I'm new to Canada and want to buy a new car for my big family. I have the extra cash to buy it in full but friends are advising not to waste it and lease or finance, also to build up credit score. Is it halal to opt for the non-cash options?
Cars are heavily depreciating assets. You buy a car, drive it for 5km, leave it at home for a year, sell it next year with only 5 km, and you'll lose 20% of its value already.
So, for cars, definitely buy cash if you can afford it, and buy a 2 year old car from the dealership. It's got everything a brand new car has, except the brand new price tag.
Nevertheless, generally speaking, it's permissible to opt out of paying cash into paying installments, given that both options are halal.
So, for cars, definitely buy cash if you can afford it, and buy a 2 year old car from the dealership. It's got everything a brand new car has, except the brand new price tag.
Nevertheless, generally speaking, it's permissible to opt out of paying cash into paying installments, given that both options are halal.
