You’re finding yourself in need of a new set of wheels. You have two choices. You could take out a lease for your new ride or buy it outright.
There are pros and cons to each option. Buying comes with higher payments, but you get the satisfaction of knowing that you own your car.
Leasing is cheaper to deal with, but the payments will never stop because the vehicle isn’t yours. These are only a few things to keep in mind before you head to the dealership. Check out this guide to learn if you should buy or lease your car.
Advantages of Leasing
When you lease a vehicle, you’re paying for your right to drive it around for a certain period of time. This agreement will allow you to have a nice vehicle that you may not have been able to get through any other means.
You’ll need a small downpayment to get things going, but it won’t be too damaging. You’ll get to enjoy a nice warranty for as long as you have the keys to the vehicle too.
Cons of Leasing
The downside of leasing is that you’ll have annual milage restrictions that you’ll have to meet. If you go over it, you’ll get hit with a bunch of fees.
If you put any amount of wear and tear on the car, you’ll have to pay for that too. You’ll never even get the satisfaction of owning the car.
You’ll miss out on a lot of opportunities that come with ownership. Choosing the best title loan if you need to put a little extra cash in your pocket is a no-go.
Advantages of Buying a Car
When you buy a car, it becomes yours once you drive it away from the dealership. You won’t have any mileage limits or additional fees to worry about.
When you’re done paying off your vehicle, you can sell it and put the money toward a better car if you want. The sky is pretty much the limit.
Cons of Buying
We will warn you that buying a car often comes with a huge downpayment requirement. Many people who turn to leasing do so because they can’t afford the expense.
The downpayment isn’t the only thing that costs more. Leasing is much more manageable when it comes to your monthly bill.
Owning a car is amazing until something breaks. You could end up emptying out your entire savings account on an unexpected maintenance issue.
Buy or Lease? What’s the Better Option?
When it’s time to get yourself a new vehicle, you’ll have to decide if you want to buy or lease it. As you can see, there are many pros and cons of both options.
There’s a lot of responsibility that comes with vehicle ownership. If you can’t handle the extra expense that comes with it, you may have better luck leasing a car.
Now that you know how you’re going to pay for your vehicle, it’s time to pick one out. Visit the Auto section of our blog for all the latest car shopping tips and tricks.