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When you purchase a car in cash, the car is yours outright. If it is financed, the lender owns the vehicle but only until your loan is paid off. And when you lease a vehicle, the leasing company always owns the car, says Ouyang. “Leasing may save you on monthly payments, but the money you spend isn’t going towards ownership.” With a lease, you will have a monthly car payment. If you own, you could potentially enjoy years without having to make monthly payments. “And, most cars today have significantly improved reliability so you could go for quite some time without worrying about major maintenance or repair costs,” he adds. “So if you have a six-year loan, and keep the car for ten years, that’s four years of no monthly payments, which makes for a potential of thousands in savings.” You’ll want to take note of these maintenance tips that will extend the life of your car.