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Making Your Purchasing Decisions Essay

856 words - 4 pages

1.List and explain the major sources of consumer information.
Consumer information is information collected from a consumer before buying something. First, people may wish to find the brand which is better for you. You may look at reviews of how a product performs. For example, Thomas is uses to buying Sony products. This time Thomas can’t afford to buy products made by Sony. Thomas decided to look at the reviews on a new product called LG. After reviewing the comments posted Thomas decided he would try the LG brand.
Online sources help consumers find information about buying items. For instance, if you are looking for a car you can check out different websites. The websites can give you specific details about an item you may be interested in buying. Usually before I make a purchase I look online before going to a store to shop. I look for discounts, coupons, and reviews on items I’ve never used. Consumers can use the media to obtain information on making purchases.
2.Compare and contrast (a) buying a vehicle versus (b) leasing a vehicle.
Leasing is paying for an object for a period of time. You can sign a lease for a home, car, or apartment. “Leasing is a contractual agreement with monthly payments for the use of an automobile over a set time period, typically three, four, or five years” (Hughes, 2009, p. 254). For example, Jimmy signed a lease for three years. He is required to 200.00 a month for three years. When Jimmy inquired about buying a car he would need to pay a 2000.00 down payment and pay 350.00 per month. Since leasing was cheaper he decided to lease instead of buying.
Buying a car is making monthly payments so that you can have complete ownership of your car. After paying off a car it is then yours to own. Leasing a car requires you to pay and at the end of the lease you must turn in the car. “The obvious difference between purchasing and leasing a vehicle is this: at the end of the loan term, you own the car, but at the end of a lease you have to either return the car, and lease another, or buy out the remaining balance of the cars value (also known as equity) (Carseeker.com).
If you want to pay off a car it may be better for you to buy a car. If you want the options to change cars and continue making payments it may be better to lease. Buying a vehicle means you will eventually pay the care off. While, leasing a vehicle cause...

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