Part A: Introduction
Part B: Calculating the cost of a Vehicle
Option 1 —— Buying a Vehicle
Option 2 —Leasing a Vehicle
Part C: other costs of operating a Vehicle
To answer the question of whether to buy or lease a car, I started my project of calculating the cost of buying and leasing a car. My conclusion is that buying a car is better than leasing a car if you use the car for three or more years. After calculation, the cost of renting one car is about the same as the cost of leasing the same car if you have it until the third year. To me, buying a car is a better deal because you can decide whether you want to keep it or sell it after three years of use while leasing a car does not give you ownership. Another advantage of owning the car is that there are no limits on how you use and choose parts for your car, as you are the owner.
Working on this assignment made me practice critical thinking. Generally, I would be too lazy to think. This project also changed my perception about leasing a car because I used to think it would be cheaper to lease a car in three years. It also helps me to examine whether I want to buy or lease a car within a certain time period in the future.