t make impulse purchases. Find a good deal financially.

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