There are a few different ways you can get a car in your driveway when you’re short on cash. Of course, the option that’s best for you will vary on your individual situation and what type of car you need. If you need a reliable family car, then you’ll need to make sure the option you choose will help you to get your hands on one.
You definitely don’t need to have a ton of money to buy a new car.
Financing is one option that people who don’t have the cash outright go for. Financing means you will eventually own the car when you’ve paid it all off. You simply pay off the car in instalments. It’s up to you what you do with the car afterwards. It’s worth bearing in mind that cars depreciate, so you may pay more than it’s worth.
In this case, it’s a good idea to choose a quality, used car. This way, the car has already depreciated and you won’t lose out too much if you choose to go finance on it.
Leasing a car is similar in the fact that you pay monthly. However, you never own the car. You simply keep paying, and when your lease is up you have the choice to stop or get another car. Some people don’t like the idea of leasing and never owning a car, but it’s a great option for others. Don’t listen to the naysayers and do your own research to figure out what the best option for you is.
The infographic below can give you some info when it comes to leasing vs. buying.
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