Buying vs. Leasing
Should You Buy Or Lease?
When shopping for a new car, it’s important to do your research ahead of time and show up at the dealership prepared. This includes deciding whether leasing or buying is a better option for you. Choices like this can be stressful for some, but it really comes down to what matters most to you financially. Let’s look at some of the advantages of both leasing and buying so you can make the most informed decision.
Ownership
The biggest difference between buying and leasing is that when you buy your new car, you own it outright. When you lease, on the other hand, you must return the vehicle at the end of the lease term.
Monthly Payments
Typically, leasing entails lower monthly payments compared to buying the same vehicles. This is often one of the most appealing aspects of leasing a new vehicle.
Vehicle Return
Since you usually return a leased vehicle at the end of the borrow term, you can look forward to being behind the wheel of a different model every few years or so without the hassle of trading in or selling your vehicle. If you wish to exchange a vehicle you own, the process is more complicated.
Mileage
You can drive a vehicle you own as much you want. A leased car, on the other hand, often comes with yearly mileage limits and overage charges if this limit is exceeded.
Choosing between leasing and buying is not a matter of deciding between better and worse. Rather, the choice comes down to deciding what matters most to you in shopping for a new car. Consider these differences between leasing and buying and make the smartest choice possible!