Quote:
|
Originally Posted by ward
at the end of a finance contract you own a car, at the end of a lease you own nothing.
so I guess all the homeowners on the board with a mortgage own their homes just about as much as renters since in both cases the title is held by the bank
|
FYI, with a mortgage title is held by the owner, the mortgage is a security document. Homeowners purchase an assets which does not depreciate by design and in fact over the long term increases in value.
I am unfamiliar with "financing", since in my jurisdiction (Quebec) the only option is buy or lease. Since I like to change a car while it is still in warranty and therefore do not like to have capital tied in an ever-depreciating asset, I lease, keeping my payments to a minimum and only paying for what I use. Plus I get to deduct it for tax purposes.
Unless you want to "marry" the car for the long-term leasing makes sense.