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Case Study: Personal Financial Decisions

What are the most important questions you must ask when considering whether to buy or lease a car? Check all that apply.

- How much can I afford to spend each month?
- What are the advantages and disadvantages of buying and leasing?
- How much of my savings will I have to use if I lease or buy?
- How much should I budget for gas, insurance, and repairs?



Answer :

GinnyAnswer

Final answer:

Understanding the pros and cons of buying versus leasing a car and the impact of credit on economic success.


Explanation:

Advantages and disadvantages of buying a car:

  • Advantages: ownership, no mileage restrictions, customization.
  • Disadvantages: depreciation, higher upfront costs, maintenance expenses.

Advantages and disadvantages of leasing a car:

  • Advantages: lower monthly payments, access to newer models, fewer maintenance worries.
  • Disadvantages: no ownership, mileage limitations, additional fees at lease end.

Obtaining credit and economic success: Credit affects loan approvals, interest rates, and overall financial health.


Learn more about car buying, leasing, credit here:

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