10 Worst Mistakes People Make With Their Finances

10) Leasing a Vehicle You Can’t Afford

Buying a new car has its own world of excitement, but that excitement can easily overshadow the long term commitment as well as additional financial responsibilities of owning a vehicle. When buying or leasing a new car you are essentially signing up for an entirely separate rent or mortgage payment. Between the monthly amount due when leasing a vehicle, even if it is during a weekend “no interest” sale at your local dealership and is otherwise considered a “great deal,” there are other fees that go with it by default. Warranties, car insurance, gas, maintenance, registration, property taxes, and more should all be kept in mind before driving off the lot. Leasing a new vehicle is a huge financial mistake for those who currently owe other debts or plan to upgrade to a different vehicle sooner rather than later, for cars depreciate the second they leave the dealership.