Delaware.money

Your Finances; Your Future

Transportation

When in the market for a new car, one of the big decisions you have to make and should be the first is whether your best option is buying or leasing. There are plenty of advantages and disadvantages to cover. For example, when you buy a car, that car is yours. You own that car. What that means is that you have no restrictions on mileage, you can customize it any way you want, and you are responsible for any wear and tear. However, your monthly car payments will be higher than they would be if you were leasing the vehicle. They do end once the car has been completely paid off, however. On the plus side, if you decide to keep the vehicle after paying it off, you'll have more free money for other financial goals and be able to save more.

Much like buying a home, purchasing a car isn't just as simple as making payments to the car. There are considerations to be made. For example, you'll have to consider paying for gas and repairs as needed. Keep in mind your insurance payment when determining the cost of owning a vehicle. All of this relates to the term, 'Cost of Ownership.' The intention is to assist buyers and owners to determine all costs of the car. It's best to consider this option once you've decided on a list of a few cars because the cost of owning a car can vary.

Everybody's financial situations are always different. However, there are two general rules to follow when deciding what's an affordable car payment. If you are considering buying a vehicle, your monthly car payment should not exceed more than 15% of your monthly take-home income. If you decide that leasing is your best option, your monthly payment should not be more than 10%.

Choose a service from the Transportation category
“A Second Chance” Re-entry Program
Comprehensive case management services are provided to incarcerated individuals 6-12 month...
Comprehensive Case Management
Assists families of low-income in obtaining employment, income education, stable housing a...
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
La Casita Outreach
Provides the non-English speaking community with life skills assistance
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...
Promoting Safe and Stable Families
Helps stabilize families with one-on-one counseling, reducing levels of stress and elimina...
Senior Companion Program
Provides assistance with personal care, light house keeping, meal preparation, and transpo...
The Grant Diversion Program
The Grant Diversion Program provides one-time assistance, up to $1,500 annually, to divert...
Or choose a service from one of these Transportation subcategories:
Comprehensive Housing Counseling Services
First Time home buyers preparedness, foreclosure prevention, credit rebuilding, and financ...
NCALL Research Inc.
Homeownership Education*,e-Home America (Online)*, Foreclosure Prevention, Financial Educ...