So you’re thinking about getting a new car? Cool.

You have a make and model all picked out. That’s cool, too.

You may even have some colors in mind – a nice silky sliver or tango orange?  Sweet.

Now all you have to decide is how you’re going to pay for it?  Not so cool.

If you’ve visited a car lot or shopped online, you’ve probably figured out pretty quickly that cars aren’t cheap. Fortunately, you have some options on how to afford one, including an increasingly popular method – auto leasing. But is leasing a good idea? And does it even make sense for you? Here to answer those and other questions is Avidia’s auto buying expert, Vice President/Branch Administrator and avid Beatles fan, David Morticelli.

Real Smarts: Welcome Dave. If it’s OK with you, we’d like to get right into it and ask the question we’re all dying to know: What is your favorite Beatles song to buy a car to?  Is it ‘We Can Work it Out?’

Dave: Hey, if you’re looking to buy a car, then you know it has to be the LONG AND WINDING ROAD!

Real Smarts:  It seems that more and more people are leasing cars today. Why is that?

Dave: Leasing can be a good alternative to buying, especially if you lack a down payment, or  need a low monthly car payment. It’s an easy way to get into a car, but there may not be an easy way out of leasing.

Real Smarts:  How do you decide whether buying or leasing is right for you?

Dave: The first questions to ask is: Do I want to own or do I want to rent a car? After that, I think the best way is to list the pros and cons for each.  On the plus side of leasing, you can usually afford “more car” for your dollar, since you can get it with little or no down payment and potentially lower payments.  On the negative side, you will always have a car payment and possibly higher insurance payments because you are driving a newer/more expensive car.

On the positive side of buying a car, you will own your car and may be able to purchase it with a low or no down payment. Plus, your insurance payments will decrease as your car depreciates. When you pay the loan off, you can then start paying yourself, banking the money you were paying the bank or finance company.

Real Smarts: If you choose to buy a car, how can you make it more affordable?

Dave: I had quite a Beatles album collection growing up.  I couldn’t always afford a new album.  Sometimes,  I would buy used albums for deep discounted prices, allowing me to buy more. Same thing with buying a car, you can get more car for your money if you buy a pre-owned vehicle instead of a new car.  Make sure you have good credit, too, as your credit score will determine the rate you’re charged on the loan, which could save or cost you money. Also, wait until month or year end when dealers may be trying to move their inventory and can give you better terms. Also, be sure to shop before your old car has seen its last days.

Real Smarts: Thank you Dave. We do have one more important question…what color is your car… yellow submarine? Banker blue?

Dave: Can you believe all of our cars are silver?  But if you are smart about buying your car and other financing options when you make a purchase, you can keep away the Blue Meanies and actually see more of your favorite color, GREEN!

If you have an auto financing question you’d like to ask Dave, let us know on social media.