When it comes to purchasing a new car, you’ll need to determine if you want to lease or buy the vehicle before you drive it off of the lot. Both options vary with their benefits and drawbacks, making it necessary to choose which one works for your budget and lifestyle. When you’re ready to get a new car, there are a few benefits of car leasing and buying to consider before making your selection.
Lower Monthly Payments
Leasing a new car is appealing to individuals who want to enjoy driving a particular model that is more affordable with the payments that are made compared to buying. Lease specials are also offered through dealerships to move extra vehicles off of their lots and make room for newer models.
You’ll only need to pay for part of the car cost instead of financing the entire cost upfront. With a lease, you’re only required to pay the difference between the car’s current value and its value once the lease term ends. The down payment for the vehicle is also significantly lower than if you were to purchase the car. In some cases, there’s no down payment required, which can be the more affordable option for drivers. Additionally, there’s fewer sales tax that comes with leases for extra savings.
Drive More With a Car Purchase
Purchasing a car will allow you to drive around more without being limited with the miles that you put on the vehicle. For those who have a long commute to work each day, it can be difficult to use a lease if they expect to put a significant amount of miles on the vehicle each month. By purchasing a car, you won’t have to worry about the mileage and can use it as much as you need without getting penalized with extra fees.
Make a Profit with a Car Purchase
Buying your own vehicle will allow you to sell it once you are done using it, which can allow you to obtain part of your investment back when you find a buyer. Leasing a car will mean that you don’t get any money back once you return it to the dealership, which can cause you to lose money during the process. When owning the car, you can make modifications that increase its value and allow you to get more back once you sell it. You can also sell the vehicle at any time instead of getting locked into a lease.
Lower Repair Costs with Leases
Owning your car can become a headache once it begins to age and has expensive repairs that are needed to maintain the vehicle. Leasing a newer model will allow you to have lower repair costs because you’ll be under the vehicle’s included factory warranty. There is also be less of a risk of the vehicle having issues because it’s newer and is in better condition.
Obtain a New Car After a Few Years
Some people don’t want to get locked into owning a car that they might not want after a few years, which makes leasing a more viable option. You can enjoy driving a different model after two to three years with a smooth transition that is more convenient than reselling the vehicle and trying to find the right buyer. It’ll be easy to avoid trade-in hassles that can often come with buying a car, which will allow you to obtain a different model sooner.