Buying or leasing a new car can be an exciting prospect. However, to make sure you’re making the right choice, there are a few things you should do before you either buy or lease a new car.
Make a budget. You need to determine how much you can afford. Keep track of all your expenses over the course of a month to see how much you are spending. You may notice you buy a lot more coffee than you realize.
Change your spending habits. If you find anything in your budget that concerns you, make needed changes to your spending habits. This should open up additional funds that you can put toward vehicle costs.
Consider your trade. If you currently own a vehicle and are planning to trade it in, get an understanding of how much you could get. Also take into consideration any outstanding loan balance you may have and whether you currently owe more than your car is worth.
Think about total costs. In addition to your monthly car payment, whether through a loan or lease, you need to consider other costs. This includes fuel, insurance, and possible maintenance.
Buy vs lease. Once you know how much you can afford, you need to decide if buying or leasing is right for you.
Here at Larry Jay Mitsubishi, we are here to help you with every step of the car-buying process. Give us a call if you have any questions about your trade-in, how to get financing, and anything else.