In a recent LinkedIn post, Ryan Gomez, CFP® dives into the age-old question of whether to lease or buy a car, offering tailored advice for high-earning professionals making over $150,000 annually. Gomez, a Certified Financial Planner, emphasizes that the decision is not one-size-fits-all but hinges on individual preferences and financial goals.
Understanding the Trade-offs: Leasing vs. Buying
Gomez outlines the primary advantages of each option. For those who enjoy variety and want to drive a new car every few years, leasing can be appealing due to its typically lower down payment and reduced monthly payments. However, he points out the inherent limitations, such as mileage restrictions.
Conversely, buying a vehicle is presented as the more financially sound choice in the long run. As Ryan Gomez, CFP® notes:
“More Flexibility (Can Modify/Sell)
No Mileage Limit
This flexibility allows owners to customize their vehicles or sell them without penalty, and crucially, there are no mileage caps to worry about. According to Ryan Gomez, CFP®:
“When it comes to pure numbers, buying typically comes out ahead.
The Real Financial Pitfall: More Than Just Lease or Buy
Beyond the lease-or-buy debate, Gomez identifies a more significant financial misstep for many professionals: prioritizing impressing others over personal financial health. He argues that allocating more than 10% of one’s monthly income to car expenses – including payment, gas, and maintenance – can be detrimental.
Prioritizing Financial Health Over Status Symbols
For an individual earning a $150,000 base salary, Gomez calculates that the maximum advisable monthly auto expenditure should not exceed $1,250. This figure underscores his philosophy of letting wealth grow through strategic investments rather than depreciating assets aimed at external validation.
Gomez further illustrates this point by discussing the vehicle choices of his clients with substantial net worths (over $2 million). Contrary to what might be expected, these financially savvy individuals often opt for reliability and efficiency over luxury brands. In Ryan Gomez, CFP®’s view:
“They’re pretty evenly split between:
-Toyotas (Last forever & reliable)
-Teslas (Save a ton on gas)
He shares his own experience, highlighting that driving a 2002 Toyota 4Runner, acquired during his high school years, has contributed positively to his investment portfolio. This personal anecdote reinforces his core message: making financially prudent decisions, even with one’s vehicle, allows capital to be directed towards wealth-building opportunities.
Ultimately, Ryan Gomez, CFP® encourages readers to critically assess their financial situations and make car-buying decisions that align with their long-term economic well-being, rather than succumbing to societal pressures or the desire for superficial status.
📝 About This Content
This article is based on insights shared by Ryan Gomez, CFP® on LinkedIn.
📅 Originally posted on June 23, 2026 | View original post on LinkedIn →