Choosing whether to buy or lease a car is not an easy decision, and is one that requires a great deal of thought and processing. While buying a vehicle comes with a higher monthly, but you are working towards creating an asset. On the other hand, leasing comes with a lower monthly and lets you drive more high-end vehicles without worrying about affordability.
The Benefits of Leasing
On the bright side, leasing is a more appealing choice, starting with the promise of a low monthly payment it lets you get a taste of luxury driving. As you won’t be paying the principal you are just paying to borrow the vehicle.
- You get to enjoy a new vehicle without worrying about a thing.
- Leased cars are late models that are covered by a new car warranty.
- There are lease plans that include free oil changes, and other maintenance.
- You get to drive a better equipped and higher-priced car than you probably cannot afford.
- The vehicle includes top-of-the-line safety features.
- There is no need to worry about trade-in value fluctuations or go through the hassle of selling your car.
- There is a significant tax advantage for any business owner.
- All you have to do when your lease ends is to drop off the car back at the dealer.
The Benefits of Buying
While many see leasing as the appealing choice due to its low monthly, there are many that take its other aspects as a con. While you are paying a low monthly, you do not gain anything in the end. Compared to buying a car, where you pay a higher monthly and end up with an asset that you can sell.
- One of the biggest advantages of buying a car is that you get to pick the latest model.
- There are no wear and tear charges, or any mileage limit.
- You can sell or trade-in your vehicle at any point, and you are not required to pay any fee.
- With a purchase plan, you can change as many cars as you like without worrying about breaking your lease.
- You own the vehicle and can easily make any custom changes you wish.
- Buying a vehicle means you get a return on the money you have been paying all those months.
- You can sell your vehicle or trade it in based on the condition and mileage. Getting a good rate, and constantly getting a new car to drive.
There are endless pros and cons when it comes to choosing between leasing or buying your car. The best way to make sure you are making the right decision is by losing the pros and cons of both that work best for you. Only by checking the option that works best for you, in the long run, will you be able to make a profitable decision.
It’s not about what sounds better on paper, or what works for the majority. It’s what works best for you, based on your unique lifestyle. We suggest you break away from the tide and make a well-educated decision considering important factors.