Post by: Valley Financial Group
It’s a common theme in these blogs, but it never gets any less shocking just how fast the years fly. On that note, its already the first week of May, which of course brings us to the 144th Kentucky Derby. Whether you can't get enough horse racing or you only watch for two minutes every first Saturday in May, almost everybody tunes in to the Kentucky Derby. This year's favorite is Justify, who has opened at 3-1 at the beginning of this week.
While we’re on the topic of horsepower, let’s talk about a dilemma which is far more important to the vast majority of us (excluding the occasional horse trainer or jockey which I assume read this blog), the always looming choice for each and every car buyer, to buy or to lease. Like any tough decision, there are pros and cons to both sides. Leasing, for example, allows the customer to trade up every few years to always have the latest technology and styles, while also saving money, particularly in the short run, over paying full price to buy a car. Also, never having to worry about selling your trade-in and having your car most likely covered under warranty for the entire time you’re driving it definitely doesn't hurt either. However, there are a few downsides to leasing, from mileage restrictions and wear and tear fees to the excellent credit that is necessary to even get the lease to begin with.
On the flip side, buying a car has its benefits in the opposites of the cons previously listed. Meaning, lower or no monthly payments, no mileage restrictions or wear fees as well as a much more lenient credit restriction. Whiles the negatives include more expensive costs, particularly up front, and the unpredictable possibility of your vehicle depreciating in value. At the end of the day, there is no right answer, and what you should do relies completely on your current credit and financial situation. So be sure to have all the information you need to make an intelligent decision when car buying. Or you could win big betting the long shot on Saturday. After all, it might land you a nice new ride.