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Should I lease a car or purchase one?

Asked by Sam

I am looking at buying a late model Toyota Corolla when I do my studies in Newcastle. Will probably sell the car when I complete my studies in 2022. Is a leasing option preferable to an outright purchase? 

 

Answered by CarsGuide

13 Dec 2019 Iain Kelly

Hi Sam, I can’t offer financial advice as to whether a lease, car loan, or private loan will be preferable for your individual situation. Leases have been a great way to get into a late-model car while assisting your tax situation, though you do have to be aware of balloon payments due at the end of the lease term. Also consider the value of the car once you’ve racked up plenty of kilometres up and down the M1 freeway each day getting to Newcastle. I’d suggest speaking to an accountant or financial advisor first.

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