Is It Better Investment to Have Ownership vs Leasing a Vehicle? Pt 1

Disclaimer

Here on Selfmadesns.com I’m only giving you my life experiences. So, you may learn and benefit from my mistakes along the way. As well as learn from all of the good decisions I made. What may work for me in some different experiences is not always what you should be doing on your own. Always do your own research or speak with a professional on the subject. Better yet do both guys. It will be way more beneficial for you at the end of the day. If you want more information on our terms, please visit our terms and conditions page along with the privacy policy page as well.

I remember when I first became a car owner when I was younger. I believe that I was going into my junior year of high school, and I was working a summer job at the school district. Actually, that was my first job as well. But I had worked all summer and saved best I could to reach my goal of buying a car. It definitely wasn’t anything special at all. But I was happy to have it because I earned it with hard work. As I got older and start buying more vehicles, for business or personal use I learned about leasing vehicles as well. I had to learn these things in real time. And now I want to share this information with you all. Because they both have their own pro’s and con’s. So, let’s get into it guys.

Ownership

Pros

Asset

When it comes to ownership that can always be looked at as a pro my friends. When it comes to vehicles and if you own them, they become an asset for you or your business. You don’t have to worry about making any monthly payments at all. What no having to worry about anyone coming to repossess your vehicle if you fall on hard times. If you ever fall on really hard times, you can always live in your car for a bit until you get right.

No Restrictions

When you own your own vehicle no one can put you on a mile’s restriction. Now you can really enjoy your car as much as you want to. Can you imagine want to take a trip and having to really consider the miles the trip you want to take. I know miles come in to play when you take a trip but it’s not as big of a factor when you don’t own the vehicle. Let’s not forget about not having any limitation on any modifications on what you would like to do to your car. When everyone is driving the same car, you want yours to stand out somehow. Without ownership that could be something you’re unable to do my friends.

Savings

Over the long-term of owning your vehicles will be cheaper for you. That’s because you’re not making payments very month. On top of everything else that comes with ownership of a vehicle. Which means more money in your pockets. More money for you to do other things with, like investing. Putting your money to work for you to make your life better for you and your family.

No Penalties for wear and tear

That’s right you can be penalized for war and tear when you do own the vehicle. So, if you are using a vehicle, you don’t own that you use for work. You can easily put some real wear and tear on that vehicle fast that you would have to pay for. No one is trying to pay any extra cash out for anything they don’t have to. Me myself I’m way too cheap for that. To be worrying about Not messing up a vehicle is not something I would want to look forward too.

Cons

Upfront Cost

Now with anything that’s good comes with their own set of problems. With ownership you’re going to have to pay for it. Especially with the upfront cost of the vehicle. You’ll be looking at a bigger down payment, fees, and taxes are all usually bigger when you want to own. So, you’ll need to make sure you’re able to handle all that. If you have seen the post on how to budget, you know the necessary step you need to take to get that vehicle you want.

Depreciation

Have you ever heard that the car you buy start to lose value as soon as you drive off of the lot my friends? If you haven’t just know, it’s true. You won’t be able to go down the street and change your mind about the car. Turn around and try and get your money back for the car. They are going to keep something. So just keep that in mind when you want to own a vehicle.

Repairs & Maintenance Cost

With owning a vehicle, you will without a doubt came across maintenance and repair costs. All of the cost will be on you, my friends. That’s right oil changes, new parts, and anything the vehicle needs is on you. You will have to come out your pockets to keep your vehicle on the roads. If you take care of your vehicle and stay on top of its needs, it won’t cost you so much. Now on the other hand if you don’t. Some of them repairs can really add up to the point it might be best for you to just get a new vehicle.

Insurnace

Now the insurance cost by themselves is often higher than when you lease a vehicle. That’s right my friends, on top of the repair and maintenance costs you have insurance to think about. It’s the price of ownership my friends. Don’t worry if you don’t know how you will be able to afford all of them costs. Just checkout the post for how to save your money up my friends. I have your backs!

Summary

Here we are my friends, we have made it to the end of part one of this post. We covered the pros and cons of ownership of a vehicle. Owning a vehicle is something you really should know that isn’t cheap. No one told me about all this when I went out and got my first car. I could have been more prepared like you guys if I had this blog to help me out. I would love to take this time to thank you all for your time and the visit today. Please come back soon. I’ll have part two of this post up for you all soon enough. Good luck out there!