To Buy or To Lease? That is the Question! According to USA Today, “Not long ago

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To Buy or To Lease? That is the Question!
According to USA Today, “Not long ago, in the pre-pandemic age, carmakers braced for the
possibility that Americans would eventually stop buying vehicles, choosing instead to rely upon
rideshares like Lyft or Uber. But COVID-19 has upended those expectations, swinging the pendulum
back in the direction of personal car ownership as Americans say they’re increasingly likely to drive
themselves instead of riding in someone else’s car or taking mass transit.” (Source:
https://www.usatoday.com/story/money/cars/2020/09/04/coronavirus-cars-pickups-suvs-covid19/5703590002)
Let’s assume you do not currently have a car and that you have already made the decision that you
want to drive a NEW current model car. The next step in the process is to decide whether to buy or to
lease. For most shoppers, paying cash for a new car is not an option, so we’ll assume your choices
are a new car loan or a lease.
Part One: Research the pros and cons of buying a new car versus leasing.
Instructions for Part One:
Write an essay stating your decision and supporting that decision with evidence from your sources.
Answer the following questions:
1.) First, state the make, model, and trim of your new dream car?
2.) Would you rather buy or lease your dream car?
3.) What advantages (pros) and disadvantages (cons) should be considered when thinking about
leasing or owning a car? State at least 2 advantages (pros) and 2 disadvantages (cons).
4.) What economic factors are important to your decision?
Part One Essay requirements:
• Part One of your essay should be a minimum of one page, but no more than 2 pages.
• Use proper grammar and basic writing techniques as you would for an English course.
o 12-point Times New Roman or Ariel font, 1-inch margins, double-spaced
• Ensure that your sources are current, since market conditions change.
• You should use at least TWO reliable, credible primary sources.
• Do not use Wikipedia since it is not a primary source.
• Properly cite all sources used.
• Note: SafeAssign will be used upon submission to check for plagiarism.
MAT-143-Critical Thinking
FALL 2021
2
Part Two: Compare the cost of Buying or Leasing my Dream Car
Instructions for Part Two:
Step 1: Find an advertisement for a vehicle lease offer.
a) Begin with a general search by entering vehicle lease advertisement, or something similar, in
your search engine. For the purpose of this project will use the most current year of the
vehicle.
• You may need to enter your ZIP code on a particular website to see local offers.
• If you are interested in a specific make of car, use that in your search. For example, you
could search for Honda lease. Skip over websites that require your specific contact
information (name, address, phone number, e-mail) unless that is something you are truly
interested in receiving beyond this assignment.
b) Make sure you can locate the monthly payment, length of lease, amount due at signing, and
MSRP. Record it in the table below.
• Some of this information may be in the Offer Terms & Conditions (the fine/small print).
• You may need to select or hover over a details button to see it.
• If your offer does not discuss maintenance, assume that you are responsible for it.
Lease Information:
1. Monthly Payment and Length of Lease $ _______________ for ______ months
2. Due at Signing $
3. Total Amount of Monthly Payments $
4. Total cost of leasing (line 2 + line 3) $
5. Lease-End Purchase Option $
6. MSRP (manufacturer’s suggested retail price) $
7. Maintenance Responsibility
8. Excessive Mileage Fee $___ per mile over _____ miles per year
9. Website Link

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