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Show Thursday, June 21, 2007 SPRINGVILLE HERALD 5 Know when to lease or buy a car Hatch announces Utah PILT hinds stay strong Jason Alderman When it comes to getting a new car, many people wrestle with whether to lease or buy. Both methods have advantages and disadvantages, dis-advantages, so it's important impor-tant to understand your needs and payment habits before signing on the dotted dot-ted line. With a loan, you borrow money to purchase the car then own it once the loan is paid off. With a lease, however, you agree to pay a leasing agency (a lender often identified through the car dealer or manufacturer) manufac-turer) to use the car during dur-ing the lease period - but you're never the owner unless you decide to buy it after the lease ends. Leasing advantages. Some people prefer to lease because monthly payments and upfront costs can be significantly less than with a loan; thus, they can either ei-ther budget less for transportation trans-portation or drive a more expensive car. Many who lease prefer driving a new car every few years, don't mind permanent monthly payments and like that the car is usually under full warranty throughout the lease. ' And, if you use the car for business, you can usually usu-ally deduct depreciation and interest from your taxes - not so when you purchase outright. Leasing does have potential poten-tial downsides, however: It's often difficult and expensive to get out of a lease, so if you think your income or employment status sta-tus may change dramatically, dramati-cally, tread carefully (for example, should you lose your job, retire, get sick, etc.) ' Standard mileage allowances allow-ances are typically 12,000 to 15,000 miles annually. If you average more than that per year during your lease, you'll likely pay 10 to 25 cents for each excess ex-cess mile. (Some leases allow al-low upfront payment for excess miles at a reduced rate.) ','' You're responsible to pay for any unreasonable wear and tear and to remove re-move any customized features fea-tures you've added. If you lease a more ex- illl WliBlll i Thai means that ou can call on me to fill your needs with the coverage you want and at the lowest possible cost. Farmers Insurance Grtiup specializes in Auto, Fire, Life and Commercial insurance and is famous for. fast, fair, friendly claims service. I'd like to meet you. Why not give me a call today 1 think you'll be glad you did. Karen Snow 25 East 200 South Spring ilk, 1ST (801) 489-8000 4 Now enrolling for night nail classes. All haircuts $5.00 each every Thursday. FREE SENIOR DAYS TUESDAYS & WEDNESDAYS! (Seniors get service FREE for cost of products used.!) pensive car, your insurance insur-ance costs likely will be higher. And remember, bigger cars usually get worse gas mileage. ' If you do decide to lease, always try to negotiate a lower initial sales, price for the car, because your monthly lease payment is largely based on the difference dif-ference between this price and what the leasing agency agen-cy thinks it can sell the car for when the lease expires. Thus, the smaller the difference dif-ference between those two costs, the better for you. Compare leasing packages pack-ages from multiple dealers and leasing agencies,1' and don't hesitate to arrange your own financing. A dealer may be willing to find you similar or better financing to get your business. busi-ness. If you think you might want to buy the car when the lease ends, check how much comparable used cars cost at sites such as Kelly Blue Book (www. kbb.com), www.edmunds. com, and www.cars.com, to make sure you get a good deal. And don't be afraid to offer less - the lender may have a glut of cars to sell and be receptive recep-tive to your offer. Practical Money Skills for Life, a free personal financial management site sponsored by Visa USA, contains a comprehensive guide to considerations for buying or leasing a car (www.practicalmo-neyskills.comcar). (www.practicalmo-neyskills.comcar). As always, al-ways, consult a financial professional regarding your particular situation. So bottom line: Weigh the choice between leasing leas-ing and owning carefully to make sure pick the right option for your situation. Jason Alderman directs Visa USA's financial education" edu-cation" programs." Enter your 30-second educational education-al video on the importance of credit scores at www. WhatsMyScore.org for a chance to win part of $10,000 in prizes. Have the courage to be ignorant of a great number num-ber of things, in order to avoid the calamity of being ignorant of everything. -Sydney Smith Artists who seek perfection per-fection in everything are those who cannot attain it in anything. - Eugne Delacroix h In walking a tiger, use a long stick. -Mao Zedong No one appreciates the very special genius of your conversation as the dog does. - Christopher Morley The U.S. Department of the Interior today announced an-nounced federal Payments In Lieu of Taxes (PILT) for the coming fiscal year, money distributed to local lo-cal governments whose jurisdictions contain tax-exempt tax-exempt federal lands. Commenting on the announcement, an-nouncement, Sen. Orrin G. Hatch (R-Utah) said he was pleased, since Utah's funding level remained stable at $20 million while most other states saw decreases. de-creases. But he pledges to continue his efforts to seek full funding for the program. "A decade ago, the PILT program was funded at only one-third its authorized autho-rized level, today it's at two-thirds," Hatch said. "We have worked hard to get it to where it is today, to-day, and we'll keep fighting fight-ing until we get PILT fully funded." The Interior Department collects about $4 billion annually from commercial commer-cial activities on federal lands, such as oil and gas CUFA calls for film festival entries ' MT, PLEASANT- Central Cen-tral Utah Filmmakers Association (CUFA) and Mt. Pleasant Lions Club (MPLC) would like to encourage en-courage people to take part in The Central Utah Film Festival, Friday and Saturday, September 7.j and 8. An event organized especially for Utah filmmakers. film-makers. " This year CUFA and MPLC would like to introduce in-troduce others to Sanpete San-pete County communities. They encourage people to come and see the wide variety of locations and resources that have got to be the best kept secrets in the state. Get to know the locals, learn the history and start imagining what kinds of films could be made here. CUFA and MPLC will be screening short films in an informal competition. CUFA understands that it is short notice for a traditional tra-ditional festival's call for entries, with an August 18 deadline. ? ; For more information, visit http:www.utahfilm-makers.org http:www.utahfilm-makers.org CUFA is also seeking interested sponsors for the event. They encourage encour-age businesses and organizations orga-nizations to fake part in the festival and to create greater awareness of the products and services sponsors provide. . leasing, livestock grazing and timber harvesting. A portion of these revenues are shared with states and counties. The balance is deposited in the U.S. Treasury, which in turn pays for a broad array of federal activities, including includ-ing PILT funding. Nationwide; Nation-wide; county governments with federal land in their jurisdictions will receive more than $232 million in PILT funds. This year 37 states will receive slightly less than they did in 2006 -which saw the highest level of PILT funding in history - but only 17 will decrease by 1 percent or more. "PILT is vital to rural counties in Utah," Hatch said. "So much of Utah's land is tied up by the Federal Fed-eral government, which hurts the tax" base that counties rely oh to provide funding for schools, roads, and public safety services. We need PILT funds to help pay the bills. Of course we'd like to see more, but it's good that Utah is not losing any funding this year, while many other states are." 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