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Surname 1
Name
Instructor’s name
Course code
Date
Personal Financial Management
Assignment one
When one seeks to understand the best inclination between buying a new car, a used car or
leasing a vehicle, it’s important to recognize that it can be challenging to come up with a
definitive answer applicable to all people. Therefore, one needs to look at the situation in which
the decision on the car is being made. First, the car should not exceed $3000 and this acts as the
common denominator in any decision that will be made. Additionally, the car has to carry out a
specific purpose, which in this case refers to the designated job responsibilities. Lastly, the
decision is not long-term but rather borne out of necessity. The case scenario does not give
directions on whether the employer will continue to cater any additional costs related to the
vehicle’s decision, such as maintenance and insurance.
Buying a new car
❖ Will come with the latest technology and fittings.
❖ Will not need much maintenance costs, only insurance.
❖ Ensures durability since it does not suffer from any other past problems that could arise
from its utility.
❖ One gets the luxury of choice.
Surname 2
❖ However, with a budget of $3000, it is likely that one will not get a good brand, and thus
will have to settle on affordability rather than convenience and preference/
❖ Additionally, buying a new car requires extensive research which a person may not afford
❖ Lastly, it comes with subsequent costs such as fueling, insurance and any other fittings
for comfort.
Buying a used car
❖ Could be affordable based on the budget
❖ ...