Photo: EveryCarListed P on Flickr

A new car is one of the most exciting and highly anticipated purchases. As a large, long term investment, it can also be one of the most stressful. Since there's really no ceiling marking how high car prices can go, the buyer's budget is usually the primary limiting factor, before extra options or aesthetics. Once you have your budget, there are two main questions to ask; new or used? And, perhaps the more impactful of the two, buy or lease? These questions go hand-in-hand and all four combinations (yes, it is possible to lease a used car) are important to explore because your choice could swing the overall price significantly. Below we'll help you compare the long term effects of each.


Leasing: the shiny option

Most commonly, someone who wants to lease a car will lease a new car—that is, after all, the point of leasing for most people. While it is possible to lease a used car, it's uncommon and not offered by every dealership. Leasing is the shiny option because you drive away with a brand new car by, basically, renting it for two or three years. You pay the costs of using the vehicle for the term of the lease instead of paying for the whole vehicle. This often results in lower monthly payments than those of someone buying a new vehicle through financing.

There will likely be a down payment and fees due up front, followed by a schedule of monthly payments. The lease might also end with additional fees. It's important to understand the terms of the lease, including any mileage limits and wear and tear fees.

Your lease deal is based on the difference between the transaction price (cost to buy) of the car and its residual value (what it will be worth when the lease is up). The dealer will divide the difference into your monthly payments. The other major factor influencing the lease is your credit score. Leases sometimes call for large down payments, and this will only increase with poor credit.

Buying: costly but financially smart

You want that new car but you can't afford to buy it, so leasing seems like the perfect option. But as in most life decisions, the financially smart option requires some sacrifice. In this case, being smart with your money probably means buying, rather than leasing. And that probably means buying a lower-cost new car, or a used car.

Some quick math, courtesy of average prices from Edmunds, shows that buying used is usually the best option in the long term.

If you lease an SUV that costs $27,142 (according to the Edmunds average), after fees and interest your monthly payment will be about $330 over 3 years. Out of pocket, then, leasing a new SUV for a total of six years will cost $27,836, or almost $3,000 more than buying a used SUV. However, leasing would be cheaper than buying the same new SUV (with financing plus down payment).

The problem is that, even though you saved on monthly payments by leasing rather than buying the new car, you don't own anything after the lease ends. So after six years and two leases, you've spent $27,836 on a vehicle that you still don't own. On the other hand, a purchased car can be traded in after those six years. After its trade-in value is subtracted, the same new SUV would cost only $23,882 to buy. In the long run, buying is the better choice.

That's a large savings, and it comes without the limits put on lessees by the contract they'd have entered into with the dealership. Yet, it's still not the most frugal option. New cars face immense depreciation and, despite warranties and promises by the dealership, will probably require several part replacements or repairs in six years. Buying used remains the wisest choice, though it might not be the advice you want to hear. In this example, buying a similar SUV used and trading it in after the same six years would cost almost $9,000 less than leasing the new one.

The truth is: buying used is hardly a loss. Certified preowned vehicles are often in outstanding shape and most vehicles don't change significantly in three or four years, anyway.

Although monthly payments on a lease might be lower than those for financing a new car, buying the new car is the better value in the long run. And, of course, buying a used car is your best option overall.


Tom Twardzik is a writer covering personal finance, productivity and investing for Paypath. He also contributes pop culture reviews for Popdust and travel writing for The Journiest. Read more on his website and follow him on Twitter.

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Southwest Airlines Sale 2022

Photo by Trac Vu on Unsplash

Pack your bags — Southwest Airlines is having a major sale! Fares are as low as $59 one-way if you book by October 3rd.


This end-of-summer super sale is a game-changer for your travel plans through the end of the year. Summertime travel gets all the glory. But why not take advantage of your long weekends, holidays, and PTO this fall. You’ll be surprised at how much travel you can fit in. Keep the fall/winter season exciting with domestic trips that give you all the excitement without breaking the bank. All thanks to Southwest.


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“Listen. You don’t live there. You live here. With your people. Go to work. Get your money. And come on home.”

Years later, she wrote about this remarkable experience for the New Yorker and said, in hindsight, this is what she learned:

1. Whatever the work is, do it well—not for the boss but for yourself

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@zaidleppelin On quiet quitting #workreform ♬ original sound - ruby


The trend arose from the depths of the pandemic. Layoffs, salary cuts, and furloughs proved that their employers did not care about their hard-working employees.

The Washington Post dubs quiet quitting as a fresh trem for an old phenomenon: employee disengagement. In many cases, it’s a response to burnout. For much of Gen Z, it’s a way of establishing healthy boundaries in the office and resisting the pressure of the rat race. After all, why work yourself to the bone for a company that just proved it’s ready and willing to let you go?

Despite the term’s negative connotations, Quiet Quitting can provide an empowering shift in thinking for employees.

For far too long, employees have been indoctrinated with a slew of toxic workplace advice. Faced with these old misconceptions and lacking job security or clear paths for advancement, Gen Z is untethering their identities from work.

Quiet quitting — therefore — might be a bit of a misnomer. These employers aren’t completely disengaged. They’re certainly not launching Flight Club-esque sabotage attempts on their employers. NO. Contrary to media panic, Gen Z understands the value of a job — the fickle market they entered ensured that. But they also understand the value of life.

They’re doing what they’re being paid for. Nothing more, nothing less.

According to Chief, a private membership network focused on connecting and supporting women executive leaders, older generations should learn from this approach.

“Gen Z has already endured the largest seismic shifts to the career landscape than any previous generation, having started their careers in the middle of a pandemic that changed office culture forever and a gig economy that makes piecing together work more viable. They’re taking both those realities and therefore demanding more autonomy and flexibility than any other generation.”

Gen Z are less attached to job titles and statuses. They’re more concerned about their lives. Sure, this can lead to problematic outlooks on money and experiences — see the “I can earn my money back” TikTok trend. But it’s better than hustling for no reward. Besides, as some Gen Z-ers put it on TikTok, the office isn’t even a vibe.

“With the ability to work from anywhere and for more than just one place, Gen Z-ers are forging their own paths that don’t rely on old patterns set by previous generations and are redefining what “career success” looks like. Gen Z can take note, as more and more leaders are similarly pursuing multiple income streams of their own through the form of a portfolio career. The way in which work looks like and where it happens is evolving.”

With less single-minded focus on one job, some TikTok business gurus advocate shutting your laptops precisely at 5 pm. And then jump onto your side hustle. Do nails or lashes on the weekend. Become social media managers for your phone. Sell soap on Etsy (again … perhaps not in the Fight Club way).

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But where do you start? Watching TikToks can only get you so far. Try a course on LinkedIn Learning to sharpen up your skills and learn new ones that you can turn into a verifiable side hustle — or leverage in your job search if quiet quitting leads to … real quitting.

Learn on your own time with bite-sized videos or in-depth courses. Watch them after work, before you clock in, or on your lunch break. Then, after your courses are complete, you’ll have certificates prominently displayed on your profile that prove your skills.

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