Should You Buy, Lease Or Finance A Car?

Should you buy (in cash), lease, or finance a new car? 👀🚗 Good question! Buying a car is an important topic, because it's likely the most expensive thing that you'll ever buy that's guaranteed to go down in value. In this video, we'll go over what it means to buy a car 'in cash', what it means to lease a car, and what it means to finance a car. Then, we'll walk through detailed examples to show you the true difference in cost between all three options. After that, it's up to you to decide if you're going to buy, lease, or finance your next car! 0:00 Should you buy, lease or finance a car? 1:21 What does it mean to buy, lease or finance a car? 3:47 Leasing a car, explained 5:42 Financing a car, explained 7:19 Example #1: Leasing a car 9:17 Example #2: Financing a car 11:04 Example #3: Buying a car outright 12:03 Arguments for leasing a car 14:45 The final takeaway *Note: The formulas shown at the 10:02 mark should be: ➡️ PMT = (26,925x0.004166)/1-(1+0.004166)^-36 ➡️ Monthly Interest Rate = 5%/12 = 0.004166 💰 Sign up for Simple Investing (For Canadians) - https://stephandden.com/investment-co... Simple Investing (For Canadians) is a self-paced course that focuses on self-directed, passive, long-term investing in the stock market. There are six different levels, dozens of mini lessons, and test your knowledge quizzes throughout. You’ll also receive multiple downloadable resources - and a personalized investing game plan - that will help you take action on what you’re learning! Oh, and you’ll also be invited to join a private community of investors just like you who you can ask questions to, and discuss different money topics with - and you’ll have continuous support from us within the private community, too! ➡️ Simplii Financial - Our No Fee Chequing Account (up to $400 bonus) - https://api.fintelconnect.com/t/l/65a... ➡️ EQ Bank - Our High Interest Savings Account - https://click.linksynergy.com/fs-bin/... ➡️ Wealthsimple - Our High Interest Savings Account ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ Wealthsimple Self-Directed Investing - Our Favourite Stock Trading Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ Wealthsimple Managed Investing - Our Robo-Advisor Investment Platform ($25 bonus) - https://wealthsimple.com/invite/WQJFTG ➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - https://americanexpress.com/en-ca/ref... ➡️ Neo Financial - Our Cash Back Credit Card - https://neo.cc/refer/N8U6K3S9 ➡️ Questrade - Low Fee Investment Platform Canada ($50 cash back) - https://questrade.sjv.io/AWa9jo ➡️ Borrowell - Free Credit Score Check - https://api.fintelconnect.com/t/l/612... The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel! ⭐️ Check out our free budget template - https://stephandden.com/free-budget-t... Website - stephandden.com Instagram - @stephandden TikTok - @stephandden ➡️ YouTube Filming Equipment - https://amzn.to/3HrWA4i ➡️ YouTube Editing Equipment - https://amzn.to/3RXBsri The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases. Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.