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IS IT BETTER TO BUY A CAR OR LEASE?

Is it better to buy a car, or lease?

I get into this debate with my father-in-law a lot.

Now the Bible doesn’t say anything about cars, but it does say something about debts and liabilities. I’m going to the Bible to answer the question, is it better to buy a car, or lease?

Deuteronomy 15:6 tells us this, For the Lord your God will bless you just as he promised you.  You shall lend to many nations, but you shall not borrow.  You shall reign over many nations, but they shall not reign over you.

 

When you sign a lease, it may seem like you’re not borrowing money, but what you’re doing is signing an obligation that forces you to owe someone money — which is debt.  For that reason, we want to stay away from leasing and buy the vehicle.

When I say buy the vehicle, I don’t mean finance it.  I mean, pay cash.

When we finance or when we lease we are acquiring debt.  And it’s one of the worst kinds of debt, because you’re using a loan to pay for something that’s going to be worth less as soon as you buy it. That is not being a good steward over the resources that God has blessed you with.

Ownership gives you freedom.

If you run into a hardship, and you need to sell that car for whatever reason, you can do that if you own the vehicle.  If you’re in a lease, you can’t do that because you don’t own it.

When you spend your money on a car that you financed, or a car you leased, instead of using your money to serve God, you’re forced to use your money to make someone else wealthy.  When you start acquiring these payments and these debts you find yourself working just to pay debt instead of working to serve God.

This is the primary reason a lot of people are going to jobs they hate and are frustrated with their finances, because they’re just trying to keep up with the debts they’ve acquired.

So, you may not be able to drive that 2019 Range Rover you want, but what you can do is save up, be responsible and buy a car that fits your needs.  At the end of the day, it’s going to get you to the same place.

Human logic may cause you to think that mathematically, there’s some benefit to leasing or financing a car versus buying it.  Remember what Proverbs 3:5 says, Trust in the Lord your God and lean not on your own understanding.

Yes, there are times when things may seem like they just don’t make sense.  But, I can tell you that if you follow God’s way, things will turn out better for you.

There you have it – another addition to Bible Money Answers.

I hope you found this helpful, if so, please share it and together we may be a blessing to someone else.

If you’re interested in getting on a Bible-based path to financial freedom check out my free three-part video series titled Bible Money Makeover.

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