Leasing a car may make sense for some people but there are disadvantages to leasing. What are the disadvantages to leasing a car verses purchasing the car outright?
What will be an ideal response?
Answer: When you lease the car you never build equity into the asset. This limits your choices when the lease expires. You either have to buy the car you leased at the purchase option or you have to get another car. The problem is that you don't have a car to trade-in so most people end up leasing another car instead of buying. When you purchase a car, you eventually build equity and own the car outright after you have paid off the loan. Now you have choices where you can just keep the car with no more payments or trade the car in towards another car, reducing the financing needs for the new car.
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Answer the following statement true (T) or false (F)