Renting VS Owning EverFi

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Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What’s the best transportation option for Jim?

Utilizing his saving as a down payment and buying the car using an auto loan.

Jim wants to buy a car, but he’ll probably only need it for a couple of years. He has a short commute to work, so he won’t be putting many miles on his vehicle. What’s the best transportation option for Jim?

Lease the car

John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?

Finish the term of his apartment lease in the city and find a new home to purchase simultaneously.

Depreciating assets:

Become more valuable over time.

What is a lease?

A contract outlining the terms under which a landlord agrees to rent property to a tenant.

Typically homes ___________ over time and cars ______________ over time.

appreciate; depreciate

Which combination of factors would result in the lowest monthly mortgage payment?

Small down payment, a shorter term loan, and small interest rate

The biggest factor in determining the price of a mortgage is:

The total cost of the home.

Renting provides _________ flexibility but can lead to _________ costs in the long-term.

greater; higher

Which best describes the benefits of renting a home?

greater; higher

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