When is it smart to lease a vehicle?

Most personal finance advisors will say it is never in your best interest financially to lease a vehicle. During the terms of the lease, you'll always need to make monthly payments and you'll never actually own the vehicle. It's basically like renting a car. While financially it often doesn't make sense, there are advantages to leasing a vehicle. Advantages to leasing a vehicle: Most leased vehicles include the latest technologies, such as semi-autonomous driving systems, emergency braking, and more. Monthly payments are often lower than loan payments. Most of the maintenance and repairs are included. The vehicles often have warranties as well. You only pay sales tax on the portion you pay, and not for the entire purchase price of the vehicle. Usually only a small downpayment is required. For business, it often allows a larger deduction than a purchase.

How do I buy a used car from a private seller?

Buying a car directly from a private seller is often much more affordable than buying from a dealer. If you are wanting to buy a car from an individual, you may be wondering how to ensure that the transaction is legal, safe and fair. Before buying a used car from a third-party: Verify the status of the title Have your mechanic perform a pre-purchase inspection If they have a loan on the car, verify how you can obtain the title Ask for the most recent emission documents, if required in your state Obtain vehicle history report using the Vehicle Identification Number (VIN) Verify the odometer reading and VIN Ask for service records and warranty information Get the transaction or bill of sale in writing

Buying or selling a used car

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Buy, sell or lease a vehicle FAQs

When is it smart to lease a vehicle?
Most personal finance advisors will say it is never in your best interest financially to lease a vehicle. During the terms of the lease, you'll always need to make monthly payments and you'll never actually own the vehicle. It's basically like renting a car. While financially it often doesn't make sense, there are advantages to leasing a vehicle.

Advantages to leasing a vehicle:
- Most leased vehicles include the latest technologies, such as semi-autonomous driving systems, emergency braking, and more.
- Monthly payments are often lower than loan payments.
- Most of the maintenance and repairs are included. The vehicles often have warranties as well.
- You only pay sales tax on the portion you pay, and not for the entire purchase price of the vehicle.
- Usually only a small downpayment is required.
- For business, it often allows a larger deduction than a purchase.
How do I buy a used car from a private seller?
Buying a car directly from a private seller is often much more affordable than buying from a dealer. If you are wanting to buy a car from an individual, you may be wondering how to ensure that the transaction is legal, safe and fair.

Before buying a used car from a third-party:
- Verify the status of the title
- Have your mechanic perform a pre-purchase inspection
- If they have a loan on the car, verify how you can obtain the title
- Ask for the most recent emission documents, if required in your state
- Obtain vehicle history report using the Vehicle Identification Number (VIN)
- Verify the odometer reading and VIN
- Ask for service records and warranty information
- Get the transaction or bill of sale in writing

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Buying or selling a used car

Access documents for buying, selling or leasing a car.

Documents

Bill of Sale

Affidavit of Ownership

Vehicle Lease Agreement

Notarized Car Bill of Sale

Notarized Automobile Bill of Sale

Notarized Vehicle Bill of Sale

Boat Bill of Sale

Vessel Bill of Sale

When is it smart to lease a vehicle?

Advantages to leasing a vehicle:

How do I buy a used car from a private seller?

Before buying a used car from a third-party:

Ask a lawyer

Legal guides

Bill of Sale

Affidavit of Ownership

Vehicle Lease Agreement

Notarized Car Bill of Sale

Notarized Automobile Bill of Sale

Notarized Vehicle Bill of Sale

Boat Bill of Sale

Vessel Bill of Sale

When is it smart to lease a vehicle?

Advantages to leasing a vehicle:

How do I buy a used car from a private seller?

Before buying a used car from a third-party:

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