Chapter 4 "in the books" he he. Sloppy Copy Rough Draft though

Jan '25 (edited) • Wins 🎉🎉

Accountability check in.

has been mushing me like a sled dog to get chapters done, hahahaha, jk, not serious on that.

She is doing a great job keeping in touch and encouraging progress and making herself available if I need any help or direction.

This chapter is about the benefits and costs of leasing versus financing or cash purchases.

I am not saying leasing is for everyone, but I'll share a handful of the benefits on why I chose to lease for my first new car purchase:

Discovery - if there are things that are wrong with the car or this specific one has unique issues, it is nice to "rent" or lease it before owning it. I am glad I did because it is having some issues and those are all covered under warranty, but I would not be excited to be owning this specific car right now.
Option versus Obligation - when approaching lease end you can turn in the lease, buy it, or sell it to a dealership or an individual and keep any equity above the lease buyout price. When buying a car, we own it with all its problems and required maintenance to keep warranties active as well as buying tires, doing brake work, major service intervals, etc.
Taxes - when buying a car the full tax burden is applied at the time of purchase. Leasing is like paying a use tax. It is the pre-tax payment amount multiplied by your state's tax percentage. For example, in Michigan 6%, a $400 payment with tax would result in at $424 monthly payment.
Covered - usually during leases you are within the warranty coverage the entire time you are in a lease.

You may have already known most of these, but thought sharing little blurbs of ideas could be helpful to anyone that will be buying or leasing a vehicle in the future.

Happy writing!!

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Chapter 4 "in the books" he he. Sloppy Copy Rough Draft though