My friend, me and my cousin in MD
My smart niece and I
Buying:
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Leasing:
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| 1. You can keep the car as long as you want, you are the owner of the vehicle; | 1. You don't own the vehicle. You must return it at the end of the lease unless you decide to buy it; |
| 2. You can sell or trade in your vehicle at any time. If necessary, money from the sale can be used to pay off any loan balance; | 2. If you end the lease early, early-termination charges can be almost as costly as sticking with the contract; |
| 3. You're free to drive as many miles as you want; | 3. You may only drive 10 to 15k miles per year, if you drive more than agreed you will pay a fee or you can buy miles in advance for .16-.26 cents per mile; There's no credit if you drive less than the miles allowed; |
| 4. You can customize your vehicle as you like; | 4. You cannot customize the car; Or you can but you will have to take off all aftermarket parts when you return the car; |
| 5. You don't have to worry about wear and tear; | 5. You are responsible for wear and tear or you will end up paying for dings, scratches or even wear of tires. You will be charged a fee for all dings, scratches, dents, worn tires and others; |
| 6. The vehicle will depreciate but its cash value is yours to use as you like; | 6. On the plus side, its future value doesn't affect you financially. On the negative side, you don't have any equity in the vehicle. |