Cars ultimately are depreciating assets, so you need to focus on purchasing a car or leasing a car based on your needs and you can only do that by being 100% honest with yourself.

Hello and welcome to the Mommy Millionaire Show. This is your host Kayla Crafts. I am a mom of three multi-millionaire master life coach and money mindset queen.

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Hello beautiful Mommy Millionaires. Welcome to Mommy Millionaire. This is the podcast for ambitious self-made moms, both present and future seeking financial freedom and generational wealth.

Today, I'm answering a question I get asked pretty often. Do I buy my dream car or should I lease it?

The short and probably going to be a frustrating answer is it depends. So we're going to start off with the basics. So let's get into the basics pros and cons of buying the car.

So number one pro for buying a car is you own the car. So it's an asset, even though it's a depreciating asset.

So like a lease, you might pay monthly payments, except that with owning a car, you're paying down the principal until you eventually own the car outright.

So number two pro is there's no limitations as far as like mileage goes or how you care for your car or where you take it to get serviced.

The third pro of buying a car is like the longer you keep the vehicle like after the loans paid off, the more value you get out of it.

So over the long term, the cheapest way to drive is to buy a car and keep it until it's uneconomical to repair.

Let's talk about the cons of buying a car. So financing like the monthly payments are usually way higher than if you were to do a monthly lease payment.

So if you're looking for cash flow purposes to, you know, keep that down, then leasing might be a better option, but that would be kind of like the con I see to buying another con to buying a car is like you don't get to enjoy like the new model vehicles that have like

all the updated features because it's not in your best interest to buy a new car every two to three years.

So let's talk about leasing a car leases it's popular because it's a form of auto financing that basically allows you to rent a car from your dealership for a certain length of time and a certain amount of miles.

So I think there's a lot of pros to leasing a car, right? So number one, you drive the car during its most trouble free years, you know, the first three years of its life.

Number two, you're always driving a new model vehicle that's usually covered by the manufacturer's new car warranty. So any problem you get it's like, oh, you know, it's covered under warranty.

So relatively no money out of pocket to get things fixed. Number three is like the leases likely to include free oil changers and other like scheduled maintenance. I know I leased Alexis.

Oh my gosh, I think it's like 10 years ago now, but that was one of the nice things. It's like I just took it into the dealership and I really had no money out of pocket except for my monthly car payment.

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