If you are in the market for a new vehicle, you may have found yourself contemplating a common factor – should I lease or should I buy? Don’t worry, you are not alone! This is a question many individuals have when determining what the best route for them may be when purchasing their next vehicle. Keep reading below to find out more about leasing or buying your next car!
Leasing A Vehicle
Leasing a vehicle has many pros. For instance, your monthly payments are typically lower than an auto loan payment. One great pro for leasing a vehicle is that you get a new car every two or three years, and you are always protected with a warranty. Typically, a car lease payment can be 60% lower than what your monthly payment would be if you chose to purchase the vehicle outright. However, there are also cons to leasing a vehicle. For example, you must make monthly payments constantly during your lease which means you have to have a stable lifestyle. If you lose your job or have a major medical expense, it could upset your finances, so this needs to be taken into consideration. It is also harder to get out of a leasing contract than it may be to sell a used vehicle. If you do decide to lease a vehicle, be sure you read the fine print so that you don’t drive too many miles or go against any of the terms.
Buying A Vehicle
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When you buy a vehicle, you have ownership of your car and can drive as many miles as you would like. You can customize the vehicle and make any changes to it you would like. Basically, you can do whatever you want because the vehicle is yours. If you are planning to drive the vehicle for a long amount of time, you are unlikely to lose out financially. But, along with owning a vehicle comes cons that leasing wouldn’t have. For instance, you could have unexpected post-warranty repair costs. Plus, you are responsible for trading or selling your car when you want a new