Buy Or Lease A Car: Which One’s Best for You

Deciding between buying and leasing a car doesn’t only depend on budget but also on other factors such as your lifestyle or how frequent you’re going to use the car. Both options have their own pros and cons and your choice greatly depends on which benefits you think matters the most for you. If you’re still torn between the two, here are the basics you need to know to help you decide which one’s best for you.

Advantages of Leasing a Car

Leasing a car has its own share of advantages. First, you’ll be paying lower monthly payments compared when you buy or loan a new car. There are no down payments, upfront sales tax and other fees; simply pay the monthly lease as long as you’re still using the car. However, the agency may give you extra charges if you incur some damages or exceeded the allowable mileage limit in your leased vehicle.

You’ll also enjoy lower repair expenses since most leased cars are covered by a manufacturer warranty. You can most likely save up on repairs if you take it to the dealership where you leased it. However, it is still your responsibility to look out and take care of the vehicle.

When leasing a car, you get to experience a different model every few years if you choose to change what you’re currently driving. You get to try the latest automobile technology and experience its amazing functions. You may also opt for lease now, buy tomorrow option where you can choose to buy the car after the lease if it suits your preferences perfectly.

Another good thing in leasing a car is that you never have to go through the hassle of selling a vehicle. If you don’t like to drive that vehicle after the lease has ended, simply return it to the car leasing company and get a different model that you like.

If you’re credit score isn’t that good, car leasing is one of the great ways if you need a personal vehicle. Car leasing companies aren’t that strict when it comes to credit scores since they can easily take back the vehicle from you if you fail to follow the lease terms.

Advantages of Buying a Car

When you buy your own car, one of the great advantages you can enjoy is lesser payments in long term. Sure monthly payments for car lease are cheaper. However, when buying a car, each monthly payment builds up for the future just in case you decide to sell the car.

Freedom is another factor you can enjoy with bought cars. You can drive no matter how far you want to go since there is no mileage limit. Also, you can accessorize or style it the way you want because there’s no need for it to be maintained in its original condition.

Buying and leasing a car has their own benefits. Before making your choice, make sure to weigh everything very carefully to be sure that you’re making the right choice.

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