Holicent
VIP Contributor
When it comes to saving for a big purchase, like a car or house, the choice between renting and buying can be tough. But when you look at it from the perspective of how much you would save over time, one rental might seem like a better deal.
There are two main reasons why renting is cheaper than buying: taxes and insurance. When you buy a car, you pay sales tax and then state income tax on top of that. A $30,000 vehicle would cost about $4,000 more in sales tax alone if you bought it instead of leasing it through CarMax.however
Even if you choose not to lease your car because you want to keep driving it long term, you’ll still have to buy new tires and brakes every few years anyway. And don’t forget that gas prices have gone up considerably over the past couple years as well.
There are two main reasons why renting is cheaper than buying: taxes and insurance. When you buy a car, you pay sales tax and then state income tax on top of that. A $30,000 vehicle would cost about $4,000 more in sales tax alone if you bought it instead of leasing it through CarMax.however
Even if you choose not to lease your car because you want to keep driving it long term, you’ll still have to buy new tires and brakes every few years anyway. And don’t forget that gas prices have gone up considerably over the past couple years as well.
