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If you're in the market for a car, you might be faced with a choice to lease or to buy
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They both have their pros and cons, but ultimately it comes down to your budget
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your driving habits, and how long you plan on keeping the car. Leasing usually means lower monthly payments with the added perk of driving a newer car
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with the latest features. It can be a good fit if you don't drive long distances and can keep
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your mileage in between $10,000 to $12,000 a year. The drawback is you don't own the vehicle
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And you could be faced with paying fees for exceeding mileage, extra wear and tear, or ending the lease early
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While buying gives you full ownership, of course, your monthly payment may be higher
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but you can drive as much as you want and make changes to the car. And once the loan is paid off, your car becomes an asset you can sell
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If you're not sure which option fits your budget, try using a lease versus buy calculator online
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It shows your monthly costs side by side and helps you see which one works best for your financial goals
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Whether you want the latest model or a car you can keep for years
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understanding your needs will help you make the right choice for you
