Renting vs. Buying a Car in Big Cities
Photo: James Schwartz (Creative Commons 2.0)
In order to hold onto a sense of normalcy in a summer that is far from normal thanks to the COVID-19 pandemic, people are indulging in a bit of road trip therapy. The open road is pulling at the heartstrings of many drivers, but residents of crowded cities don’t always own a car. For urbanites, is it better to rent or buy/lease a car to fulfill a road trip dream and ride out this pandemic?
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“For many people who live in densely packed cities such as New York City, San Francisco, Chicago, and Toronto with strong public transportation systems and nightmare street traffic, it used to be an easier decision. But as with so many things, the COVID-19 pandemic has thrown new wrinkles into the personal calculus,” writes CNN writer Sara Stewart.
The question of renting or buying/leasing a car doesn’t have a simple solution, because it’s not a simple thing. There are a ton of factors to consider, starting with your budget. Do you have money for a down payment and the ability to keep up with monthly loan payments? Typically, a lease will offer you lower payments, but it’s still a new cost you’ll have to figure into your budget. Leasing, though, can be a short term commitment, anywhere from 12 to 36 months. By the time your lease is up, maybe the pandemic will be, too, hopefully…maybe.
Then, there is the cost of insurance, maintenance, and gas. These costs can add up quickly. Do you have a place you can park your car on the street, or will you have to pay for a space in a garage? Used cars are better than ever and with lower sticker prices, a used car will be kinder to your budget.
Renting a car makes sense if you plan to take minimal trips or your budget just has no room for an expensive car commitment or no matter how long you look, finding a parking spot in your neighborhood will be an unending nightmare. If you choose to rent a car, make sure to sanitize it properly before you head out.
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Car ownership or renting is a complicated decision even when a pandemic isn’t raging. Crunch the numbers and seriously consider the options so you can hit the road for a much overdue escape.
DeAnn Owens is a Dayton transplant by way of the Windy City, yet considers herself to be a California girl at heart even though she’s only visited there once. To get through the dreaded allergy season unique to the Miami Valley, she reads, writes, complains about the weather, and enjoys spending time with her husband, two sons, and their newest addition, a Boston terrier puppy that is now in charge of all their lives. In the future, she hopes to write a novel and travel through time. See more articles by DeAnn.