Bang for Your Buck: Leasing vs. buying a new car - Hawaii News Now - KGMB and KHNL

Bang for Your Buck: Leasing vs. buying a new car

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(WMC-TV) – Leases are the hottest thing when it comes to new cars in 2013. Twenty-five percent of new cars are now being leased.

So when does it make sense to lease? And when should you buy? Andrew Douglas has the pros and cons of both so you can get more Bang for Your Buck!

The average new car now costs more than $30,000. That makes the average loan payment now $464 a month, according to MSN Money.

As a result, leasing is back in a big way, because you get that same car for a lower payment.

Edmunds.com says leasing can be good for you if:

1. You're just starting out, and have no down payment for a new car.

2. You can afford a new car every four years.

3. You drive less than 10,000 miles a year.

4. You always want to be covered by a full warranty.

But it doesn't always pay to lease.

If you go over the mileage limit, you will pay dearly and end up renting cars or staying home because of mileage.

Also, Edmunds says don't lease if you haul a lot of stuff and may dent and ding up the car or if you want to make any modifications to your vehicle

If you're hoping to build up a down payment for your next car don't lease it.

If you would like to contact Andrew Douglas about how he can help you get more Bang for Your Buck, go to his Facebook or twitter page or email him at adouglas@wmctv.com.

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