Buying versus leasing is one of those questions that everyone comes up against when it’s time to get a new vehicle. The car salesman down the road may be trying to get you to put money down on your favorite make and model, but don’t be persuaded too quickly. Unless you are content driving a fairly old vehicle, it really doesn’t make sense to own over leasing a car. There are, however, many good reasons to choose the leasing option, and the following are just a few of them.
A Simpler Way to Keep Driving the Latest Models
In the previous example of the car salesman trying to get you to buy the latest model, remember that it won’t be the latest model for long. On average, people hang onto their current car for about six years. In other words, for the vast majority of the time you own any particular car, it will not be the latest model.
This is where leasing comes into the picture. You can get a short-term lease ranging from six months to two years. Many people like to project a successful image, and the make and model of car they drive has a lot to do with this. Leasing enables you to fairly regularly change to the most current model without having to handle selling a car with such frequency.
This ties into what could be considered a separate benefit, which is that you’re far less likely to get bored with your current vehicle when leasing. When you see a commercial for the latest and greatest model from your favorite car maker, you will probably be much happier if you are leasing because you know upgrading will be easier and less costly.
Maintenance and Repairs Are Not Your Problem
This is probably the biggest benefit that comes to mind when you look at leasing over buying a car. Ownership of anything entails taking responsibility for it including when things go wrong. Maintenance and repairs need to be factored into any decision between buying and leasing because it is a real potential extra cost when opting for buying.
It is not necessary for your car to break down either. Every vehicle also requires regular maintenance, and some of these things are more expensive than the simple oil change that will probably be the only thing the car salesman will mention when taking you on a test drive. This subject of maintenance and repairs feeds into the broader benefit of leasing over owning that your costs are simply more predictable with leasing.
Get More Car for Your Money
If you are in the market for a new car, you have probably worked out what the monthly payment would be for any model you have your eye on. Everyone likes getting the best deal that they can for their money. You may find this will more likely be the case with leasing.
There are many ways to define “value” in how one ends up getting a car. It’s true that after everything is paid off on a car you buy that you then own it free and clear, and that certainly has value to you. That said, if you see that for the same monthly payment you could be leasing a BMW versus buying a Toyota, which car do you want to be driving over the next couple years?
In a certain sense, you end up with more car when buying because it’s yours after all the payments are made, but in another way, you are getting more car right now by going with the leasing option in terms of the make and model that you can be driving today. You only live once, so you have to decide whether the long-term value is what’s more important to you or the happiness of being behind the wheel of a car you’d actually prefer driving.
Leasing Is Frequently the Best Option
Everyone’s specific situation is different, and you have to look at yours when deciding between leasing or buying a car. Perhaps you are someone who is content to own a car that is six or more years old because it has already lost most of its value in depreciation at this point. For you, buying may be a good option although you should still be grateful for the large leasing market. It is those people trading up to newer leased cars who are responsible for part of the availability of these older cars for purchase.
Many people, however, want to be driving something a little newer, and leasing can be your best option in this case. As stated, when you buy a new car, it depreciates in value more quickly in the first couple years of ownership. Avoid this by leasing. If you are someone who just wants a nice car to get from point A to Point B in without having to worry about maintenance for the vehicle or wondering how much a broken part would cost to replace, then leasing is a smart option that will let you focus on the rest of your life.