Buy a vehicle or lease; it is a question many drivers ponder when it is time to get something new for the road. Which option is best for you? Do you have questions and need answers? You’ve come to the right place as we’ll cover the pros and cons of buying versus leasing so you can move easily to decide which option is best for you.
When to Lease
Many people lease cars when they feel most comfortable with a new car but the high monthly car loan payments to buy outright are too large. Regular payments to lease are less than buying and leasing often allows a driver to get more car than they would be able to afford when buying. Leasing may be a better option for people that are first time buyers and those who lack credit. It is possible to lease a vehicle without a cosigner which helps those new to the car buying/leasing world.
You can learn more about the lease process online and through the dealership. Keep in mind that when you lease a car, you will be limited on the number of miles you can travel and subject to fines if you exceed them.
When to Buy a Vehicle
Buying is the option most drivers go for. It is easier than leasing and reduces the risks of losing any money. Plus, you can travel wherever you want without worry of mileage restrictions or fees for going over. If you want to hold onto the vehicle you are buying for as long as possible, then consider buying. It is oftentimes the better of the two choices. Of course, when it is time to upgrade, you start from scratch when you buy a car instead of lease.
Weigh the pros and cons of lease/buying to ensure you make the right choice for your driving needs.